10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________

FORM 10-K

(Mark One)

þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended January 30, 2010

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission File No. 1-14035

Stage Stores, Inc.

(Exact Name of Registrant as Specified in Its Charter)

NEVADA (State or Other Jurisdiction of Incorporation or Organization)	91-1826900 (I.R.S. Employer Identification No.)
10201 MAIN STREET, HOUSTON, TEXAS (Address of Principal Executive Offices)	77025 (Zip Code)

Registrant's telephone number, including area code: (800) 579-2302

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Common Stock ($0.01 par value) Name of each exchange on which registered New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes o No þ

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes o No þ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  

Yes o No o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one):

Large accelerated filer  o  Accelerated filer  þ    Non-accelerated filer   o   Smaller reporting company  o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No þ

As of August 1, 2009 (the last business day of the registrant's most recently completed second quarter), the aggregate market value of the voting and non-voting common stock of the registrant held by non-affiliates of the registrant was $470,632,144 (based upon the closing price of the registrant’s common stock as reported by the New York Stock Exchange on July 31, 2009).

As of March 22, 2010, there were 38,372,857 shares of the registrant’s common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the definitive proxy statement relating to the registrant’s Annual Meeting of Shareholders to be held on June 10, 2010, which will be filed within 120 days of the end of the registrant’s fiscal year ended January 30, 2010 (the "Proxy Statement"), are incorporated by reference into Part III of this Form 10-K to the extent described therein.

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	TABLE OF CONTENTS
	PART I
		Page No.
Item 1.	Business	4
Item 1A.	Risk Factors	11
Item 1B.	Unresolved Staff Comments	15
Item 2.	Properties	16
Item 3.	Legal Proceedings	18
Item 4.	(Removed and Reserved)	18
	PART II
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	18
Item 6.	Selected Financial Data	21
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	22
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 8.	Financial Statements and Supplementary Data	35
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	35
Item 9A.	Controls and Procedures	35
Item 9B.	Other Information	36
	PART III
Item 10.	Directors, Executive Officers and Corporate Governance	37
Item 11.	Executive Compensation	38
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	38
Item 13.	Certain Relationships and Related Transactions, and Director Independence	38
Item 14.	Principal Accountant Fees and Services	38
	PART IV
Item 15.	Exhibits and Financial Statement Schedules	38
Signatures		43
Index to Consolidated Financial Statements of Stage Stores, Inc.		F-1

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References to a particular year are to Stage Stores, Inc.’s fiscal year, which is the 52- or 53-week period ending on the Saturday closest to January 31st of the following calendar year.  For example, a reference to "2007” is a reference to the fiscal year ended February 2, 2008, "2008" is a reference to the fiscal year ended January 31, 2009 and a reference to “2009” is a reference to the fiscal year ended January 30, 2010.  2007, 2008 and 2009 consisted of 52 weeks.

PART I

ITEM 1. BUSINESS

Overview

Stage Stores, Inc. (the “Company” or “Stage Stores”) is a Houston, Texas-based specialty department store retailer offering moderately priced, nationally recognized brand name and private label apparel, accessories, cosmetics and footwear for the entire family.  The Company's principal focus is on consumers in small and mid-sized markets which the Company believes are under-served and less competitive.  The Company differentiates itself from the competition in the small and mid-sized communities by offering consumers access to basic, as well as fashionable, brand name merchandise not typically carried by other retailers in the same market area.  In the highly competitive metropolitan markets, the Company competes against other na tional department store chains, which similarly offer moderately priced, brand name and private label merchandise.  In these larger metropolitan markets, the Company differentiates itself by offering its consumers a high level of customer service in smaller-sized stores in convenient locations as compared to the larger department stores with which it competes.

The Company was formed in 1988 when the management of Palais Royal, together with several venture capital firms, acquired the family-owned Bealls and Palais Royal chains, both of which were originally founded in the 1920s.  At the time of the acquisition, Palais Royal operated primarily larger stores, located in and around the Houston metropolitan area, while Bealls operated primarily smaller stores, principally located in rural Texas towns.  Since then, the Company has developed a growth strategy that is focused on expanding the Company's presence in small markets across the country through new store openings and strategic acquisitions.

In 2003, the Company acquired Peebles Inc. (“Peebles”), a privately held, similarly small-market focused retail company headquartered in South Hill, Virginia operating 136 stores in the Mid-Atlantic, Southeastern and Midwestern states under the “Peebles” name.  The Company has maintained what it believes is the highly recognizable Peebles name on the acquired stores.  In 2006, the Company acquired B.C. Moore & Sons, Incorporated (“B.C. Moore”), a privately held company operating 78 stores in small markets throughout the Southeastern states.  This acquisition was consistent with the Company’s corporate strategy of increasing the concentration of its store base in smaller markets. Under the integration plan, 69 of the acquired locations were converted into Peebl es stores, and the remaining 9 locations were closed.  In early 2009, Goody’s Family Clothing, Inc. (“Goody’s”), which was a retail company and a competitor of Stage Stores, went out of business.  In July 2009, the Company acquired the “Goody’s” name through the Goody’s bankruptcy auction.  The Company has used the Goody’s name in select new store markets in which there is strong customer awareness and recognition of the name. The Company expects to continue opening stores in former Goody’s markets under the Goody’s name and in other markets under the other four nameplates, as appropriate.

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Stores

As of January 30, 2010, the Company operated 758 stores located in 39 states.  The Company's stores are divided into distinct regions and districts.  There are currently seven regions with a total of 55 districts within these regions.  The store count and selling square footage by region are as follows:

	Number of Stores									Selling Square Footage (in thousands)
	January 31,		2009 Activity					January 30,		January 31,		2009 Activity					January 30,
	2009		Opened		Closed			2010		2009		Opened		Closed			2010
South Central		343		5		(3	)		345		6,692		125		(64	)		6,753
Mid-Atlantic		132		8		(1	)		139		2,731		133		(21	)		2,843
Southeast		147		5		(4	)		148		2,394		89		(57	)		2,426
Southwest		37		1		(1	)		37		629		13		(11	)		631
Midwest		54		8		-			62		801		125		-			926
Northeast		24		-		-			24		451		-		-			451
Northwest		2		1		-			3		32		15		-			47
		739		28		(9	)		758		13,730		500		(153	)		14,077

The Company operates its stores under the five names of Bealls, Goody’s, Palais Royal, Peebles and Stage.  While the Company's stores are operated under five names, the Company operates essentially all of its stores under one concept and one strategy.  The store count and selling square footage by nameplate are as follows:

	Number of Stores										Selling Square Footage (in thousands)
	January 31,		2009 Activity						January 30,		January 31,		2009 Activity					January 30,
	2009		Opened			Closed			2010		2009		Opened		Closed			2010
Bealls		209		2			(1	)		210		4,154		28		(11	)		4,171
Goody's		-		15	*		-			15		-		282		-			282
Palais Royal		55		2			(2	)		55		1,166		53		(42	)		1,177
Peebles		332		7			(5	)		334		5,977		110		(78	)		6,009
Stage		143		2	*		(1	)		144		2,433		27		(22	)		2,438
		739		28			(9	)		758		13,730		500		(153	)		14,077

* Fourteen new Goody’s stores and three new Stage stores were opened.  In addition, a former Stage store was rebranded as a Goody’s store.

Utilizing a ten-mile radius from each store, approximately 65% of the Company's stores are located in small towns and communities with populations below 50,000 people, while an additional 18% of the Company's stores are located in mid-sized communities with populations between 50,000 and 150,000 people.  The remaining 17% of the Company's stores are located in metropolitan areas with populations greater than 150,000, such as Houston and San Antonio, Texas.  The store count and selling square footage by market area population are as follows:

	Number of Stores									Selling Square Footage (in thousands)
	January 31,		2009 Activity					January 30,		January 31,		2009 Activity					January 30,
	2009		Opened		Closed			2010		2009		Opened		Closed			2010
Less than 50,000		475		25		(5	)		495		7,889		427		(68	)		8,248
50,000 to 150,000		137		3		(2	)		138		2,849		73		(42	)		2,880
Greater than 150,000		127		-		(2	)		125		2,992		-		(43	)		2,949
		739		28		(9	)		758		13,730		500		(153	)		14,077

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In targeting small and mid-sized markets, the Company has developed a store format which is smaller than typical department stores yet large enough to offer a well edited, but broad selection of merchandise.  With an average store size of approximately 18,600 selling square feet, approximately 87% of the Company's stores are located in strip shopping centers in which they are typically one of the anchor stores.  An additional 10% of the Company's stores are located in local or regional shopping malls, while the remaining 3% are located in either free standing or downtown buildings.  The Company attempts to locate its stores by, or in the vicinity of, other tenants that it believes will help attract additional foot traffic to the area, such as grocery st ores, drug stores or major discount stores such as Wal-Mart.  Store count and selling square footage by store location/format are as follows:

	Number of Stores									Selling Square Footage (in thousands)
	January 31,		2009 Activity					January 30,		January 31,		2009 Activity					January 30,
	2009		Opened		Closed			2010		2009		Opened		Closed			2010
Strip shopping centers		637		28		(5	)		660		11,442		500		(77	)		11,865
Local or regional shopping malls		76		-		(2	)		74		1,922		-		(45	)		1,877
Free-standing or downtown buildings		26		-		(2	)		24		366		-		(31	)		335
		739		28		(9	)		758		13,730		500		(153	)		14,077

Store Openings.  The cornerstone of the Company's growth strategy continues to be to identify locations in small and mid-sized markets that meet its demographic and competitive criteria.  The Company believes that the long-term potential of its smaller markets is positive and wants to be well positioned in these markets with locations that are convenient to its customers.  During 2009, the Company opened a total of 27 new stores, reopened a hurricane-damaged store and entered the state of Oregon.

The number of new and reopened stores by state in 2009 is as follows:

State	Number of Stores
Arkansas	1
Florida	1
Georgia	1
Illinois	1
Indiana	4
Kentucky	4
Louisiana	1
Missouri	2
Ohio	2
Oklahoma	1
Oregon	1
Tennessee	3
Texas	2
Utah	1
Virginia	2
Wisconsin	1
	28

The Company believes that there are sufficient opportunities in small and mid-sized markets to continue with its new store growth into the foreseeable future.  In 2010, the Company plans to open 30 to 35 new stores, the majority of which are scheduled to open in former Goody’s markets under the Goody’s nameplate, during the first half of the year.

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Expansion, Relocation and Remodeling.  In addition to opening new stores, the Company has continued to invest in the expansion, relocation and remodeling of its existing stores.  The Company believes that remodeling keeps its stores looking fresh and up-to-date, which enhances its customers' shopping experience and helps maintain and improve its market share.  Store remodeling projects can range from updating and improving in-store lighting, fixtures, wall merchandising and signage, to more extensive expansion projects.  Relocations are intended to improve the store’s location and help them to capitalize on incremental sales potential.  During 2009, the Company completed 10 relocations, 3 expansions and 10 remodels of store s.

Store Closures.  The Company closed 9 stores during 2009.  The Company continually reviews the trend of each store’s performance and will close a store if the expected store performance does not support the required investment of capital at that location.

Competition

The retail industry is highly competitive.  However, as a result of its small and mid-sized market focus, the Company generally faces less competition for its brand name merchandise since branded merchandise is typically available only in regional malls, which are normally located more than 30 miles away.  In small and mid-sized markets where the Company does compete for brand name apparel sales, competition generally comes from local retailers, small regional chains and, to a lesser extent, national department stores.  The Company believes it has a competitive advantage over local retailers and small regional chains due to its (i) broader selection of brand name merchandise, (ii) distinctive retail concept, (iii) economies of scale, (iv) strong vendor relationships and (v) private label credit card progr am.  The Company also believes it has a competitive advantage in small and mid-sized markets over national department stores due to its experience with smaller markets.  In addition, due to minimal merchandise overlap, the Company generally does not directly compete for branded apparel sales with national discounters such as Wal-Mart.  In the highly competitive metropolitan markets where the Company competes against other national department store chains, the Company offers consumers a high level of customer service due to the smaller footprint of the stores and the advantage of generally being in locations with convenient parking and easy access.  In addition, over the years, the Company has endeavored to nurture customer loyalty and foster name recognition through loyalty and direct marketing programs.

Strategic Initiatives

Merchandising Strategy.  The Company's merchandising strategy focuses on matching merchandise assortments and offerings with customers' aspirations for fashionable, quality brand name apparel.  Further, care is taken to avoid duplication and to ensure in-stock position on size and color in all merchandise categories.  The Company offers a well-edited selection of moderately priced, branded merchandise within distinct merchandise categories, such as women's, men's and children's apparel, as well as accessories, cosmetics and footwear.

The following table sets forth the distribution of net sales among the Company’s various merchandise categories:

	Fiscal Year
Department	2009			2008			2007
Men's/Young Men's		18	%		18	%		19	%
Misses Sportswear		17			17			18
Children's		12			12			12
Footwear		12			12			12
Junior Sportswear		8			8			8
Accessories		8			8			8
Cosmetics		7			7			6
Special Sizes		6			6			6
Dresses		5			5			4
Intimates		4			3			3
Home & Gifts		2			2			3
Outerwear, Swimwear and Other		1			2			1
		100	%		100	%		100	%

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The merchandise selection ranges from basics, including denim, underwear and foundations, to more upscale and fashionable clothing offerings.  Merchandise mix may also vary from store to store to accommodate differing demographic factors.  Approximately 85% of sales consist of nationally recognized brands such as Levi Strauss, Nike, Calvin Klein, Chaps, Izod, Dockers, Carters, Jockey, Estee Lauder, Clinique, Nautica, Skechers and New Balance, while the remaining 15% of sales consist of the Company’s private label merchandise.

The Company's private label portfolio includes several brands, which are developed and sourced through its membership in William E. Connor & Associates and Li-Fung Cooperative Buying Services, as well as through contracts with third party vendors.  The Company's private label brands offer quality merchandise and excellent value.  The Company’s top 100 vendors currently account for approximately 50% of annual sales.  Merchandise purchased from William E. Connor & Associates and Associated Merchandising Corporation, the Company’s former private label source, represented approximately 5% and 6% of the Company’s 2009 and 2008 sales, respectively.

The Company is committed to offering its customers style and quality along with value.  In May 2009, the Company launched its exclusive designer brand, the “D.R. by D. Rodriguez” collection, a women’s fashion sportswear line by the award-winning New York designer, David Rodriguez, which is being carried in select Palais Royal, Bealls and Stage stores.  The Company also carries the quasi-exclusive Emma James brand, and in 2010, will carry the exclusive brands Wishful Park and JH Collectibles.

The Company is also focused on growing its cosmetics business.  In addition to continuing to increase the number of its Estee Lauder and Clinique counters, in August 2009, the Company consolidated responsibility for all aspects of its nationwide cosmetics business.  This consolidation allows the Company to take advantage of the combined leverage of both divisions.

The Company's merchandising activities are conducted from its corporate headquarters in Houston, Texas (the “Houston Division”) and from its South Hill, Virginia administrative offices (the “South Hill Division”).  During 2009, the Company realigned its divisions along a true “north/south” orientation in order to take advantage of the strengths of each of its merchandising offices, which led to merchandise assortments that were more appropriate to the climatic and regional market characteristics of each store.  At January 30, 2010, the Houston Division was responsible for 470 stores located primarily in the South Central, Southeastern, Southwestern and Northwestern states, bearing all five nameplates Bealls, Goody’s, Pala is Royal, Peebles and Stage.  The South Hill Division was responsible for 288 stores located primarily in the Mid-Atlantic, Midwestern, Southeastern and Northeastern states, bearing the nameplates Goody’s, Peebles and Stage.  For its cosmetics business, the Company consolidated the merchandising responsibilities related to buying, planning, allocation and replenishment for both the Houston and South Hill Divisions.

Marketing Strategy.  The Company's primary target customers are women who are generally 25 and older with annual household incomes of over $45,000, who the Company believes are the primary decision makers for their family’s clothing purchases.  The Company's broad based marketing strategy is designed to establish brand loyalty, convenience and promotional positioning.  The Company uses a multi-media advertising approach, including direct mail, newspapers, radio, television, internet, email and telephone messaging to position its stores as the local destination for basic and fashionable, moderately priced, brand name merchandise.  In addition, the Company promotes its private label credi t card and attempts to create strong customer loyalty through continuous one-on-one communication with its core private label credit card holders.  The Company's best private label credit card customers are recognized and rewarded through its VIP credit card program, as discussed below, which creates greater customer retention and promotes increased purchasing activity.   In addition to the information gathered from its private label credit card customers, the Company captures data on selected check, debit and other third party credit card customers and incorporates this data into its marketing and merchandising programs.  The Company currently captures customer data on approximately 52% of its sales.  To complement its marketing efforts, the Company encourages local store involvement in local community activities.

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Private Label Credit Card.  The Company considers its private label credit card program to be an important component of its retailing concept because it (i) enhances customer loyalty, (ii) allows the Company to identify and regularly contact its best customers and (iii) creates a comprehensive database that enables the Company to implement detailed, segmented marketing and merchandising strategies for each store.  Frequent private label credit card users, through the Company's VIP credit card program, enjoy an increasing array of benefits.  The Company's most active charge customers are awarded a bronze, silver or gold VIP card based on their level of annual purchases.  Depending on their lev el, holders of these cards receive such benefits as discounted or free gift-wrapping, special promotional discounts and invitations to private "VIP Only" sales.  In addition, new holders of the Company's credit card receive a 10% discount the first time they use their new card.  To encourage associates to focus on getting customers to open new Company credit card accounts, the Company provides increasing incentive award payments based on the number of new private label credit card accounts activated.  The penetration rate for the Company's private label credit card was approximately 33% in 2009 and 32% of net sales in both 2008 and 2007.

Enhanced Visual Merchandising and In-store Shopping Strategies.  The Company has undertaken a number of initiatives designed to enhance its customers’ in-store shopping experience and to make its stores more visually exciting.  The Company's typical interior store layouts and visual merchandising displays are designed to create a friendly, modern department store environment.  The Company's carefully edited assortment of merchandise is divided into distinct departments within each store which are clearly marked and easy to navigate as a result of the Company's standard "racetrack" configuration.   In this configuration, the various merchandise departments are situated throughout the store in such a way that a central loop, or "r acetrack", is created, which the Company believes enhances the customer's shopping experience by providing an open, easy-to-shop interior.  Another aspect of the in-store shopping experience is convenience, which includes convenient parking, knowledgeable staff, and fast and friendly checkouts.  In 2009, the Company installed a new point-of-sale (“POS”) platform in all its stores.  The Company anticipates that the features of the new POS platform will reduce customers’ time-in-line resulting in more efficient customer service.  The Company also continued to invest in impactful, updated visual trend collateral and enhanced brand identification throughout the store.  Lastly, the Company improved its in-store signage, thereby conveying a clearer price/value message to its customers.

Customer Service Initiatives.  A primary corporate objective is to provide exceptional customer service through conveniently located stores staffed with well-trained and motivated sales associates.  In order to ensure consistency of execution, each sales associate is evaluated based on the attainment of specific customer service standards, such as offering prompt and knowledgeable assistance, suggesting complementary items, helping customers open private label credit card accounts and establishing consistent contact with customers to facilitate repeat business.  The results of these customer surveys are shared and discussed with the appropriate sales associates so that excellent service can be recognized and, conversely, counseling can be used if im provements are needed.  To further reinforce the Company's focus on customer service, the Company has various programs in place to recognize associates for providing outstanding customer service.  Further, senior management, store operations and merchandising personnel regularly visit the stores to enhance their knowledge of the trade area, store management and customer base.  For span-of-control purposes, the Company's stores are divided into distinct regions and districts, as previously discussed.  The number of stores that each District Manager oversees depends on their proximity to each other and generally varies from a low of 8 stores to a high of 17 stores.  Each store is managed by a team consisting of a Manager and a number of Assistant Managers, determined by the size of the store.  The selling floor staff within each store consists of both full-time and part-time associates, with temporary associates added during peak selling seasons.  ; The Company believes that this structure provides an appropriate level of oversight, management and control over its store operations.

Operations

Merchandise Distribution.  The Company currently distributes all merchandise to its stores through three distribution centers located in Jacksonville, Texas, South Hill, Virginia and Jeffersonville, Ohio.  The Company's Jacksonville distribution center has approximately 437,000 square feet of processing area and is capable of servicing 600 stores, the South Hill distribution center has approximately 162,000 square feet of processing area and is capable of servicing 240 stores, and the Jeffersonville distribution center has approximately 202,000 square feet of processing area and is capable of servicing 310 stores.  The Company believes it has sufficient distribution capacity in its three distribution centers to support its new store growth for the f oreseeable future.

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Incoming merchandise received at the distribution centers is inspected for quality control purposes.  The Company has formal guidelines for vendors with respect to shipping and invoicing for merchandise.  Vendors that do not comply with the guidelines are charged specified fees depending upon the degree of non-compliance.  These fees are intended to be a deterrent to non-compliance, as well as to offset higher costs associated with the processing of such merchandise.

Integrated merchandising and warehouse management systems support all corporate and distribution center locations that support the stores.  All of the Company’s distribution centers are equipped with modern sortation equipment to support distribution of quantities to meet specific store needs.  The configurations of the distribution centers permit daily shipments to stores, with the majority of stores receiving merchandise in two days or less of shipment from the distribution centers.   The Company utilizes a third party contract carrier to deliver merchandise from the distribution centers to its stores.

Information Systems.  The Company supports its retail concept by using multiple, highly integrated systems in areas such as merchandising, store operations, distribution, sales promotion, personnel management, store design and accounting.

The Company's core merchandising systems assist in planning, ordering, allocating and replenishing merchandise assortments for each store, based on specific characteristics and recent sales trends.  The price change management system allows the Company to identify and mark down slow moving merchandise.  The replenishment/fulfillment system allows the Company to maintain planned levels of in-stock positions in basic items such as jeans and underwear.  In addition, a fully integrated warehouse management system is in place in all three distribution centers.

The Company installed a new “POS” platform in 2009 with bar code scanning, electronic credit authorization, instant credit, returns database and gift card processing in its stores.  This system also allows the Company to capture customer specific sales data for use in its merchandising, marketing and loss prevention systems, while quickly servicing its customers.  This new platform is more efficient and flexible, and operates at a lower cost than the previous platform.  The Company also utilizes an automated store personnel scheduling system that analyzes historical sales trends to schedule sales staff to match customer traffic patterns, thereby minimizing store labor costs.

In 2010, the Company will implement a markdown optimization tool which is focused on pricing items on a style-by-style basis at the appropriate price based on each store’s inventory mix and sales history in order to maximize revenue and profitability.  The Company is also continuing to expand the utilization and effectiveness of its merchandise planning system in order to maximize the generation of sales and gross margin.

Employees.  At January 30, 2010, the Company employed approximately 13,100 hourly and salaried employees. Employee levels will vary during the year as the Company traditionally hires additional employees, and increases the hours of part-time employees, during peak seasonal selling periods.  There are no collective bargaining agreements in effect with respect to any of the Company's employees.  The Company believes that it maintains a good relationship with its employees.

Seasonality.  The Company's business is seasonal and sales are traditionally lower during the first three quarters of the fiscal year (February through October) and higher during the last quarter of the fiscal year (November through January).  The fourth quarter usually accounts for slightly more than 30% of the Company's annual sales, with the other quarters accounting for approximately 22% to 24% each.  Working capital requirements fluctuate during the year as well and generally reach their highest levels during the third and fourth quarters.

Trademarks.  The Company regards its trademarks and their protection as important to its success.  In addition to the Bealls, Goody’s, Palais Royal, Peebles and Stage trademarks, the United States Patent and Trademark Office (the “USPTO”) has issued federal registrations to the Company for the following trademarks:  Accessory Crossing, Cape Classic, Cape Classic LTD, Casual Options, Choose To Be With You, Denim Planet, Good Kidz, Goody’s, Goody’s 4 Shoes, Goodclothes, Goody’s Family Clothing, Goody’s It’s All About You, Goody’s Family Clothing and design, Graphite, Hannah, Intimate Classics, Ivy Crew, Kid Crew, Low Prices Never Looked So Good, Meherrin River Outfitters, Mistletoe Mountain, Mountain Lake, Now That Looks Great On You, Old College Inn, Pebblebrook, Private Expressions, Rebecca Malone, Signature Studio, Specialty Kids, Specialty Girl, Specialty Baby, Sterling Reflections, Sun River Clothing Co., Sun River Footwear, Take A Good Look, The Best Towel On the Beach, Thomas & Ashemore, Whispers, www.goodysonline.com, Y.E.S. Your Everyday Savings and Your Everyday Y.E.S. Savings Quality Brands Value.  The Company has also filed applications with the USPTO seeking federal registrations for the following trademarks: Good Sport, Good Sports, Hannah Comfort, On Stage, Whispers Bath & Body and Wishful Park.

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Available Information

The Company makes available, free of charge, through its website, among other things, corporate governance documents, its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports as soon as reasonably practicable after they have been electronically filed with the Securities and Exchange Commission ("SEC").  They can be obtained by accessing the Company’s website at www.stagestoresinc.com and clicking on “Investor Relations.”  To access corporate governance documents, click “Corporate Governance” and to access SEC filings, click “SEC Filings,” then the report to be obtained.  Informatio n contained on the Company’s website is not part of this Annual Report on Form 10-K.

ITEM 1A. RISK FACTORS

Forward Looking Statements

Certain statements in this Form 10-K contain or may contain forward-looking statements that are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied, by these forward-looking statements.  Forward-looking statements reflect the Company’s expectations regarding future events and operating performance and often contain words such as "believe," "expect," "may," "will," "should," "could," "anticipate," "plan" or similar words.

Forward-looking statements are based on various assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements.  These factors include, but are not limited to, the ability of the Company and its subsidiary to maintain normal trade terms with vendors, the ability of the Company and its subsidiary to comply with the various covenant requirements contained in the Company's Revolving Credit Facility, the demand for apparel and other factors.  The demand for apparel and sales volume can be affected by significant changes in economic conditions, including an economic downturn, employment levels in the Company’s markets, consumer confidence, energy and gasoline prices, and other factors influencing discretionary consumer spending.  Other factors af fecting the demand for apparel and sales volume include unusual weather patterns, an increase in the level of competition in the Company's market areas, competitors' marketing strategies, changes in fashion trends, changes in the average cost of merchandise purchased for resale, availability of merchandise on normal payment terms and the failure to achieve the expected results of the Company's merchandising and marketing plans as well as its store opening plans.  The occurrence of any of these factors could have a material and adverse impact on the Company’s business, financial condition, operating results or liquidity.  Most of these factors are difficult to predict accurately and are generally beyond the Company’s control.

Readers should carefully review this Form 10-K in its entirety, including but not limited to the Company's financial statements and the accompanying notes, and the risks and uncertainties described in this Item 1A.  Readers should consider the risks and uncertainties described in any forward-looking statement contained in this Form 10-K.  Forward-looking statements contained in this Form 10-K are made as of the date of this Form 10-K.  The Company does not undertake to update its forward-looking statements.

Described below are certain risk factors that management believes are applicable to the Company’s business and the industry in which it operates.  There may also be additional risks that are presently not material or are unknown.

To the extent that the current economic downturn and decline in consumer confidence continue, the Company’s business and financial condition will be negatively impacted and such impact could be material.  The current economic downturn and decline in consumer confidence are negatively impacting the retail apparel industry and the Company’s business and financial condition.  The Company’s results of operations are sensitive to changes in general economic conditions that impact consumer discretionary spending, such as the current financial crisis, employment levels, energy and gasoline prices and other factors influencing consumer confidence.  The Company has extensive operations in the South Central, Southeastern and Mid-Atlantic stat es.  In addition, many stores are located in small towns and rural environments that are substantially dependent upon the local economy.  To the extent that the current economic downturn and decline in consumer confidence continue, particularly in the South Central, Southeastern and Mid-Atlantic states and any state (such as Texas or Louisiana) from which the Company derives a significant portion of its net sales, the Company’s business, financial condition and cash flows will be negatively impacted and such impact could be material.

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There can be no assurance that the Company’s liquidity will not be affected by recent and possible future changes in economic conditions.  Beginning in 2008 and continuing through the date of this Form 10-K,the Company has experienced reduced customer traffic in its stores as economic conditions deteriorated rapidly and consumer confidence reached historic lows.  The Company believes that the macroeconomic environment will continue to be difficult and that it will face highly promotional market conditions.  The deteriorated economic conditions have not had, nor does the Company anticipate they will have, a significant impact on its liquidity.  Due to the Company’s sig nificant operating cash flow and availability under its Revolving Credit Facility, the Company continues to believe that it has the ability to meet its financing needs for the foreseeable future.  However, there can be no assurance that our liquidity will not be affected by recent and possible future changes in economic conditions.

The Company faces the risk of significant competition in the retail apparel industry which could result in the loss of customers and adversely affect revenues.  The retail apparel business is highly competitive.  Although competition varies widely from market to market, the Company faces the risk of increased competition, particularly in its more highly populated markets from national, regional and local department and specialty stores.  Some of its competitors are considerably larger than the Company and have substantially greater resources.  Although the Company offers a unique product mix and brands that are not available at certain other retailers, including regional and national department stores, there is no assurance that the Company ’s existing or new competitors will not carry similar branded merchandise in the future. This could have a material and adverse effect on the Company’s business, financial condition and cash flows.  In addition to traditional store-based retailers, the Company also faces competition from the Internet business, which could materially affect its revenues and profitability.

The Company’s failure to anticipate and respond to changing customer preferences in a timely manner could adversely affect its operations.  The Company’s success depends, in part, upon its ability to anticipate and respond to changing consumer preferences and fashion trends in a timely manner.  The Company attempts to stay abreast of emerging lifestyles and consumer preferences affecting its merchandise.  However, any sustained failure on the Company’s part to identify and respond to such trends could have a material and adverse effect on the Company’s business, financial condition and cash flows.

The Company is highly dependent upon cash flows and net earnings generated during the fourth quarter, which includes the holiday season.  The Company’s business is seasonal and sales are traditionally lower during the first three quarters of the fiscal year (February through October) and higher during the last quarter of the fiscal year (November through January).  The fourth quarter usually accounts for slightly more than 30% of the Company’s annual sales, with the other quarters accounting for approximately 22% to 24% each.  Working capital requirements fluctuate during the year as well and generally reach their highest levels during the third and fourth quarters.

Unusual weather patterns or natural disasters, whether due to climate change or otherwise, could negatively impact the Company’s financial condition.  The Company’sbusiness depends, in part, on normal weather patterns across the Company’s markets.  The Company is susceptible to unseasonable or extreme weather conditions, including natural disasters, such as hurricanes and tornadoes in its markets. Any such unusual or prolonged weather patterns in the Company’s markets, especially in states such as Texas and Louisiana, whether due to climate change or otherwise, could have a material and adverse impact on its business, financial condition and cash flows. In addition, the Compa ny’s business, financial condition and cash flow could be adversely affected if the businesses of our key vendors and their merchandise manufacturers, shippers, carriers and other merchandise transportation service providers, especially those  outside the United States, are disrupted due to severe weather, such as hurricanes or floods, whether due to climate change or otherwise.

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Climate change and government laws and regulations related to climate change could negatively impact the Company’s financial condition.  In addition to other climate-related risks set forth in this “Risk Factors” section, the Company is and will be, directly and indirectly, subject to the effects of climate change and may, directly or indirectly, be affected by government laws and regulations related to climate change.  The Company cannot predict, with any degree of certainty, what effect, if any, climate change and government laws and regulations related to climate change will have on the Company and its operations, whether directly or indirectly.  Wh ile we believe that it is difficult to assess the timing and effect of climate change and pending legislation and regulation related to climate change on the Company’s business, we believe that climate change and government laws and regulations related to climate change may affect, directly or indirectly, (i) the cost of the merchandise we purchase, (ii) the timeliness of delivery and the cost of transportation paid by the Company and the Company’s vendors and other providers of merchandise, (iii) insurance premiums, deductibles and the availability of coverage, and (iv) the cost of utilities paid by the Company.   In addition, climate change may increase the likelihood of property damage and the disruption of our operations, especially in stores located in coastal states.  As a result, our financial condition could be negatively impacted and that impact could be material.

War, acts of terrorism, public health issues and natural disasters may create uncertainty and could result in reduced revenues.  The Company cannot predict, with any degree of certainty, what effect, if any, war, acts of terrorism, public health issues and natural disasters, if any, will have on the Company, its operations, the other risk factors discussed herein and the forward-looking statements made by the Company in this Form 10-K.  However, the consequences of these events could have a material and adverse effect on the Company’s business, financial condition and cash flows.

Government laws and regulations could adversely impact the Company’s business, financial condition and cash flows.   The Company, like other businesses, is subject to various federal, state and local government laws and regulations including, but not limited to, tax laws.  These may change periodically in response to economic or political conditions. The Company cannot predict whether existing laws or regulations, as currently interpreted or as reinterpreted in the future, or future laws and regulations, could materially and adversely affect the results of its operations, financial condition and cash flows.

The Company’s failure in the pursuit or execution of new acquisitions or strategic expansion could adversely affect its business.   The success of the Company’s expansion strategy depends upon many factors, including its ability to obtain suitable sites for new stores at acceptable costs, to hire, train and retain qualified personnel and to integrate new stores into existing information systems and operations.  The Company cannot guarantee that it will reach its targets for opening new stores or that such stores, including those opened through acquisition, will operate profitably when opened.  Failure to effectively implement its expansion strategy could have a material and adverse effect on its business, financial condition and cash flow s.

The Company’s failure to obtain merchandise product on normal trade terms could adversely impact its business, financial condition and cash flows. The Company is highly dependent on obtaining merchandise product on normal trade terms.  Failure to meet its performance objectives could cause key vendors and factors to become more restrictive in granting trade credit. The tightening of credit, such as a reduction in the Company’s lines of credit or payment terms from the vendor or factor community, could have a material adverse impact on the Company’s business, financial condition and cash flows.  

A catastrophic event adversely affecting any of the Company’s buying, distribution or other corporate facilities could result in reduced revenues and loss of customers. The Company’s buying, distribution and other corporate operations are in highly centralized locations. The Company’s operations could be materially and adversely affected if a catastrophic event (such as, but not limited to, fire, hurricanes or floods) impacts the use of these facilities.  While the Company has developed contingency plans that would be implemented in the event of a catastrophic event, there are no assurances that the Company would be successful in obtaining alte rnative servicing facilities in a timely manner in the event of such a catastrophe.

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A disruption of the Company’s information technology systems could have a material adverse impact on its business and financial condition. The Company is heavily dependent on its information technology systems for day to day business operations.  In addition, as part of the Company’s normal course of business, it collects, processes and retains sensitive and confidential customer information. Today’s information technology risks are largely external and their consequences could affect the entire Company.  Potential risks include, but are not limited to, the following: (i) an intrusion by a hacker, (ii) the introduction of malware (virus, Trojan, spyware), (iii) hardware failure, (iv) outages due to software defects and (v) human error. & #160;Although the Company runs anti-virus and anti-spyware software and takes other steps to ensure that its information technology systems will not be disabled or otherwise disrupted, there are no assurances that disruptions will not occur. The consequences of a disruption, depending on the severity, could have a material adverse affect on the Company’s business and financial condition and could expose the Company to civil, regulatory and industry actions and possible judgments, fees and fines.  In addition, any security breach involving the misappropriation, loss or other unauthorized disclosure of confidential customer information could severely damage the Company’s reputation, expose it to the risks of legal proceedings, disrupt its operations and otherwise adversely affect the Company’s business and financial condition. While the Company has taken significant steps to protect customer and confidential information, there is no assurance that advances in computer capabilities, new discoveries in the field of cryptography, or other developments will prevent the compromise of customer transaction processing capabilities and personal data.  If any such compromise of the Company’s information security were to occur, it could have a material adverse effect on the Company’s reputation, business, operating results, financial condition and cash flows.

Covenants in the Company’s Revolving Credit Facility agreement may impose operating restrictions, impede or adversely affect the Company’s ability to pay dividends or repurchase common shares and raise capital through the sale of stock and other securities. The Company’s Revolving Credit Facility agreement contains covenants which, among other things, restrict (i) the amount of additional debt or capital lease obligations, (ii) the payment of dividends and repurchase of common stock under certain circumstances and (iii) related party transactions.  In addition, any material or adverse developments affecting the Company’s business could significantly limit its ability to meet its oblig ations as they become due or to comply with the various covenant requirements contained in the Company’s Revolving Credit Facility agreement.

The inability or unwillingness of one or more lenders to fund their commitment under the Company’s Revolving Credit Facility could have a material adverse impact on the Company’s business and financial condition.  The Company’s Revolving Credit Facility, which matures on April 20, 2012, is a $250.0 million senior secured revolving credit facility that includes an uncommitted accordion feature to increase the size of the facility to $350.0 million.  The Revolving Credit Facility is used by the Company to provide financing for working capital, capital expenditures, interest payments and other general corporate purposes, as well as to support its outstanding letters of credit requirements.  The lenders under the Revolving Credit Facili ty are as follows: Bank of America, N.A., Wells Fargo Foothill, LLC, General Electric Capital Corporation, the PNC Financial Services Group, Inc. and Webster Business Credit Corp. (collectively, the “Lenders”).  Notwithstanding that the Company may be in full compliance with all covenants contained in the Revolving Credit Facility, the inability or unwillingness of one or more of those lenders to fund their commitment under the Company’s Revolving Credit Facility could have a material adverse impact on the Company’s business and financial condition unless the Lenders or another lender covered any shortfall.

If the Company’s trademarks are successfully challenged, the outcome of those disputes could require the Company to abandon one or more of its trademarks. The Company regards its trademarks and their protection as important to its success.  However, the Company cannot be sure that any trademark held by it will give it a competitive advantage or will not be challenged by third parties.  Although the Company intends to vigorously protect its trademarks, the cost of litigation to uphold the validity and prevent infringement of trademarks can be substantial and the outcome of those disputes could require the Company to ab andon one or more of its trademarks.

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Risks associated with the Company’s carriers, shippers and other providers of merchandise transportation services could have a material adverse effect on its business and financial condition.  The Company’s vendors rely on shippers, carriers and other  merchandise transportation service providers (collectively “Transportation Providers”) to deliver merchandise from their manufacturers, both in the United States and abroad, to the vendors’ distribution centers in the United States.  Transportation Providers are also responsible for transporting merchandise from their vendors’ distribution centers to the Company’s distribution centers.  The Company also relies on Transportation Providers to transport merchandise from its distribution centers to its stores.  However, if work slowdowns, stoppages, weather or other disruptions affect the transportation of merchandise between the vendors and their manufacturers, especially those manufacturers outside the United States, or between the vendors and the Company, the Company’s business, financial condition and cash flows could be adversely affected.

Risks associated with the Company’s vendors from whom its products are sourced could have a material adverse effect on its business and financial condition.  The Company’s merchandise is sourced from a variety of domestic and international vendors.  All of the Company’s vendors must comply with applicable laws, including the Company’s required standards of conduct.  Political or financial instability, trade restrictions, tariffs, currency exchange rates, transport capacity and costs and other factors relating to foreign trade, the ability to access suitable merchandise on acceptable terms and the financial viability of its vendors are beyond the Company’s control and could adversely impact its performance.

Any devaluation of the Mexican peso, or imposition of restrictions on the access of citizens of Mexico to the Company’s stores could adversely impact the Company’s business and financial condition.  Approximately 3% of the Company’s stores are located in cities that either border Mexico or are in close proximity to Mexico.  The Company estimates that approximately 7% of its 2009 sales were derived from these stores.  While purchases in these stores are made in United States dollars, a devaluation of the Mexican peso could reduce the purchasing power of those customers who are citizens of Mexico.  In such an event, revenues attributable to these stores could be reduced.  In addition, due to global uncertainties, i ncluding threats or acts of terrorism, it is possible that tighter restrictions may be imposed by the Federal government on the ability of citizens of Mexico to cross the border into the United States.  In that case, revenues attributable to the Company’s stores regularly frequented by citizens of Mexico could be reduced.

The Company’s failure to attract, develop and retain qualified employees could deteriorate the results of its operations.  The Company’s performance is dependent on attracting and retaining a large and growing number of employees. The Company believes that its competitive advantage is providing well-trained and motivated sales associates in order to provide customers exceptional customer service.  The Company’s success depends in part upon its ability to attract, develop and retain a sufficient number of qualified associates, including store, service and administrative personnel.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

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ITEM 2. PROPERTIES

The Company's corporate headquarters and Houston Division merchandising offices are located in a leased 130,000 square-foot building in Houston, Texas.  The Company owns the 28,000 square-foot Peebles office building housing the merchandising offices for the South Hill Division located in South Hill, Virginia.  The Company also owns its distribution centers in Jacksonville, Texas and South Hill, Virginia, and leases its third distribution center in Jeffersonville, Ohio.

			Gross Square Footage
Corporate Offices
	Houston, Texas	Leased	130,000
	South Hill, Virginia	Owned	28,000
Distribution Centers
	Jacksonville, Texas	Owned	437,000
	South Hill, Virginia	Owned	162,000
	Jeffersonville, Ohio	Leased	202,000
Stores
	755 stores	Leased	16,312,000
	3 stores	Owned	61,000

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      At January 30, 2010, the Company operated 758 stores, located in 39 states, as follows:

		Number of Stores
South Central Region
	Arkansas	21
	Louisiana	55
	Oklahoma	34
	Texas	235
		345
Mid-Atlantic Region
	Delaware	3
	Kentucky	26
	Maryland	7
	New Jersey	6
	Ohio	25
	Pennsylvania	28
	Virginia	35
	West Virginia	9
		139
Southeastern Region
	Alabama	21
	Florida	4
	Georgia	30
	Mississippi	21
	North Carolina	22
	South Carolina	23
	Tennessee	27
		148
Southwestern Region
	Arizona	9
	Colorado	6
	Nevada	1
	New Mexico	18
	Utah	3
		37
Midwestern Region
	Illinois	3
	Indiana	15
	Iowa	3
	Kansas	6
	Michigan	14
	Minnesota	3
	Missouri	14
	Wisconsin	4
		62
Northeastern Region
	Connecticut	1
	Massachusetts	2
	New Hampshire	2
	New York	15
	Vermont	4
		24
Northwestern Region
	Idaho	2
	Oregon	1
		3
		758

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Stores range in size from approximately 5,000 to 54,000 selling square feet, with the average being approximately 18,600 selling square feet.  The Company's stores, of which all but three are leased, are primarily located in strip shopping centers.  The majority of leases, which are typically for a 10-year term often with renewals of five years each, provide for a base rent plus payments for expenses incurred by the landlord, such as common area maintenance and insurance.  Certain leases provide for contingent rents that are not measurable at inception.  These contingent rents are primarily based on a percentage of sales that are in excess of a predetermined level.

ITEM 3.     LEGAL PROCEEDINGS

From time to time, the Company and its subsidiary are involved in various legal proceedings arising in the ordinary course of their business.  Management does not believe that any pending legal proceedings, either individually or in the aggregate, are material to the financial position, results of operations or cash flows of the Company or its subsidiary.

ITEM 4. (REMOVED AND RESERVED)

PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

The Company’s stock trades on the New York Stock Exchange under the symbol “SSI.”  The following table sets forth the high and low sales prices per share of the Company's common stock for each quarter in 2009 and 2008 as reported on the New York Stock Exchange:

	Common Stock Market Price
2009	High		Low
First Quarter	$	12.61	$	5.49
Second Quarter		14.21		9.37
Third Quarter		14.85		11.58
Fourth Quarter		13.85		10.75
2008
First Quarter	$	17.99	$	11.67
Second Quarter		15.72		11.29
Third Quarter		16.33		5.89
Fourth Quarter		8.65		3.52

Holders

     As of March 22, 2010, there were 450 holders of record of the Company’s common stock.

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Dividends

The Company paid quarterly cash dividends of five cents per share in 2009 and 2008.  Dividend payments totaled $7.6 million and $7.7 million in 2009 and 2008, respectively.  On February 26, 2010, the Company announced that its Board of Directors (the “Board”) declared a quarterly cash dividend of five cents per share on the Company’s common stock, payable on March 24, 2010 to shareholders of record at the close of business on March 9, 2010.  While the Company expects to continue payment of quarterly cash dividends, the declaration and payment of future dividends by the Company are subject to the discretion of the Board.  Any future determination to pay dividends will depend on the Company's results of operations and financial cond ition, as well as meeting certain criteria under its Revolving Credit Facility (as defined in “Liquidity and Capital Resources”) and other factors deemed relevant by the Board.

Stock Price Performance Graph

The annual changes for the period shown in the following graph are based on the assumption that $100 had been invested in Stage Stores stock, the S&P 500 Stock Index and the S&P 500 Retail Index on January 28, 2005, and that all quarterly dividends were reinvested at the average of the closing prices at the beginning and end of the quarter.  The total cumulative dollar returns shown on the graph represent the value that such investments would have had on January 29, 2010  (the last trading date in fiscal 2009).  The calculations exclude trading commissions and taxes.

Date	Stage Stores, Inc.	S&P 500 Index	S&P 500 Retail Index
1/28/2005	$100.00	$100.00	$100.00
1/27/2006	$115.59	$109.59	$107.84
2/2/2007	$130.43	$123.65	$122.91
2/1/2008	$75.55	$119.13	$99.26
1/30/2009	$43.13	$70.51	$60.80
1/29/2010	$79.30	$91.68	$92.99

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Stock Repurchase Program

Currenty, there are no Board approved stock repurchase programs in effect.  Historically, the Company’s Board has approved various stock repurchase programs, all of which have been completed.  The stock repurchase programs permit the Company to repurchase its outstanding common stock from time to time in the open market or through privately negotiated transactions including, but not limited to, accelerated share repurchases, as deemed appropriate by the Company.  The Board has also granted the Company the authority to repurchase additional amounts of its outstanding common stock using available proceeds from the exercise of stock options as well as the tax benefits that will accrue to the Company from the exercise of stock options, stock appreciation rights (“SARs”) and other equity gran ts.  The following is a summary of repurchase activity completed under the various repurchase programsthrough January 30, 2010 (in thousands):

Stock Repurchase Programs	Date Approved	Date Completed	Amount		Shares Repurchased (1)
2002 Stock Repurchase Programs	July 29, 2002 & September 19, 2002	February 1, 2003	$	25,000		2,586
2003 Stock Repurchase Program	October 1, 2003	May 25, 2004		50,000		3,116
2005 Stock Repurchase Program	July 5, 2005	October 29, 2005		30,000		1,686
2007 Stock Repurchase Programs	January 5, 2007 & November 19, 2007	January 9, 2008		100,000		6,199
				205,000		13,587
Stock repurchases using proceeds from the exercise of employee stock options and SARs				81,633		4,484
		Total	$	286,633		18,071

(1) Shares repurchased are restated to reflect the impact of the 3-for-2 stock splits on August 19, 2005 and January 31, 2007.

The following table is a summary of repurchase activity during the fourth quarter of 2009:

Period	Total Number of Shares Purchased		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
November 1, 2009 to		25,257	$	12.00		25,257	$	738,566
November 28, 2009
November 29, 2009 to		59,928		11.80		59,928		31,455
January 2, 2010
January 3, 2010 to		-		-		-		31,455
January 30, 2010
Total		85,185	$	11.87		85,185

The table above does not include shares acquired from employees in lieu of amounts required to satisfy minimum tax withholding requirements upon the vesting of employee restricted stock and performance shares, and shares related to the Company’s defined compensation plan’s stock investment option.

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ITEM 6. SELECTED FINANCIAL DATA

The following sets forth selected consolidated financial data for the periods indicated.  The selected consolidated financial data should be read in conjunction with the Company's Consolidated Financial Statements included herein.  All amounts are stated in thousands, except for per share data, percentages and number of stores.

	Fiscal Year
	2009			2008			2007			2006 (1)			2005
Statement of operations data:
Net sales	$	1,431,927		$	1,515,820		$	1,545,606		$	1,550,180		$	1,344,100
Cost of sales and related buying,
occupancy and distribution expenses		1,040,120			1,106,236			1,100,892			1,096,693			952,680
Gross profit		391,807			409,584			444,714			453,487			391,420
Selling, general and administrative expenses		338,551			351,246			350,248			352,870			296,543
Store opening costs		3,041			6,479			4,678			7,825			3,210
Goodwill impairment (4)		-			95,374			-			-			-
Interest expense, net		4,388			5,216			4,792			5,011			2,958
Income (loss) before income tax		45,827			(48,731	)		84,996			87,781			88,709
Income tax expense		17,106			16,804			31,916			32,479			32,822
Net income (loss)	$	28,721		$	(65,535	)	$	53,080		$	55,302		$	55,887
Basic earnings (loss) per common share (2)	$	0.76		$	(1.71	)	$	1.27		$	1.33		$	1.38
Basic weighted average common shares (2)
outstanding		38,029			38,285			41,764			41,559			40,569
Diluted earnings (loss) per common share (2)	$	0.75		$	(1.71	)	$	1.24		$	1.25		$	1.27
Diluted weighted average common shares (2)
outstanding		38,413			38,285			42,720			44,111			44,040
Margin and other data:
Gross profit margin		27.4%			27.0%			28.8%			29.3%			29.1%
Selling, general and administrative expense rate		23.6%			23.2%			22.7%			22.8%			22.1%
Capital expenditures	$	42,707		$	99,841		$	95,311		$	71,914		$	75,168
Construction allowances from landlords		3,875			17,536			18,765			8,946			13,302
Stock repurchases		1,327			9,060			112,597			21,579			48,687
Cash dividends per share		0.20			0.20			0.20			0.12			0.03
Store data:
Comparable store sales (decline) growth		(7.9%	)		(6.1%	)		(1.1%	)		3.5%	(1)		5.4%
Store openings		28			56			47			108	(3)		36
Store closings		9			11			8			3			15
Number of stores open at end of period		758			739			694			655			550
Total selling area square footage at end of period		14,077			13,730			12,929			12,124			10,377
	January 30,			January 31,			February 2,			February 3,			January 28,
		2010			2009			2008			2007			2006
Balance sheet data
Working capital	$	244,153		$	201,971		$	236,038		$	253,668		$	222,510
Total assets		800,431			768,043			871,490			824,986			731,653
Debt obligations		51,218			57,012			100,594			16,614			3,053
Stockholders' equity		476,046			450,003			520,846			571,408			501,832

___________________________________________________________

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(1) Fiscal year 2006 includes 53 weeks.  Comparable store sales growth for 2006 has been determined based on a comparable 52 week period.  Comparable store sales growth is based on sales growth for those stores which have been opened at least fourteen months prior to the reporting period.

(2) The share and per share information for all periods presented have been restated to reflect the 3-for-2 stock splits which were paid in the form of a stock dividend on August 19, 2005 and January 31, 2007.

(3)   Includes 69 stores acquired in the B.C. Moore acquisition that were converted to Peebles stores.

(4)   In fiscal year 2008, as a result of the decline in market capitalization and other factors, the Company recorded a one-time goodwill impairment charge of $95.4 million to write-off the carrying value of the Company’s goodwill.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Executive Summary

Stage Stores is a Houston, Texas-based specialty department store retailer offering moderately priced, nationally recognized brand name and private label apparel, accessories, cosmetics and footwear for the entire family.  The Company's principal focus is on consumers in small and mid-sized markets which the Company believes are under-served and less competitive.  The Company differentiates itself from the competition in the small and mid-sized communities by offering consumers access to basic as well as fashionable, brand name merchandise not typically carried by other retailers in the same market area.  In the highly competitive metropolitan markets, the Company competes against other national department store chains, which similarly offer moderately priced, brand name and private label merchandise. 0; In these larger metropolitan markets, the Company differentiates itself by offering its consumers a high level of customer service in smaller-sized stores in convenient locations as compared to the larger department stores with which it competes.

Consistent with its corporate strategy of increasing the concentration of its store base into smaller markets through new store growth and strategic acquisitions, the Company acquired Peebles, a similarly small market focused retail company, in 2003.  In 2006, the Company acquired B.C. Moore, which expanded the Company’s position in small markets throughout the Southeastern United States.  At January 30, 2010, the Company operated 758 stores located in 39 states under the five names of Bealls, Goody’s, Palais Royal, Peebles and Stage.

Fiscal 2009

The macroeconomic downturn, which began in 2008, continued to significantly affect discretionary consumer spending and the retail environment throughout 2009.  In response to these challenging conditions, the Company took a disciplined approach to tightly controlling inventory levels and operating expenses, while continuing to execute its key initiatives.  The Company’s focused efforts on controlling inventories and expenses resulted in improved gross margin rates and reduced selling, general and administrative (“SG&A”) expenses as compared to 2008, despite lower sales and increased store count during 2009.  Overall, sales were $1,431.9 million, a decrease of $83.9 million, or 5.5%, from 2008.  Gross profit, as a percent of net sales, increased 0.4%, primarily due to reduce d clearance inventory levels throughout the year.   The Company’s extensive cost saving measures reduced SG&A expenses by $12.7 million compared to the prior year despite operating a net 19 additional stores in 2009.  The Company recorded net income of $28.7 million, or $0.75 per diluted share, compared to a net loss of $65.5 million, or a loss of $1.71 per share, in 2008.  2008 results included a goodwill impairment charge of $95.4 million.  Excluding the goodwill impairment charge, the Company’s net income was $29.8 million, or $0.77 per diluted share, on a basis not in conformity with generally accepted accounting principles in the United States (“non-U.S. GAAP”).

As of January 30, 2010, the Company had no borrowings on its $250.0 million senior secured revolving credit facility, cash and cash equivalents of $93.7 million, which represents an increase of $67.4 million from 2008, and $51.2 million of total debt outstanding, which represents a reduction of $5.8 million from 2008.

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 The Company remained on track with its key priorities in 2009, which included new store growth, enhancing merchandising effectiveness, improving the customer’s in-store experience and implementing productivity improvements. The Company remained committed to its core strategy of store growth in smaller markets.  The Company also capitalized on the opportunity to gain market share in certain existing markets when Goody’s, a retailer which formerly competed against it in small markets, went out of business in early 2009.  The Company acquired the Goody’s name in the Goody’s bankruptcy auction, and subsequently opened 15 stores under the Goody’s nameplate in former Goody’s markets, and took advantage of the economic environment by negotiating favorable lease rates for these new stores.  In addition, the Goody’s existing store format allowed the Company to reduce its net capital investment in these locations by about one-half the amount of a typical new store. Confirming its small market business model, the Company’s small market stores consistently outperformed stores in its mid-sized and large markets throughout 2009.

Also in 2009, the Company completed the development of its markdown optimization tool, and in early 2010 began a pilot in select merchandise zones. The markdown optimization tool is expected to benefit sales and gross margin after its Company-wide implementation in 2010.  The Company also installed a new POS software platform, which is more efficient and flexible, and operates at a lower cost.  Finally, the north/south store realignment was successfully executed, which instituted new merchandise assortments in the 83 stores affected by the realignment.

Fiscal 2010 Outlook and Trends

While the Company believes the macroeconomic environment will remain challenging during 2010, the Company’s business strategy will be focused on building on its 2009 achievements and pursuing sales and earnings growth as the economy stabilizes.  The Company plans further new store growth in under-served, small markets in accordance with its business model.  Further, the Company will continue its commitment to providing superior customer service and compelling merchandise collections within existing product categories in an effort to grow the Company’s share of business with its core customers and improve the in-store shopping experience.  The Company expects these efforts, among other factors, will result in comparable store sales gains in 2010.  In addition, continuing to maintain s trong control over inventories, expenses and capital expenditures should increase gross margin and operating margin rates and further strengthen its balance sheet.

The financial information, discussion and analysis that follow should be read in conjunction with the Company's Consolidated Financial Statements included elsewhere herein.

Results of Operations

The following table sets forth the results of operations as a percent of sales for the periods indicated:

	Fiscal Year (1)
	2009			2008			2007
Net sales		100.0	%		100.0	%		100.0	%
Cost of sales and related buying, occupancy and distribution expenses		72.6			73.0			71.2
Gross profit		27.4			27.0			28.8
Selling, general and administrative expenses		23.6			23.2			22.7
Store opening costs		0.2			0.4			0.3
Goodwill impairment		0.0			6.3			0.0
Interest expense, net		0.3			0.3			0.3
Income (loss) before income tax		3.2			(3.2	)		5.5
Income tax expense		1.2			1.1			2.1
Net income (loss)		2.0	%		(4.3	) %		3.4	%

(1)  Percentages may not foot due to rounding.

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                 The following supplemental information presents the results of operations for 2009, 2008 and 2007.  2008 is presented in both a basis in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and a non-U.S. GAAP basis to show earnings with and without the non-cash goodwill impairment charge.  Management believes this supplemental financial information enhances an investor’s understanding of the Company’s financial performance.  The non-U.S. GAAP financial information should not be considered in isolation or viewed as a substitute for net income (loss), cash flow from operations or other measures of performance as defined by U.S. GAAP.  Moreover, the inclusion of non-U.S. GAAP financial information as used herein is not necessarily comparable to other similarly titled measures of other companies due to the potential inconsistencies in the method of presentation and items considered.  The following table sets forth the supplemental financial information and the reconciliation of U.S. GAAP disclosures to non-U.S. GAAP financial metrics:

	2009		2008			2007
Net income (loss):
On a U.S. GAAP basis	$	28,721	$	(65,535	)	$	53,080
Goodwill impairment		-		95,374			-
On a non-U.S. GAAP basis	$	28,721	$	29,839		$	53,080
Diluted earnings (loss) per share:
On a U.S. GAAP basis	$	0.75	$	(1.71	)	$	1.24
Goodwill impairment		-		2.49			-
On a non-U.S. GAAP basis	$	0.75	$	0.77		$	1.24

2009 Compared to 2008

Sales for 2009 decreased 5.5% to $1,431.9 million from $1,515.8 million for 2008.  Sales of $43.7 million generated by new stores that were not in the comparable store base during 2008 were offset by a decline in comparable store sales of $115.4 million and a loss of sales of $12.2 million from stores closed in 2009.  Comparable store sales, which are sales in stores open at least fourteen months prior to the reporting period, decreased 7.9% during 2009 as compared to a 6.1% decrease in 2008.

Comparable store sales decrease by quarter is presented below:

	Fiscal Year
	2009			2008
1st Quarter		(9.0	) %		(5.4	) %
2nd Quarter		(10.7	)		(1.4	)
3rd Quarter		(5.4	)		(10.3	) *
4th Quarter		(6.5	)		(7.2	)
Total Year		(7.9	)		(6.1	)

*  Includes the impact of store closures related to Hurricanes Ike and Gustav.

Sales in 2009 continued to be negatively impacted by the significant downturn in the macroeconomic environment, including the retail apparel industry which is sensitive to factors impacting consumer discretionary spending, such as tight credit and high unemployment levels.  Reduced levels of clearance merchandise throughout the year were also a significant drain on sales. On a merchandise category basis, all families of business experienced a comparable store sales decline in 2009.  However, key merchandise categories (i.e., those categories comprising greater than 5% of sales) that outperformed the Company’s average comparable store sales level were men’s, cosmetics, accessories, misses, junior sportswear and dresses.  The Company’s principal focus is on consumers in small markets that the Company believes are under-served.  Although the Company experienced comparable store decreases in all its markets, its small market stores outperformed stores in its mid-sized and large markets.  On a market population basis, utilizing a ten-mile radius from each store, in 2009 the Company experienced a 5.9% comparable store sales decrease in its small market stores, or those in market areas with populations of less than 50,000, an 8.8% decrease in its mid-sized market stores, or those in market areas with populations of 50,000 to 150,000, and an 11.8% decrease in its large market stores, or those in market areas with populations greater than 150,000.  The small market stores continue to be the focus of the Company’s new store expansion plans as these stores are consistently the best performers for the Company.

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The following is a summary of the changes between 2009 and 2008 in the components of cost of sales, expressed as a percent of sales:

	Increase (Decrease) in the Components of Cost of Sales
	2009 Compared to 2008
Merchandise cost of sales		(1.3	) %
Buying, occupancy and distribution expenses		1.0
Decrease in merchandise cost of sales
and related buying, occupancy and distribution
expenses rate		(0.3	) %

Gross profit decreased 4.3% to $391.8 million in 2009 from $409.6 million in 2008.  Gross profit, as a percent of sales, was 27.4% in 2009 and 27.0% in 2008.  The gross profit rate benefited from a lower merchandise cost of sales rate, which was partially offset by an increase in the buying, occupancy and distribution expenses rate. The improvement in merchandise cost of sales is attributable to the Company’s strong inventory controls, lower clearance levels and reduced freight costs.  The increase in buying, occupancy and distribution expenses over 2008 is principally due to increased store occupancy and depreciation costs due to the increased store count as compared to 2008, as buying and distribution costs were lower.

SG&A expenses in 2009 decreased approximately $12.7 million, or 3.6%, to $338.5 million from $351.2 million in 2008, while operating 19 net additional stores in 2009. This was due to managing store payroll and other variable store costs in response to operating in a challenging economic environment.  As a percent of sales, SG&A expenses increased to 23.6% in 2009 from 23.2% in 2008.  The increase in the SG&A rate in 2009 over 2008 was due to a deleveraging of costs caused by lower sales in 2009.

Store opening costs in 2009 of $3.0 million include costs related to 28 stores opened and 10 stores relocated.  In 2008, the Company incurred $6.5 million in store opening costs related to 56 new stores and 12 stores relocated.

Net interest expense was $4.4 million in 2009 as compared to $5.2 million in 2008. Interest expense is primarily comprised of interest on borrowings under the Company’s Revolving Credit Facility, related letters of credit and commitment fees, amortization of debt issue costs and interest on financing lease obligations and equipment financing notes. The decrease in interest expense is primarily due to reduced borrowings under the Company’s Revolving Credit Facility (see “Liquidity and Capital Resources”), which had a weighted average balance of $0.6 million during 2009 as compared to $35.3 million in 2008.  This was offset by higher interest on the equipment financing notes caused by a higher weighted average balance in 2009 as compared to 2008.

           The Company’s effective tax rate in 2009 is 37.3%, resulting in estimated income tax expense of $17.1 million.  This compares to income tax expense of $16.8 million in 2008 at an effective tax rate of (34.5%), which includes the impact of the goodwill impairment charge which is a non-deductible expense for income tax purposes.  The Company’s effective tax rate for 2008, excluding the impact of the goodwill impairment charge, was 36.0%.  The effective tax rate for 2008 benefited from $1.2 million of work opportunity tax credits.

 As a result of the foregoing, the Company had net income of $28.7 million for 2009 as compared to a net loss of $65.5 million in 2008.  Excluding the impairment charge, the Company’s net income in 2008 was $29.8 million, or $0.77 per diluted share.

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2008 Compared to 2007

Sales for 2008 decreased 1.9% to $1,515.8 million from $1,545.6 million for 2007.  Sales of $74.8 million generated by new stores that were not in the comparable store base during 2007 were offset by a decline in comparable store sales of $92.0 million and sales of $12.6 million from stores closed in 2008.  Comparable store sales decreased 6.1% during 2008 as compared to a 1.1% decrease in 2007.

Comparable store sales (decrease) increase by quarter is presented below:

	Fiscal Year
		2008			2007
1st Quarter			(5.4	) %		0.1	%
2nd Quarter			(1.4	)		0.5
3rd Quarter			(10.3	)		(1.0	)
4th Quarter			(7.2	)		(3.1	)
Total Year			(6.1	)		(1.1	)

Sales in 2008 were negatively impacted by the significant downturn in the macroeconomic environment, including the retail apparel industry, which is sensitive to conditions impacting consumer discretionary spending, such as the 2008 housing crisis, employment levels and other factors influencing consumer confidence. In addition to the difficult retail environment, the Company’s 2008 third quarter comparable store sales performance results reflect the impact of Hurricanes Gustav and Ike, which forced the temporary closure of a significant number of the Company’s Gulf Coast region stores. 2008 was a challenging year with reduced consumer spending resulting in lower sales as compared to 2007. In spite of the weak economy, the Company achieved a comparable store sales increase in one of its key merchandise categories (i.e., th ose categories comprising greater than 5% of sales), namely cosmetics.  The increase in cosmetics continued to be driven by strong fragrance demand and the installation of new Estee Lauder and Clinique counters.  The Company’s principal focus is on consumers in small markets that the Company believes are under-served. Although the Company experienced comparable store decreases in all its markets, its small market stores outperformed stores in its mid-sized and larger markets in 2008.  On a market population basis, utilizing a ten mile radius from each store, the Company experienced a 5.0% comparable store sales decrease in its small market stores, or those in market areas with populations of less than 50,000, in 2008, versus a comparable store sales decrease of 0.5% in 2007.  In the Company’s mid-sized market stores, or those in market areas with populations of 50,000 to 150,000, 2008 comparable stores sales decreased by 6.6% as compared to a 3.1% decrease in 2007.  In the Company’s large market stores, or those in market areas with populations greater than 150,000, 2008 comparable store sales decreased 8.3% as compared to a decrease of 3.1% in 2007.  The small market stores continue to be the focus of the Company’s new store expansion plans as these stores are consistently the best performers for the Company.

The following is a summary of the changes between 2008 and 2007 in the components of cost of sales, expressed as a percent of sales:

	Increase in the Components of Cost of Sales
	2008 Compared to 2007
Merchandise cost of sales		0.3	%
Buying, occupancy and distribution expenses		1.5
Increase in merchandise cost of sales
and related buying, occupancy and distribution
expenses rate		1.8	%

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Gross profit decreased 7.9% to $409.6 million in 2008 from $444.7 million in 2007.   Gross profit, as a percent of sales, was 27.0% in 2008 and 28.8% in 2007.  The increase in merchandise cost of sales was primarily the result of operating in a heightened promotional environment. The increase in the buying, occupancy and distribution expenses rate was principally due to increased store occupancy and store depreciation costs due to the increased store count versus 2007, coupled with deleveraging of costs due to lower sales compared to 2007.

SG&A expenses in 2008 increased approximately $1.0 million, or 0.3%, to $351.2 million from $350.2 million in 2007, in spite of operating 45 net additional stores in the current year, which represented a 6.5% increase in store count from 2007.  As a percent of sales, SG&A expenses increased to 23.2% in 2008 from 22.7% in 2007.  The increase in the SG&A rate in 2008 over 2007 was primarily due to higher utility costs and a deleveraging of costs caused by lower sales in the current year.

Store opening costs in 2008 of $6.5 million included costs related to 56 stores opened and 12 stores relocated.  In 2007, the Company incurred $4.7 million in store opening costs related to 47 new stores and 18 stores relocated.

The Company tested goodwill for impairment annually in the fourth quarter or more frequently when indicators of impairment existed.  As a result of the decline in the market capitalization for the Company given the reduction in market multiples that took place in 2008, and the resultant challenging economic environment and its impact on the Peebles reporting unit’s sales and earnings performance, the Company determined that an interim impairment test was necessary during the third quarter of 2008.  Upon completion of the impairment test,the Company concluded that a write-off of the carrying value of the goodwill recorded was warranted.  As a result, the Company recorded a goodwill impa irment charge of $95.4 million in the third quarter of 2008.

Net interest expense was $5.2 million in 2008 as compared to $4.8 million in 2007.  Interest expense is primarily comprised of interest on borrowings under the Company’s Revolving Credit Facility, related letters of credit and commitment fees, amortization of debt issue costs and interest on financing lease obligations and equipment financing notes.  The increase in interest expense in 2008 was primarily due to additional interest expense of $2.1 million on the equipment financing loans, which had weighted average borrowings of $40.5 million in 2008 compared to $6.1 million in 2007.  This was partially offset by lower weighted average interest rates on reduced borrowings under the Company’s Revolving Credit Facility (see “Liquidity and Capital Resources”).  The Revolving Credit Facility was fully paid down at the end of 2008 as compared to $63.5 million outstanding at the end of 2007.

The effective tax rate in 2008, reflecting the impact of the goodwill impairment of $95.4 million, which is a non-deductible expense for income tax purposes, was (34.5%).  The Company’s effective tax rate for 2008, excluding the impact of the goodwill impairment charge, was 36.0% and 37.6% in 2007, which resulted in income tax expense of $16.8 million in 2008 as compared to income tax expense of $31.9 million in 2007.  The effective tax rate for 2008 benefited from $1.2 million of work opportunity tax credits.

 As a result of the foregoing, the Company had a net loss of $65.5 million in 2008 as compared to net income of $53.1 million in 2007.  Excluding the impairment charge, the Company’s net income was $29.8 million, or $0.77 per diluted share.

Seasonality and Inflation

Historically, the Company's business is seasonal and sales are traditionally lower during the first three quarters of the fiscal year (February through October) and higher during the last quarter of the fiscal year (November through January).  The fourth quarter usually accounts for slightly more than 30% of the Company's annual sales, with the other quarters accounting for approximately 22% to 24% each.  Working capital requirements fluctuate during the year and generally reach their highest levels during the third and fourth quarters.  The Company does not believe that inflation had a material effect on its results of operations during the past three years.  However, there can be no assurance that the Company’s business will not be aff ected by inflation in the future.

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The following table shows quarterly information (unaudited) for the Company (in thousands, except per share amounts):

	Fiscal Year 2009
		Q1			Q2		Q3				Q4
Net sales	$	333,566		$	341,737	$	324,944			$	431,680
Gross profit	$	84,483		$	100,197	$	73,548			$	133,579
Net (loss) income	$	(905	)	$	9,093	$	(7,319	)		$	27,852
Basic (loss) earnings per common share	$	(0.02	)	$	0.24	$	(0.19	)		$	0.73
Diluted (loss) earnings per common share	$	(0.02	)	$	0.24	$	(0.19	)		$	0.72
Basic weighted average shares		37,930			38,070		38,084				38,033
Diluted weighted average shares		37,930			38,467		38,084				38,446
	Fiscal Year 2008
		Q1			Q2		Q3				Q4
Net sales	$	353,536		$	372,707	$	333,756			$	455,821
Gross profit	$	95,598		$	106,558	$	74,720			$	132,708
Net income (loss)	$	2,263		$	9,663	$	(102,796	)	(1)	$	25,335
Basic earnings (loss) per common share	$	0.06		$	0.25	$	(2.66	)	(1)	$	0.67
Diluted earnings (loss) per common share	$	0.06		$	0.25	$	(2.66	)	(1)	$	0.67
Basic weighted average shares		38,243			38,342		38,603				37,951
Diluted weighted average shares		38,919			38,960		38,603				37,994

(1)  Amounts include a $95.4 million goodwill impairment charge.

Liquidity and Capital Resources

The Company's liquidity is currently provided by (i) existing cash balances, (ii) operating cash flows, (iii) normal trade credit terms from the vendor and factor community, (iv) equipment financing and (v) its Revolving Credit Facility.  The Company’s primary cash requirements are for capital expenditures related to new stores, store relocations and remodeling, and seasonal and new store inventory purchases.

Key components of the Company’s cash flows for fiscal 2009, 2008 and 2007 are summarized below (in thousands):

	2009			2008			2007
Net cash provided by (used in):
Operating activities	$	120,936		$	162,783		$	124,535
Investing activities		(39,753	)		(99,838	)		(95,270	)
Financing activities		(13,747	)		(53,695	)		(28,103	)

Operating Activities

During 2009, the Company generated $120.9 million in cash from operating activities.  Net income, adjusted for non-cash expenses, provided cash of approximately $99.7 million.  Changes in operating assets and liabilities provided net cash of approximately $17.3 million, which included an $8.2 million decrease in merchandise inventories due to tight inventory management and control, a decrease in other assets of $1.9 million mainly due to a decrease in income taxes receivable and a $7.2 million increase in accounts payable and other liabilities, which included a $12.1 million increase in income taxes payable.  Cash flows from operating activities also included construction allowances from landlords amounting to $3.9 million, which funded a portion of the capital expenditures related to store leasehold impr ovements in new and relocated stores.

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During 2008, the Company generated $162.8 million in cash from operating activities.  Net loss, adjusted for non-cash expenses, including the $95.4 million goodwill impairment, provided cash of approximately $107.8 million.  Changes in operating assets and liabilities provided net cash of approximately $37.4 million, which included a $28.1 million decrease in merchandise inventories due to tight inventory management and control.  In addition, there was a decrease in other assets, which was primarily caused by a decrease in the deferred compensation assets due to significant employee distributions and a decline in value of its underlying assets, as well as decreases in prepaid merchandise and taxes receivables totaling $25.3 million.  This was offset by a decrease in accounts payable and other li abilities of $16.0 million, which also included the decrease in the deferred compensation liabilities related to the abovementioned deferred compensation assets.  Additionally, cash flows from operating activities included construction allowances from landlords of $17.5 million, which funded a portion of the capital expenditures related to store leasehold improvements in new and relocated stores.

During 2007, the Company generated $124.5 million in cash from operating activities.  Net income, adjusted for non-cash expenses such as depreciation and amortization, deferred income taxes, amortization of debt issue costs, stock-based compensation and excess tax benefits from stock-based compensation provided cash of approximately $131.8 million.  Changes in operating assets and liabilities used net cash of approximately $26.1 million, which included a $9.9 million increase in merchandise inventories due to the increase in number of stores in operation, a $4.5 million increase in other assets and a decrease in accounts payable and other liabilities of $11.7 million due principally to $7.2 million in pension contributions and lower short-term incentive compensation accruals.  Additionally, cash flows fro m operating activities included construction allowances from landlords of $18.8 million, which funded a portion of the capital expenditures related to store leasehold improvements in new and relocated stores.

Investing Activities

Capital expenditures for 2009 were $42.7 million compared to $99.8 million in 2008 and $95.3 million in 2007.  The Company opened 27 new stores, reopened 1 hurricane-damaged store and relocated 10 stores in 2009.  In 2008 and 2007, it opened 56 new stores and relocated 12 stores, and opened 47 new stores and relocated 18 stores, respectively.  The Company received construction allowances from landlords of $3.9 million in 2009 to fund a portion of the capital expenditures related to store leasehold improvements in new and relocated stores, while $17.5 million and $18.8 million were received from landlords in 2008 and 2007, respectively.  These funds have been recorded as deferred rent credits in the balance sheet and are amortized as an offset to rent expense over the lease term commencing with t he date the allowances were contractually earned.

Management currently estimates that capital expenditures in 2010, net of construction allowances to be received from landlords, will be approximately $40.0 to $45.0 million.  The expenditures will principally be for the opening of new stores, store expansions, relocations and remodels.

Free Cash Flow.  Free cash flow is a non-U.S. GAAP financial measure that the Company defines as net cash provided by operating activities less capital expenditures.  Free cash flow should be evaluated in addition to, and not considered a substitute for, other financial measures such as net income and cash flow provided by operations.  The following table reconciles net cash provided by operating activities, a U.S. GAAP measure, to free cash flow, a non-U.S. GAAP measure as defined by the Company.  Free cash flow for 2009, 2008 and 2007 were:

	2009			2008			2007
Net cash provided by operating activities	$	120,936		$	162,783		$	124,535
Additions of property, equipment and leasehold improvements		(42,707	)		(99,841	)		(95,311	)
Free cash flow	$	78,229		$	62,942		$	29,224

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Financing Activities

The Company has a $250.0 million senior secured revolving credit facility (the "Revolving Credit Facility") that matures on April 20, 2012.  The Revolving Credit Facility includes an uncommitted accordion feature to increase the size of the facility to $350.0 million.  Borrowings under the Revolving Credit Facility are limited to the availability under a borrowing base that is determined principally on eligible inventory as defined by the Revolving Credit Facility agreement.  The daily interest rates on the Company’s Revolving Credit Facility borrowings are equal to either the prime rate or Eurodollar rate plus an applicable margin, as set forth in the Revolving Credit Facility agreement.  Inventory and cash and cash equivalents are pledged as collateral under the Revolving Credit Fac ility.  The Revolving Credit Facility is used by the Company to provide financing for working capital, capital expenditures, interest payments and other general corporate purposes, as well as to support its outstanding letters of credit requirements.  During 2009, the weighted average interest rate on outstanding borrowings and the average daily borrowings under the Revolving Credit Facility were 3.3% and $0.6 million, respectively, as compared to 3.7% and $35.3 million in 2008 and 6.2% and $46.7 million in 2007.

The Company also issues letters of credit to support certain merchandise purchases and to collateralize retained risks and deductibles under various insurance programs.  The Company had outstanding letters of credit totaling approximately $18.6 million and $9.8 million at January 30, 2010 and January 31, 2009, respectively, under its Revolving Credit Facility.  These letters of credit expire within twelve months of issuance.  Excess borrowing availability under the Revolving Credit Facility at January 30, 2010 and January 31, 2009, net of letters of credit outstanding and outstanding borrowings, was $161.8 million and $175.3 million, respectively.

The Revolving Credit Facility contains covenants that, among other things, restrict, based on required levels of excess availability, (i) the amount of additional debt or capital lease obligations, (ii) the payment of dividends and repurchase of common stock under certain circumstances and (iii) related party transactions.  At January 30, 2010, the Company was in compliance with all of the financial covenants of the Revolving Credit Facility and expects to continue to be in compliance in 2010.  There was no outstanding balance on the Company’s Revolving Credit Facility at January 30, 2010 and January 31, 2009.

During 2009, the Company borrowed $4.0 million under equipment financing notes bearing an interest rate of 5.5%.  The equipment financing notes are payable in monthly installments over a five-year term and are secured by certain fixtures and equipment.  During 2008 and 2007, equipment financing note borrowings amounted to $24.8 million and $32.4 million, respectively.  Payments to the equipment financing notes amounted to $10.9 million in 2009 and $7.3 million in 2008.  The Company also received $1.6 million during 2009 from landlords for stores accounted for as finance lease obligations.  Proceeds from finance lease obligations amounted to $2.6 million and $1.9 million in 2008 and 2007, respectively.  Of the outstanding finance lease obligations, the Company paid $0.5 m illion in principal payments during 2009, $0.2 million in 2008 and $0.2 million in 2007.

The Company currently pays a quarterly cash dividend of five cents per share on its common stock.  In 2009, 2008 and 2007, the Company paid quarterly cash dividends totaling $7.6 million, $7.7 million and $8.4 million, respectively.  On February 26, 2010, the Company announced that the Board declared a quarterly cash dividend of five cents per share on the Company’s common stock, payable on March 24, 2010 to shareholders of record at the close of business on March 9, 2010.

The Company repurchased stock during 2009 amounting to $1.3 million using proceeds from the exercise of awards and related tax benefits and deferred compensation.  In 2008 and 2007, stock repurchases amounted to $9.1 million and $112.6 million, respectively.  The 2007 repurchases included two $50.0 million Board-approved stock repurchase programs.

While there can be no assurances, management believes that there should be sufficient liquidity to cover both the Company's short-term and long-term funding needs.  The Company anticipates that it has adequate cash flows to cover its working capital needs, planned capital expenditures and debt service requirements for the next year and foreseeable future.

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Contractual Obligations

The Company has numerous contractual commitments for purchases of merchandise inventories, services arising in the ordinary course of business, letters of credit, Revolving Credit Facility and other debt service and leases.  Presented below is a summary of the Company's contractual obligations as of January 30, 2010 (in thousands).  These items are discussed in further detail in Note 6 and Note 10 to the Consolidated Financial Statements.

			Payment Due by Period
			Less Than		1-3		4-5		More than 5
Contractual Obligations	Total		One Year		Years		Years		Years
Equipment financing	$	43,032	$	12,163	$	25,592	$	5,277	$	-
Documentary letters of credit (1)		2,151		2,151		-		-		-
Capital and finance lease obligations		8,186		562		1,294		1,603		4,727
Operating lease obligations (undiscounted) (2)		447,590		76,447		132,450		100,051		138,642
Interest payments		8,518		2,862		3,387		1,220		1,049
Other purchase obligations (3)		23,125		7,177		10,110		5,838		-
Total contractual cash obligations	$	532,602	$	101,362	$	172,833	$	113,989	$	144,418

 (1) These documentary letters of credit support the importing of private label merchandise.  The Company also had outstanding stand-by letters of credit that totaled approximately $16.4 million at January 30, 2010, of which $13.7 million were also issued in support of importing the Company's private label merchandise.  The remaining stand-by letters of credit of $2.7 million are required to collateralize retained risks and deductibles under various insurance programs.  The estimated liability that will be paid in cash related to stand-by letters of credit supporting insurance programs is reflected in accrued expenses.  If the Company fails to make payments when due, the beneficiaries of letters of credit could make demand for payment under the letters of credit.

(2) The Company has certain operating leases with provisions for step rent or escalation payments.  The Company records rent expense on a straight-line basis, evenly dividing rent expense over the lease term, including the build-out period, if any, and where appropriate, applicable available lease renewal option periods.  However, this accounting treatment does not affect the future annual operating lease cash obligations as shown herein.  The Company records construction allowances from landlords as a deferred rent credit when earned.  Such deferred rent credit is amortized over the related term of the lease, commencing with the date the Company contractually earned the construction allowance, as a reduction of rent expense.

Certain leases provide for contingent rents that are not measurable at inception.  These contingent rents are primarily based on a percentage of sales that are in excess of a predetermined level.  These amounts are excluded from minimum rent and are included in the determination of total rent expense when it is probable that the expense has been incurred and the amount is reasonably estimable

(3) Other purchase obligations include legally binding contracts such as firm commitments for utility purchases, capital expenditures, software acquisition/license commitments and legally binding service contracts.  For the purposes of this table, contractual obligations for purchase of goods or services are defined as agreements that are enforceable and legally binding and that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction.  If the obligation to purchase goods or services is noncancelable, the entire value of the contract is included in the above table.  If the obligation is cancelable, but the Company would incur a penalty if cancelled, the dollar amount of the penalty is included as an “other purchase obligation.”  The Company fully expects to receive the benefits of the goods or services in connection with fulfilling its obligation under these agreements.  The expected timing for payment of the obligations discussed above is estimated based on current information.  Timing of payments and actual amounts paid may be different depending on the timing of receipt of goods or services or changes to agreed-upon amounts for some obligations.

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In the ordinary course of business, the Company enters into arrangements with vendors to purchase merchandise typically up to six months in advance of expected delivery.  These purchase orders do not contain any significant termination payments or other penalties if cancelled.  As of January 30, 2010, the Company had outstanding purchase orders of $149.3 million.

The Company’s funding policy is to make contributions to maintain the minimum funding requirements for its pension obligations in accordance with the Employee Retirement Income Security Act.  The Company may elect to contribute additional amounts to maintain a level of funding to minimize the Pension Benefit Guaranty Corporation premium costs or to cover short-term liquidity needs of its defined benefit plan (the “Plan”) in order to maintain current invested positions.  The Company expects to contribute approximately $1.0 million during 2010.  The Company contributed $3.5 million and $1.7 million to the Plan in 2009 and 2008, respectively.

Critical Accounting Policies and Estimates

 The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  The primary estimates underlying the Company's consolidated financial statements include the valuation of inventory, the estimated useful life of property, equipment and leasehold improvements, the impairment analysis on long-lived assets, the valuation of the intangible asset, the reserve for sales returns, breakage income on gift cards and merchandise credits, self-insurance reserves and the estimated liability for pension obligations.  The Company cautions that future events rare ly develop exactly as forecast, and the best estimates routinely require adjustment.  Therefore, actual results could differ from these estimates.  Management bases its estimates on historical experience and on various assumptions which are believed to be reasonable under the circumstances.  The following critical accounting policies affect the Company's more significant judgments and estimates used in the preparation of its consolidated financial statements.

Inventory valuation.  The Company values merchandise inventories using the lower of cost or market with cost determined using the weighted average cost method.  The Company capitalizes distribution center costs associated with preparing inventory for sale, such as distribution payroll, benefits, occupancy, depreciation and other direct operating expenses as part of merchandise inventories.  The Company also includes in inventory the cost of freight to the Company’s distribution centers and to stores as well as duties and fees related to import purchases.  The Company maintains a lower of cost or market reserve for inventory where the cost of an individual item is greater than the selling price.

Vendor allowances.   The Company receives consideration from its merchandise vendors in the form of allowances and reimbursements.  Given the promotional nature of the Company’s business, the allowances are generally intended to offset the Company’s costs of handling, promoting, advertising and selling the vendors’ products in its stores.  Vendor allowances related to the purchase of inventory are recorded as a reduction to the cost of inventory.  Vendor allowances are recognized as a reduction of cost of goods sold or related selling expense when the purpose for which the vendor funds were intended to be used has been fulfilled and amounts have been authorized by vendors.

Property, equipment and leasehold improvements.  Additions to property, equipment and leasehold improvements are recorded at cost and depreciated over their estimated useful lives using the straight-line method.  Property, equipment and leasehold improvements acquired through acquisitions have been recorded at estimated fair values as of the date of acquisition.  The estimated useful lives of leasehold improvements do not exceed the term of the related lease, including applicable available renewal options where appropriate.  The estimated useful lives in years are generally as follows:

Buildings & improvements	20
Store and office fixtures and equipment	5-10
Warehouse equipment	5-15
Leasehold improvements - stores	5-15
Leasehold improvements - corporate office	10-20

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Impairment of long-lived assets. Property, plant and equipment and other long-lived assets, including acquired definite-lived intangibles and other assets, are reviewed to determine whether any events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.  For long-lived assets to be held and used, the Company bases its evaluation on impairment indicators such as the nature of the assets’ physical condition, the future economic benefit of the asset, any historical or future profitability measurements and other external market conditions or factors that may be present.  If such impairment indicators are present or other factors ex ist that indicate the carrying amount of the asset may not be recoverable, the Company determines whether an impairment has occurred through the use of an undiscounted cash flows analysis of the asset at the lowest level for which identifiable cash flows exist.  If an impairment has occurred, the Company recognizes a loss for the difference between the carrying amount and the estimated fair value of the asset.  Management's judgment is necessary to estimate fair value.  Accordingly, actual results could vary from those estimates.

Intangible asset and impairment of intangible assets.  In connection with acquisitions, other intangible assets separate and apart from goodwill are required to be recognized if such assets arise from contractual or other legal rights or if such assets are separable from the acquired business.  As a part of the acquisition of Peebles, the Company acquired the rights to the tradename and trademark (collectively the “Tradename”) of “Peebles,” which was identified as an indefinite life intangible.  The value of the Tradename was determined to be $14.9 million at the time of the Peebles acquisition. Indefinite life intangible assets are not amortized but are tested for impairment annually or more frequently when indicators of imp airment exist.  The Company completed its annual impairment test during the fourth quarter of 2009 and determined there was no impairment of the existing intangible asset.

Revenue recognition.  Revenue from sales is recognized at the time of sale, net of any anticipated returns. The Company records deferred revenue on its balance sheet for the sale of gift cards and recognizes this revenue upon the redemption of gift cards in net sales.  The Company similarly records deferred revenue on its balance sheet for merchandise credits issued related to customer returns and recognizes this revenue upon the redemption of the merchandise credits. 

Gift card and merchandise credits liability.  Unredeemed gift cards and merchandise credits are recorded as a liability. Gift card and merchandise credit breakage income (“breakage income”) represents the balance of gift cards and merchandise credits for which the Company believes the likelihood of redemption is remote.  Breakage income is recognized based on usage or historical redemptions.  The Company’s gift cards and merchandise credits are considered to be a large pool of homogeneous transactions.  The Company uses historical data to determine the breakage rate and objectively determines the estimated time period of actual redemptions.  The Company recognized approximately $0.9 million, $1.6 million and $1.4 million of breakage income in 2009, 2008 and 2007, respectively.  This income is recorded as other income and is included in the Consolidated Statements of Operations as a reduction in selling, general and administrative expenses.

Self-insurance reserves.  The Company maintains self-insurance retentions with respect to general liability, workers compensation and health benefits for its employees.  The Company estimates the accruals for the liabilities based on industry development factors and historical claim trend experience.  Although management believes adequate reserves have been provided for expected liabilities arising from the Company's self-insured obligations, projections of future losses are inherently uncertain, and it is reasonably possible that estimates of these liabilities will change over the near term as circumstances develop.

Frozen defined benefit plan.  The Company maintains a frozen defined benefit plan.  The plan’s obligations and related assets are presented in Note 9 to the Consolidated Financial Statements.  The plan’s assets are invested in actively managed and indexed mutual funds of domestic and international equities and investment-grade corporate bonds and U.S. government securities.   The plan’s obligations and the annual pension expense are determined by independent actuaries using a number of assumptions.  Key assumptions in measuring the plan’s obligations include the discount rate applied to future benefit obligations and the estimated future return on plan a ssets.  At January 30, 2010, assumptions used were a weighted average discount rate of 5.8% and a weighted average long-term rate of return on the plan assets of 8.0%.

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Recent Accounting Standards and Disclosures

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2010-06, Improving Disclosures about Fair Value Measurements, which requires entities to disclose separately the amount and reasons behind significant transfers in and out of Levels 1 and 2 (see Note 3 to the Consolidated Financial Statements for definitions), disclose the fair value measurements for each class of assets and liabilities and disclose the inputs and valuation techniques used to measure both recurring and nonrecurring activities under Levels 2 and 3.  The new disclosure requirements are effective for interim and annual reporting periods beginning after December 15, 2009.  The ASU also requires that reconciliat ions for fair value measurements using significant unobservable inputs (Level 3) should separately present significant information on a gross basis. This Level 3 disclosure requirement is effective for fiscal years beginning after December 14, 2010. The adoption of the provisions of ASU 2010-06 is not expected to have a material impact on the Company’s consolidated financial statements.

In June 2009, the FASB issued Accounting Standards Codification (“ASC”) No. 105, TheFASB Accounting Standards Codificationand the Hierarchy of Generally Accepted Accounting Principles — a replacement of FASB Statement No. 162 (the “Codification”).  This ASC establishes two levels of U.S. GAAP, authoritative and nonauthoritative.  On July 1, 2009, the Codification became the single source of authoritative, nongovernmental U.S. GAAP, except for rules and interpretive releases of the SEC, which are sources of authoritative U.S. GAAP for SEC registrants.  The Codification was effective for interim and annual reporting periods after September 15, 2009.  The Company has included references to authoritative accounting literature in accordance with the Codification.  There are no other changes to the content of the Company’s financial statements or disclosures as a result of implementing the Codification.

In April 2009, the FASB issued ASC No. 825-10-65-1, Interim Disclosures about Fair Value of Financial Instruments.  ASC No. 825-10-65-1 amends ASC No. 825-50, Disclosures about Fair Value of Financial Instruments, and requires fair value measurement disclosures for interim reporting periods of publicly traded companies as well as in annual financial statements.  Additionally, ASC No. 825-10-65-1 requires the disclosure of the methods and significant assumptions used to estimate the fair value of financial instruments on an interim basis as well as changes of the methods and significant assumptions from prior periods.  ASC No. 825-10-65-1 does not change the accounting treatment for these finan cial instruments.  The Company adopted ASC No. 825-10-65-1 as of May 3, 2009, and the adoption did not have a material impact on its consolidated financial statements.

In June 2008, the Emerging Issues Task Force of the FASB reached a consensus on ASC No. 840-10-05-9, Accounting by Lessees for Maintenance Deposits.  ASC No. 840-10-05-9 specifies the accounting treatment for lessees related to maintenance deposits paid by a lessee under an arrangement accounted for as a lease that are refunded only if the lessee performs specified maintenance activities.  ASC No. 840-10-05-9 was effective for financial statements issued for fiscal years beginning after December 15, 2008 and interim periods within those fiscal years.  The Company adopted the provisions of ASC No. 840-10-05-9 as of February 1, 2009, which did not have a material impact on its consolidated financial statements.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Borrowings under the Company's Revolving Credit Facility bear a floating rate of interest.  As of January 30, 2010, there were no outstanding borrowings under the Company's Revolving Credit Facility.  On future borrowings, an increase in interest rates may have a negative impact on the Company's results of operations and cash flows.  The Company had average daily borrowings of $0.6 million bearing a weighted average interest rate of 3.3% during 2009.  A hypothetical 10% change in interest rates would not have a material effect on the Company’s fiscal 2009 annual results of operations and cash flows.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

See "Index to Consolidated Financial Statements of Stage Stores, Inc." included on page F-1 for information required under this Item 8.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

As defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the "Exchange Act"), the term "disclosure controls and procedures" means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms.  Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

The Company's Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of the Company's disclosure controls and procedures and concluded that the Company's disclosure controls and procedures were effective as of January 30, 2010.

Changes in Internal Control over Financial Reporting

There were no changes in the Company's internal control over financial reporting that occurred during the fiscal quarter ended January 30, 2010 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Management's Annual Report on Internal Control Over Financial Reporting

The management of Stage Stores, Inc. is responsible for establishing and maintaining adequate internal control over financial reporting for the Company as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act.  This system is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America.

The Company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and the directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company's assets that could have a material effect on the financial statements, and provide reasonable assura nce as to the detection of fraud.

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Because of its inherent limitations, a system of internal control over financial reporting can provide only reasonable assurance and may not prevent or detect misstatements.  Further, because of changes in conditions, effectiveness of internal controls over financial reporting may vary over time.

With the participation of the Chief Executive Officer and Chief Financial Officer, the Company’s management conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting based on the framework and criteria established in Internal Control-Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, the Company’s management concluded that the Company's internal control over financial reporting was effective as of January 30, 2010.

Our independent registered public accounting firm, Deloitte & Touche LLP, with direct access to our Board of Directors through our Audit Committee, have audited the consolidated financial statements prepared by the Company and have issued an attestation report on the effectiveness of the Company’s internal control over financial reporting.

/s/ Andrew T. Hall	s/ Edward J. Record
Andrew T. Hall	Edward J. Record
President and Chief Executive Officer	Chief Operating Officer and
March 30, 2010	Chief Financial Officer
	March 30, 2010

ITEM 9B. OTHER INFORMATION

None.

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PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The following information pertains to the executive officers of the Company as of March 22, 2010:

Name	Age	Position
Andrew T. Hall	49	President and Chief Executive Officer, Director
Edward J. Record	42	Chief Operating Officer, Chief Financial Officer and Secretary
Richard A. Maloney	61	Chief Merchandising Officer
Ron D. Lucas	62	Executive Vice President, Human Resources
Joanne Swartz	50	Executive Vice President, Advertising and Sales Promotion
Steven L. Hunter	39	Executive Vice President, Chief Information Officer
Richard E. Stasyszen	49	Senior Vice President, Finance and Controller

Mr. Hall joined the Company in February 2006 as President and Chief Operating Officer and assumed the position of President and Chief Executive Officer in November 2008.  From June 2003 to February 2006, he served as Chairman of Foley’s, a Houston-based division of Federated Department Stores, Inc.  From June 2002 to June 2003, he served as Foley’s Chief Financial Officer.

Mr. Record joined the Company in May 2007 as Executive Vice President and Chief Administrative Officer, became Chief Financial Officer in September 2007 and assumed the concurrent position of Chief Operating Officer in February 2010.  From October 2005 to May 2007, he served as Senior Vice President of Finance of Kohl's Corporation.  From June 2002 to October 2005, Mr. Record served as Senior Vice President of Finance, Controller of Belk, Inc.

Mr. Maloney joined the Company in October 2008 as President and Chief Operating Officer of the South Hill Division and was promoted to Chief Merchandising Officer in February 2010.  From 2003 to 2008, he served as the Senior Partner of The Remark Group, a retail consulting firm that he founded.  From 1996 to 2003, he served as President and CEO of the Meier and Frank division of Macy’s.  Prior to that time, he also held various senior merchandising positions at a number of former Macy’s divisions.

Mr. Lucas joined the Company in July 1995 as Senior Vice President, Human Resources and was promoted to Executive Vice President, Human Resources in March 1998.

Ms. Swartz joined the Company in January 1994 as Vice President, Marketing and was subsequently promoted to Senior Vice President, Advertising and Marketing in November 1995 and to Executive Vice President, Advertising and Sales Promotion in March 2005.

Mr. Hunter joined the Company in June 2008 as Senior Vice President, Chief Information Officer and was promoted to Executive Vice President, Chief Information Officer in March 2010.  From May 2003 to June 2008, Mr. Hunter served as Senior Vice President of Information Technology at Belk, Inc.

Mr. Stasyszen joined the Company in March 1998 as Assistant Controller and was subsequently promoted to Vice President and Controller in February 1999.  In July 2001, Mr. Stasyszen was promoted to Senior Vice President, Finance and Controller.

The remaining information called for by this item is incorporated by reference to “Information Relating to the Board of Directors and Committees” and “Section 16(a) Beneficial Ownership Reporting Compliance” in the Proxy Statement.

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ITEM 11. EXECUTIVE COMPENSATION

Information regarding executive compensation called for by this item is incorporated by reference to “Information Relating to Board of Directors and Committees – Compensation Committee-Compensation Committee Interlocks and Insider Participation,” “Compensation of Directors and Executive Officers” and “Compensation of Directors and Executive Officers – Compensation Committee Report” in the Proxy Statement.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Information regarding the security ownership of certain beneficial owners and management and related stockholder matters called for by this item is incorporated by reference to “Security Ownership of Certain Beneficial Owners and Management” in the Proxy Statement.

The remaininginformation called for by this item is incorporated by reference to “Securities Authorized For Issuance Under Equity Compensation Plans” in the Proxy Statement.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

           Information called for by this item is incorporated by reference to “Transactions with Related Persons,” “Information Relating to Directors and Director Nominees-In General” and “Information Related to the Board of Directors and Committees-Director Independence” in the Proxy Statement.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Information regarding fees billed to the Company by its independent registered public accounting firm, Deloitte & Touche LLP, is incorporated by reference to “Principal Accountant Fees and Services” in the Proxy Statement.

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

           (a) Documents filed as part of this report:

1.  Financial Statements:

See "Index to Consolidated Financial Statements of Stage Stores, Inc." on page F-1, the Report of Independent Registered Public Accounting Firm on page F-2, and the Financial Statements on pages F-4 to F-27, of this Form 10-K, all of which are incorporated herein by reference.

2.  Financial Statement Schedules:

All schedules are omitted because they are not applicable or not required or because the required information is shown in the Consolidated Financial Statements or Notes thereto on pages F-4 to F-27, which are incorporated herein by reference.

3.  Exhibits Index:

The following documents are the exhibits to this Form 10-K.  For convenient reference, each exhibit is listed according to the Exhibit Table of Item 601 of Regulation S-K.

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Exhibit

Number                                                                           Description

3.1    Amended and Restated Articles of Incorporation of Stage Stores, Inc. dated June 7, 2007 are incorporated by reference to Exhibit 3.1 of Stage Stores’ Quarterly Report on Form 10-Q (Commission File No. 1-14035) filed September 12, 2007.

3.2    Amended and Restated By-Laws of Stage Stores, Inc. dated March 28, 2007 are incorporated by reference to Exhibit 3.3 of Stage Stores’ Annual Report on Form 10-K (Commission File No, 1-14035) filed April 3, 2007.

4.1    Form of Common Stock Certificate of Stage Stores, Inc. is incorporated by reference to Exhibit 4.1 of Stage Stores’ Registration Statement on Form 10 (Commission File No. 000-21011) filed October 29, 2001.

10.1† Stage Stores, Inc. Amended and Restated 2001 Equity Incentive Plan is incorporated by reference to Appendix B of Stage Stores’ Proxy Statement  on Schedule 14A (Commission File No. 1-14035) filed April 16, 2004.

10.2† Stage Stores, Inc. Amended and Restated 2008 Equity Incentive Plan is incorporated by reference to Appendix A of Stage Stores’ Proxy Statement on Form DEF 14A (Commission File No. 1-14035) filed April 15, 2009.

10.3† Stage Stores, Inc. Amended and Restated 2003 Non-Employee Director Equity Compensation Plan effective December 19, 2008 is incorporated by reference to Exhibit 10.9 of Stage Stores’ Annual Report on Form 10-K (Commission File No. 1-14035) filed March 30, 2009.

10.4†* Form of Stock Appreciation Rights Agreement (Employee) under the Stage Stores, Inc. Amended and Restated 2001 Equity Incentive Plan.

10.5†* Form of Stock Appreciation Rights Agreement (Employee) under the Stage Stores, Inc. Amended and Restated 2008 Equity Incentive Plan.

10.6†* Form of Performance Based Share Agreement under the Stage Stores, Inc. Amended and Restated 2001 Equity Incentive Plan.

10.7†* Form of Performance Based Share Agreement under the Stage Stores, Inc. Amended and Restated 2008 Equity Incentive Plan.

10.8†* Form of Restricted Stock Award Agreement (Employee) under the Stage Stores, Inc. Amended and Restated 2001 Equity Incentive Plan.

10.9†* Form of Restricted Stock Award Agreement (Employee) under the Stage Stores, Inc. Amended and Restated 2008 Equity Incentive Plan.

10.10†* Form of Nonstatutory Stock Option Agreement (Employee) under the Stage Stores, Inc. Amended and Restated 2001 Equity Incentive Plan.

10.11†* Form of Nonstatutory Stock Option Agreement (Employee) under the Stage Stores, Inc. Amended and Restated 2008 Equity Incentive Plan.

10.12†* Form of Nonstatutory Stock Option Agreement (Director) under the Stage Stores, Inc. Amended and Restated 2001 Equity Incentive Plan.

10.13†* Form of Initial Grant Restricted Stock Award Agreement (Director) under the Stage Stores, Inc. Amended and Restated 2001 Equity Incentive Plan.

10.14†* Form of Initial Grant Restricted Stock Award Agreement (Director) under the Stage Stores, Inc. Amended and Restated 2008 Equity Incentive Plan.

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10.15†* Form of Reelection Grant Restricted Stock Award Agreement (Director) under the Stage Stores, Inc. Amended and Restated 2001 Equity Incentive Plan.

10.16†* Form of Reelection Grant Restricted Stock Award Agreement (Director) under the Stage Stores, Inc. Amended and Restated 2008 Equity Incentive Plan.

10.17†* Form of Shareholder Agreement for restricted stock (Director) under the Stage Stores, Inc. 2003 Non-Employee Director Equity Compensation Plan.

10.18† Stage Stores, Inc. Nonqualified Deferred Compensation Plan, as Amended and Restated effective June 5, 2008 is incorporated by reference to Exhibit 4.4 of Stage Stores’ Form S-8 (Commission File No. 333-151568) filed June 10, 2008.

10.19 Credit Agreement dated as of August 21, 2003 among Specialty Retailers (TX) LP, Stage Stores, Inc. and the named subsidiaries of Stage Stores, Inc., Fleet Retail Finance Inc. and the initial lenders named therein, Fleet National Bank, and Fleet Securities, Inc. is incorporated by reference to Exhibit 10.1 of Stage Stores’ Quarterly Report on Form 10-Q (Commission File No. 1-14035) filed August 29, 2003.

10.20 Limited Waiver and First Amendment to Credit Agreement dated November 4, 2003, by and among Specialty Retailers (TX) LP, Stage Stores, Inc. and the named subsidiaries of Stage Stores, Inc., Fleet Retail Finance Inc. and the other lenders named therein is incorporated by reference to Exhibit 10.1 of Stage Stores’ Current Report on Form 8-K (Commission File No. 1-14035) filed November 12, 2003.

10.21 Second Amendment to Credit Agreement dated January 10, 2005, by and between Specialty Retailers (TX) LP, Stage Stores, Inc. and the named subsidiaries of Stage Stores, Inc., Fleet National Bank, Fleet Retail Group, Inc. and the other lenders named therein (Commission File No. 1-14035) filed January 29, 2005.

10.22 Third Amendment to Credit Agreement dated as of December 31, 2005, by and between Specialty Retailers (TX) LP, Stage Stores, Inc. and the named subsidiaries of Stage Stores, Inc., Bank of America, N.A. (f/k/a Fleet National Bank), Fleet Retail Group, Inc. and the other lenders named therein (Commission File No 1-14035) filed April 13, 2006.

10.23 Fourth Amendment to Credit Agreement dated as of April 20, 2007, by and among Specialty Retailers (TX) LP, Stage Stores, Inc. and the named subsidiaries of Stage Stores, Inc., Bank of America, N.A. (f/k/a Fleet National Bank) and the other lenders and parties named therein is incorporated by reference to Exhibit 10 of Stage Stores’ Current Report on Form 8-K (Commission File No. 1-14035) filed April 24, 2007.

10.24 Fifth Amendment to Credit Agreement dated as of June 21, 2007, by and among Specialty Retailers (TX) LP, Stage Stores, Inc. and the named subsidiaries of Stage Stores, Inc., Bank of America, N.A. (f/k/a Fleet National Bank) and the other lenders and parties named therein is incorporated by reference to Exhibit 10.1 of Stage Stores’ Quarterly Report on Form 10-Q (Commission File No. 1-14035) filed September 12, 2007.

10.25 Sixth Amendment to Credit Agreement dated as of November 20, 2007, by and among Specialty Retailers, Inc., Stage Stores, Inc., SRI General Partner LLC, Bank of America, N.A. (f/k/a Fleet National Bank) and the other lenders and parties named therein is incorporated by reference to Exhibit 10.2 of Stage Stores’ Quarterly Report on Form 10-Q (Commission File No. 1-14035) filed December 12, 2007.

10.26 Intercreditor Agreement dated September 12, 2003 among World Financial Network National Bank, Specialty Retailers (TX) LP, Stage Stores, Inc. and Fleet Retail Finance Inc. is incorporated by reference to Exhibit 2.3 of Stage Stores’ Current Report on Form 8-K (Commission File No. 1-14035) filed September 22, 2003.

10.27  First Amendment to Intercreditor Agreement dated March 5, 2004 by and among World Financial Network National Bank, Specialty Retailers (TX) LP, Stage Stores, Inc. and Fleet Retail Group, Inc is incorporated by reference to Exhibit 10.6 of Stage Stores’ Annual Report on Form 10-K (Commission File No. 1-14035) filed April 15, 2004.

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10.28 Amended and Restated Private Label Credit Card Program Agreement Between World Financial Network National Bank and Stage Stores, Inc. and Specialty Retailers (TX) LP dated as of March 5, 2004 is incorporated by reference to Exhibit 10.8 of Stage Stores’ Annual Report on Form 10-K (Commission File No. 1-14035) filed April 15, 2004.

10.29 Amendment to Private Label Credit Card Program Agreement dated as of December 21, 2005, by and among Stage Stores, Inc., Specialty Retailers (TX) LP and World Financial Network National Bank is incorporated by reference to Exhibit 10.1 of Stage Stores’ Quarterly Report on Form 10-Q (Commission File No. 1-14035) filed October 24, 2006.

10.30 Second Amendment to Amended and Restated Private Label Credit Card Program Agreement dated as of May 24, 2006, by and among Stage Stores, Inc., Specialty Retailers (TX) LP and World Financial Network National Bank is incorporated by reference to Exhibit 10.2 of Stage Stores’ Quarterly Report on Form 10-Q (Commission File No. 1-14035) filed October 24, 2006.

10.31 Third Amendment to Amended and Restated Private Label Credit Card Program Agreement dated as of May 18, 2007, by and among Stage Stores, Inc., Specialty Retailers (TX) LP and World Financial Network National Bank is incorporated by reference to Exhibit 10.2 of Stage Stores’ Quarterly Report on Form 10-Q (Commission File No. 1-14035) filed June 7, 2007.

10.32 Fourth Amendment to Amended and Restated Private Label Credit Card Program Agreement dated as of June 30, 2007, by and among Stage Stores, Inc., Specialty Retailers (TX) LP and World Financial Network National Bank is incorporated by reference to Exhibit 10.2 of Stage Stores’ Quarterly Report on Form 10-Q (Commission File No. 1-14035) filed September 12, 2007.

10.33  Fifth Amendment to Amended and Restated Private Label Credit Card Program Agreement dated as of November 1, 2008, by and among Stage Stores, Inc., Specialty Retailers, Inc. and World Financial Network National Bank is incorporated by reference to Exhibit 10.9 of Stage Stores’ Annual Report on Form 10-K (Commission File No. 1-14035) filed March 30, 2009.

10.34   Sixth Amendment to Amended and Restated Private Label Credit Card Program Agreement dated as of July 30, 2009, by and among Stage Stores, Inc., Specialty Retailers (TX) LP and World Financial Network National Bank is incorporated by reference to Exhibit 10.2 of Stage Stores’ Quarterly Report on Form 10-Q (Commission File No. 1-14035) filed September 9, 2009.

10.35* Seventh Amendment to Amended and Restated Private Label Credit Card Program Agreement dated as of January 1, 2010, by and among Stage Stores, Inc., Specialty Retailers, Inc. and World Financial Network National Bank.

10.36† Employment Agreement between Ronald Lucas and Stage Stores, Inc. dated January 30, 2002 is incorporated by reference to Exhibit 10.19 of Stage Stores’ Annual Report on Form 10-K (Commission File No. 1-14035) filed April 12, 2002.

10.37† Employment Agreement between Ernest Cruse and Stage Stores, Inc. dated January 30, 2002 is incorporated by reference to Exhibit 10.20 of Stage Stores’ Annual Report on Form 10-K (Commission File No. 1-14035) filed April 12, 2002.

10.38† Employment Agreement between Andrew Hall and Stage Stores, Inc. dated February 10, 2006 is incorporated by reference to Exhibit 10 of Stage Stores’ Current Report on Form 8-K (Commission File No. 1-14035) filed February 15, 2006.

10.39† Employment Agreement between Ed Record and Stage Stores, Inc. dated September 13, 2007 is incorporated by reference to Exhibit 10.1 of Stage Stores’ Quarterly Report on Form 10-Q (Commission File No. 1-14035) filed December 12, 2007.

41

10.40† Employment Agreement between Richard Maloney and Stage Stores, Inc. dated October 21, 2008 is incorporated by reference to Exhibit 10.2 of Stage Stores’ Quarterly Report on Form 10-Q (Commission File No. 1-14035) filed December 19, 2008.

10.41†   Consulting Agreement between James Scarborough and Stage Stores, Inc. dated November 3, 2008 is incorporated by reference to Exhibit 10.35 of Stage Stores’ Annual Report on Form 10-K (Commission File No. 1-14035) filed March 30, 2009.

10.42†* Retirement Agreement between Ernest Cruse and Stage Stores, Inc. dated February 26, 2010.

14 Code of Ethics for Senior Officers is incorporated by reference to Exhibit 99.4 of Stage Stores’ Annual Report on Form 10-K (Commission File No. 1-14035) filed April 23, 2003.

18            Preferability Letter from Independent Registered Public Accounting Firm dated October 19, 2006 is incorporated by reference to Exhibit 18 of Stage Stores’ Quarterly Report on Form 10-Q (Commission File No 1-14035) filed October 24, 2006.

21*         Subsidiary of Stage Stores, Inc.

23*         Consent of Independent Registered Public Accounting Firm.

24.1*        Power of Attorney: Directors (Form 10-K).

24.2*         Power of Attorney: Section 16 Filers.

24.3*       Power of Attorney: Director (Cheryl Turpin - Section 16 Filer).

31.1*       Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.

31.2*       Certification of Chief Financial Officer Pursuant to  Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.

32*          Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350.

______________________________________________

* Filed electronically herewith.

 †   Management contract or compensatory plan or arrangement.

42

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

STAGE STORES, INC.
/s/ Andrew T. Hall	March 30, 2010
Andrew T. Hall
President and Chief Executive Officer
(Principal Executive Officer)
STAGE STORES, INC.
/s/ Edward J. Record	March 30, 2010
Edward J. Record
Chief Operating Officer and Chief Financial Officer
(Principal Financial Officer)
STAGE STORES, INC.
/s/ Richard E. Stasyszen	March 30, 2010
Richard E. Stasyszen
Senior Vice President, Finance and Controller
(Principal Accounting Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

*	Director	March 30, 2010	*		Director	March 30, 2010
Alan J. Barocas			Sharon B. Mosse
*	Director	March 30, 2010	*		Director	March 30, 2010
Michael L. Glazer			James R. Scarborough
/s/ Andrew T. Hall	Director	March 30, 2010	*		Director	March 30, 2010
Andrew T. Hall			David Y. Schwartz
*	Director	March 30, 2010
William J. Montgoris
			(Constituting a majority of the Board of Directors)
				*By:	/s/ Edward J. Record
					Edward J. Record
					Attorney-in-Fact

43

This Page Intentionally Left Blank

44

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF STAGE  STORES, INC.
	Page Number
Report of Independent Registered Public Accounting Firm	F-2
Consolidated Balance Sheets at January 30, 2010 and January 31, 2009	F-4
Consolidated Statements of Operations for the Fiscal Years 2009, 2008 and 2007	F-5
Consolidated Statements of Cash Flows for the Fiscal Years 2009, 2008 and 2007	F-6
Consolidated Statements of Stockholders' Equity for the Fiscal Years 2009, 2008 and 2007	F-7
Notes to Consolidated Financial Statements	F-8

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of Stage Stores, Inc.

Houston, Texas

We have audited the accompanying consolidated balance sheets of Stage Stores, Inc. and subsidiary (the "Company") as of January 30, 2010 and January 31, 2009, and the related consolidated statements of operations, stockholders’ equity, and cash flows for each of the three years in the period ended January 30, 2010. We also have audited the Company's internal control over financial reporting as of January 30, 2010 based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. The Company's management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control ov er financial reporting, included in Management’s Annual Report on Internal Control Over Financial Reporting at Item 9A. Our responsibility is to express an opinion on these financial statements and an opinion on the Company's internal control over financial reporting based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the ris k that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

A company's internal control over financial reporting is a process designed by, or under the supervision of, the company's principal executive and principal financial officers, or persons performing similar functions, and effected by the company's board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

F-2

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Stage Stores, Inc. and subsidiary as of January 30, 2010 and January 31, 2009, and the results of their operations and their cash flows for each of the three years in the period ended January 30, 2010, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of January 30, 2010, based on the criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.

/s/ DELOITTE & TOUCHE LLP

Houston, Texas

March 30, 2010

F-3

Table of Contents

Stage Stores, Inc.
Consolidated Balance Sheets
(in thousands, except par value)
	January 30, 2010			January 31, 2009
ASSETS
Cash and cash equivalents	$	93,714		$	26,278
Merchandise inventories, net		306,360			314,517
Current deferred taxes		2,535			385
Prepaid expenses and other current assets		24,560			30,439
Total current assets		427,169			371,619
Property, equipment and leasehold improvements, net		342,001			367,135
Intangible asset		14,910			14,910
Other non-current assets, net		16,351			14,379
Total assets	$	800,431		$	768,043
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	$	100,602		$	97,760
Income taxes payable		12,752			639
Current portion of debt obligations		12,726			11,161
Accrued expenses and other current liabilities		56,936			60,088
Total current liabilities		183,016			169,648
Long-term debt obligations		38,492			45,851
Deferred taxes		11,899			8,208
Other long-term liabilities		90,978			94,333
Total liabilities		324,385			318,040
Commitments and contingencies
Common stock, par value $0.01, 100,000 shares authorized,
56,080 and 55,849 shares issued, respectively		561			558
Additional paid-in capital		501,800			494,765
Less treasury stock - at cost, 18,071 and 17,986 shares, respectively		(288,079	)		(286,751	)
Accumulated other comprehensive loss		(5,897	)		(5,138	)
Retained earnings		267,661			246,569
Total stockholders' equity		476,046			450,003
Total liabilities and stockholders' equity	$	800,431		$	768,043

The accompanying notes are an integral part of these statements.

F-4

Table of Contents

Stage Stores, Inc.
Consolidated Statements of Operations
(in thousands, except earnings per share)
	Fiscal Year
	2009		2008			2007
Net sales	$	1,431,927	$	1,515,820		$	1,545,606
Cost of sales and related buying, occupancy and distribution expenses		1,040,120		1,106,236			1,100,892
Gross profit		391,807		409,584			444,714
Selling, general and administrative expenses		338,551		351,246			350,248
Store opening costs		3,041		6,479			4,678
Goodwill impairment		-		95,374			-
Interest expense, net of income of $96, $23 and $0, respectively		4,388		5,216			4,792
Income (loss) before income tax		45,827		(48,731	)		84,996
Income tax expense		17,106		16,804			31,916
Net income (loss)	$	28,721	$	(65,535	)	$	53,080
Basic and diluted earnings (loss) per share data:
Basic earnings (loss) per share	$	0.76	$	(1.71	)	$	1.27
Basic weighted average shares outstanding		38,029		38,285			41,764
Diluted earnings (loss) per share	$	0.75	$	(1.71	)	$	1.24
Diluted weighted average shares outstanding		38,413		38,285			42,720

The accompanying notes are an integral part of these statements.

F-5

Stage Stores, Inc.
Consolidated Statements of Cash Flows
(in thousands)
	Fiscal Year
	2009			2008			2007
Cash flows from operating activities:
Net income (loss)	$	28,721		$	(65,535	)	$	53,080
Adjustments to reconcile net income (loss) to net cash provided
by operating activities:
Depreciation, amortization and impairment of long-lived assets		63,459			58,985			49,699
Gain on insurance proceeds related to property, equipment
and leasehold improvements		(1,460	)		-			-
Goodwill impairment		-			95,374			-
Deferred income taxes		2,443			11,419			21,095
Tax (deficiency) benefits from stock-based compensation		(872	)		1,356			3,816
Stock-based compensation expense		6,659			7,671			7,695
Amortization of debt issuance costs		290			263			239
Excess tax benefits from stock-based compensation		(136	)		(2,207	)		(3,801	)
Deferred compensation obligation		121			494			-
Amortization of employee benefit related costs		520			-			-
Construction allowances from landlords		3,875			17,536			18,765
Other changes in operating assets and liabilities:
Decrease (increase) in merchandise inventories		8,157			28,105			(9,859	)
Decrease (increase) in other assets		1,938			25,319			(4,531	)
Increase (decrease) in accounts payable and other liabilities		7,221			(15,997	)		(11,663	)
Net cash provided by operating activities		120,936			162,783			124,535
Cash flows from investing activities:
Additions to property, equipment and leasehold improvements		(42,707	)		(99,841	)		(95,311	)
Proceeds from insurance and retirements of property, equipment
and leasehold improvements		2,954			3			41
Net cash used in investing activities		(39,753	)		(99,838	)		(95,270	)
Cash flows from financing activities:
Proceeds from revolving credit facility borrowings		139,278			445,685			499,263
Payments of revolving credit facility borrowings		(139,278	)		(509,189	)		(449,394	)
Proceeds from long-term debt obligations		5,585			27,486			34,269
Payments of long-term debt obligations		(11,379	)		(7,564	)		(158	)
Payments of debt issuance costs		(40	)		(248	)		(589	)
Repurchases of common stock		(1,327	)		(9,060	)		(112,597	)
Proceeds from exercise of stock options and stock appreciation rights		907			4,687			5,712
Excess tax benefits from stock-based compensation		136			2,207			3,801
Cash dividends paid		(7,629	)		(7,699	)		(8,410	)
Net cash used in financing activities		(13,747	)		(53,695	)		(28,103	)
Net increase in cash and cash equivalents		67,436			9,250			1,162
Cash and cash equivalents:
Beginning of period		26,278			17,028			15,866
End of period	$	93,714		$	26,278		$	17,028
Supplemental disclosures:
Interest paid	$	4,249		$	4,851		$	4,573
Income taxes paid	$	4,457		$	3,162		$	7,700
Unpaid liabilities for capital expenditures	$	3,636		$	8,243		$	10,366

The accompanying notes are an integral part of these statements.

F-6

Stage Stores, Inc.
Consolidated Statements of Stockholders' Equity
(in thousands, except per share amounts)
														Accumulated
	Common				Additional			Treasury						Other
	Stock				Paid-in			Stock						Comprehensive			Retained
	Shares		Amount		Capital			Shares			Amount			Loss			Earnings			Total
Balance, February 3, 2007		54,343	$	543	$	462,745			(10,708	)	$	(165,094	)	$	(1,908	)	$	275,122		$	571,408
Net income		-		-		-			-			-			-			53,080			53,080
Employee benefit related adjustment,
net of tax of $0.05 million		-		-		-			-			-			142			-			142
Comprehensive income																					53,222
Dividends on common stock,
$0.20 per share		-		-		-			-			-			-			(8,410	)		(8,410	)
Repurchases of common stock		-		-		-			(6,199	)		(112,225	)		-			-			(112,225	)
Stock options and SARs exercised		724		8		5,704			-			-			-			-			5,712
Issuance of stock awards, net		46		-		-			-			(372	)		-			-			(372	)
Stock-based compensation expense		-		-		7,695			-			-			-			-			7,695
Tax benefit from stock-based compensation		-		-		3,816			-			-			-			-			3,816
Balance, February 2, 2008		55,113	$	551	$	479,960			(16,907	)	$	(277,691	)	$	(1,766	)	$	319,792		$	520,846
Cumulative effect of ASC 715-20-55,
measurement date provision,
net of tax of $0.01 million		-		-		-			-			-			-			11			11
Net loss		-		-		-			-			-			-			(65,535	)		(65,535	)
Employee benefit related adjustment,
net of tax of $2.0 million		-		-		-			-			-			(3,372	)		-			(3,372	)
Comprehensive loss																					(68,907	)
Dividends on common stock,
$0.20 per share		-		-		-			-			-			-			(7,699	)		(7,699	)
Deferred compensation		-		-		494			-			(494	)		-			-			-
Repurchases of common stock		-		-		-			(1,079	)		(8,414	)		-			-			(8,414	)
Stock options and SARs exercised		664		7		4,680			-			-			-			-			4,687
Issuance of stock awards, net		72		-		-			-			(152	)		-			-			(152	)
Stock-based compensation expense		-		-		7,671			-			-			-			-			7,671
Tax benefit from stock-based compensation		-		-		1,356			-			-			-			-			1,356
Recognition of pre-reorganization
deferred tax assets		-		-		604			-			-			-			-			604
Balance, January 31, 2009		55,849	$	558	$	494,765			(17,986	)	$	(286,751	)	$	(5,138	)	$	246,569		$	450,003
Net income		-		-		-			-			-			-			28,721			28,721
Employee benefit related adjustment,
net of tax of $0.7 million		-		-		-			-			-			(1,078	)		-			(1,078	)
Amortization of employee benefit related
costs, net of tax of $0.2 million		-		-		-			-			-			319			-			319
Comprehensive income																					27,962
Dividends on common stock,
$0.20 per share		-		-		-			-			-			-			(7,629	)		(7,629	)
Deferred compensation		-		-		121			-			(121	)		-			-			-
Repurchases of common stock		-		-		-			(85	)		(1,011	)		-			-			(1,011	)
Stock options exercised		129		2		905			-			-			-			-			907
Issuance of stock awards, net		102		1		-			-			(196	)		-			-			(195	)
Stock-based compensation expense		-		-		6,659			-			-			-			-			6,659
Tax deficiency from stock-based compensation		-		-		(872	)		-			-			-			-			(872	)
Recognition of pre-reorganization
deferred tax assets		-		-		222			-			-			-			-			222
Balance, January 30, 2010		56,080	$	561	$	501,800			(18,071	)	$	(288,079	)	$	(5,897	)	$	267,661		$	476,046

The accompanying notes are an integral part of these statements.

F-7

Stage Stores, Inc.

Notes to Consolidated Financial Statements

NOTE 1 - DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

Description of business:  Stage Stores, Inc. (the “Company”) is a Houston, Texas-based specialty department store retailer offering moderately priced, nationally recognized brand name and private label apparel, accessories, cosmetics and footwear for the entire family.  As of January 30, 2010, the Company operated 758 stores located in 39 states.   The Company operates its stores under the five names of Bealls, Goody’s, Palais Royal, Peebles and Stage.

Principles of consolidation:  The consolidated financial statements include the accounts of Stage Stores, Inc. and its subsidiary, Specialty Retailers, Inc.  All intercompany transactions have been eliminated in consolidation.  The Company reports in a single operating segment – the operation of retail department stores.  Revenues from customers are derived from merchandise sales.  The Company does not rely on any major customer as a source of revenue.

Fiscal year: References to a particular year are to the Company's fiscal year which is the 52- or 53-week period ending on the Saturday closest to January 31st of the following calendar year.  For example, a reference to "2009" is a reference to the fiscal year ended January 30, 2010.  Fiscal years 2009, 2008 and 2007 were 52-week years.

Use of estimates:  The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  On an ongoing basis, the Company evaluates its estimates, including those related to inventory, deferred tax assets, intangible asset, long-lived assets, sales returns, gift card breakage, pension obligations, self-insurance and contingent liabilities.  Actual results could differ from these estimates.  Management bases its estimates on historical experience and on various assumptions which are believed to be reasonable under the circumstances.

Cash and cash equivalents: The Company considers highly liquid investments with initial maturities of less than three months to be cash equivalents.

Concentration of credit risk: Financial instruments which potentially subject the Company to concentrations of credit risk are primarily cash.  The Company's cash management and investment policies restrict investments to low-risk, highly-liquid securities and the Company performs periodic evaluations of the relative credit standing of the financial institutions with which it deals.

Merchandise inventories:  The Company values merchandise inventories using the lower of cost or market with cost determined using the weighted average cost method.  The Company capitalizes distribution center costs associated with preparing inventory for sale, such as distribution payroll, benefits, occupancy, depreciation and other direct operating expenses as part of merchandise inventories. The Company also includes in inventory the cost of freight to the Company’s distribution centers and to stores as well as duties and fees related to import purchases.  The Company maintains a lower of cost or market reserve for inventory wh ere the cost of an individual item is greater than the selling price.

Vendor Allowances:  The Company receives consideration from its merchandise vendors in the form of allowances and reimbursements.  Given the promotional nature of the Company’s business, the allowances are generally intended to offset the Company’s costs of handling, promoting, advertising and selling the vendors’ products in its stores.  Vendor allowances related to the purchase of inventory are recorded as a reduction to the cost of inventory until sold.  Vendor allowances are recognized as a reduction of cost of goods sold or the related selling expense when the purpose for which the vendor funds were intended to be used has been fulfilled and amounts have been authorized by vendors.

Stock-based compensation:  The Company recognizes compensation expense in an amount equal to the fair value of share-based payments granted to employees and independent directors.  That cost is recognized ratably in selling, general and administrative expense over the period during which an employee or independent director is required to provide service in exchange for the award.

F-8

Stage Stores, Inc.

Notes to Consolidated Financial Statements – (continued)

            The Company retrospectively adopted ASC No. 260-10-45, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities, on February 1, 2009.  ASC No. 260-10-45 requires that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and need to be included in the computation of earnings per share pursuant to the two-class method described in ASC No. 260, Earnings per Share.  A portion of the Company’s non-vested stock awards contain nonforfeitable rights to dividends and consequently are required to be included in the cal culation of basic earnings per share. The adoption of ASC No. 260-10-45 had no impact on earnings per share or weighted average shares outstanding.

Property, equipment and leasehold improvements:  Additions to property, equipment and leasehold improvements are recorded at cost and depreciated over their estimated useful lives using the straight-line method.  Property, equipment and leasehold improvements acquired through the acquisitions have been recorded at estimated fair market values as of the date of acquisition.  The estimated useful lives of leasehold improvements do not exceed the term of the related lease, including applicable available renewal options where appropriate.  The estimated useful lives in years are generally as follows:

Buildings & improvements	20
Store and office fixtures and equipment	5-10
Warehouse equipment	5-15
Leasehold improvements - stores	5-15
Leasehold improvements - corporate office	10-20

Impairment of long-lived assets:  Property, plant and equipment and other long-lived assets, including acquired definite-lived intangibles and other assets, are reviewed to determine whether any events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.  For long-lived assets to be held and used, the Company bases its evaluation on impairment indicators such as the nature of the assets’ physical condition, the future economic benefit of the asset, any historical or future profitability measurements and other external market conditions or factors that may be present.  If such impairment indicators are present or other factors exist that indicate the carrying amount of the asset may not be recoverab le, the Company determines whether an impairment has occurred through the use of an undiscounted cash flows analysis of the asset at the lowest level for which identifiable cash flows exist.  If an impairment has occurred, the Company recognizes a loss for the difference between the carrying amount and the estimated fair value of the asset.  Management's judgment is necessary to estimate fair value.  Accordingly, actual results could vary from those estimates.

Goodwill and goodwill impairment:  Goodwill represented the excess of consideration over the fair value of tangible and intangible net assets acquired in connection with the acquisitions of Peebles Inc. (“Peebles”) and B.C. Moore & Sons, Incorporated (“B.C. Moore”).  The Company historically tested goodwill for impairment annually in the fourth quarter or more frequently when indicators of impairment existed.  During fiscal 2008, as a result of the decline in market capitalization and other factors, the Company recorded a goodwill impairment charge of $95.4 million to write-off the carrying value of the Company’s goodwill.

Intangible asset and impairment of intangible assets:  In connection with acquisitions, other intangible assets separate and apart from goodwill are required to be recognized if such assets arise from contractual or other legal rights or if such assets are separable from the acquired business.  As a part of the acquisition of Peebles, the Company acquired the rights to the tradename and trademark (collectively the “Tradename”) of “Peebles,” which was identified as an indefinite life intangible.  The value of the Tradename was determined to be $14.9 million at the time of the Peebles acquisition.  Indefinite life intangible assets are not amortized but are tested for impairment annually or more frequently when indica tors of impairment exist.  The Company completed its annual impairment test during the fourth quarter of 2009 and determined there was no impairment of the existing intangible asset.

F-9

Stage Stores, Inc.

Notes to Consolidated Financial Statements – (continued)

Insurance Recoveries:  During fiscal year 2008, Hurricanes Ike and Gustav forced the temporary closure of a significant number of the Company’s stores in the Gulf Coast region.  The stores were covered by both property damage and business interruption insurance and the Company settled its claims with insurance companies during 2009.  The Company received total proceeds of $7.5 million and $0.4 million for property damage and business interruption claims, respectively, and recognized a gain of $1.8 million in 2009, which is included in the Consolidated Statements of Operations as a reduction in selling, general and administrative expenses.

Debt issuance costs:  Debt issuance costs are accounted for as a deferred charge and amortized on a straight-line basis over the term of the related financing agreement.  The balance of debt issuance costs, net of accumulated amortization of $2.3 million and $2.0 million, is $0.8 million and $1.0 million at January 30, 2010 and January 31, 2009, respectively.

Fair Value Measurements:  The Company adopted Accounting Standards Codification (“ASC”) No. 820, Fair Value Measurements and Disclosures, on February 3, 2008.  ASC No. 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements.  ASC No. 820 does not require any new fair value measurements.  The Company applies fair value accounting for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis.  The Company defines fair value as the price that would be received from selling an a sset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, the Company assumes the highest and best use of the asset by market participants in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk.

Financial instruments:  The Company records all financial instruments at cost.  The cost of all financial instruments approximates fair value.

Revenue recognition:  Revenue from sales is recognized at the time of sale, net of any anticipated returns.  The Company records deferred revenue on its balance sheet for the sale of gift cards and recognizes this revenue upon the redemption of gift cards in net sales.  The Company similarly records deferred revenue on its balance sheet for merchandise credits issued related to customer returns and recognizes this revenue upon the redemption of the merchandise credits. 

Gift card and merchandise credit liability:  Unredeemed gift cards and merchandise credits are recorded as a liability.  Gift card and merchandise credit breakage income (“breakage income”) represents the balance of gift cards and merchandise credits for which the Company believes the likelihood of redemption is remote.  Breakage income is recognized based on usage or historical redemptions.  The Company’s gift cards and merchandise credits are considered to be a large pool of homogeneous transactions.  The Company uses historical data to determine the breakage rate and objectively determines the estimated time period of actual redemptions.  The Company recognized approximately $0.9 million, $1.6 milli on and $1.4 million of breakage income in 2009, 2008 and 2007, respectively.  This income is recorded as other income and is included in the Consolidated Statements of Operations as a reduction in selling, general and administrative expenses.

Store opening expenses:  Costs related to the opening of new stores are expensed as incurred.  Store opening expenses include the rent accrued during the rent holiday period on new and relocated stores.

Advertising expenses:  Advertising costs are charged to operations when the related advertising takes place.  Advertising costs were $62.1 million, $65.4 million and $64.0 million, for 2009, 2008 and 2007, respectively, which are net of advertising allowances received from vendors of $13.0 million, $13.1 million and $13.0 million, respectively.

Rent expense:  The Company records rent expense on a straight-line basis over the lease term, including the build out period, and where appropriate, applicable available lease renewal option periods.  The difference between the payment and expense in any period is recorded as deferred rent in other long-term liabilities in the Consolidated Balance Sheets.  The Company records construction allowances from landlords when contractually earned as a deferred rent credit in other long-term liabilities.  Such deferred rent credit is amortized over the related term of the lease, commencing the date the Company contractually earned the construction allowance, as a reduction of rent expense.   The deferred rent credit was $65.5 million and $68.2 million as of January 30, 2010 and January 31, 2009, respectively.

F-10

Stage Stores, Inc.

Notes to Consolidated Financial Statements – (continued)

Certain leases provide for contingent rents that are not measurable at inception.  These contingent rents are primarily based on a percentage of sales that are in excess of a predetermined level.  These amounts are excluded from minimum rent and are included in the determination of total rent expense when it is probable that the expense has been incurred and the amount is reasonably estimable.

Income taxes:  The provision for income taxes is computed based on the pretax income included in the Consolidated Statements of Operations.  The asset and liability approach is used to recognize deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts for financial reporting purposes and the tax basis of assets and liabilities.  A valuation allowance is established if it is more likely than not that some portion of the deferred tax asset will not be realized.  See Note 11 for additional disclosures regarding income taxes and deferred income taxes.

Earnings per share: Basic earnings per share is computed using the weighted average number of common shares outstanding during the measurement period.  Diluted earnings per share is computed using the weighted average number of common shares as well as all potentially dilutive common share equivalents outstanding during the measurement period.  Stock options, stock appreciation rights (“SARs”) and non-vested stock grants were the only potentially dilutive share equivalents the Company had outstanding at January 30, 2010.  For fiscal 2008, 444,407 shares attributable to stock options, SARs and non-vested stock grants were excluded from the calculation of diluted earnings per share because the effect was anti-dilutive due to the net loss f or the year.

The following table summarizes the components used to determine total diluted shares (in thousands):

	Fiscal Year
	2009		2008		2007
Basic weighted average shares outstanding		38,029		38,285		41,764
Effect of dilutive securities:
Stock options, SARs and non-vested stock grants		384		-		956
Diluted weighted average shares outstanding		38,413		38,285		42,720

The following table summarizes the number of options and SARs to purchase shares of common stock that were outstanding but were not included in the computation of diluted earnings per share because the exercise price of the options and SARs was greater than the average market price of the common shares (in thousands):

	Fiscal Year
	2009		2008		2007
Number of anti-dilutive stock options and SARs outstanding		2,635		3,025		1,325

Reclassification:  Certain reclassifications have been made to prior years’ financial statements to conform to the current year financial statement presentation.

Correction of Statements of Cash Flows:  The Company has corrected the presentation of proceeds from (payments for) the Revolving Credit Facility in 2009.  Related amounts had previously been presented on a net basis, rather than on a gross basis in accordance with ASC No. 230, Statement of Cash Flows.  The correction had no effect on net cash used in financing activities.

F-11

Stage Stores, Inc.

Notes to Consolidated Financial Statements – (continued)

Recent accounting standards:In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2010-06, Improving Disclosures about Fair Value Measurements, which requires entities to disclose separately the amount and reasons behind significant transfers in and out of Levels 1 and 2 (see Note 3 for definitions), disclose the fair value measurements for each class of assets and liabilities and disclose the inputs and valuation techniques used to measure both recurring and nonrecur ring activities under Levels 2 and 3.  The new disclosure requirements are effective for interim and annual reporting periods beginning after December 15, 2009.  The ASU also requires that reconciliations for fair value measurements using significant unobservable inputs (Level 3) should separately present significant information on a gross basis. This Level 3 disclosure requirement is effective for fiscal years beginning after December 14, 2010.  The adoption of the provisions of ASU 2010-06 is not expected to have a material impact on the Company’s consolidated financial statements.

In June 2009, the FASB issued ASC No. 105, TheFASB Accounting Standards Codificationand the Hierarchy of Generally Accepted Accounting Principles — a replacement of FASB Statement No. 162 (the “Codification”).  This ASC establishes two levels of U.S. generally accepted accounting principles (“U.S. GAAP”), authoritative and nonauthoritative.  On July 1, 2009, the Codification became the single source of authoritative, nongovernmental U.S. GAAP, except for rules and interpretive releases of th e SEC, which are sources of authoritative U.S. GAAP for SEC registrants.  The Codification was effective for interim and annual reporting periods after September 15, 2009.  The Company has included references to authoritative accounting literature in accordance with the Codification.  There are no other changes to the content of the Company’s financial statements or disclosures as a result of implementing the Codification.

In April 2009, the FASB issued ASC No. 825-10-65-1, Interim Disclosures about Fair Value of Financial Instruments.  ASC No. 825-10-65-1 amends ASC No. 825-50, Disclosures about Fair Value of Financial Instruments, and requires fair value measurement disclosures for interim reporting periods of publicly traded companies as well as in annual financial statements.  Additionally, ASC No. 825-10-65-1 requires the disclosure of the methods and significant assumptions used to estimate the fair value of financial instruments on an interim basis as well as changes of the methods and significant assumptions from prior periods.  ASC No. 825-10-65-1 does not change the accounting treatment for these finan cial instruments.  The Company adopted ASC No. 825-10-65-1 as of May 3, 2009, and the adoption did not have a material impact on its consolidated financial statements.

In June 2008, the Emerging Issues Task Force of the FASB reached a consensus on ASC No. 840-10-05-9, Accounting by Lessees for Maintenance Deposits.  ASC No. 840-10-05-9 specifies the accounting treatment for lessees related to maintenance deposits paid by a lessee under an arrangement accounted for as a lease that are refunded only if the lessee performs specified maintenance activities.  ASC No. 840-10-05-9 was effective for financial statements issued for fiscal years beginning after December 15, 2008 and interim periods within those fiscal years.  The Company adopted the provisions of ASC No. 840-10-05-9 as of February 1, 2009, which did not have a material impact on its consolidated financial statements.

NOTE 2 - PRIVATE LABEL CREDIT CARD PORTFOLIOS

On September 12, 2003, the Company sold the private label credit card accounts, as well as other assets related to its private label credit card program, to World Financial Network National Bank (the “Bank”) and Alliance Data Systems, Inc. (“ADS”).  As part of the sale, the Company entered into a ten year program agreement (the “Program Agreement”) as of the sale date with ADS that provides for automatic one-year renewal terms at expiration. Under the Program Agreement, the Company receives a premium or pays a discount on certain private label credit card sales and a share of certain fees generated by the portfolio.   The Company realized $9.2 million, $5.5 million and $5.0 million of premiums on credit sales and fees related t o this agreement during 2009, 2008 and 2007, respectively, which have been recorded as a reduction to selling, general and administrative expenses.  In connection with the sale, the Company also received prepaid marketing funds of $13.3 million, which are being recognized as an offset to marketing expense pro rata over the ten year term of the agreement.  At January 30, 2010 and January 31, 2009, $3.6 million and $4.9 million, respectively, of these prepaid marketing funds were recorded as non-current liabilities.

F-12

Stage Stores, Inc.

Notes to Consolidated Financial Statements – (continued)

NOTE 3 – FAIR VALUE MEASUREMENTS

The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, the Company assumes the highest and best use of the asset by market participants in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability.

The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels, and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Inputs that are both unobservable and significant to the overall fair value measurement reflect the Company’s estimates of assumptions that market participants would use in pricing the asset or liability.

The following tables present the Company’s financial assets and liabilities measured at fair value on a recurring basis in the Consolidated Balance Sheets (in thousands):

	January 30, 2010
			Quoted Prices in Active Markets for Identical Instruments		Significant Other Observable Inputs		Significant Unobservable Inputs
	Balance		(Level 1)		(Level 2)		(Level 3)
Other assets:
Securities held in grantor trust for deferred compensation plans (1)(2)	$	13,325	$	13,325	$	-	$	-
Accrued expenses and other current liabilities:
Deferred non-employee director equity compensation plan liability (2)	$	290	$	290	$	-	$	-

F-13

Stage Stores, Inc.

Notes to Consolidated Financial Statements – (continued)

	January 31, 2009
			Quoted Prices in Active Markets for Identical Instruments		Significant Other Observable Inputs		Significant Unobservable Inputs
	Balance		(Level 1)		(Level 2)		(Level 3)
Other assets:
Securities held in grantor trust for deferred compensation plans (1)(2)	$	11,425	$	11,425	$	-	$	-
Accrued expenses and other current liabilities:
Deferred non-employee director equity compensation plan liability (2)	$	122	$	122	$	-	$	-

(1)   The Company has recorded in other long-term liabilities amounts related to these assets for the amount due to participants corresponding in value to the securities held in the grantor trust.

(2)   Using the market approach,the fair values of these items represent quoted market prices multiplied by the quantities held.  Net gains and losses related to the changes in fair value in the assets and liabilities under the various deferred compensation plans are recorded in selling, general and administrative expenses and were approximately nil during 2009 and 2008.

The Company adopted the required provisions of ASC No. 820 for nonfinancial assets and nonfinancial liabilities as of February 1, 2009.  During a review of the performance of its stores, using an undiscounted cash flow model, the Company identified certain stores whose cash flow trends indicated that the carrying value of certain long-lived assets were not fully recoverable and determined that impairment charges were necessary for the current year. Key assumptions in determining future cash flows include, among other things, expected future operating performance and changes in economic conditions.  These long-lived assets include all additions or improvements that were made to leased properties to improve asset value and are recorded at cost, which is the fair value at the acquisition date, and depreciated over the estimated useful lives of the long-lived assets.

The following table shows the Company’s nonfinancial assets measured at fair value on a nonrecurring basis in the Consolidated Balance Sheets (in thousands):

	Balance as of		Quoted Prices in Active Markets for Identical Instruments		Significant Other Observable Inputs		Significant Unobservable Inputs
	January 30, 2010		(Level 1)		(Level 2)		(Level 3)
Assets
Leasehold improvements (3)	$	3,478	$	-	$	-	$	3,478

(3) In accordance with ASC No. 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets, long-lived assets with a carrying amount of $7.8 million were written down to their estimated fair value of $3.5 million, resulting in impairment charges of approximately $4.3 million during 2009, which were included in cost of sales and related buying, occupancy and distribution expenses in the Consolidated Statements of Operations.

Financial instruments not measured at fair value are cash and cash equivalents, payables and debt obligations.  At January 30, 2010, the Company believes that the carrying amount of debt obligations approximates fair value based on recent financing transactions for similar debt issuances.  The Company also believes that the Revolving Credit Facility approximates fair value since interest rates are adjusted to reflect current rates.    

F-14

Stage Stores, Inc.

Notes to Consolidated Financial Statements – (continued)

NOTE 4 - PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

Property, equipment and leasehold improvements were as follows (in thousands):

	January 30, 2010		January 31, 2009
Land	$	1,722	$	1,722
Buildings and improvements		15,698		15,229
Fixtures and equipment		342,125		317,795
Leasehold improvements		295,854		282,250
		655,399		616,996
Accumulated depreciation		313,398		249,861
	$	342,001	$	367,135

Depreciation expense was $59.1 million, $56.3 million and $48.8 million for the fiscal years 2009, 2008 and 2007, respectively, with $50.6 million, $45.7 million and $38.7 million allocated to cost of sales.  During 2009, 2008 and 2007, the Company, as a result of its ongoing review of the performance of its stores, identified certain stores whose cash flow trends indicated that the carrying value of property, equipment and leasehold improvements may not be fully recoverable.  Impairment charges for these stores of $4.3 million, $2.7 million and $0.9 million were recorded in 2009, 2008 and 2007, respectively.  The charges reflect the difference between these stores' carrying value and their fair value.

NOTE 5 – ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

The components of accrued expenses and other current liabilities were as follows (in thousands):

	January 30, 2010		January 31, 2009
Accrued compensation and benefits	$	12,044	$	9,749
Gift card and merchandise credit liability		8,226		7,943
Self-insurance liability		7,713		7,345
Accrued occupancy		6,673		8,754
Accrued sales and use tax		4,581		5,344
Accrued advertising		4,000		2,729
Accrued capital expenditures		2,959		7,053
Other		10,740		11,171
	$	56,936	$	60,088

NOTE 6 - DEBT OBLIGATIONS

Debt obligations consist of the following (in thousands):

	January 30, 2010		January 31, 2009
Equipment financing	$	43,032	$	49,937
Finance lease obligations		8,186		7,075
Total debt obligations		51,218		57,012
Less: Current portion of debt obligations		12,726		11,161
Long-term debt obligations	$	38,492	$	45,851

F-15

Stage Stores, Inc.

Notes to Consolidated Financial Statements – (continued)

The Company has a $250.0 million senior secured revolving credit facility (the "Revolving Credit Facility") that matures on April 20, 2012.  The Revolving Credit Facility includes an uncommitted accordion feature to increase the size of the facility to $350.0 million.  Borrowings under the Revolving Credit Facility are limited to the availability under a borrowing base that is determined principally on eligible inventory as defined by the Revolving Credit Facility agreement.  The daily interest rates under the Revolving Credit Facility are determined by a prime rate or Eurodollar rate plus an applicable margin, as set forth in the Revolving Credit Facility agreement.  Inventory and cash and cash equivalents are pledged as collateral under the Revolving Credit Facility.  The Revolv ing Credit Facility is used by the Company to provide financing for working capital, capital expenditures, interest payments and other general corporate purposes, as well as to support its outstanding letters of credit requirements.  During 2009 and 2008, the weighted average interest rate on outstanding borrowings and the average daily borrowings under the Revolving Credit Facility were 3.3% and $0.6 million and 3.7% and $35.3 million, respectively.  The Company had no outstanding balance on its Revolving Credit Facility as of January 30, 2010 and January 31, 2009.

The Company also issues letters of credit to support certain merchandise purchases and to collateralize retained risks and deductibles under various insurance programs.  The Company had outstanding letters of credit totaling approximately $18.6 million at January 30, 2010 under its Revolving Credit Facility.  These letters of credit expire within twelve months of issuance.  Excess borrowing availability under the Revolving Credit Facility at January 30, 2010, net of letters of credit outstanding and outstanding borrowings, was $161.8 million.

The Revolving Credit Facility contains covenants that, among other things, restrict, based on required levels of excess availability, (i) the amount of additional debt or capital lease obligations, (ii) the payment of dividends and repurchase of common stock under certain circumstances, and (iii) related party transactions.  At January 30, 2010, the Company was in compliance with all of the debt covenants of the Revolving Credit Facility.

The Company has equipment financing notes outstanding bearing interest ranging from 4.6% to 6.0%.  The notes are payable in monthly installments over a five-year term and are secured by certain fixtures and equipment.  The following table sets forth the expected principal payments on the equipment financing notes (in thousands):

Fiscal Year	Principal Payments
2010	$	12,163
2011		12,873
2012		12,719
2013		4,387
2014		890
Total	$	43,032

F-16

Stage Stores, Inc.

Notes to Consolidated Financial Statements – (continued)

While infrequent in occurrence, occasionally the Company is responsible for the construction of leased stores and for paying project costs.  ASC No. 840-40-55, The Effect of Lessee Involvement in Asset Construction, requires the Company to be considered the owner (for accounting purposes) of this type of project during the construction period.  Such leases are accounted for as finance lease obligations with the amounts received from the landlord being recorded in debt obligations.  Interest expense is recognized at a rate that will amortize the finance lease obligation over the initial term of the lease.  Where ASC No. 840-40-55 was applicable, the Company has recorded finance lease obligations with interest rates ranging from 6.1% to 16.9 % on its Consolidated Balance Sheets related to five store leases as of January 30, 2010.  Minimum annual payments required under existing finance lease obligations (net of present value thereof) as of January 30, 2010 are as follows (in thousands):

Fiscal Year	Minimum Lease Payments		Less: Interest		Net Present Value
2010	$	1,306	$	744	$	562
2011		1,306		689		617
2012		1,306		629		677
2013		1,306		562		744
2014		1,346		487		859
Thereafter		5,776		1,049		4,727
Total	$	12,346	$	4,160	$	8,186

NOTE 7 - STOCKHOLDERS' EQUITY

During the first quarter of 2008, the Company amended one of the deferred compensation plans covering executives and certain officers to provide for an investment option that would allow participants to elect to purchase shares of Stage Stores common stock (the “Company Stock Investment Option”), along with the pre-existing investment options.  In connection with this amendment, the Company established a grantor trust to facilitate the collection of funds and purchase of Company shares on the open market at prevailing market prices.  All shares purchased through the grantor trust are held in the trust until the participants are eligible to receive the benefits under the terms of the plan, at which time the deferred compensation obligation related to the Company Stock Investment Option may only be settle d by the delivery of the fixed number of shares held by the grantor trust on the participant’s behalf.  In 2009 and 2008, participants elected to invest approximately $0.1 million and $0.5 million, respectively, of the total deferred compensation withheld in the Company Stock Investment Option.  The purchase of shares made by the grantor trust on behalf of the participants is included in treasury stock and the corresponding deferred compensation obligation is included in additional paid-in capital.

The Board of Directors (the “Board”) has granted the Company the authority to repurchase its outstanding common stock using available proceeds from the exercise of stock options as well as the tax benefits that will accrue to the Company from the exercise of stock options, SARs and other equity grants.  In addition, the Company paid $0.2 million, $0.2 million and $0.4 million in 2009, 2008 and 2007, respectively, on behalf of the recipients who relinquished shares to satisfy the tax liability associated with performance shares and stock awards.

On February 26, 2010, the Company announced that the Board declared a quarterly cash dividend of five cents per share on the Company’s common stock, payable on March 24, 2010 to shareholders of record at the close of business on March 9, 2010.

F-17

Stage Stores, Inc.

Notes to Consolidated Financial Statements – (continued)

NOTE 8 – STOCK BASED COMPENSATION

As approved by the Company’s shareholders, the Company established the Amended and Restated 2001 Equity Incentive Plan (the “2001 Equity Incentive Plan”) and the Amended and Restated 2008 Equity Incentive Plan (the “2008 Equity Incentive Plan” and collectively with the 2001 Equity Incentive Plan, the “Equity Incentive Plans”) to reward, retain and attract key personnel.  The Equity Incentive Plans provide for grants of nonqualified or incentive stock options, SARs, performance shares or units, stock units and stock grants.  To fund the 2001 Equity Incentive Plan and the 2008 Equity Incentive Plan, 12,375,000 and 2,750,000 shares, respectively, of the Company’s common stock were reserved for issuance upon exercise of awards.

The following table summarizes the stock compensation expense by type of grant for fiscal years 2009, 2008 and 2007 (in thousands, except per share amounts):

	2009			2008			2007
Stock options and SARs	$	3,815		$	4,006		$	4,467
Non-vested stock		1,091			1,532			1,552
Performance shares		1,753			2,133			1,676
Total compensation expense		6,659			7,671			7,695
Related tax benefit		(2,484	)		(2,764	)		(2,889	)
	$	4,175		$	4,907		$	4,806
Earnings per share:
Basic	$	0.11		$	0.13		$	0.12
Diluted		0.11			0.13			0.11

As of January 30, 2010, the Company had unrecognized compensation cost of $9.0 million related to stock-based compensation awards granted.  That cost is expected to be recognized over a weighted average period of 2.1 years.

The following table provides the significant weighted average assumptions used in determining the estimated fair value at the date of grant under the Black-Scholes option-pricing model for stock options and SARs granted in fiscal years 2009, 2008 and 2007:

	Fiscal Year
	2009		2008		2007
Expected volatility		59.4% - 63.0%		37.6% - 44.3%		30.7% - 30.8%
Weighted average volatility		59.5%		40.6%		30.8%
Risk-free rate		1.6% - 2.0%		2.2% - 3.1%		4.5% - 5.0%
Expected life of options (in years)		4.1		4.4		4.5
Expected dividend yield		1.5% - 2.1%		1.3% - 2.8%		0.9% - 1.0%

The expected volatility was based on historical volatility for a period equal to the award’s expected life.  The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant.  The expected life (estimated period of time outstanding) of awards granted was estimated using the historical exercise behavior of employees.  The dividend yield is based on the current dividend payout activity and the current average market price of the Company’s stock.

F-18

Stage Stores, Inc.

Notes to Consolidated Financial Statements – (continued)

Stock Options and SARs

The right to exercise stock options and SARs, to be settled by issuance of common stock, generally vests over four years from the date of grant, with 25% vesting at the end of each of the first four years following the date of grant.  Options issued prior to January 29, 2005, will generally expire if not exercised ten years from the date of the grant while options and SARs granted after that date generally expire if not exercised seven years from the date of grant.  The weighted average grant date fair value for options and SARs granted during fiscal 2009, 2008 and 2007 is $4.06, $4.61 and $6.90, respectively.

A summary of option and SARs activity under the Equity Incentive Plans as of January 30, 2010, and changes during the fifty-two weeks ended January 30, 2010, are detailed below:

	Number of Outstanding Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding at January 31, 2009		4,331,975		$	14.96
Granted		852,000			9.84
Exercised		(129,215	)		7.02
Forfeited		(430,320	)		17.25
Outstanding at January 30, 2010		4,624,440		$	14.03		4.0	$	8,885
Vested or expected to vest at
January 30, 2010		4,243,870		$	14.04		3.9	$	8,260
Exercisable at January 30, 2010		2,721,592		$	14.11		3.0	$	5,758

The following table summarizes information about stock option awards and SARs that were not yet vested as of January 30, 2010, as well as changes for the fifty-two weeks ended January 30, 2010:

Stock Options/ SARs	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested at January 31, 2009		1,787,877		$	5.64
Granted		852,000			4.06
Vested		(599,619	)		5.90
Forfeited		(137,410	)		5.56
Non-vested at January 30, 2010		1,902,848			4.86

The aggregate intrinsic value of options and SARs, defined as the amount by which the market price of the underlying stock on the date of exercise exceeds the exercise price of the option, exercised during fiscal 2009, 2008 and 2007 was $0.4 million, $5.8 million and $10.4 million, respectively.

Non-vested Stock

The Company has granted shares of non-vested stock to members of management and independent directors.  The non-vested stock converts one for one to common stock at the end of the vesting period at no cost to the recipient to whom it is awarded.  The non-vested stock generally vests at the end of a three-year period from the date of grant.

F-19

Stage Stores, Inc.

Notes to Consolidated Financial Statements – (continued)

The following table summarizes the activity for the non-vested stock granted by the Company for the fifty-two weeks ended January 30, 2010:

Non-vested Stock	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding at January 31, 2009		199,673		$	15.43
Granted		55,086			13.29
Vested		(46,538	)		21.44
Outstanding at January 30, 2010		208,221			13.51

The aggregate intrinsic value of non-vested stock that vested during fiscal 2009, 2008 and 2007 was $0.6 million, $0.5 million and $0.7 million, respectively.   The weighted-average grant date fair value for non-vested shares granted in 2009, 2008 and 2007 was $13.29, $11.65 and $21.04, respectively.  The payment of the employees’ tax liability for a portion of the non-vested shares that vested during fiscal 2009 was satisfied by withholding shares with a fair value equal to the tax liability, thus the actual number of shares issued was 39,925.

Performance Shares

The Company has granted performance shares to members of senior management, at no cost to the recipient, as a means of rewarding them for the Company’s long-term performance based on shareholder return performance measures.  The actual number of shares that could be issued ranges from zero to a maximum of two times the number of granted shares outstanding (“Target Shares”), as reflected in the table below.  The actual number of shares issued is determined by the Company’s performance on total shareholder return relative to an identified group of other companies over a three-year performance cycle.  Compensation expense, which is recorded ratably over the vesting period, is based on the fair value at grant date and the anticipated number of shares of the Company’s common stock , which is determined on a Monte Carlo probability model.  Grant recipients do not have any shareholder rights until the granted shares have been issued.

The following table summarizes information about the performance shares that remain outstanding as of January 30, 2010:

Period Granted	Target Shares Granted		Target Shares Forfeited			Target Shares Outstanding		Weighted Average Grant Date Fair Value per Share
2007		78,500		(26,000	)		52,500	$	29.43
2008		115,000		(17,000	)		98,000		24.53
2009		137,500		-			137,500		12.79
Total		331,000		(43,000	)		288,000

During 2009, 73,272 shares, with an aggregate intrinsic value of $0.7 million, vested related to the 2006 performance share grant.  The payment of the employees’ tax liability of approximately $0.1 million was satisfied by withholding shares with a fair value equal to the tax liability.  As a result, the actual number of shares issued was 61,626.  On March 26, 2010, 18,745 shares of common stock were deemed to have been earned related to the 2007 performance stock grant.

F-20

Stage Stores, Inc.

Notes to Consolidated Financial Statements – (continued)

NOTE 9 - BENEFIT PLANS

401(k) Plan:The Company has a contributory 401(k) savings plan (the "401(k) Plan") covering substantially all qualifying employees.  Under the 401(k) Plan, participants may contribute up to 25% of their qualifying earnings, subject to certain restrictions.  The Company currently matches 50% of each participant's contributions, limited up to 6% of each participant's compensation under the Plan.  The Company may make discretionary matching contributions during the year.  The Company's matching contributions expense for the 401(k) Plan were approximately $1.2 million, $1.3 million and $1.2 million in 2009, 2008 and 2007, respectively.

Deferred Compensation Plans:  The Company has two deferred compensation plans (the “Deferred Compensation Plans”) which provide executives, certain officers and key employees of the Company with the opportunity to participate in unfunded, deferred compensation programs that are not qualified under the Internal Revenue Code of 1986, as amended, (the "Code").  Generally, the Code and the Employee Retirement Income Security Act of 1974, as amended, restrict contributions to a 401(k) plan by highly compensated employees.  The Deferred Compensation Plans are intended to allow participants to defer income on a pre-tax basis.  Under the Deferred Compensation Plans, participants may defer up to 50% of their base salary and up to 100% o f their bonus and earn a rate of return based on actual investments chosen by each participant.  The Company has established grantor trusts for the purposes of holding assets to provide benefits to the participants.  The total value of assets held in the grantor trusts at January 30, 2010 and January 31, 2009 recorded in other non-current assets, net were $13.3 million and $11.4 million, respectively.  For the plan involving the executives and certain officers, the Company will match 100% of each participant’s contributions, up to 10% of the sum of their base salary and bonus.  For the plan involving other key employees, the Company may make a bi-weekly discretionary matching contribution.  The Company currently matches 50% of each participant's contributions, up to 6% of the participant's compensation offset by the contribution the Company makes to the participant's 401(k) account, if any.  For both plans, Company contributions are vested 100 %.  In addition, the Company may, with approval by the Board of Directors, make an additional employer contribution in any amount with respect to any participant as is determined in its sole discretion.  The Company's matching contribution expense for the Deferred Compensation Plans was approximately $1.0 million, $1.0 million and $1.1 million for 2009, 2008 and 2007, respectively.  At January 30, 2010 and January 31, 2009, $13.7 million and $11.6 million, respectively, were included in other long-term liabilities related to these deferred compensation plans.

Non-Employee Director Equity Compensation Plan:  In 2003, the Company adopted, and the Company's shareholders approved, the 2003 Non-Employee Director Equity Compensation Plan.  225,000 shares of the Company’s stock have been reserved to fund this plan.  Under this plan, non-employee Directors have the option to defer all or a portion of their annual compensation fees and to receive such deferred fees in the form of restricted stock or deferred stock units as defined in this plan.  At January 30, 2010 and January 31, 2009, $0.3 million and $0.1 million was deferred under this plan.

Frozen Defined Benefit Plans:  The Company sponsors a defined benefit plan (the “Plan”), which covers substantially all employees who had met eligibility requirements and were enrolled prior to June 30, 1998.  This plan was frozen effective June 30, 1998.

Benefits for the Plan are administered through a trust arrangement, which provides monthly payments or lump sum distributions.  Benefits under the Plan were based upon a percentage of the participant's earnings during each year of credited service.  Any service after the date the Plan was frozen will continue to count toward vesting and eligibility for normal and early retirement for existing participants.  The measurement dates used to determine pension benefit obligations were January 30, 2010 and January 31, 2009.

In connection with the acquisition of Peebles, the Company acquired the Employees Retirement Plan of Peebles Inc. (the “Peebles Plan”).  During 2008, the Company settled the Peebles Plan and recorded a $0.3 million loss in connection with the settlement.  Participants under the Peebles Plan received an immediate lump sum distribution or an annuity at the time of settlement.

F-21

Stage Stores, Inc.

Notes to Consolidated Financial Statements – (continued)

Information regarding the Plan is as follows (in thousands):

	Fiscal Year
	2009			2008
Change in benefit obligation:
Benefit obligation at beginning of year	$	35,300		$	41,702
Interest cost		2,322			2,503
Actuarial loss (gain)		5,324			(2,930	)
Plan disbursements		(4,038	)		(3,939	)
Settlement or curtailment		-			(2,036	)
Projected benefit obligation at end of year		38,908			35,300
Change in plan assets:
Fair value of plan assets at beginning of year		25,678			35,901
Actual return (loss) on plan assets		5,571			(5,936	)
Employer contributions		3,485			1,688
Plan disbursements		(4,038	)		(3,939	)
Settlement paid		-			(2,036	)
Fair value of plan assets at end of year		30,696			25,678
Underfunded status		(8,212	)		(9,622	)
Amounts recognized in the consolidated balance sheet consist of:
Accrued benefit liability - included in other long-term liabilities		(8,212	)		(9,622	)
Amount recognized in accumulated other comprehensive loss, pre-tax (1)		9,525			8,287

(1)   Consists solely of net actuarial losses as there are no prior service costs.

	2009	2008
Weighted-average assumptions:
For determining benefit obligations at year-end:
Discount rate	5.84%	6.75%
	2009	2008	2007
For determining net periodic pension cost for year:
Discount rate	6.75%	6.25%	6.00%
Expected return on assets	8.00%	8.00%	8.00%

 The discount rate was determined using yields on a hypothetical bond portfolio that matches the approximated cash flows of the Plan.  The Company develops its long-term rate of return assumptions using long-term historical actual return data considering the mix of investments that comprise plan assets and input from professional advisors.  The Plan’s trustees have engaged investment advisors to manage and monitor performance of the investments of the Plan’s assets and consult with the Plan’s trustees.

F-22

Stage Stores, Inc.

Notes to Consolidated Financial Statements – (continued)

The allocations of Plan’s assets by category are as follows:

	2010 Target		Fiscal Year
	Allocation		2009		2008
Equity securities		50  %		50  %		43  %
Fixed income securities		50		49		53
Other - primarily cash		-		1		4
Total		100  %		100  %		100   %

The Company employs a total return investment approach whereby a mix of equities and fixed income investments are used to maximize the long-term return on Plan assets for a prudent level of risk.  The investment portfolio consists of actively managed and indexed mutual funds of domestic and international equities and investment-grade corporate bonds and U.S. government securities.  Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews and annual liability measurements.

The following Plan assets are measured at fair value on a recurring basis (in thousands):

			Quoted Prices in Active Markets for Identical Instruments		Significant Other Observable Inputs		Significant Unobservable Inputs
	Balance		(Level 1)		(Level 2)		(Level 3)
Mutual funds:
Equity securities	$	15,265	$	15,265	$	-	$	-
Fixed income securities		15,061		15,061		-		-
Other - primarily cash		370		370		-		-
Total	$	30,696	$	30,696	$	-	$	-

The components of net periodic benefit cost for the Plan were as follows (in thousands):

	Fiscal Year
	2009			2008			2007
Net periodic pension cost for the fiscal year:
Service cost	$	-		$	-		$	19
Interest cost		2,322			2,503			2,464
Expected return on plan assets		(2,005	)		(2,678	)		(2,451	)
Net loss amortization		520			-			24
Net periodic pension cost (income)		837			(175	)		56
Loss (gain) due to settlement or curtailment		-			262			(160	)
Total pension cost (income)	$	837		$	87		$	(104	)

F-23

Stage Stores, Inc.

Notes to Consolidated Financial Statements – (continued)

Other changes in Plan assets and benefit obligations recognized in other comprehensive loss are as follows (in thousands):

	Fiscal Year
	2009			2008
Amortization of net loss	$	(520	)	$	-
Settlement of Peebles Plan		-			125
Net loss		1,758			5,314
Net change recognized in other comprehensive loss, pre-tax	$	1,238		$	5,439

The estimated net loss that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is $0.5 million.

 The Company’s funding policy is to make contributions to maintain the minimum funding requirements for its pension obligation in accordance with the Employee Retirement Income Security Act.  The Company may elect to contribute additional amounts to maintain a level of funding to minimize the Pension Benefit Guaranty Corporation premium costs or to cover short-term liquidity needs of the Plan in order to maintain current invested positions.  The Company expects to contribute approximately $1.0 million during 2010.  The Company contributed $3.5 million to the Plan in 2009.

The following benefit payments are expected to be paid (in thousands):

Fiscal Year	Payments
2010	$	2,962
2011		2,817
2012		2,967
2013		3,638
2014		3,603
Fiscal years 2015 - 2019		15,100

The accumulated benefit obligation for the Plan was $38.9 million and $33.9 million at January 30, 2010 and January 31, 2009, respectively.

NOTE 10 - OPERATING LEASES

The Company leases stores, its corporate headquarters, one distribution center and equipment under operating leases.  Such leases generally contain renewal options and require that the Company pay for utilities, taxes and maintenance expense.  A number of store leases provide for escalating minimum rent.  Rent expense for operating leases for fiscal years 2009, 2008 and 2007 was $71.1 million, $70.9 million and $64.0 million, respectively, and includes minimum rentals of $69.4 million, $67.9 million and $59.7 million in 2009, 2008 and 2007, respectively.  Rent expense also includes contingent rentals of $2.6 million, $3.0 million and $4.6 million in 2009, 2008 and 2007, respectively, and sublease rental income of $0.01 million, $0.03 million and $0.1 million in 2009, 2008 and 2007, respectively.

F-24

Stage Stores, Inc.

Notes to Consolidated Financial Statements – (continued)

Minimum rental commitments on long-term, non-cancelable operating leases at January 30, 2010, net of sub-lease rental income, are as follows (in thousands):

Fiscal Year	Commitments
2010	$	76,447
2011		70,386
2012		62,064
2013		54,410
2014		45,641
Thereafter		138,642
Total	$	447,590

NOTE 11 - INCOME TAXES

All Company operations are domestic.  Income tax expense consisted of the following (in thousands):

	Fiscal Year
	2009		2008		2007
Federal income tax expense:
Current	$	13,145	$	1,019	$	9,351
Deferred		1,144		12,942		19,727
		14,289		13,961		29,078
State income tax expense:
Current		2,593		2,161		1,520
Deferred		224		682		1,318
		2,817		2,843		2,838
	$	17,106	$	16,804	$	31,916

Reconciliation between the federal income tax expense charged to income before income tax computed at statutory tax rates and the actual income tax expense recorded follows (in thousands):

	Fiscal Year
	2009			2008			2007
Federal income tax expense
at the statutory rate	$	16,039		$	16,325	(1)	$	29,748
State income taxes, net		1,910			2,097			2,425
Job credits and other, net		(843	)		(1,618	)		(257	)
	$	17,106		$	16,804		$	31,916

(1)  Excludes the effect of the goodwill impairment charge, which is not deductible for income tax purposes.

F-25

Stage Stores, Inc.

Notes to Consolidated Financial Statements – (continued)

Deferred tax assets (liabilities) consist of the following (in thousands):

	January 30, 2010			January 31, 2009
Gross deferred tax assets
Net operating loss carryforwards	$	2,527		$	3,231
Accrued expenses		4,264			3,512
Pension obligations		3,119			3,997
Lease obligations		28,847			28,774
Deferred compensation		14,097			13,657
Deferred income		3,268			4,159
		56,122			57,330
Gross deferred tax liabilities:
Inventory		(4,785	)		(6,069	)
Depreciation and amortization		(59,723	)		(57,883	)
		(64,508	)		(63,952	)
Valuation allowance		(978	)		(1,201	)
Net deferred tax liabilities	$	(9,364	)	$	(7,823	)

ASC No. 740, Income Taxes, requires recognition of future tax benefits of deferred tax assets to the extent such realization is more likely than not.  Consistent with the requirements of ASC No. 740, the tax benefits recognized related to pre-reorganization deferred tax assets have been recorded as a direct addition to additional paid-in capital.  The remaining valuation allowance of $1.0 million and $1.2 million at January 30, 2010 and January 31, 2009, respectively, was established for pre-reorganization state net operating losses, which may expire prior to utilization.  Adjustments are made to reduce the recorded valuation allowance when positive evidence exists that is sufficient to overcome the ne gative evidence associated with those losses.

The Company has net operating loss carryforwards for state income tax purposes of approximately $23.9 million which, if not utilized, will expire in varying amounts between 2010 and 2021. The Company has net operating loss carryforwards for federal income tax purposes of approximately $4.2 million, which, if not utilized, will expire in varying amounts between 2023 and 2026.

The Company files income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions.  The Company is subject to U.S. federal income tax examinations by tax authorities for the fiscal year ended February 3, 2007 and forward.  Although the outcome of tax audits is uncertain, the Company has concluded that there were no significant uncertain tax positions, as defined by ASC No. 740-10, Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109, requiring recognition in its financial statements.  However, the Company may, from time to time, be assessed interest and/or penalties.  In the event the Company receives an assessment for interest and/or penalties, it will be classified i n the financial statements as income tax expense.

NOTE 12- COMMITMENTS AND CONTINGENCIES

From time to time, the Company and its subsidiary are involved in various legal proceedings arising in the ordinary course of their business.  Management does not believe that any pending legal proceedings, either individually or in the aggregate, are material to the financial position, results of operations or cash flows of the Company or its subsidiary.

F-26

Stage Stores, Inc.

Notes to Consolidated Financial Statements – (continued)

NOTE 13 - QUARTERLY FINANCIAL INFORMATION (unaudited)

The following table shows quarterly information (in thousands, except per share amounts):

	Fiscal Year 2009
		Q1			Q2		Q3				Q4
Net sales	$	333,566		$	341,737	$	324,944			$	431,680
Gross profit	$	84,483		$	100,197	$	73,548			$	133,579
Net (loss) income	$	(905	)	$	9,093	$	(7,319	)		$	27,852
Basic (loss) earnings per common share	$	(0.02	)	$	0.24	$	(0.19	)		$	0.73
Diluted (loss) earnings per common share	$	(0.02	)	$	0.24	$	(0.19	)		$	0.72
Basic weighted average shares		37,930			38,070		38,084				38,033
Diluted weighted average shares		37,930			38,467		38,084				38,446
	Fiscal Year 2008
		Q1			Q2		Q3				Q4
Net sales	$	353,536		$	372,707	$	333,756			$	455,821
Gross profit	$	95,598		$	106,558	$	74,720			$	132,708
Net income (loss)	$	2,263		$	9,663	$	(102,796	)	(1)	$	25,335
Basic earnings (loss) per common share	$	0.06		$	0.25	$	(2.66	)	(1)	$	0.67
Diluted earnings (loss) per common share	$	0.06		$	0.25	$	(2.66	)	(1)	$	0.67
Basic weighted average shares		38,243			38,342		38,603				37,951
Diluted weighted average shares		38,919			38,960		38,603				37,994

(1)   Amounts include the effect of the $95.4 million goodwill impairment charge.

F-27

EX-10.4

    ex10_4.htm

EX-10.5

EXHIBIT 10.5

STAGE STORES, INC.

STOCK APPRECIATION RIGHTS AGREEMENT

THIS STOCK APPRECIATION RIGHTS AGREEMENT (“Agreement”) is made effective as of the __________ day of ___________, 20___ (the “Effective Date”), by and between STAGE STORES, INC., a Nevada corporation (hereinafter called the “Company”), and ___________________, an employee of the Company, its subsidiaries or its affiliates (hereinafter called the “Employee”).

WHEREAS, the Board of Directors of the Company (the “Board”) has adopted the Stage Stores, Inc. Amended and Restated 2008 Equity Incentive Plan (the “Plan”), as it may be amended from time to time; and

WHEREAS, the Company considers it desirable and in the Company’s best interests that the Employee be given an opportunity to acquire Common Shares in furtherance of the Plan to provide incentive for the Employee to remain an employee of the Company, its subsidiaries or its affiliates and to promote the growth, earnings and success of the Company.

NOW, THEREFORE, in consideration of the premises, it is agreed as follows:

1.GRANT OF SARS.  The Company hereby grants to the Employee stock appreciation rights with respect to a total of _____________ (_____) Common Shares (the “SARs”), in the manner and subject to the conditions as hereinafter provided.  For purposes of this Agreement, “Common Shares” shall mean the Company’s authorized voting common stock, par value $0.01.

2.GRANT PRICE.  The Grant Price for the SARs shall be $_______ per Common Share (the “Grant Price”), which is the Fair Market Value (as defined below) of a Common Share on the date of grant.  For purposes of this Agreement, Fair Market Value means the closing price on that date, or on the next business day if that date is not a business day, of a Common Share as the price is reported on the applicable ex change or market on which the Common Shares are traded; provided that, if the Common Shares are not be reported on an exchange or market, the fair market value of Common Shares shall be as determined in good faith by the Board in such reasonable manner as it may deem appropriate in accordance with applicable law.For purposes of this Agreement, reference to the “Board” shall include the Compensation Committee (the “Committee”) to the extent that the Board has designated the Committee to administer the Plan.

3.TERM, VESTING AND LIMITATION ON EXERCISE.  The SARs may be exercised during a period of seven (7) years from the Effective Date of this Agreement (the “Term”).  The SARs may not be exercised after the expiration of the Term.  Except as otherwise set forth in this Agreement, the SARs shall vest and become exercisable by the Employee according to the following schedule:

Period from Date of Grant	Cumulative Percentage of SARs Which May Be Exercised
1 year	25%
2 years	50%
3 years	75%
4 years	100%

Notwithstanding the above, in the event of a Change of Control (as defined in this Agreement), all SARs granted under this Agreement shall immediately vest and be exercisable by the Employee.

4.EXERCISE OF SARS.  To exercise the SARs, the Employee or his or her successor shall give written notice to the Company’s Treasurer at the Company’s principal office of the number of SARs to be exercised and the date of such exercise (the “Exercise Date”).  If the SARs are exercised by the successor of the Employee following the Employee’s death, proof shall be submitted, satisfactory to the Company, of the right of the successor to exercise the SARs.  The SARs may only be exercised to the extent such SARs are vested under this Agreement.

Upon exercise of SARs, the Employee shall be entitled to that number of Common Shares having an aggregate Fair Market Value, as of the Exercise Date, equal to the excess of (a) the Fair Market Value, as of the Exercise Date, of a Common Share over (b) the Grant Price, multiplied by the total number of SARs being exercised.  SARs may be exercised only with respect to full Common Shares, and no fractional Common Shares shall be issued under this Agreement.  In no event may a SAR be settled under this Agreement in cash.  This Agreement does not include any features allowing the Employee to defer recognition of income past the Exercise Date.

5.ISSUANCE OF COMMON SHARES.  Prior to issuance of Common Shares under this Agreement, Employee must provide the Company with a written statement that the Common Shares are being acquired for investment and not with a view to distribution; however, this statement shall not be required if the Common Shares subject to the SARs are registered with the Securities and Exchange Commission.  Common Shares issued pursuant to this Agreement which have not been re gistered with the Securities and Exchange Commission shall bear substantially the following legend:

The Securities represented by this Certificate have not been registered under the United States Securities Act of 1933 (the “Act”) and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

2

The Company shall not be required to transfer or deliver any certificate or certificates for Common Shares acquired upon any exercise of SARs until after compliance with all then applicable requirements of law.

6.DEATH OF EMPLOYEE.  If the Employee’s employment with the Company is terminated due to death, unvested SARS will immediately vest and the Employee’s estate will have one year from the date of death to exercise all SARS,   provided that the exercise occurs within the remaining Term.  Any portion of t he SARs not exercised within the one year period shall terminate.

7.DISABILITY OF EMPLOYEE.  If the Employee’s employment with the Company is terminated due to disability, unvested SARS will immediately vest and he or she will have one year from the date of termination to exercise all SARS, provided that the exercise occurs within the remaining Term.  Any portion of the SARs not exercised within the one year period shall terminate.  For the purposes of this Agreeme nt, the Employee shall be deemed to have terminated his or her employment by the Company by reason of disability if the Committee shall determine that the physical or mental condition of the Employee by reason of which his or her employment terminated was such at that time as would entitle him or her to payment of monthly disability benefits under any Company disability plan.  If the Employee is not eligible for benefits under any disability plan of the Company, he or she shall be deemed to have terminated his or her employment by reason of disability if the Committee shall determine that his or her physical or mental condition would entitle him or her to benefits under any Company disability plan if he or she were eligible therefor.

8.RETIREMENT OF EMPLOYEE.  If the Employee’s employment with the Company is terminated due to retirement (as determined by the Board), unvested SARS will immediately vest and he or she will have one year from the date of termination to exercise all SARS,  provided that the exercise occurs within the remaining Term.  Any portion of the SA Rs not exercised within the one year period shall terminate.

9.CHANGE IN CONTROL.  In the event of a Change In Control, all SARS will immediately vest and will be exercisable.  For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred:

(a)         on such date within the 12-month period following the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that represents twenty-five percent (25%) or more of the combined voting power of the Company’s then outstanding securities (the “Trigger Date”), that a majority of the individuals who, as of the Trigger Date, constitute the Board (the “Incumbent Board”) are replaced by new members whose appointment or election is not endorsed by a majority of the members of the Incumbent Board before the date of such appointment or election;

(b)         as of the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that, together with stock held by such person or group, constitutes more than 50% of either (1) the then outstanding shares of common stock of the Company or (2) the combined voting power of

3

the then outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, if any one person or more than one person acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons shall not be considered to cause a Change in Control; or

(c)         the date any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) all, or substantially all, of the assets of the Company, except for any sale, lease exchange or transfer resulting from any action taken by any creditor of the Company in enforcing its rights or remedies against any assets of the Company in which such creditor holds a security interest.  Provided further, a transfer of assets by the Company shall not be treated as a Change in Control if the assets are transferred to:

(i)         A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock;

(ii)         An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company;

(iii)         A person, or more than one person acting as a group, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company; or

(iv)         An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in paragraph (iii) herein.

For purposes of subsection (c) and except as otherwise provided in paragraph (i), a person’s status is determined immediately after the transfer of the assets.

10.OTHER TERMINATION OF EMPLOYMENT. Upon the termination of the Employee’s employment with the Company for any reason other than death, disability or retirement, the Employee will have sixty (60) days from the date of termination to exercise all vested SARS provided that the exe rcise occurs within the remaining Term.  Any portion of the SARS not exercised within the sixty (60) day period shall terminate.

11.GENERAL RESTRICTIONS.  The SARs shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Common Shares subject or related thereto upon any securities exchange or under any state or Federal law, (ii) the consent or approval of any government regulatory body, or (iii) an agreement by the Employee with respect to the disposition of Common Shares is necessary or desirable as a condition of, or in connection with, the granting of the SARs or the issue of Common Shares thereunder, the granting of the SARs or the issue of the Common Shares may

4

not be consummated in whole or in part unless the listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board.

12.ASSIGNMENT.  The rights under this Agreement shall not be assignable or transferable by the Employee, except by will or by the laws of descent and distribution.  Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the rights under this Agreement contrary to the provisions hereof shall be null and void and without effect.  During the lifetime of the Employee, any right unde r this Agreement shall be exercisable only by the Employee or his or her guardian or legal representative.

13.WITHHOLDING TAXES.  Whenever the Company proposes or is required to issue or transfer Common Shares under this Agreement, the Company shall have the right to require the Employee to remit to the Company an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to the delivery of any certificate or certificates for the Common Shares.  Alternatively, the Company may issue or transfer the Common Shares net of the number of shares sufficient to satisfy the statutory minimum withholding tax requirements.  For withholding tax purposes, the Common Shares shall be valued on the date the withholding obligation is incurred.

14.RIGHT TO TERMINATE EMPLOYMENT.  Nothing in this Agreement shall confer upon the Employee the right to continue in the employment of the Company, its subsidiaries or its affiliates or affect any right which the Company, its subsidiaries or its affiliates may have to terminate the employment of the Employee.

15.RIGHTS AS A SHAREHOLDER.  Neither the Employee, his or her legal representative, nor other persons entitled to exercise the SARs under this Agreement shall have any rights of a shareholder in the Company with respect to the shares issuable upon exercise of the SARs unless and until a certificate or certificates representing the Common Shares shall have been issued to him or her pursuant to the terms of this Agreement.

16.ADJUSTMENTS.  In the event of any change in the outstanding common stock of the Company by reason of stock splits, reverse stock splits, stock dividends or distributions, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares or the like, the Board shall make an equitable adjustment to the number of Common Shares issued under this Agreement and the Grant Price and take any and al l other actions deemed appropriate by the Board.

17.STOCK RESERVED.  The Company shall at all times during the term of this Agreement reserve and keep available the number of Common Shares as will be sufficient to satisfy the terms of this Agreement.

18.SEVERABILITY.  Every part, term or provision of this Agreement is severable from the others.  Notwithstanding any possible future finding by a duly constituted authority that a particular part, term or provision is invalid, void or unenforceable, this Agreement has been made with the clear intention that the validity and enforceability of the remaining parts, terms and provisions shall not be affected thereby.

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19.NOTICE.  Any notice to be delivered under this Agreement shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company or the Employee at their last known address.

20.GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the applicable Federal law and, to the extent otherwise applicable, the laws of the State of Texas.

21.HEADINGS.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe the provisions of this Agreement.

22.BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

23.INCORPORATION OF PLAN.  The SARs are granted pursuant to the terms of the Plan, which is incorporated herein by reference, and the SARs shall in all respects be interpreted in accordance with the Plan.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall completely supersede and replace the conflicting terms of this Agreement.  All ca pitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.

24.MODIFICATION.  This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code, as amended (the “Code”).  The Company may change or modify the terms of this Agreement, including, without limitation, the Grant Price, without the Employee’s consent or signature if the Company determines, in its sole discretion, that such change or modification is necessary for purposes of compliance with or exemption from the requirements of Section 409A of the Code or any regulations or other guidance issued thereunder.  Notwithstanding the previous sentence, the Company may also amend the Plan or this Agreement or revoke the SARs to the extent permitted by the Plan.

IN WITNESS WHEREOF, the parties hereto have caused this Stock Appreciation Rights Agreement to be executed as of the Effective Date.

"COMPANY"	STAGE STORES, INC.,
"EMPLOYEE"	BY:  ________________________________________ ___________________, _______________ ____________________________________________ ________________________, an individual

6

EX-10.6

EXHIBIT 10.6

STAGE STORES, INC.

PERFORMANCE BASED SHARE AGREEMENT

THIS PERFORMANCE BASED SHARE AGREEMENT (the “Agreement”) is made effective as of the __________day of _______________, 20___ (the "Effective Date"), by and between STAGE STORES, INC., a Nevada corporation (hereinafter called the "Company"), and _____________________, an employee of the Company, its subsidiaries or its affiliates (hereinafter called the " Employee").

WHEREAS, the Board of Directors of the Company (the "Board") has adopted the Stage Stores, Inc. Amended and Restated 2001 Equity Incentive Plan (the "Plan"), as it may be amended from time to time; and

WHEREAS, the Company considers it desirable and in the Company's best interests that the Employee be given an opportunity to acquire Common Shares in furtherance of the Plan to provide incentive for the Employee to remain an employee of the Company, its subsidiaries or its affiliates and to promote the growth, earnings and success of the Company.

NOW, THEREFORE, in consideration of the premises, it is agreed as follows:

1.           TARGET NUMBER OF PERFORMANCE SHARES.  The Target Number of Performance Shares for Employee under this Agreement is _______________.  The number of Common Shares ultimately received, if any, for Performance Shares earned under this Agreement will be determined pursuant to Section 3 of this Agreement.  For purposes of this Agreement, "Common Shares" s hall mean the Company's authorized voting common stock, par value $0.01, and “Performance Shares” shall mean the number of Common Shares earned under this Agreement.

2.           PERFORMANCE CYCLE.  The Performance Cycle commences on __________, 20____, and ends on ___________, 20___.

3.           SETTLEMENT OF AWARD.  Except as provided below, the Company shall deliver to the Employee one Common Share for each Performance Share earned by the Employee, as determined in accordance with the performance measure(s) and provisions set forth in Exhibit “A”, which is attached to and forms a part of this Agreement.  Any fractional Common Share s shall be rounded up or down to the nearest whole Common Share.  It is intended that Common Shares will be issued for the Performance Shares; provided however, the Company’s Board of Directors may in its sole discretion pay all or a portion of the award in cash instead of Common Shares.  For purposes of this Agreement, reference to the “Board” shall include the Compensation Committee (the “Committee”) to the extent that the Board has designated the Committee to administer the Plan.

4.           TIME OF PAYMENT. Except as otherwise provided in this Agreement, payment of Common Shares earned pursuant to this Agreement will be made within 75 days of the end of the Performance Cycle.

5.           ELIGIBILITY FOR PERFORMANCE SHARES.  The Employee shall be eligible for payment of earned Performance Shares, as specified in Section 3, only if the Employee’s employment with the Company continues through the end of the Performance Cycle or the Employee’s employment with the Company terminates during the Performance Cycle due to the Employee’s death, disability or retirement.

6.           DEATH OF EMPLOYEE.  If the Employee’semployment with the Companyis terminated due to death during the Performance Cycle, he or she will receive the Target Number of Performance Shares set forth in this Agreement within thirty (30) days of his or her death.

7.           DISABILITY OF EMPLOYEE. If the Employee’semployment with the Companyis terminated due to disability during the Performance Cycle, he or she will receive the Target Number of Performance Shares set forth in this Agreement within thirty (30) days of his or her disability.  For the purposes of this Agreement, the Employee shall be deemed to have terminated his or her employment by the Company by reason of disability, if the Committee shall determine that the physical or mental condition of the Employee by reason of which such employment terminated was such at that time as would entitle him or her to payment of monthly disability benefits under any Company disability plan.  If the Employee is not eligible for benefits under any disability plan of the Company, he or she shall be deemed to have terminated such employment by reason of disability if the Committee shall determine that his or her physical or mental condition would entitle him or her to benefits under any Company disability plan if he or she were eligible therefor.

8.           RETIREMENT OF EMPLOYEE.   If the Employee’semployment with the Companyis terminated due to retirement (as determined by the Board) during the Performance Cycle, he or she will receive the Target Number of Performance Shares set forth in this Agreement within thirty (30) days of his or her retirement.

9.           CHANGE IN CONTROL.  In the event of a Change in Control during the Performance Cycle, the Employee will receive the Target Number of Performance Shares set forth in this Agreement within thirty (30) days of the effective date of the Change in Control.  For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred:

(a)           on such date within the 12-month period following the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that represents twenty-five percent (25%) or more of the combined voting power of the Company’s then outstanding securities (the “Trigger Date”), that a majority of the individuals who, as of the Trigger Date, constitute the Board (the “Incumbent Board”) are replaced by new members whose appointment or election is not endorsed by a majority of the members of the Incumbent Board before the date of such appointment or election;

(b)           as of the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that, together with stock held by such person or group, constitutes more than 50% of either (1) the then outstanding shares of common stock of the Company or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the

2

election of directors; provided, however, if any one person or more than one person acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons shall not be considered to cause a Change in Control; or

(c)           the date any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) all, or substantially all, of the assets of the Company, except for any sale, lease exchange or transfer resulting from any action taken by any creditor of the Company in enforcing its rights or remedies against any assets of the Company in which such creditor holds a security interest.  Provided further, a transfer of assets by the Company shall not be treated as a Change in Control if the assets are transferred to:

(i)           A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock;

(ii)           An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company;

(iii)           A person, or more than one person acting as a group, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company; or

(iv)           An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in paragraph (iii) herein.

For purposes of subsection (c) and except as otherwise provided in paragraph (i), a person’s status is determined immediately after the transfer of the assets.

10.  OTHER TERMINATION OF EMPLOYMENT. The termination of the Employee’s employment with the Company for any reason other than death, disability or retirement during the Performance Cycle shall result in the forfeiture of the entire award of Performance Shares, with no payment to the Employee.

11.           ISSUANCE OF COMMON SHARES.

(a)           Common Shares issued pursuant to this Agreement which have not been registered with the Securities and Exchange Commission shall bear substantially the following legend:

The Securities represented by this Certificate have not been registered under the United States Securities Act of 1933 (the "Act") and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Securities may not be offered for sale, sold or otherwise transferred except pursuant to

3

an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

(b)           The Company shall not be required to transfer or deliver any certificate or certificates for Common Shares earned under this Agreement:  (i) until after compliance with all then applicable requirements of law; and (ii) prior to admission of the Common Shares to listing on any stock exchange on which the Common Shares may then be listed.  In no event shall the Company be required to issue fractional shares to the Employee or his or her successor.

12.GENERAL RESTRICTIONS.  The grant of Performance Shares under this Agreement shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Common Shares subject or related thereto upon any securities exchange or u nder any state or Federal law, (ii) the consent or approval of any government regulatory body, or (iii) an agreement by the Employee with respect to the disposition of Common Shares is necessary or desirable as a condition of, or in connection with, the granting of the Performance Shares or the issuance of Common Shares thereunder, the granting of the Performance Shares or the issuance of the Common Shares may not be consummated in whole or in part unless the listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board.

13.ASSIGNMENT.  The rights under this Agreement shall not be assignable or transferable by the Employee, except by will or by the laws of descent and distribution.  Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the rights under this Agreement contrary to the prov isions hereof shall be null and void and without effect.  During the lifetime of the Employee, any right under this Agreement shall be exercisable only by the Employee or his or her guardian or legal representative.

14.WITHHOLDING TAXES.  Whenever the Company proposes or is required to issue or transfer Common Shares under this Agreement, the Company shall have the right to require the Employee to remit to the Company an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to th e delivery of any certificate or certificates for the Common Shares.  Alternatively, the Company may issue or transfer the Common Shares net of the number of shares sufficient to satisfy the withholding tax requirements.  For withholding tax purposes, the Common Shares shall be valued on the date the withholding obligation is incurred.

15.RIGHT TO TERMINATE EMPLOYMENT.  Nothing in this Agreement shall confer upon the Employee the right to continue in the employment of the Company, its subsidiaries or its affiliates or affect any right which the Company, its subsidiaries or its affiliates may have to terminate the employment of the Employee.

16.RIGHTS AS A SHAREHOLDER.  Neither the Employee, his or her legal representative, nor other persons entitled to Performance Shares under this Agreement shall have any rights of a shareholder in the Company with respect to the Common Shares issuable under this Agreement unless and until a certificate or cert ificates representing the Common Shares shall have been issued to him or her pursuant to the terms of this Agreement.

4

17.           ADJUSTMENTS.  In the event of any change in the outstanding common stock of the Company by reason of stock splits, reverse stock splits, stock dividends or distributions, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares or the like, the Board shall appropriately adjust the number of Common Shares issuable under this Ag reement, and any and all other matters deemed appropriate the Board.

18.           STOCK RESERVED.  The Company shall at all times during the term of this Agreement reserve and keep available the number of Common Shares as will be sufficient to satisfy the terms of this Agreement.

19.           SEVERABILITY.  Every part, term or provision of this Agreement is severable from the others.  Notwithstanding any possible future finding by a duly constituted authority that a particular part, term or provision is invalid, void or unenforceable, this Agreement has been made with the clear intention that the validity and enforceability of the remaining parts , terms and provisions shall not be affected thereby.

20.           NOTICE.  Any notice to be delivered under this Agreement shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company or the Employee at their last known address.

21.           GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the applicable Federal law and, to the extent otherwise applicable, the laws of the State of Texas.

22.           HEADINGS.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe the provisions.

23.           BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

24.           INCORPORATION OF PLAN.  The Performance Shares are granted pursuant to the terms of the Plan, which is incorporated herein by reference, and this Agreement shall in all respects be interpreted in accordance with the Plan.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall completely supe rsede and replace the conflicting terms of this Agreement.  All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.

25.           MODIFICATION.  This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code, as amended (the “Code”).  The Company may change or modify the terms of this Agreement without the Employee’s consent or signature if the Company determines, in its sole discretion, that such change or modification is necessary for purposes of compliance with or exemption from the requirements of Section 409A of the Code or a ny regulations or other guidance issued thereunder.  Notwithstanding the previous sentence, the Company may also amend the Plan or this Agreement or revoke the Performance Shares to the extent permitted by the Plan.

IN WITNESS WHEREOF, the parties hereto have caused this Performance Based Share Agreement to be executed as of the Effective Date.

5

"COMPANY"	STAGE STORES, INC.,
"EMPLOYEE"	BY:  ________________________________________ ___________________, _______________ ____________________________________________ ________________________, an individual

6

EXHIBIT “A”

1.   Performance Measures.  Total Shareholder Return (“TSR”) of the Company as compared with the TSR of a group of industry peers (the “Peer Group”) during the Performance Period is the performance measure to be applied to determine the amount of award to be made under the provisions of the Agreement.  The formula for TSR is as follows:

Total Shareholder Return	=	(Ending Stock Price - Beginning Stock Price + Dividends Paid)
			Beginning Stock Price

Beginning Stock Price shall mean the average closing price on the applicable stock exchange of one share of stock for all the trading days in the fiscal month immediately following the beginning of the Company’s fiscal year which is the start of the Performance Period; Ending Stock Price shall mean the average closing price on the applicable stock exchange of one share of stock for all the trading days in the fiscal month immediately prior to the last day of the Performance Period, and Dividends Paid shall mean the total of all dividends paid on one (1) share of stock during the Performance Period; provided that, dividends shall be treated as though they are reinvested at the end of each calendar quarter.

Following the Total Shareholder Return determination, the Company’s Percentile Rank shall be determined as follows:

Percentile Rank	=	Company Rank
			Total number of companies in Peer Group including the Company

Company Rank shall be determined by listing from highest TSR to lowest TSR of each company in the Peer Group (including the Company) and counting up from the company with the lowest TSR.

2.   Amount of Award.  The number of Performance Shares earned and the number of Common Shares to be issued to Employee under the Agreement shall be determined in accordance with the following schedule:

Company’s Percentile Ranking	Award as a % of Target
100.0%	200%
96.0%	192%
92.0%	184%
88.0%	176%
84.0%	168%
80.0%	160%
76.0%	152%
72.0%	144%
68.0%	136%
64.0%	128%
60.0%	120%
56.0%	112%
52.0%	104%
50.0%	100%
48.0%	94%

7

44.0%	82%
40.0%	70%
36.0%	58%
32.0%	46%
28.0%	34%
25.0%	25%
Less than 25.0%	0%

Interpolation shall be used to determine the percent of Target Number of Performance Shares earned in the event the Company’s Percentile Rank does not fall directly on one of the ranks listed in the above schedule.

3.   Industry Peers.  The Peer Group with which the Company’s TSR is compared is as follows:

ABERCROMBIE & FITCH  -CL A	ANF
AEROPOSTALE	ARO
AMERN EAGLE OUTFITTERS INC	AEOS
ANNTAYLOR STORES CORP	ANN
BROWN SHOE	BWS
CATO CORP  -CL A	CTR
CHARMING SHOPS	CHRS
CHICOS FAS INC	CHS
CHILDRENS PLACE RETAIL STRS	PLCE
CHRISTOPHER & BANKS CORP	CBK
COLLECTIVE BRANDS	PSS
DILLARDS INC  -CL A	DDS
DRESS BARN INC	DBRN
FOOT LOCKER	FL
GAP INC	GPS
GENESCO INC	GCO
GUESS?	GES
GYMBOREE CORP	GYMB
J. CREW GROUP	JCG
KOHLS CORP	KSS
LIMITED BRANDS INC	LTD
MENS WEARHOUSE INC	MW
NORDSTROM INC	JWN
PACIFIC SUNWEAR CALIF INC	PSUN
POLO RALPH LAUREN	RL
ROSS STORES	ROST
SAKS	SKS
TJX	TJX
TWEEN BRANDS	TWB
URBAN OUTFITTERS INC	URBN

In the event the number of companies in the Peer Group changes due to merger, consolidation, liquidation or otherwise, the Board shall have the authority make changes to the Peer Group.

8

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STAGE STORES, INC.

PERFORMANCE BASED SHARE AGREEMENT

THIS PERFORMANCE BASED SHARE AGREEMENT (the “Agreement”) is made effective as of the __________day of _______________, 20___ (the "Effective Date"), by and between STAGE STORES, INC., a Nevada corporation (hereinafter called the "Company"), and _____________________, an employee of the Company, its subsidiaries or its affili ates (hereinafter called the "Employee").

WHEREAS, the Board of Directors of the Company (the "Board") has adopted the Stage Stores, Inc. Amended and Restated 2008 Equity Incentive Plan (the "Plan"), as it may be amended from time to time; and

WHEREAS, the Company considers it desirable and in the Company's best interests that the Employee be given an opportunity to acquire Common Shares in furtherance of the Plan to provide incentive for the Employee to remain an employee of the Company, its subsidiaries or its affiliates and to promote the growth, earnings and success of the Company.

NOW, THEREFORE, in consideration of the premises, it is agreed as follows:

1.           TARGET NUMBER OF PERFORMANCE SHARES.  The Target Number of Performance Shares for Employee under this Agreement is _______________.  The number of Common Shares ultimately received, if any, for Performance Shares earned under this Agreement will be determined pursuant to Section 3 of this Agreement.  For purposes of thi s Agreement, "Common Shares" shall mean the Company's authorized voting common stock, par value $0.01, and “Performance Shares” shall mean the number of Common Shares earned under this Agreement.

2.           PERFORMANCE CYCLE.  The Performance Cycle commences on __________, 20____, and ends on ___________, 20___.

3.           SETTLEMENT OF AWARD.  Except as provided below, the Company shall deliver to the Employee one Common Share for each Performance Share earned by the Employee, as determined in accordance with the performance measure(s) and provisions set forth in Exhibit “A”, which is attached to and forms a part of this Agreement. 
60;Any fractional Common Shares shall be rounded up or down to the nearest whole Common Share.  It is intended that Common Shares will be issued for the Performance Shares; provided however, the Company’s Board of Directors may in its sole discretion pay all or a portion of the award in cash instead of Common Shares.  For purposes of this Agreement, reference to the “Board” shall include the Compensation Committee (the “Committee”) to the extent that the Board has designated the Committee to administer the Plan.

4.           TIME OF PAYMENT. Except as otherwise provided in this Agreement, payment of Common Shares earned pursuant to this Agreement will be made within 75 days of the end of the Performance Cycle.

5.           ELIGIBILITY FOR PERFORMANCE SHARES.  The Employee shall be eligible for payment of earned Performance Shares, as specified in Section 3, only if the Employee’s employment with the Company continues through the end of the Performance Cycle or the Employee’s employment with the Company terminates during the Performance Cycle due to the Employee’s death, disability or retirement.

6.           DEATH OF EMPLOYEE.  If the Employee’semployment with the Companyis terminated due to death during the Performance Cyc le, he or she will receive the Target Number of Performance Shares set forth in this Agreement within thirty (30) days of his or her death.

7.           DISABILITY OF EMPLOYEE. If the Employee’semployment with the Companyis terminated due to disability during the Performance Cycl e, he or she will receive the Target Number of Performance Shares set forth in this Agreement within thirty (30) days of his or her disability.  For the purposes of this Agreement, the Employee shall be deemed to have terminated his or her employment by the Company by reason of disability, if the Committee shall determine that the physical or mental condition of the Employee by reason of which such employment terminated was such at that time as would entitle him or her to payment of monthly disability benefits under any Company disability plan.  If the Employee is not eligible for benefits under any disability plan of the Company, he or she shall be deemed to have terminated such employment by reason of disability if the Committee shall determine that his or her physical or mental condition would entitle him or her to benefits under any Company disability plan if he or she were eligible therefor.

8.           RETIREMENT OF EMPLOYEE.   If the Employee’semployment with the Companyis terminated due to retirement (as determ ined by the Board) during the Performance Cycle, he or she will receive the Target Number of Performance Shares set forth in this Agreement within thirty (30) days of his or her retirement.

9.           CHANGE IN CONTROL.  In the event of a Change in Control during the Performance Cycle, the Employee will receive the Target Number of Performance Shares set forth in this Agreement within thirty (30) days of the effective date of the Change in Control.  For purposes of this Agreement, a “Change in Control” shall be dee med to have occurred:

(a)           on such date within the 12-month period following the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that represents twenty-five percent (25%) or more of the combined voting power of the Company’s then outstanding securities (the “Trigger Date”), that a majority of the individuals who, as of the Trigger Date, constitute the Board (the “Incumbent Board”) are replaced by new members whose appointment or election is not endorsed by a majority of the members of the Incumbent Board before the date of such appointment or election;

(b)           as of the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that, together with stock held by such person or group, constitutes more than 50% of either (1) the then outstanding shares of common stock of the Company or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the

2

election of directors; provided, however, if any one person or more than one person acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons shall not be considered to cause a Change in Control; or

(c)           the date any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) all, or substantially all, of the assets of the Company, except for any sale, lease exchange or transfer resulting from any action taken by any creditor of the Company in enforcing its rights or remedies against any assets of the Company in which such creditor holds a security interest.  Provided further, a transfer of assets by the Company shall not be treated as a Change in Control if the assets are transferred to:

(i)           A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock;

(ii)           An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company;

(iii)           A person, or more than one person acting as a group, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company; or

(iv)           An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in paragraph (iii) herein.

For purposes of subsection (c) and except as otherwise provided in paragraph (i), a person’s status is determined immediately after the transfer of the assets.

10.  OTHER TERMINATION OF EMPLOYMENT. The termination of the Employee’s employment with the Company for any reason other than death, disability or retirement during the Performance Cycle shall result in the forfeiture of the entire award of Performance Shares, with no payment to the Em ployee.

11.           ISSUANCE OF COMMON SHARES.

(a)           Common Shares issued pursuant to this Agreement which have not been registered with the Securities and Exchange Commission shall bear substantially the following legend:

The Securities represented by this Certificate have not been registered under the United States Securities Act of 1933 (the "Act") and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Securities may not be offered for sale, sold or otherwise transferred except pursuant to

3

an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

(b)           The Company shall not be required to transfer or deliver any certificate or certificates for Common Shares earned under this Agreement:  (i) until after compliance with all then applicable requirements of law; and (ii) prior to admission of the Common Shares to listing on any stock exchange on which the Common Shares may then be listed.  In no event shall the Company be required to issue fractional shares to the Employee or his or her successor.

12.GENERAL RESTRICTIONS.  The grant of Performance Shares under this Agreement shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Common Shares subject or related thereto upon any securities exchange or under any state or Federal law, (ii) the consent or approval of any government regulatory body, or (iii) an agreement by the Employee with respect to the disposition of Common Shares is necessary or desirable as a condition of, or in connection with, the granting of the Performance Shares or the issuance of Common Shares thereunder, the granting of the Performance Shares or the issuance of the Common Shares may not be consummated in whole or in part unless the listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board.

13.ASSIGNMENT.  The rights under this Agreement shall not be assignable or transferable by the Employee, except by will or by the laws of descent and distribution.  Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the rights under this Agreem ent contrary to the provisions hereof shall be null and void and without effect.  During the lifetime of the Employee, any right under this Agreement shall be exercisable only by the Employee or his or her guardian or legal representative.

14.WITHHOLDING TAXES.  Whenever the Company proposes or is required to issue or transfer Common Shares under this Agreement, the Company shall have the right to require the Employee to remit to the Company an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to the delivery of any certificate or certificates for the Common Shares.  Alternatively, the Company may issue or transfer the Common Shares net of the number of shares sufficient to satisfy the withholding tax requirements.  For withholding tax purposes, the Common Shares shall be valued on the date the withholding obligation is incurred.

15.RIGHT TO TERMINATE EMPLOYMENT.  Nothing in this Agreement shall confer upon the Employee the right to continue in the employment of the Company, its subsidiaries or its affiliates or affect any right which the Company, its subsidiaries or its affiliates may have to terminate the emp loyment of the Employee.

16.RIGHTS AS A SHAREHOLDER.  Neither the Employee, his or her legal representative, nor other persons entitled to Performance Shares under this Agreement shall have any rights of a shareholder in the Company with respect to the Common Shares issuable under this Agreement unless and unt il a certificate or certificates representing the Common Shares shall have been issued to him or her pursuant to the terms of this Agreement.

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17.           ADJUSTMENTS.  In the event of any change in the outstanding common stock of the Company by reason of stock splits, reverse stock splits, stock dividends or distributions, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares or the like, the Board shall appropriately adjust the number of Common Shares issuable under this Agreement, and any and all other matters deemed appropriate the Board.

18.           STOCK RESERVED.  The Company shall at all times during the term of this Agreement reserve and keep available the number of Common Shares as will be sufficient to satisfy the terms of this Agreement.

19.           SEVERABILITY.  Every part, term or provision of this Agreement is severable from the others.  Notwithstanding any possible future finding by a duly constituted authority that a particular part, term or provision is invalid, void or unenforceable, this Agreement has been made with the clear intention that the validity and enforce ability of the remaining parts, terms and provisions shall not be affected thereby.

20.           NOTICE.  Any notice to be delivered under this Agreement shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company or the Employee at their last known address.

21.           GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the applicable Federal law and, to the extent otherwise applicable, the laws of the State of Texas.

22.           HEADINGS.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe the provisions.

23.           BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

24.           INCORPORATION OF PLAN.  The Performance Shares are granted pursuant to the terms of the Plan, which is incorporated herein by reference, and this Agreement shall in all respects be interpreted in accordance with the Plan.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’ ;s terms shall completely supersede and replace the conflicting terms of this Agreement.  All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.

25.           MODIFICATION.  This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code, as amended (the “Code”).  The Company may change or modify the terms of this Agreement without the Employee’s consent or signature if the Company determines, in its sole discretion, that such change or modification is necessary for purposes of compliance with or exemption from the requirements of Section 409A of the Code or any regulations or other guidance issued thereunder.  Notwithstanding the previous sentence, the Company may also amend the Plan or this Agreement or revoke the Performance Shares to the extent permitted by the Plan.

IN WITNESS WHEREOF, the parties hereto have caused this Performance Based Share Agreement to be executed as of the Effective Date.

5

"COMPANY"	STAGE STORES, INC.,
"EMPLOYEE"	BY:  ________________________________________ ___________________, _______________ ____________________________________________ ________________________, an individual

6

EXHIBIT “A”

1.   Performance Measures.  Total Shareholder Return (“TSR”) of the Company as compared with the TSR of a group of industry peers (the “Peer Group”) during the Performance Period is the performance measure to be applied to determine the amount of award to be made under the provisions of the Agreement.  The formula for TSR is as follows:

Total Shareholder Return	=	(Ending Stock Price - Beginning Stock Price + Dividends Paid)
			Beginning Stock Price

Beginning Stock Price shall mean the average closing price on the applicable stock exchange of one share of stock for all the trading days in the fiscal month immediately following the beginning of the Company’s fiscal year which is the start of the Performance Period; Ending Stock Price shall mean the average closing price on the applicable stock exchange of one share of stock for all the trading days in the fiscal month immediately prior to the last day of the Performance Period, and Dividends Paid shall mean the total of all dividends paid on one (1) share of stock during the Performance Period; provided that, dividends shall be treated as though they are reinvested at the end of each calendar quarter.

Following the Total Shareholder Return determination, the Company’s Percentile Rank shall be determined as follows:

Percentile Rank	=	Company Rank
			Total number of companies in Peer Group including the Company

Company Rank shall be determined by listing from highest TSR to lowest TSR of each company in the Peer Group (including the Company) and counting up from the company with the lowest TSR.

2.   Amount of Award.  The number of Performance Shares earned and the number of Common Shares to be issued to Employee under the Agreement shall be determined in accordance with the following schedule:

Company’s Percentile Ranking	Award as a % of Target
100.0%	200%
96.0%	192%
92.0%	184%
88.0%	176%
84.0%	168%
80.0%	160%
76.0%	152%
72.0%	144%
68.0%	136%
64.0%	128%
60.0%	120%
56.0%	112%
52.0%	104%

7

50.0%	100%
48.0%	94%
44.0%	82%
40.0%	70%
36.0%	58%
32.0%	46%
28.0%	34%
25.0%	25%
Less than 25.0%	0%

Interpolation shall be used to determine the percent of Target Number of Performance Shares earned in the event the Company’s Percentile Rank does not fall directly on one of the ranks listed in the above schedule.

3.   Industry Peers.  The Peer Group with which the Company’s TSR is compared is as follows:

ABERCROMBIE & FITCH  -CL A	ANF
AEROPOSTALE	ARO
AMERN EAGLE OUTFITTERS INC	AEOS
ANNTAYLOR STORES CORP	ANN
BROWN SHOE	BWS
CATO CORP  -CL A	CTR
CHARMING SHOPS	CHRS
CHICOS FAS INC	CHS
CHILDRENS PLACE RETAIL STRS	PLCE
CHRISTOPHER & BANKS CORP	CBK
COLLECTIVE BRANDS	PSS
DILLARDS INC  -CL A	DDS
DRESS BARN INC	DBRN
FOOT LOCKER	FL
GAP INC	GPS
GENESCO INC	GCO
GUESS?	GES
GYMBOREE CORP	GYMB
J. CREW GROUP	JCG
KOHLS CORP	KSS
LIMITED BRANDS INC	LTD
MENS WEARHOUSE INC	MW
NORDSTROM INC	JWN
PACIFIC SUNWEAR CALIF INC	PSUN
POLO RALPH LAUREN	RL
ROSS STORES	ROST
SAKS	SKS
TJX	TJX
TWEEN BRANDS	TWB
URBAN OUTFITTERS INC	URBN

In the event the number of companies in the Peer Group changes due to merger, consolidation, liquidation or otherwise, the Board shall have the authority make changes to the Peer Group.

8

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M#0HP,#`P,#,Y-S0T(#`P,#`P(&X-"C`P,#`P-#$X-C@@,#`P,#`@;@T*,#`P M,#`T,SDY,"`P,#`P,"!N#0HP,#`P,#0V,3$R(#`P,#`P(&X-"C`P,#`P-#@R M,S(@,#`P,#`@;@T*,#`P,#`U,#,U,B`P,#`P,"!N#0HP,#`P,#4R-# EX-10.8 11 ex10_8.htm STAGE STORES, INC., FORM 10-K, EX 10.8 EXHIBIT 10.8

STAGE STORES, INC.

RESTRICTED STOCK AWARD AGREEMENT

THIS RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”) is made effective as of the ______ of _______________, 20___ (the "Effective Date"), by and between Stage Stores, Inc.,a Nevada corporation (hereinafter called the "Company"), and _______________, an employee of the Company, its subsidiaries or its affiliates (hereinafter called the "Employee").

WHEREAS, the Board of Directors of the Company (the "Board") has adopted the Stage Stores, Inc. Amended and Restated 2001 Equity Incentive Plan (the "Plan"), as it may be amended from time to time; and

WHEREAS, the Company considers it desirable and in the Company's best interests that the Employee be given an opportunity to acquire Common Shares in furtherance of the Plan to provide incentive for the Employee to remain an employee of the Company, its subsidiaries or its affiliates and to promote the growth, earnings and success of the Company.

NOW, THEREFORE, in consideration of the premises, it is agreed as follows:

1.           GRANT OF RESTRICTED STOCK.  The Company hereby grants to the Employee as of the Effective Date a restricted stock award of __________shares (the “Restricted Stock Award”) of the Company’s authorized voting common stock, par value $0.01 (the  220;Common Shares”), pursuant to the terms and conditions contained herein and the terms and conditions of the Plan.

2.           VESTING.  Except as otherwise set forth in this Agreement, the Employee will become fully vested with respect to this Restricted Stock Award on ____________, 20___, provided the Employee continuously serves as an employee of the Company at all times beginning with the date of this Agreement and continuing until ____________, 20___ (the “Restricted Period”).

3.           SHAREHOLDER RIGHTS.  During the Restricted Period, the Restricted Stock Award will be held in book name by the Company.  Subject to the terms of this Agreement, the Employee shall have all rights of a shareholder with respect to the Restricted Stock Award during the Restricted Period, including the right to vote and receive dividends, if any, on the Restricte d Stock Award, provided that the Restricted Stock Award has not been forfeited to the Company pursuant to Section 8 below.

4.           DEATH OF EMPLOYEE.  If the Employee’s employment with the Company is terminated due to death, the Restricted Stock Award will immediately vest.

5.           DISABILITY OF EMPLOYEE.  If the Employee’s employment with the Company is terminated due to disability, the Restricted Stock Award will immediately vest.  For the purposes of this Agreement, the Employee shall be deemed to have terminated his or her employment by the Company by reason of disability, if the Committee shall determine that the physical or mental condition of the Employee by reason of which his or her employment terminated was such at that time as would entitle him or her to payment of monthly disability benefits under any Company disability plan.  If the Employee is not eligible for benefits under

any disability plan of the Company, he or she shall be deemed to have terminated his or her employment by reason of disability if the Committee shall determine that his or her physical or mental condition would entitle him or her to benefits under any Company disability plan if he or she were eligible therefor.

6.           RETIREMENT OF EMPLOYEE.  If the Employee’s employment with the Company is terminated due to retirement (as determined by the Board), the Restricted Stock Award will immediately vest.

7.           CHANGE IN CONTROL.  In the event of a Change in Control, the Restricted Stock Award will immediately vest and the Common Shares will be payable to the Employee within thirty days of the Change of Control.  For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred:

(a)           on such date within the 12-month period following the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that represents twenty-five percent (25%) or more of the combined voting power of the Company’s then outstanding securities (the “Trigger Date”), that a majority of the individuals who, as of the Trigger Date, constitute the Board (the “Incumbent Board”) are replaced by new members whose appointment or election is not endorsed by a majority of the members of the Incumbent Board before the date of such appointment or election;

(b)           as of the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that, together with stock held by such person or group, constitutes more than 50% of either (1) the then outstanding shares of common stock of the Company or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, if any one person or more than one person acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons shall not be considered to cause a Change in Control; or

(c)           the date any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) all, or substantially all, of the assets of the Company, except for any sale, lease exchange or transfer resulting from any action taken by any creditor of the Company in enforcing its rights or remedies against any assets of the Company in which such creditor holds a security interest.  Provided further, a transfer of assets by the Company shall not be treated as a Change in Control if the assets are transferred to:

(i)           A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock;

(ii)           An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company;

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(iii)           A person, or more than one person acting as a group, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company; or

(iv)           An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in paragraph (iii) herein.

For purposes of subsection (c) and except as otherwise provided in paragraph (i), a person’s status is determined immediately after the transfer of the assets.

8.OTHER TERMINATION OF EMPLOYMENT.  If the Employee leaves the Company for any reason other than death, disability or retirement before vesting, the unvested portion of the Restricted Stock Award shall be forfeited.  

9.           ISSUANCE OF COMMON SHARES.

(a)           Upon the expiration of the Restricted Period without forfeiture, the Company shall cause a certificate or certificates to be issued to the Employee for the number of Common Shares under the Restricted Stock Award.  Common Shares issued pursuant to this Agreement which have not been registered with the Securities and Exchange Commission shall bear substantially the following legend:

The Securities represented by this Certificate have not been registered under the United States Securities Act of 1933 (the "Act") and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

(b)           The Company shall not be required to transfer or deliver any certificate or certificates for Common Shares under this Agreement:  (i) until after compliance with all then applicable requirements of law; and (ii) prior to admission of the Common Shares to listing on any stock exchange on which the Common Shares may then be listed.  In no event shall the Company be required to issue fractional shares to the Employee or his or her successor.

10.GENERAL RESTRICTIONS.  The grant of the Restricted Stock Award under this Agreement shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Common Shares subject or related thereto upon any securities exchange or under any state or Federal law, (ii) the consent or approval of any government regulatory body, or (iii) an agreement by the Employee with respect to the disposition of Common Shares is necessary or desirable as a condition of, or in connection with, the issuance of Common Shares thereunder, then the issuance of the Common Shares may not be consummated in whole or in part unless the listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board.

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11.ASSIGNMENT.  The rights under this Agreement shall not be assignable or transferable by the Employee, except by will or by the laws of descent and distribution.  Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the rights under this Agreement contrary to the provisions hereof shall be null and void and without effect.  

12.WITHHOLDING TAXES.  Whenever the Company proposes or is required to issue or transfer Common Shares under this Agreement, the Company shall have the right to require the Employee to remit to the Company an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to the deli very of any certificate or certificates for the Common Shares.  Alternatively, the Company may issue or transfer the Common Shares net of the number of shares sufficient to satisfy the withholding tax requirements.  For withholding tax purposes, the Common Shares shall be valued on the date the withholding obligation is incurred.

13.RIGHT TO TERMINATE EMPLOYMENT.  Nothing in this Agreement shall confer upon the Employee the right to continue in the employment of the Company, its subsidiaries or its affiliates or affect any right which the Company, its subsidiaries or its affiliates may have to terminate the employment of the Employee.

14.         ADJUSTMENTS.  In the event of any change in the outstanding common stock of the Company by reason of stock splits, reverse stock splits, stock dividends or distributions, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares or the like, the Board shall make an equitable adjustment to the number of Common Shares issuable under this Agr eement, and take any and all other actions deemed appropriate by the Board.

15.          STOCK RESERVED.  The Company shall at all times during the term of this Agreement reserve and keep available the number of Common Shares necessary and sufficient to satisfy the terms of this Agreement.

16.          SEVERABILITY.  Every part, term or provision of this Agreement is severable from the others.  Notwithstanding any possible future finding by a duly constituted authority that a particular part, term or provision is invalid, void or unenforceable, this Agreement has been made with the clear intention that the validity and enforceability of the remaining parts, term s and provisions shall not be affected thereby.

17.          NOTICE.  Any notice to be delivered under this Agreement shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company or the Employee at their last known address.

18.          GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the applicable Federal law and, to the extent otherwise applicable, the laws of the State of Texas.

19.          HEADINGS.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe the provisions of this Agreement.

20.          BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

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21.          INCORPORATION OF PLAN.  The Restricted Stock Award is granted pursuant to the terms of the Plan, which is incorporated herein by reference, and this Agreement shall in all respects be interpreted in accordance with the Plan.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall completely superse de and replace the conflicting terms of this Agreement.  All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.

22.          MODIFICATION.  This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code, as amended (the “Code”).  The Company may change or modify the terms of this Agreement without the Employee’s consent or signature if the Company determines, in its sole discretion, that such change or modification is necessary for purposes of compl iance with or exemption from the requirements of Section 409A of the Code or any regulations or other guidance issued thereunder.  Notwithstanding the previous sentence, the Company may also amend the Plan or this Agreement or revoke the Restricted Stock Award to the extent permitted by the Plan.

IN WITNESS WHEREOF, the parties hereto have caused this Restricted Stock Award Agreement to be executed as of the Effective Date.

"COMPANY"	STAGE STORES, INC.,
"EMPLOYEE"	BY:  ________________________________________ ___________________, _______________ ____________________________________________

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EXHIBIT 10.9

STAGE STORES, INC.

RESTRICTED STOCK AWARD AGREEMENT

THIS RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”) is made effective as of the ______ of _______________, 20___ (the "Effective Date"), by and between Stage Stores, Inc.,a Nevada corporation (hereinafter called the "Company"), and _______________, an employee of the Company, its subsidiaries or its affiliates (hereinafter called the "Employee").

WHEREAS, the Board of Directors of the Company (the "Board") has adopted the Stage Stores, Inc. Amended and Restated 2008 Equity Incentive Plan (the "Plan"), as it may be amended from time to time; and

WHEREAS, the Company considers it desirable and in the Company's best interests that the Employee be given an opportunity to acquire Common Shares in furtherance of the Plan to provide incentive for the Employee to remain an employee of the Company, its subsidiaries or its affiliates and to promote the growth, earnings and success of the Company.

NOW, THEREFORE, in consideration of the premises, it is agreed as follows:

1.           GRANT OF RESTRICTED STOCK.  The Company hereby grants to the Employee as of the Effective Date a restricted stock award of __________shares (the “Restricted Stock Award”) of the Company’s authorized voting common stock, par value $0.01 (the  220;Common Shares”), pursuant to the terms and conditions contained herein and the terms and conditions of the Plan.

2.           VESTING.  Except as otherwise set forth in this Agreement, the Employee will become fully vested with respect to this Restricted Stock Award on ____________, 20___, provided the Employee continuously serves as an employee of the Company at all times beginning with the date of this Agreement and continuing until ____________, 20___ (the “Restricted Period”).

3.           SHAREHOLDER RIGHTS.  During the Restricted Period, the Restricted Stock Award will be held in book name by the Company.  Subject to the terms of this Agreement, the Employee shall have all rights of a shareholder with respect to the Restricted Stock Award during the Restricted Period, including the right to vote and receive dividends, if any, on the Restricte d Stock Award, provided that the Restricted Stock Award has not been forfeited to the Company pursuant to Section 8 below.

4.           DEATH OF EMPLOYEE.  If the Employee’s employment with the Company is terminated due to death, the Restricted Stock Award will immediately vest.

5.           DISABILITY OF EMPLOYEE.  If the Employee’s employment with the Company is terminated due to disability, the Restricted Stock Award will immediately vest.  For the purposes of this Agreement, the Employee shall be deemed to have terminated his or her employment by the Company by reason of disability, if the Committee shall determine that the physical or mental condition of the Employee by reason of which his or her employment terminated was such at that time as would entitle him or her to payment of monthly disability benefits under any Company disability plan.  If the Employee is not eligible for benefits under

any disability plan of the Company, he or she shall be deemed to have terminated his or her employment by reason of disability if the Committee shall determine that his or her physical or mental condition would entitle him or her to benefits under any Company disability plan if he or she were eligible therefor.

6.           RETIREMENT OF EMPLOYEE.  If the Employee’s employment with the Company is terminated due to retirement (as determined by the Board), the Restricted Stock Award will immediately vest.

7.           CHANGE IN CONTROL.  In the event of a Change in Control, the Restricted Stock Award will immediately vest and the Common Shares will be payable to the Employee within thirty days of the Change of Control.  For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred:

(a)           on such date within the 12-month period following the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that represents twenty-five percent (25%) or more of the combined voting power of the Company’s then outstanding securities (the “Trigger Date”), that a majority of the individuals who, as of the Trigger Date, constitute the Board (the “Incumbent Board”) are replaced by new members whose appointment or election is not endorsed by a majority of the members of the Incumbent Board before the date of such appointment or election;

(b)           as of the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that, together with stock held by such person or group, constitutes more than 50% of either (1) the then outstanding shares of common stock of the Company or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, if any one person or more than one person acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons shall not be considered to cause a Change in Control; or

(c)           the date any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) all, or substantially all, of the assets of the Company, except for any sale, lease exchange or transfer resulting from any action taken by any creditor of the Company in enforcing its rights or remedies against any assets of the Company in which such creditor holds a security interest.  Provided further, a transfer of assets by the Company shall not be treated as a Change in Control if the assets are transferred to:

(i)           A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock;

(ii)           An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company;

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(iii)           A person, or more than one person acting as a group, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company; or

(iv)           An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in paragraph (iii) herein.

For purposes of subsection (c) and except as otherwise provided in paragraph (i), a person’s status is determined immediately after the transfer of the assets.

8.OTHER TERMINATION OF EMPLOYMENT.  If the Employee leaves the Company for any reason other than death, disability or retirement before vesting, the unvested portion of the Restricted Stock Award shall be forfeited.  

9.           ISSUANCE OF COMMON SHARES.

(a)           Upon the expiration of the Restricted Period without forfeiture, the Company shall cause a certificate or certificates to be issued to the Employee for the number of Common Shares under the Restricted Stock Award.  Common Shares issued pursuant to this Agreement which have not been registered with the Securities and Exchange Commission shall bear substantially the following legend:

The Securities represented by this Certificate have not been registered under the United States Securities Act of 1933 (the "Act") and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

(b)           The Company shall not be required to transfer or deliver any certificate or certificates for Common Shares under this Agreement:  (i) until after compliance with all then applicable requirements of law; and (ii) prior to admission of the Common Shares to listing on any stock exchange on which the Common Shares may then be listed.  In no event shall the Company be required to issue fractional shares to the Employee or his or her successor.

10.GENERAL RESTRICTIONS.  The grant of the Restricted Stock Award under this Agreement shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Common Shares subject or related thereto upon any securities exchange or under any state or Federal law, (ii) the consent or approval of any government regulatory body, or (iii) an agreement by the Employee with respect to the disposition of Common Shares is necessary or desirable as a condition of, or in connection with, the issuance of Common Shares thereunder, then the issuance of the Common Shares may not be consummated in whole or in part unless the listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board.

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11.ASSIGNMENT.  The rights under this Agreement shall not be assignable or transferable by the Employee, except by will or by the laws of descent and distribution.  Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the rights under this Agreement contrary to the provisions hereof shall be null and void and without effect.  

12.WITHHOLDING TAXES.  Whenever the Company proposes or is required to issue or transfer Common Shares under this Agreement, the Company shall have the right to require the Employee to remit to the Company an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to the deli very of any certificate or certificates for the Common Shares.  Alternatively, the Company may issue or transfer the Common Shares net of the number of shares sufficient to satisfy the withholding tax requirements.  For withholding tax purposes, the Common Shares shall be valued on the date the withholding obligation is incurred.

13.RIGHT TO TERMINATE EMPLOYMENT.  Nothing in this Agreement shall confer upon the Employee the right to continue in the employment of the Company, its subsidiaries or its affiliates or affect any right which the Company, its subsidiaries or its affiliates may have to terminate the employment of the Employee.

14.          ADJUSTMENTS.  In the event of any change in the outstanding common stock of the Company by reason of stock splits, reverse stock splits, stock dividends or distributions, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares or the like, the Board shall make an equitable adjustment to the number of Common Shares issuable under th is Agreement, and take any and all other actions deemed appropriate by the Board.

15.          STOCK RESERVED.  The Company shall at all times during the term of this Agreement reserve and keep available the number of Common Shares necessary and sufficient to satisfy the terms of this Agreement.

16.          SEVERABILITY.  Every part, term or provision of this Agreement is severable from the others.  Notwithstanding any possible future finding by a duly constituted authority that a particular part, term or provision is invalid, void or unenforceable, this Agreement has been made with the clear intention that the validity and enforceability of the remaining parts, term s and provisions shall not be affected thereby.

17.          NOTICE.  Any notice to be delivered under this Agreement shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company or the Employee at their last known address.

18.          GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the applicable Federal law and, to the extent otherwise applicable, the laws of the State of Texas.

19.          HEADINGS.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe the provisions of this Agreement.

20.          BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

4

21.          INCORPORATION OF PLAN.  The Restricted Stock Award is granted pursuant to the terms of the Plan, which is incorporated herein by reference, and this Agreement shall in all respects be interpreted in accordance with the Plan.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall completely superse de and replace the conflicting terms of this Agreement.  All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.

22.          MODIFICATION.  This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code, as amended (the “Code”).  The Company may change or modify the terms of this Agreement without the Employee’s consent or signature if the Company determines, in its sole discretion, that such change or modification is necessary for purposes of compl iance with or exemption from the requirements of Section 409A of the Code or any regulations or other guidance issued thereunder.  Notwithstanding the previous sentence, the Company may also amend the Plan or this Agreement or revoke the Restricted Stock Award to the extent permitted by the Plan.

IN WITNESS WHEREOF, the parties hereto have caused this Restricted Stock Award Agreement to be executed as of the Effective Date.

"COMPANY"	STAGE STORES, INC.,
"EMPLOYEE"	BY:  ________________________________________ ___________________, _______________ ____________________________________________

5

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M1C$X13D^/$4W13DV,3-",S`Q-T8P-#-!0S5$-C$S,S')E9@T*,CDY.34-"B4E14]�H_ ` end EX-10.10 15 ex10_10.htm STAGE STORES, INC., FORM 10-K, EX 10.10

EXHIBIT 10.10

STAGE STORES, INC.

NONSTATUTORY STOCK OPTION AGREEMENT

THIS AGREEMENT is made effective as of the _______ day of __________, _____ (the "Effective Date"), by and between STAGE STORES, INC., a Nevada corporation (hereinafter called the "Company"), and _____________, an employee of the Company, its subsidiaries or its affiliates (hereinafter called the "Employee").

WHEREAS, the Board of Directors of the Company (the "Board") has adopted the Stage Stores, Inc. Amended and Restated 2001 Equity Incentive Plan (the "Plan"); and

WHEREAS, the Company considers it desirable and in the Company's best interests that the Employee be given an opportunity to purchase Common Shares in furtherance of the Plan to provide incentive for the Employee to remain an employee of the Company, its subsidiaries or its affiliates and to promote the growth, earnings and success of the Company.

NOW, THEREFORE, in consideration of the premises, it is agreed as follows:

1.           GRANT OF OPTION.  The Company hereby grants to the Employee the right, privilege and option to purchase a total of _______________ (__________) Common Shares (the "Stock Option"), in the manner and subject to the conditions as hereinafter provided.  For purp oses of this Agreement, "Common Shares" shall mean the Company's presently authorized voting common stock, par value $0.01, and “Option Shares” shall mean the number of Common Shares available under this Stock Option.

2.           OPTION PRICE.  The Option Price deliverable upon the exercise of a Stock Option shall be $__________ per Common Share (the "Option Price").

3.           TERM, VESTING AND LIMITATION ON EXERCISE.  The Stock Option may be exercised during a period of seven (7) years from the Effective Date of the Stock Option (the "Option Term").  The Stock Option may not be exercised after the expiration of its Option Term.  The Stock Option shall not vest and become exercisable by Employee until __________, 20_ ____, at which time 100% of the Stock Option shall vest and become exercisable.

Notwithstanding the above, if the Employee retires or becomes permanently disabled (as each is determined by the Board in accordance with the Plan) or dies during the vesting period, the Employee shall become vested in the Option Shares according to the following vesting schedule:

Period from Effective Date	Cumulative Percentage of Option Shares Which May Be Exercised
Less than 1 year	33.3%
More than 1 year, but less than 2 years	66.7%
More than 2 years	100%

Notwithstanding the above, in the event of a Change of Control (as defined in Section 23 of this Agreement), all Option Shares granted under this Agreement shall immediately vest and be exercisable by Employee.

4.           PAYMENT OF OPTION PRICE.  The entire Option Price with respect to the exercise of a Stock Option shall be payable in full at the time of the exercise of the Stock Option.  The Option Price may be paid in cash or, in whole or in part, through the surrender of a portion of the vested Option Shares at the fair market value of the Common Shares on the exercise da te or through previously acquired Common Shares at their fair market value on the exercise date.  If Employee elects to surrender vested Option Shares in payment of all or a portion of the Option Price, such Option Shares surrendered shall be cancelled and Employee waives all rights thereunder.  For purposes of this Agreement, fair market value means the closing price on that date, or on the next business day if that date is not a business day, of a Common Share as the price is reported on the applicable exchange or market on which the Common Shares are traded; provided that, if the Common Shares shall not be reported on an exchange or market, the fair market value of Common Shares shall be as determined in good faith by the Board in such reasonable manner as it may deem appropriate in accordance with applicable law.  For purposes of this Agreement, reference to the “Board” shall include the Compensation Committee to the extent that the Board has designated the Compe nsation Committee to administer the Plan.

5.           NONQUALIFIED STOCK OPTION.  The Stock Option granted under this Agreement shall be a “non-qualified” stock option subject to Section 83 of the Internal Revenue Code (the “Code”), and is not an “incentive stock option” within the meaning of Section 422 of the Code.

6.           DEATH OF EMPLOYEE.  Upon the death of the Employee, the Stock Option, to the extent exercisable on the date of his or her death, may be exercised by the Employee's estate, or by a person who acquires the right to exercise the Stock Option by bequest or inheritance or by reason of the death of the Employee, provided that the exercise occurs within the remaining Option T erm, but in no event more than one (1) year after the date of the Employee's death.  Any portion of the Stock Option not exercised within such 1-year period shall terminate.  The provisions of this Section 6 shall apply notwithstanding the fact that the Employee's employment may have been terminated prior to his or her death, but only to the extent of the portion of the Stock Option exercisable by the Employee on the date of his or her death.

7.           RETIREMENT OR DISABILITY OF EMPLOYEE.  Upon the termination of the Employee's employment with the Company by reason of the retirement or permanent disability of the Employee (as each is determined by the Board in accordance with the Plan), the Employee may, within sixty (60) days from the date of the termination, exercise the

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Stock Option to the extent the Stock Option was exercisable on the date of the termination of Employee’s employment with the Company, provided that the exercise occurs within the remaining Option Term.  Any portion of the Stock Option not exercised within such 60-day period shall terminate.

8.           OTHER TERMINATION OF EMPLOYMENT.  Upon the termination of the Employee's employment with the Company other than as provided in Sections 6 and 7 above, the Employee may, within sixty (60) days from the date of the termination, exercise the Stock Option to the extent the Stock Option was exercisable on the date of the termination of Employee’s employment with the C ompany, provided that the exercise occurs within the remaining Option Term.  Any portion of the Stock Option not exercised within such 60-day period shall terminate.

9.           EXERCISE OF OPTION.

(a)           To exercise the Stock Option, the Employee or his or her successor shall give written notice to the Company's Treasurer at the Company's principal office, accompanied by full payment of the Option Price for the Common Shares being purchased and a written statement that the Common Shares are being purchased for investment and not with a view to distribution; however, this statement shall not be required if the Common Shares subject to the Stock Option are registered with the Securities and Exchange Commission.  If the Stock Option is exercised by the  successor of the Employee following t he Employee's death, proof shall be submitted, satisfactory to the Company, of the right of the successor to exercise the Stock Option.

(b)           Common Shares issued pursuant to this Agreement which have not been registered with the Securities and Exchange Commission shall bear the following legend:

The Securities represented by this Certificate have not been registered under the United States Securities Act of 1933 (the "Act") and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

(c)           The Company shall not be required to transfer or deliver any certificate or certificates for Common Shares purchased upon any exercise of this Stock Option:  (i) until after compliance with all then applicable requirements of law; and (ii) prior to admission of the Common Shares to listing on any stock exchange on which the Common Shares may then be listed.  In no event shall the Company be required to issue fractional shares to the Employee or his or her successor.

10.           GENERAL RESTRICTIONS.  The Stock Option shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Common Shares subject or related thereto upon any securities

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exchange or under any state or Federal law, (ii) the consent or approval of any government regulatory body, or (iii) an agreement by the Employee with respect to the disposition of Common Shares is necessary or desirable as a condition of, or in connection with, the granting of the Stock Option or the issue or purchase of Common Shares thereunder, the granting of the Stock Option or the issue or purchase of the Common Shares may not be consummated in whole or in part unless the listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board.

11.           ASSIGNMENT.  The rights under this Agreement shall not be assignable or transferable by the Employee, except by will or by the laws of descent and distribution.  Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the rights under this Agreement contrary to the provisions hereof shall be null and void and without effect. & #160;During the lifetime of the Employee, any right under this Agreement shall be exercisable only by the Employee or his or her guardian or legal representative.

12.           WITHHOLDING TAXES.  Whenever the Company proposes or is required to issue or transfer Common Shares under this Agreement, the Company shall have the right to require the Employee to remit to the Company an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to the delivery of any certificate or certificates for the Common Sh ares.  Alternatively, the Company may issue or transfer the Common Shares net of the number of shares sufficient to satisfy the withholding tax requirements.  For withholding tax purposes, the Common Shares shall be valued on the date the withholding obligation is incurred.

13.           RIGHT TO TERMINATE EMPLOYMENT.  Nothing in this Agreement shall confer upon the Employee the right to continue in the employment of the Company, its subsidiaries or its affiliates or affect any right which the Company, its subsidiaries or its affiliates may have to terminate the employment of the Employee.

14.           RIGHTS AS A SHAREHOLDER.  Neither the Employee, his or her legal representative, nor other persons entitled to exercise the Stock Option under this Agreement shall have any rights of a shareholder in the Company with respect to the shares issuable upon exercise of the Stock Option unless and until a certificate or certificates representing the Common Shares shall have been issued to him or her pursuant to the terms hereof.

15.           ADJUSTMENTS.  In the event of any change in the outstanding common stock of the Company by reason of stock splits, reverse stock splits, stock dividends or distributions, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares or the like, the Board shall appropriately adjust the number of Common Shares issued under this Agre ement, the Option Price, and any and all other matters deemed appropriate the Board.

16.           STOCK RESERVED.  The Company shall at all times during the term of this Agreement reserve and keep available the number of Common Shares as will be sufficient to satisfy the terms of this Agreement.

17.           SEVERABILITY.  Every part, term or provision of this Agreement is severable from the others.  Notwithstanding any possible future finding by a duly constituted authority that

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a particular part, term or provision is invalid, void or unenforceable, this Agreement has been made with the clear intention that the validity and enforceability of the remaining parts, terms and provisions shall not be affected thereby.

18.           NOTICE.  Any notice to be delivered under this Agreement shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company or the Employee at their last known address.

19.           GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the applicable Federal law and, to the extent otherwise applicable, the laws of the State of Nevada.

20.           HEADINGS.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe the provisions.

21.           BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

22.           INCORPORATION OF PLAN.  The Stock Option is granted pursuant to the terms of the Plan, which is incorporated herein by reference, and the Stock Option shall in all respects be interpreted in accordance with the Plan.  Any capitalized term not otherwise defined in this Agreement shall have the meaning as defined in the Plan.

23.           CHANGE OF CONTROL.  In the event of a Change of Control, all Stock Options granted under this Agreement shall immediately vest and be exercisable by Employee.  For purposes of this Agreement, a “Change of Control” shall be deemed to have occurred if (i) any “person” or “group” (as such terms are used in Section 1 3(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities and within one (1) year after such “person” or “group” acquires 50% or more of the combined voting power of the Company (the “Trigger Date”) the members of the Board immediately prior to the Trigger Date cease to constitute a majority of the Board, (ii) there shall be consummated any consolidation or merger of the Company in which the Company is not the surviving or continuing corporation or pursuant to which shares of the Company’s Common Shares would be converted into cash, securities or other property, other than a merger of the Company in which the holders of the Company’s Common Shares immediately prior t o the merger have (directly or indirectly) at least a 51% ownership interest in the outstanding Common Shares of the surviving corporation immediately after the merger, or (iii) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Company, except for any sale, lease exchange or transfer resulting from any action taken by any creditor of the Company in enforcing its rights or remedies against any assets of the Company in which such creditor holds a security interest.

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IN WITNESS WHEREOF, the parties hereto have caused this Nonstatutory Stock Option Agreement to be executed as of the Effective Date.

"COMPANY"	STAGE STORES, INC., By:________________________________________        Ronald Lucas, EVP, Human Resources
"EMPLOYEE"	___________________________________________ __________________, an individual

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EXHIBIT 10.11

STAGE STORES, INC.

NONSTATUTORY STOCK OPTION AGREEMENT

THIS NONSTATUTORY STOCK OPTION AGREEMENT (the “Agreement”) is made effective as of the _____ day of __________, 20____ (the "Effective Date"), by and between STAGE STORES, INC., a Nevada corporation (hereinafter called the "Company"), and _____________, an employee of the Company, its subsidiaries or its affiliates (hereinafter called the "Employee").

WHEREAS, the Board of Directors of the Company (the "Board") has adopted the Stage Stores, Inc.  Amended and Restated 2008 Equity Incentive Plan (the "Plan"), as it may be amended from time to time; and

WHEREAS, the Company considers it desirable and in the Company's best interests that the Employee be given an opportunity to purchase Common Shares in furtherance of the Plan to provide incentive for the Employee to remain an employee of the Company, its subsidiaries or its affiliates and to promote the growth, earnings and success of the Company.

NOW, THEREFORE, in consideration of the premises, it is agreed as follows:

1.           GRANT OF OPTION.  The Company hereby grants to the Employee the right, privilege and option to purchase a total of __________________(_________) Common Shares (the "Stock Option"), in the manner and subject to the conditions as hereinafter provided.  For purposes of this Agreement, "Common Shares" shall mean the Company's authorized voting common stock, par value $0.01, and “Option Shares” shall mean the number of Common Shares available under this Agreement.

2.           OPTION PRICE.  The payment deliverable upon the exercise of a Stock Option shall be $__________ per Common Share (the "Option Price"),which is the Fair Market Value (as defined below) of a Common Share on the Effective Date.  For purposes of this Agreement, Fair Market Value means the closing price on that date, or on the next business day if that date is not a business day, of a Common Share as the price is reported on the applicable exchange or market on which the Common Shares are traded; provided that, if the Common Shares are not be reported on an exchange or market, the fair market value of Common Shares shall be as determined in good faith by the Board in such reasonable manner as it may deem appropriate in accordance with applicable law. For purposes of this Agreement, reference to the “Board” shall include the Compensation Committee (the “Committee”) to the extent that the Board has designated the Committee to administer the Plan.

3.           TERM, VESTING AND LIMITATION ON EXERCISE.  The Stock Option may be exercised during a period of seven (7) years from the Effective Date of this Agreement (the "Option Term").  The Stock Option may not be exercised after the expiration of its Option Term.  Except as otherwise set forth in th is Agreement, the Stock Option shall vest and become exercisable by Employee on ______________, 20______.

4.           DEATH OF EMPLOYEE.  If the Employee’s employment with the Company is terminated due to death, the unvested Stock Option will immediately vest and the Employee’s estate will have one year from the date of death to exercise the Stock Option, provided that the exercise occurs within the remaining Opti on Term.  Any portion of the Stock Option not exercised within the one year period shall terminate.

5.           DISABILITY OF EMPLOYEE.  If the Employee’s employment with the Company is terminated due to disability, the unvested Stock Option will immediately vest and he or she will have one year from the date of termination to exercise th e Stock Option, provided that the exercise occurs within the remaining Option Term.  Any portion of the Stock Option not exercised within the one year period shall terminate.  For the purposes of this Agreement, the Employee shall be deemed to have terminated his or her employment by the Company by reason of disability, if the Committee shall determine that the physical or mental condition of the Employee by reason of which such employment terminated was such at that time as would entitle him or her to payment of monthly disability benefits under any Company disability plan.  If the Employee is not eligible for benefits under any disability plan of the Company, he or she shall be deemed to have terminated such employment by reason of disability if the Committee shall determine that his or her physical or mental condition would entitle him or her to benefits under any Company disability plan if he or she were eligible therefor.

6.           RETIREMENT OF EMPLOYEE.  If the Employee’s employment with the Company is terminated due to retirement (as determined by the Board), the unvested Stock Option will immediately vest and he or she will have one year from the date of termination to exercise all the Stock Option,  provided that the exercise occurs within the remaining Option Term.  Any portion of the Stock Option not exercised within the one year period shall terminate.

7.           CHANGE IN CONTROL.  In the event of a Change In Control, the Stock Option will immediately vest and will be exercisable.For purposes of this Agreement, a “Change in Control 221; shall be deemed to have occurred:

(a)           on such date within the 12-month period following the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that represents twenty-five percent (25%) or more of the combined voting power of the Company’s then outstanding securities (the “Trigger Date”), that a majority of the individuals who, as of the Trigger Date, constitute the Board (the “Incumbent Board”) are replaced by new members whose appointment or election is not endorsed by a majority of the members of the Incumbent Board before the date of such appointment or election;

(b)           as of the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that, together with stock held by such person or group, constitutes more than 50% of either (1) the then outstanding shares of common stock of the Company or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, if any one person or more than one person acting as a

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group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons shall not be considered to cause a Change in Control; or

(c)           the date any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) all, or substantially all, of the assets of the Company, except for any sale, lease exchange or transfer resulting from any action taken by any creditor of the Company in enforcing its rights or remedies against any assets of the Company in which such creditor holds a security interest.  Provided further, a transfer of assets by the Company shall not be treated as a Change in Control if the assets are transferred to:

(i)           A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock;

(ii)           An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company;

(iii)           A person, or more than one person acting as a group, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company; or

(iv)           An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in paragraph (iii) herein.

For purposes of subsection (c) and except as otherwise provided in paragraph (i), a person’s status is determined immediately after the transfer of the assets.

8.  OTHER TERMINATION OF EMPLOYMENT. Upon the termination of the Employee’s employment with the Company for any reason other than death, disability or retirement, the Employee will have sixty (60) days from the date of termination to exercise any ves ted Stock Option provided that the exercise occurs within the remaining Option Term.  Any portion of the Stock Option not exercised within the sixty (60) day period shall terminate.

9.           NONQUALIFIED STOCK OPTION.  The Stock Option granted under this Agreement shall be a “non-qualified” stock option subject to Section 83 of the Internal Revenue Code (the “Code”), and is not an “incentive stock option” within the meaning of Section 422 of the Code.

10.         EXERCISE OF OPTION.

(a)           To exercise the Stock Option, the Employee or his or her successor shall give written notice to the Company's Treasurer at the Company's principal office, accompanied by full payment of the Option Price for the Common Shares being purchased and a written statement that the Common Shares are being purchased for investment and not with a view to

3

distribution; however, this statement shall not be required if the Common Shares subject to the Stock Option are registered with the Securities and Exchange Commission.  If the Stock Option is exercised by the  successor of the Employee following the Employee's death, proof shall be submitted, satisfactory to the Company, of the right of the successor to exercise the Stock Option.

(b)           Common Shares issued pursuant to this Agreement which have not been registered with the Securities and Exchange Commission shall bear the following legend:

The Securities represented by this Certificate have not been registered under the United States Securities Act of 1933 (the "Act") and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

(c)           The Company shall not be required to transfer or deliver any certificate or certificates for Common Shares purchased upon any exercise of this Stock Option:  (i) until after compliance with all then applicable requirements of law; and (ii) prior to admission of the Common Shares to listing on any stock exchange on which the Common Shares may then be listed.  In no event shall the Company be required to issue fractional shares to the Employee or his or her

11.           PAYMENT OF OPTION PRICE.  The entire Option Price with respect to the exercise of a Stock Option shall be payable in full at the time of the exercise of the Stock Option.  The Option Price may be paid in cash or, in whole or in part, through the surrender of a portion of the vested Option Shares at the Fair Market Value of the Common Shares on the exercise date or through previously acquired Common Shares at their Fair Market Value on the exercise date.  If Employee elects to surrender vested Option Shares in payment of all or a portion of the Option Price, the Option Shares surrendered shall be cancelled and Employee waives all rights thereunder.

12.           GENERAL RESTRICTIONS.  The Stock Option shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Common Shares subject or related thereto upon any securities exchange or under any state or Federal law, (ii) 0;the consent or approval of any government regulatory body, or (iii) an agreement by the Employee with respect to the disposition of Common Shares is necessary or desirable as a condition of, or in connection with, the granting of the Stock Option or the issue or purchase of Common Shares thereunder, the granting of the Stock Option or the issue or purchase of the Common Shares may not be consummated in whole or in part unless the listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board.

13.           ASSIGNMENT.  The rights under this Agreement shall not be assignable or transferable by the Employee, except by will or by the laws of descent and distribution.  Any

4

attempted assignment, transfer, pledge, hypothecation, or other disposition of the rights under this Agreement contrary to the provisions hereof shall be null and void and without effect.  During the lifetime of the Employee, any right under this Agreement shall be exercisable only by the Employee or his or her guardian or legal representative.

14.           WITHHOLDING TAXES.  Whenever the Company proposes or is required to issue or transfer Common Shares under this Agreement, the Company shall have the right to require the Employee to remit to the Company an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to the d elivery of any certificate or certificates for the Common Shares.  Alternatively, the Company may issue or transfer the Common Shares net of the number of shares sufficient to satisfy the withholding tax requirements.  For withholding tax purposes, the Common Shares shall be valued on the date the withholding obligation is incurred.

15.           RIGHT TO TERMINATE EMPLOYMENT.  Nothing in this Agreement shall confer upon the Employee the right to continue in the employment of the Company, its subsidiaries or its affiliates or affect any right which the Company, its subsidiaries or its affiliates may have to terminate the employment of the Employee.

16.           RIGHTS AS A SHAREHOLDER.  Neither the Employee, his or her legal representative, nor other persons entitled to exercise the Stock Option under this Agreement shall have any rights of a shareholder in the Company with respect to the shares issuable upon exercise of the Stock Option unless and until a certifica te or certificates representing the Common Shares shall have been issued to him or her pursuant to the terms of this Agreement.

17.           ADJUSTMENTS.  In the event of any change in the outstanding common stock of the Company by reason of stock splits, reverse stock splits, stock dividends or distributions, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares or the like, the Board shall appropriate ly adjust the number of Common Shares issued under this Agreement, the Option Price, and any and all other matters deemed appropriate the Board.

18.           STOCK RESERVED.  The Company shall at all times during the term of this Agreement reserve and keep available the number of Common Shares as will be sufficient to satisfy the terms of this Agreement.

19.           SEVERABILITY.  Every part, term or provision of this Agreement is severable from the others.  Notwithstanding any possible future finding by a duly constituted authority that a particular part, term or provision is invalid, void or unenforceable, this Agreement has been made with the clear intention that the validity and enforceability of the remaining parts, terms and provisions shall not be affected thereby.

20.           NOTICE.  Any notice to be delivered under this Agreement shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company or the Employee at their last known address.

21.           GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the applicable Federal law and, to the extent otherwise applicable, the laws of the State of Texas.

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22.           HEADINGS.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe the provisions of this Agreement.

23.           BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

24.           INCORPORATION OF PLAN.  The Stock Option is granted pursuant to the terms of the Plan, which is incorporated herein by reference, and this Agreement shall in all respects be interpreted in accordance with the Plan.  Any capitalized term not otherwise defined in this Agreement shall have the meaning as defined in the Plan.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall completely supersede and replace the conflicting terms of this Agreement.  All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.

25.           MODIFICATION.  This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code, as amended (the “Code”).  The Company may change or modify the terms of this Agreement, including, without limitation, the Option Price, without the Employee’s consent or signature if the Company determines, in its sole discretion, that such chang e or modification is necessary for purposes of compliance with or exemption from the requirements of Section 409A of the Code or any regulations or other guidance issued thereunder.  Notwithstanding the previous sentence, the Company may also amend the Plan or this Agreement or revoke the Stock Option to the extent permitted by the Plan.

IN WITNESS WHEREOF, the parties hereto have caused this Nonstatutory Stock Option Agreement to be executed as of the Effective Date.

"COMPANY"	STAGE STORES, INC., By:________________________________________        ___________________, _________________
"EMPLOYEE"	___________________________________________ __________________, an individual

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EXHIBIT 10.12

STAGE STORES, INC.

NONSTATUTORY STOCK OPTION AGREEMENT

THIS NONSTATUTORY STOCK OPTION AGREEMENT (the “Agreement”) is made effective the _____ day of __________ 20____ (the “Date of Grant”), by and between STAGE STORES, INC., a Nevada corporation (hereinafter called the “Company”), and ________________, a member of the Board of Directors of the Company (hereinafter called the “Director”).

WHEREAS, the Board of Directors of the Company (the “Board”) has adopted, and the Company’s shareholders have approved, the Stage Stores, Inc. Amended and Restated 2001 Equity Incentive Plan (the “Plan”); and

WHEREAS, the Company considers it desirable and in the Company’s best to reward, retain and attract non-employee Directors of the Company and to provide non-employee Directors with the opportunity to align their interests with those of the shareholders of the Company; and

WHEREAS, the Company’s Corporate Governance Guidelines provide that upon a new Director’s appointment to the Board, the Director will be granted Stock Options of the Company’s common stock valued at $_____________ based on a Black Scholes concept Pricing Model (the “Initial Grant”).

NOW, THEREFORE, in consideration of the premises, it is agreed as follows:

1.           GRANT OF OPTION.  The Company hereby grants to the Director the right, privilege and option to purchase a total of __________________ Common Shares (the “Stock Option”), in the manner and subject to the conditions as hereinafter provided.  For purposes of this Agreement, “Common Shares” shall mean the Company’s presently authoriz ed voting common stock, par value $0.01.

2.           OPTION PRICE.  The Option Price deliverable upon the exercise of a Stock Option shall be $_________ per Common Share, which is the closing market price of the shares on _______________, the date the Director began his initial service to the Board of the Company (the & #8220;Option Price”).

3.           TERM, VESTING AND LIMITATION ON EXERCISE.  The term of this Stock Option is seven (7) years from the Date of Grant of the Stock Option (the “Option Term”).  The Stock Option may not be exercised after the expiration of its Option Term.  The Stock Option shall vest and become exercisable by the Director according to the following schedule :

Period from Date of Grant	Cumulative Percentage of Option Shares Which May Be Exercised
1 year	25%
2 years	50%
3 years	75%
4 years	100%

Notwithstanding the above vesting schedule, in the event of a Change of Control (as defined in Section 23 of this Agreement), the Stock Option granted under this Agreement shall immediately vest and be exercisable by the Director.

4.           PAYMENT OF OPTION PRICE.  The entire Option Price with respect to the exercise of a Stock Option shall be payable in full at the time of the exercise of the Stock Option.  The Option Price may be paid in cash or, in whole or in part, through the surrender of a portion of the vested Stock Options held by the Director at the fair market value of the Common Shar es on the exercise date or through previously acquired Common Shares at their fair market value on the exercise date.  If the Director elects to surrender vested Stock Options in payment of all or a portion of the Option Price, such Stock Options surrendered shall be cancelled and the Director waives all rights thereunder.  For purposes of this Agreement, fair market value means the closing price on that date, or on the next business day if that date is not a business day, of a Common Share as the price is reported on the applicable exchange or market on which the Common Shares are traded; provided that, if the Common Shares shall not be reported on an exchange or market, the fair market value of Common Shares shall be as determined in good faith by the Board in such reasonable manner as it may deem appropriate in accordance with applicable law.  For purposes of this Agreement, reference to the “Board” shall include the Compensation Committee to the extent that the B oard has designated the Compensation Committee to administer the Plan.

5.           NONQUALIFIED STOCK OPTIONS.  The Stock Option granted under this Agreement shall be a “non-qualified” stock option subject to Section 83 of the Internal Revenue Code (the “Code”), and is not an “incentive stock option” within the meaning of Section 422 of the Code.

6.           DEATH OF DIRECTOR.  Upon the death of the Director, the Stock Option shall vest and may be exercised by the Director’s estate, or by a person who acquires the right to exercise the Stock Option by bequest or inheritance or by reason of the death of the Director, provided that the exercise occurs within the remaining Option Term, but in no event more than one (1) year after the date of the Director’s death.  Any portion of the Stock Option not exercised within such 1-year period shall terminate.

7.           RETIREMENT OR DISABILITY OF DIRECTOR.  In the event the Director ceases to be a member of the Board by reason of the Director’s Retirement (as defined below) or permanent disability (as determined by the Board), the Stock Option shall vest and the Director may, within one (1) year from the date the Director ceases to be a member of the Board, exercise the Stock O ption, provided that the exercise occurs within the remaining Option Term.  Any portion of the Stock Option not exercised within such one (1) year period shall terminate.  For purposes of this Agreement, the term “Retirement” means attaining the age at which a member of the Board must cease serving on the Board as set forth in the Company’s Corporate Governance Guidelines (which age is currently 75 years old).

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8.           OTHER CESSATION OF DIRECTORSHIP.  In the event the Director ceases to be a member of the Board for any reason other than the Director’s death, Retirement or permanent disability within two (2) years of the Date of Grant, the Stock Option shall terminate.  In the event the Director ceases to be a member of the Board for any reason other than the Director ’s death, Retirement or permanent disability more than two (2) years from the date of grant of the Stock Option, the Director may, within one (1) year from the date the Director ceases to be a member of the Board, exercise the Stock Option to the extent the Stock Option was exercisable on the date the Director ceases to be a member of the Board, provided that the exercise occurs within the remaining Option Term.

9.           EXERCISE OF OPTION.

(a)           To exercise the Stock Option, the Director or his or her successor shall give written notice to the Company’s Treasurer at the Company’s principal office, accompanied by full payment of the Option Price for the Common Shares being purchased and a written statement that the Common Shares are being purchased for investment and not with a view to distribution; however, this statement shall not be required if the Common Shares subject to the Stock Option are registered with the Securities and Exchange Commission.  If the Stock Option is exercised by the successor of the Director following the Director’s death, proof shall be submitted, satisfactory to the Company, of the right of the successor to exercise the Stock Option.

(b)           Common Shares issued pursuant to this Agreement which have not been registered with the Securities and Exchange Commission shall bear the following legend:

The Securities represented by this Certificate have not been registered under the United States Securities Act of 1933 (the “Act”) and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

(c)           The Company shall not be required to transfer or deliver any certificate or certificates for Common Shares purchased upon any exercise of this Stock Option:  (i) until after compliance with all then applicable requirements of law; and (ii) prior to admission of the Common Shares to listing on any stock exchange on which the Common Shares may then be listed.  In no event shall the Company be required to issue fractional shares to the Director or his or her successor.

10.           GENERAL RESTRICTIONS.  The Stock Option shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Common Shares subject or related thereto upon any securities exchange or under any state or Federal law, (ii) the consent or approval of any government regulatory body, or (iii) an agreement by the Director with respect to the disposition of Common Shares is necessary or desirable as a condition of, or in connection with, the granting of the Stock

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Option or the issue or purchase of Common Shares thereunder, the granting of the Stock Option or the issue or purchase of the Common Shares may not be consummated in whole or in part unless the listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board.

11.           ASSIGNMENT.  The rights under this Agreement shall not be assignable or transferable by the Director, except by will or by the laws of descent and distribution.  Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the rights under this Agreement contrary to the provisions hereof shall be null and void and without effect. & #160;During the lifetime of the Director, any right under this Agreement shall be exercisable only by the Director or his or her guardian or legal representative.

12.           WITHHOLDING TAXES.  Whenever the Company proposes or is required to issue or transfer Common Shares under this Agreement, the Company shall have the right to require the Director to remit to the Company an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to the delivery of any certificate or certificates for the Common Sh ares.  Alternatively, the Company may issue or transfer the Common Shares net of the number of shares sufficient to satisfy the withholding tax requirements.  For withholding tax purposes, the Common Shares shall be valued on the date the withholding obligation is incurred.

13.           NO RIGHT TO REMAIN DIRECTOR.  Nothing in this Agreement shall confer upon the Director the right to remain a member of the Board or affect any right which the Company or its shareholders may have to not reelect or to remove the Director as a member of the Board.

14.           RIGHTS AS A SHAREHOLDER.  Neither the Director, his or her legal representative, nor other persons entitled to exercise the Stock Option under this Agreement shall have any rights of a shareholder in the Company with respect to the Common Shares issuable upon exercise of the Stock Option unless and until a certificate or certificates representing the Common Shares sha ll have been issued to him or her pursuant to the terms hereof.

15.           ADJUSTMENTS.  In the event of any change in the outstanding common stock of the Company by reason of stock splits, reverse stock splits, stock dividends or distributions, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares or the like, the Board shall appropriately adjust the number of Common Shares issued under this Agre ement, the Option Price, and any and all other matters deemed appropriate by the Board.

16.           STOCK RESERVED.  The Company shall at all times during the term of this Agreement reserve and keep available the number of Common Shares as will be sufficient to satisfy the terms of this Agreement.

17.           SEVERABILITY.  Every part, term or provision of this Agreement is severable from the others.  Notwithstanding any possible future finding by a duly constituted authority that a particular part, term or provision is invalid, void or unenforceable, this Agreement has been made with the clear intention that the validity and enforceability of the remaining parts , terms and provisions shall not be affected thereby.

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18.           NOTICE.  Any notice to be delivered under this Agreement shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company or the Director at their last known address.

19.           GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the applicable Federal law and, to the extent otherwise applicable, the laws of the State of Texas.

20.           HEADINGS.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe the provisions.

21.           BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

22.           INCORPORATION OF PLAN.  The Stock Option is granted pursuant to the terms of the Plan, which is incorporated herein by reference, and the Stock Option shall in all respects be interpreted in accordance with the Plan.  Any capitalized term not otherwise defined in this Agreement shall have the meaning as defined in the Plan.

23.           CHANGE OF CONTROL.  In the event of a Change of Control, the Stock Option granted under this Agreement shall immediately vest and be exercisable by the Director.  For purposes of this Agreement, a “Change of Control” shall be deemed to have occurred if (i) any “person” or “group” (as such terms are used in Section 0;13(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities and within one (1) year after such “person” or “group” acquires 50% or more of the combined voting power of the Company (the “Trigger Date”) the members of the Board immediately prior to the Trigger Date cease to constitute a majority of the Board, (ii) there shall be consummated any consolidation or merger of the Company in which the Company is not the surviving or continuing corporation or pursuant to which shares of the Company’s Common Shares would be converted into cash, securities or other property, other than a merger of the Company in which the holders of the Company’s Common Shares immediately prio r to the merger have (directly or indirectly) at least a 51% ownership interest in the outstanding Common Shares of the surviving corporation immediately after the merger, or (iii) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Company, except for any sale, lease exchange or transfer resulting from any action taken by any creditor of the Company in enforcing its rights or remedies against any assets of the Company in which such creditor holds a security interest.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed the day and year first above written.

"COMPANY"	STAGE STORES, INC., ________________________________________ Name: Title:
"DIRECTOR"	___________________________________________ __________________

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EXHIBIT 10.13

STAGE STORES, INC.

INITIAL GRANT RESTRICTED STOCK AWARD AGREEMENT

This Initial Grant Restricted Stock Award Agreement (the “Agreement”) is made effective as of _______________, 20___ (the "Date of Grant"), by and between Stage Stores, Inc.,a Nevada corporation (hereinafter called the "Company"), and _______________, a member of the Board of Directors of the Company (hereinafter called the "Director").

WHEREAS, the Board of Directors of the Company (the "Board") and the Company’s shareholders have adopted the Stage Stores, Inc. Amended and Restated 2001 Equity Incentive Plan, as it may be amended from time to time (the "Plan"); and

WHEREAS, the Company considers it desirable and in the Company's best interests to reward, retain and attract non-employee Directors of the Company and to provide non-employee Directors with the opportunity to align their interests with those of the shareholders of the Company;

WHEREAS, the Company’s Corporate Governance Guidelines provide that upon a Director’s initial election to the Board, the Director will be granted, at the Director’s election, either (a) stock options to purchase the Company’s common stock, or (b) restricted shares of the Company’s common stock, in either case valued at $50,000 based on a Net Present Value (the “Initial Grant”); and

WHEREAS, the Director has elected to receive the Initial Grant in the form of restricted stock.

NOW, THEREFORE, in consideration of the premises, it is agreed as follows:

1.           GRANT OF RESTRICTED STOCK.  Pursuant to the terms and conditions contained herein and the terms and conditions of the Plan, the Company hereby grants to the Director a restricted stock award of ___________ shares (the “Initial Grant Shares”) of the Company’s authorized voting common stock, par value $0.01 (the “Common Shares).

2.           VESTING.  Except as otherwise set forth in this Agreement, the Initial Grant Shares will vest over a four (4) year period according to the following schedule (the “Vesting Period”):

Period from Date of Grant	Cumulative Percentage of  Initial Grant Shares Which Will Vest
1 year	25%
2 years	50%
3 years	75%
4 years	100%

3.DEATH OF DIRECTOR.  Upon the death of the Director, the unvested Initial Grant Shares will immediately vest.

4.DISABILITY OF DIRECTOR.  In the event the Director ceases to be a member of the Board due to disability, the unvested Initial Grant Shares will immediately vest.  For the purposes of this Agreement, the Director shall be deemed to be disabled if the Committee shall determine that the physical or m ental condition of the Director was such at that time as would entitle him or her, if he or she was employed by the Company, to payment of monthly disability benefits under any Company disability plan.  

5.RETIREMENT OF DIRECTOR. In the event the Director ceases to be a member of the Board by reason of the Director’s Retirement (as defined below), the unvested Initial Grant Shares will immediately vest. For purposes of this Agreement, the term “Retirement” means attaining the age at which a member of the Board must cease serving on the Board as set forth in the Company’s Corporate Governance Guidelines (which age is currently 75 years old).

6.           CHANGE IN CONTROL.  In the event of a Change in Control, the Initial Grant Shares will immediately vest.  For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred:

(a)           on such date within the 12-month period following the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that represents twenty-five percent (25%) or more of the combined voting power of the Company’s then outstanding securities (the “Trigger Date”), that a majority of the individuals who, as of the Trigger Date, constitute the Board (the “Incumbent Board”) are replaced by new members whose appointment or election is not endorsed by a majority of the members of the Incu mbent Board before the date of such appointment or election;

(b)           as of thedate that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that, together with stock held by such person or group, constitutes more than 50% of either (1) the then outstanding shares of common stock of the Company or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, if any one person or more than one person acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons shall not be considered to cause a Change in Control; or

(c)           the date any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) all, or substantially all, of the assets of the Company, except for any sale, lease exchange or transfer resulting from any action taken by any creditor of the Company in enforcing its rights or remedies against any assets of the Company in which such creditor holds a security interest.  

2

Provided further, a transfer of assets by the Company shall not be treated as a Change in Control if the assets are transferred to:

(i)A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock;

(ii)An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company;

(iii)A person, or more than one person acting as a group, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company; or

(iv)An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in paragraph (iii) herein.

For purposes of subsection (c) and except as otherwise provided in paragraph (i), a person’s status is determined immediately after the transfer of the assets.

7.FORFEITURE OF INITIAL GRANT SHARES .  The Director will forfeit any unvested portion of the Initial Grant Shares if the Director ceases to be a Director at any time prior to their vesting date other than due to (i) Retirement, (ii) death, (iii) disability or (iv) Change in Control.

8.           SHAREHOLDER RIGHTS.  During the Vesting Period, the Initial Grant Shares will be held in book name by the Company.  Subject to the terms of this Agreement, the Director shall have all rights of a shareholder with respect to the Initial Grant Shares during the Vesting Period, including the right to vote and receive dividends, if any, on the Initial Grant Share s, provided that the Initial Grant Shares have not been forfeited to the Company pursuant to Section 2.

9.           ISSUANCE OF COMMON SHARES.

(a)           Upon the expiration of the Vesting Period(s) without forfeiture, the Company shall cause a certificate or certificates to be issued to the Director for the Initial Grant Shares.  Common Shares issued pursuant to this Agreement which have not been registered with the Securities and Exchange Commission, if any, shall bear a legend substantially as follows:

The Securities represented by this Certificate have not been registered under the United States Securities Act of 1933 (the "Act") and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

(b)           The Company shall not be required to transfer or deliver any certificate or certificates for Common Shares under this Agreement:  (i) until after compliance with all then

3

applicable requirements of law; and (ii) prior to admission of the Common Shares to listing on any stock exchange on which the Common Shares may then be listed.  In no event shall the Company be required to issue fractional shares to the Director or his or her successor.

10.           GENERAL RESTRICTIONS.  The grant of the Initial Grant Shares under this Agreement shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Common Shares subject or related thereto upon any securities exchange or under any state or Federal law, (ii) the consent or a pproval of any government regulatory body, or (iii) an agreement by the Director with respect to the disposition of Common Shares is necessary or desirable as a condition of, or in connection with, the issuance of Common Shares thereunder, then the issuance of the Common Shares may not be consummated in whole or in part unless the listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board.

11.           ASSIGNMENT.  The rights under this Agreement shall not be assignable or transferable by the Director, except by will or by the laws of descent and distribution.  Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the rights under this Agreement contrary to the provisions hereof shall be null and void and without effect. & #160;During the lifetime of the Director, any right under this Agreement shall be exercisable only by the Director or his or her guardian or legal representative.

12.           WITHHOLDING TAXES.  Whenever the Company proposes or is required to issue or transfer Common Shares under this Agreement, the Company shall have the right to require the Director to remit to the Company an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to the delivery of any certificate or certificates for the Common Sh ares.  Alternatively, the Company may issue or transfer the Common Shares net of the number of shares sufficient to satisfy the withholding tax requirements.  For withholding tax purposes, the Common Shares shall be valued on the date the withholding obligation is incurred.

13.           RIGHT TO TERMINATE DIRECTOR.  Nothing in this Agreement shall confer upon the Director the right to continue as a member of the Board or affect any right which the Company or its shareholders may have to terminate the directorship of the Director.

14.           ADJUSTMENTS.  In the event of any change in the outstanding common stock of the Company by reason of stock splits, reverse stock splits, stock dividends or distributions, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares or the like, the Board shall appropriately adjust the number of Common Shares issuable under this Ag reement, and any and all other matters deemed appropriate the Board.

15.           STOCK RESERVED.  The Company shall at all times during the term of this Agreement reserve and keep available the number of Common Shares necessary and sufficient to satisfy the terms of this Agreement.

16.           SEVERABILITY.  Every part, term or provision of this Agreement is severable from the others.  Notwithstanding any possible future finding by a duly constituted authority that a particular part, term or provision is invalid, void or unenforceable, this Agreement has been

4

made with the clear intention that the validity and enforceability of the remaining parts, terms and provisions shall not be affected thereby.

17.           NOTICE.  Any notice to be delivered under this Agreement shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company or the Director at their last known address.

18.           GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the applicable Federal law and, to the extent otherwise applicable, the laws of the State of Texas.

19.           HEADINGS.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe the provisions of this Agreement.

20.           BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

21.           INCORPORATION OF PLAN.  The Initial Grant Shares are granted pursuant to the terms of the Plan, which is incorporated herein by reference, and this Agreement shall in all respects be interpreted in accordance with the Plan.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall completely su persede and replace the conflicting terms of this Agreement. All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.

22.          MODIFICATION.  This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code, as amended (the “Code”).  The Company may change or modify the terms of this Agreement without the Director’s consent or signature if the Company determines, in its sole discretion, that such change or modification is necessary for purposes of compliance with or exemption from the requirements of Section 409A of the Code or any regulations or other guidance issued thereunder.  Notwithstanding the previous sentence, the Company may also amend the Plan or this Agreement or revoke the Initial Share Grants to the extent permitted by the Plan.

IN WITNESS WHEREOF, the parties hereto have caused this Initial Grant Restricted Stock Award Agreement to be executed as of the Date of Grant.

"COMPANY" STAGE STORES, INC.,       By:________________________________________        _____________________________       Chief Executive Officer  

5

  "DIRECTOR"   ___________________________________________ ______________________, an individual  

6

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M,0T*,#`P,#`R,S(Q,B`P,#`P,"!N#0HR,"`Q#0HP,#`P,#(S-#(T(#`P,#`P M(&X-"C(R(#$-"C`P,#`P,C,V-#<@,#`P,#`@;@T*,S(@-`T*,#`P,#`R,S EX-10.14 23 ex10_14.htm STAGE STORES, INC., FORM 10-K, EX 10.14

EXHIBIT 10.14

STAGE STORES, INC.

INITIAL GRANT RESTRICTED STOCK AWARD AGREEMENT

This Initial Grant Restricted Stock Award Agreement (the “Agreement”) is made effective as of _______________, 20___ (the "Date of Grant"), by and between Stage Stores, Inc.,a Nevada corporation (hereinafter called the "Company"), and _______________, a member of the Board of Directors of the Company (hereinafter called the "Director").

WHEREAS, the Board of Directors of the Company (the "Board") and the Company’s shareholders have adopted the Stage Stores, Inc. Amended and Restated 2008 Equity Incentive Plan, as it may be amended from time to time (the "Plan"); and

WHEREAS, the Company considers it desirable and in the Company's best interests to reward, retain and attract non-employee Directors of the Company and to provide non-employee Directors with the opportunity to align their interests with those of the shareholders of the Company;

WHEREAS, the Company’s Corporate Governance Guidelines provide that upon a Director’s initial election to the Board, the Director will be granted, at the Director’s election, either (a) stock options to purchase the Company’s common stock, or (b) restricted shares of the Company’s common stock, in either case valued at $50,000 based on a Net Present Value (the “Initial Grant”); and

WHEREAS, the Director has elected to receive the Initial Grant in the form of restricted stock.

NOW, THEREFORE, in consideration of the premises, it is agreed as follows:

1.           GRANT OF RESTRICTED STOCK.  Pursuant to the terms and conditions contained herein and the terms and conditions of the Plan, the Company hereby grants to the Director a restricted stock award of ___________ shares (the “Initial Grant Shares”) of the Company’s authorized voting common stock, par value $0.01 (the “Common Shares).

2.           VESTING.  Except as otherwise set forth in this Agreement, the Initial Grant Shares will vest over a four (4) year period according to the following schedule (the “Vesting Period”):

Period from Date of Grant	Cumulative Percentage of   Initial Grant Shares Which Will Vest
1 year	25%
2 years	50%
3 years	75%
4 years	100%

3.DEATH OF DIRECTOR.  Upon the death of the Director, the unvested Initial Grant Shares will immediately vest.

4.DISABILITY OF DIRECTOR.  In the event the Director ceases to be a member of the Board due to disability, the unvested Initial Grant Shares will immediately vest.  For the purposes of this Agreement, the Director shall be deemed to be disabled if the Committee shall determine that the physical or m ental condition of the Director was such at that time as would entitle him or her, if he or she was employed by the Company, to payment of monthly disability benefits under any Company disability plan.  

5.RETIREMENT OF DIRECTOR. In the event the Director ceases to be a member of the Board by reason of the Director’s Retirement (as defined below), the unvested Initial Grant Shares will immediately vest. For purposes of this Agreement, the term “Retirement” means attaining the age at which a member of the Board must cease serving on the Board as set forth in the Company’s Corporate Governance Guidelines (which age is currently 75 years old).

6.           CHANGE IN CONTROL.  In the event of a Change in Control, the Initial Grant Shares will immediately vest.  For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred:

(a)           on such date within the 12-month period following the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that represents twenty-five percent (25%) or more of the combined voting power of the Company’s then outstanding securities (the “Trigger Date”), that a majority of the individuals who, as of the Trigger Date, constitute the Board (the “Incumbent Board”) are replaced by new members whose appointment or election is not endorsed by a majority of the members of the Incu mbent Board before the date of such appointment or election;

(b)           as of thedate that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that, together with stock held by such person or group, constitutes more than 50% of either (1) the then outstanding shares of common stock of the Company or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, if any one person or more than one person acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons shall not be considered to cause a Change in Control; or

(c)           the date any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) all, or substantially all, of the assets of the Company, except for any sale, lease exchange or transfer resulting from any action taken by any creditor of the Company in enforcing its rights or remedies against any assets of the Company in which such creditor holds a security interest.  

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Provided further, a transfer of assets by the Company shall not be treated as a Change in Control if the assets are transferred to:

(i)A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock;

(ii)An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company;

(iii)A person, or more than one person acting as a group, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company; or

(iv)An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in paragraph (iii) herein.

For purposes of subsection (c) and except as otherwise provided in paragraph (i), a person’s status is determined immediately after the transfer of the assets.

7.FORFEITURE OF INITIAL GRANT SHARES .  The Director will forfeit any unvested portion of the Initial Grant Shares if the Director ceases to be a Director at any time prior to their vesting date other than due to (i) Retirement, (ii) death, (iii) disability, or (iv) Change in Control.

8.           SHAREHOLDER RIGHTS.  During the Vesting Period, the Initial Grant Shares will be held in book name by the Company.  Subject to the terms of this Agreement, the Director shall have all rights of a shareholder with respect to the Initial Grant Shares during the Vesting Period, including the right to vote and receive dividends, if any, on the Initial Grant Share s, provided that the Initial Grant Shares have not been forfeited to the Company pursuant to Section 2.

9.           ISSUANCE OF COMMON SHARES.

(a)           Upon the expiration of the Vesting Period(s) without forfeiture, the Company shall cause a certificate or certificates to be issued to the Director for the Initial Grant Shares.  Common Shares issued pursuant to this Agreement which have not been registered with the Securities and Exchange Commission, if any, shall bear a legend substantially as follows:

The Securities represented by this Certificate have not been registered under the United States Securities Act of 1933 (the "Act") and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

(b)           The Company shall not be required to transfer or deliver any certificate or certificates for Common Shares under this Agreement:  (i) until after compliance with all then

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applicable requirements of law; and (ii) prior to admission of the Common Shares to listing on any stock exchange on which the Common Shares may then be listed.  In no event shall the Company be required to issue fractional shares to the Director or his or her successor.

10.           GENERAL RESTRICTIONS.  The grant of the Initial Grant Shares under this Agreement shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Common Shares subject or related thereto upon any securities exchange or under any state or Federal law, (ii) the consent or a pproval of any government regulatory body, or (iii) an agreement by the Director with respect to the disposition of Common Shares is necessary or desirable as a condition of, or in connection with, the issuance of Common Shares thereunder, then the issuance of the Common Shares may not be consummated in whole or in part unless the listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board.

11.           ASSIGNMENT.  The rights under this Agreement shall not be assignable or transferable by the Director, except by will or by the laws of descent and distribution.  Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the rights under this Agreement contrary to the provisions hereof shall be null and void and without effect. & #160;During the lifetime of the Director, any right under this Agreement shall be exercisable only by the Director or his or her guardian or legal representative.

12.           WITHHOLDING TAXES.  Whenever the Company proposes or is required to issue or transfer Common Shares under this Agreement, the Company shall have the right to require the Director to remit to the Company an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to the delivery of any certificate or certificates for the Common Sh ares.  Alternatively, the Company may issue or transfer the Common Shares net of the number of shares sufficient to satisfy the withholding tax requirements.  For withholding tax purposes, the Common Shares shall be valued on the date the withholding obligation is incurred.

13.           RIGHT TO TERMINATE DIRECTOR.  Nothing in this Agreement shall confer upon the Director the right to continue as a member of the Board or affect any right which the Company or its shareholders may have to terminate the directorship of the Director.

14.           ADJUSTMENTS.  In the event of any change in the outstanding common stock of the Company by reason of stock splits, reverse stock splits, stock dividends or distributions, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares or the like, the Board shall appropriately adjust the number of Common Shares issuable under this Ag reement, and any and all other matters deemed appropriate the Board.

15.           STOCK RESERVED.  The Company shall at all times during the term of this Agreement reserve and keep available the number of Common Shares necessary and sufficient to satisfy the terms of this Agreement.

16.           SEVERABILITY.  Every part, term or provision of this Agreement is severable from the others.  Notwithstanding any possible future finding by a duly constituted authority that a particular part, term or provision is invalid, void or unenforceable, this Agreement has been

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made with the clear intention that the validity and enforceability of the remaining parts, terms and provisions shall not be affected thereby.

17.           NOTICE.  Any notice to be delivered under this Agreement shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company or the Director at their last known address.

18.           GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the applicable Federal law and, to the extent otherwise applicable, the laws of the State of Texas.

19.           HEADINGS.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe the provisions of this Agreement.

20.           BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

21.           INCORPORATION OF PLAN.  The Initial Grant Shares are granted pursuant to the terms of the Plan, which is incorporated herein by reference, and this Agreement shall in all respects be interpreted in accordance with the Plan.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall completely su persede and replace the conflicting terms of this Agreement. All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.

22.           MODIFICATION.  This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code, as amended (the “Code”).  The Company may change or modify the terms of this Agreement without the Director’s consent or signature if the Company determines, in its sole discretion, that such change or modification is necessary for purposes of compliance with or exemption from the requirements of Section 409A of the Code or a ny regulations or other guidance issued thereunder.  Notwithstanding the previous sentence, the Company may also amend the Plan or this Agreement or revoke the Initial Share Grants to the extent permitted by the Plan.

IN WITNESS WHEREOF, the parties hereto have caused this Initial Grant Restricted Stock Award Agreement to be executed as of the Date of Grant.

"COMPANY" STAGE STORES, INC.,       By:________________________________________        _____________________________       Chief Executive Officer  

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  "DIRECTOR"   ___________________________________________ ______________________, an individual  

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EXHIBIT 10.15

STAGE STORES, INC.

REELECTION GRANT RESTRICTED STOCK AWARD AGREEMENT

This Reelection Grant Restricted Stock Agreement (the “Agreement”) is made effective as of __________, 200____ (the "Date of Grant"), by and between Stage Stores, Inc.,a Nevada corporation (hereinafter called the "Company"), and ________________, a member of the Board of Directors of the Company (hereinafter called the "Director").

WHEREAS, the Board of Directors of the Company (the "Board") and the Company’s shareholders have adopted the Stage Stores, Inc. Amended and Restated 2001 Equity Incentive Plan, as it may be amended from time to time (the "Plan"); and

WHEREAS, the Company considers it desirable and in the Company's best interests to reward, retain and attract non-employee Directors of the Company and to provide non-employee Directors with the opportunity to align their interests with those of the shareholders of the Company; and

WHEREAS, the Company’s Corporate Governance Guidelines provide that upon a Director’s reelection to the Board, the Director will be granted restricted shares of the Company’s common stock valued at $__________ based on a Net Present Value (the “Reelection Grant”).

NOW, THEREFORE, in consideration of the premises, it is agreed as follows:

1.           GRANT OF RESTRICTED STOCK.  Pursuant to the terms and conditions contained herein and the terms and conditions of the Plan, the Company hereby grants to the Director as of the Date of Grant a restricted stock award of __________ shares (the “Reelection Grant Shares”) of the Company’s authorized voting common stock, par value $0.01 (the “Common S hares).

2.           VESTING.  Except as otherwise set forth in this Agreement, the Reelection Grant Shares will vest, on a cliff basis, on _________ 20____, three years from the Date of Grant (the “Vesting Period”).

3.DEATH OF DIRECTOR.  Upon the death of the Director, the unvested Reelection Grant Shares will immediately vest.

4.DISABILITY OF DIRECTOR.  In the event the Director ceases to be a member of the Board due to disability, the unvested Reelection Grant Shares will immediately vest.  For the purposes of this Agreement, the Director shall be deemed to be disabled if the Committee shall determine that the physi cal or mental condition of the Director was such at that time as

would entitle him or her, if he or she was employed by the Company, to payment of monthly disability benefits under any Company disability plan.  

5.RETIREMENT OF DIRECTOR. In the event the Director ceases to be a member of the Board by reason of the Director’s Retirement (as defined below), the unvested Reelection Grant Shares will immediately vest. For purposes of this Agreement, the term “Retirement” means attaining the age at which a member of the Board must cease serving on the Board as set forth in the Company’s Corporate Governance Guidelines (which age is currently 75 years old).

6.           CHANGE IN CONTROL.  In the event of a Change in Control, the Reelection Grant Shares will immediately vest.  For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred:

(a)           on such date within the 12-month period following the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that represents twenty-five percent (25%) or more of the combined voting power of the Company’s then outstanding securities (the “Trigger Date”), that a majority of the individuals who, as of the Trigger Date, constitute the Board (the “Incumbent Board”) are replaced by new members whose appointment or election is not endorsed by a majority of the members of the Incu mbent Board before the date of such appointment or election;

(b)           as of thedate that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that, together with stock held by such person or group, constitutes more than 50% of either (1) the then outstanding shares of common stock of the Company or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, if any one person or more than one person acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons shall not be considered to cause a Change in Control; or

(c)           the date any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) all, or substantially all, of the assets of the Company, except for any sale, lease exchange or transfer resulting from any action taken by any creditor of the Company in enforcing its rights or remedies against any assets of the Company in which such creditor holds a security interest.  Provided further, a transfer of assets by the Company shall not be treated as a Change in Control if the assets are transferred to:

(i)A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock;

(ii)An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company;

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(iii)A person, or more than one person acting as a group, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company; or

(iv)An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in paragraph (iii) herein.

For purposes of subsection (c) and except as otherwise provided in paragraph (i), a person’s status is determined immediately after the transfer of the assets.

7.FORFEITURE OF REELECTION GRANT SHARES .  The Director will forfeit any unvested portion of the Reelection Grant Shares if the Director ceases to be a Director at any time prior to their vesting date other than due to (i) Retirement, (ii) death, (iii) disability, or (iv) Change in Control.

8.           SHAREHOLDER RIGHTS.  During the Vesting Period, the Reelection Grant Shares will be held in book name by the Company.  Subject to the terms of this Agreement, the Director shall have all rights of a shareholder with respect to the Reelection Grant Shares during the Vesting Period, including the right to vote and receive dividends, if any, on the Reelection Gr ant Shares, provided that the Reelection Grant Shares have not been forfeited to the Company pursuant to Section 2.

9.           ISSUANCE OF COMMON SHARES.

(a)           Upon the expiration of the Vesting Period without forfeiture, the Company shall cause a certificate or certificates to be issued to the Director for the Reelection Grant Shares.  Common Shares issued pursuant to this Agreement which have not been registered with the Securities and Exchange Commission, if any, shall bear a legend substantially as follows:

The Securities represented by this Certificate have not been registered under the United States Securities Act of 1933 (the "Act") and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

(b)           The Company shall not be required to transfer or deliver any certificate or certificates for Common Shares under this Agreement:  (i) until after compliance with all then applicable requirements of law; and (ii) prior to admission of the Common Shares to listing on any stock exchange on which the Common Shares may then be listed.  In no event shall the Company be required to issue fractional shares to the Director or his or her successor.

10.           GENERAL RESTRICTIONS.  The grant of the Reelection Grant Shares under this Agreement shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Common Shares subject or related thereto upon any securities exchange or under any state or Federal law, (ii) the consent o r

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approval of any government regulatory body, or (iii) an agreement by the Director with respect to the disposition of Common Shares is necessary or desirable as a condition of, or in connection with, the issuance of Common Shares thereunder, then the issuance of the Common Shares may not be consummated in whole or in part unless the listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board.

11.           ASSIGNMENT.  The rights under this Agreement shall not be assignable or transferable by the Director, except by will or by the laws of descent and distribution.  Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the rights under this Agreement contrary to the provisions hereof shall be null and void and without effect. & #160;During the lifetime of the Director, any right under this Agreement shall be exercisable only by the Director or his or her guardian or legal representative.

12.           WITHHOLDING TAXES.  Whenever the Company proposes or is required to issue or transfer Common Shares under this Agreement, the Company shall have the right to require the Director to remit to the Company an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to the delivery of any certificate or certificates for the Common Sh ares.  Alternatively, the Company may issue or transfer the Common Shares net of the number of shares sufficient to satisfy the withholding tax requirements.  For withholding tax purposes, the Common Shares shall be valued on the date the withholding obligation is incurred.

13.           RIGHT TO TERMINATE DIRECTOR.  Nothing in this Agreement shall confer upon the Director the right to continue as a member of the Board or affect any right which the Company or its shareholders may have to terminate the directorship of the Director.

14.           ADJUSTMENTS.  In the event of any change in the outstanding common stock of the Company by reason of stock splits, reverse stock splits, stock dividends or distributions, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares or the like, the Board shall appropriately adjust the number of Common Shares issuable under this Ag reement, and any and all other matters deemed appropriate the Board.

15.           STOCK RESERVED.  The Company shall at all times during the term of this Agreement reserve and keep available the number of Common Shares necessary and sufficient to satisfy the terms of this Agreement.

16.           SEVERABILITY.  Every part, term or provision of this Agreement is severable from the others.  Notwithstanding any possible future finding by a duly constituted authority that a particular part, term or provision is invalid, void or unenforceable, this Agreement has been made with the clear intention that the validity and enforceability of the remaining parts , terms and provisions shall not be affected thereby.

17.           NOTICE.  Any notice to be delivered under this Agreement shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company or the Director at their last known address.

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18.           GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the applicable Federal law and, to the extent otherwise applicable, the laws of the State of Texas.

19.           HEADINGS.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe the provisions of this Agreement.

20.           BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

21.           INCORPORATION OF PLAN.  The Reelection Grant Shares are granted pursuant to the terms of the Plan, which is incorporated herein by reference, and this Agreement shall in all respects be interpreted in accordance with the Plan.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall completely supersede and replace the conflicting terms of this Agreement.  All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.

22.           MODIFICATION.  This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code, as amended (the “Code”).  The Company may change or modify the terms of this Agreement without the Director’s consent or signature if the Company determines, in its sole discretion, that such change or modification is necessary for purposes of compliance with or exemption from the requirements of Section 4 09A of the Code or any regulations or other guidance issued thereunder.  Notwithstanding the previous sentence, the Company may also amend the Plan or this Agreement or revoke the Reelection Share Grants to the extent permitted by the Plan.

IN WITNESS WHEREOF, the parties hereto have caused this Reelection Grant Restricted Stock Award Agreement to be executed as of the Date of Grant.

"Company"	Stage Stores, Inc., By:________________________________________        ____________________
"Director"	___________________________________________ _________________________

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EXHIBIT 10.16

STAGE STORES, INC.

REELECTION GRANT RESTRICTED STOCK AWARD AGREEMENT

This Reelection Grant Restricted Stock Agreement (the “Agreement”) is made effective as of __________, 20____ (the "Date of Grant"), by and between Stage Stores, Inc.,a Nevada corporation (hereinafter called the "Company"), and ________________, a member of the Board of Directors of the Company (hereinafter called the "Director").

WHEREAS, the Board of Directors of the Company (the "Board") and the Company’s shareholders have adopted the Stage Stores, Inc. 2008 Equity Incentive Plan, as it may be amended from time to time (the "Plan"); and

WHEREAS, the Company considers it desirable and in the Company's best interests to reward, retain and attract non-employee Directors of the Company and to provide non-employee Directors with the opportunity to align their interests with those of the shareholders of the Company; and

WHEREAS, the Company’s Corporate Governance Guidelines provide that upon a Director’s reelection to the Board, the Director will be granted restricted shares of the Company’s common stock valued at $__________ based on a Net Present Value (the “Reelection Grant”).

NOW, THEREFORE, in consideration of the premises, it is agreed as follows:

1.           GRANT OF RESTRICTED STOCK.  Pursuant to the terms and conditions contained herein and the terms and conditions of the Plan, the Company hereby grants to the Director as of the Date of Grant a restricted stock award of __________ shares (the “Reelection Grant Shares”) of the Company’s authorized voting common stock, par value $0.01 (the “Common S hares).

2.           VESTING.  Except as otherwise set forth in this Agreement, the Reelection Grant Shares will vest, on a cliff basis, on _________ 20____, three years from the Date of Grant (the “Vesting Period”).

3.DEATH OF DIRECTOR.  Upon the death of the Director, the unvested Reelection Grant Shares will immediately vest.

4.           DISABILITY OF DIRECTOR.  In the event the Director ceases to be a member of the Board due to disability, the unvested Reelection Grant Shares will immediately vest.  For the purposes of this Agreement, the Director shall be deemed to be disabled if the Committee shall determine that the physical or mental condition of the Director was such at that time as

would entitle him or her, if he or she was employed by the Company, to payment of monthly disability benefits under any Company disability plan.  

5.RETIREMENT OF DIRECTOR. In the event the Director ceases to be a member of the Board by reason of the Director’s Retirement (as defined below), the unvested Reelection Grant Shares will immediately vest. For purposes of this Agreement, the term “Retirement” means attaining the age at which a member of the Board must cease serving on the Board as set forth in the Company’s Corporate Governance Guidelines (which age is currently 75 years old).

6.           CHANGE IN CONTROL.  In the event of a Change in Control, the Reelection Grant Shares will immediately vest.  For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred:

(a)           on such date within the 12-month period following the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that represents twenty-five percent (25%) or more of the combined voting power of the Company’s then outstanding securities (the “Trigger Date”), that a majority of the individuals who, as of the Trigger Date, constitute the Board (the “Incumbent Board”) are replaced by new members whose appointment or election is not endorsed by a majority of the members of the Incu mbent Board before the date of such appointment or election;

(b)           as of thedate that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that, together with stock held by such person or group, constitutes more than 50% of either (1) the then outstanding shares of common stock of the Company or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, if any one person or more than one person acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons shall not be considered to cause a Change in Control; or

(c)           the date any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) all, or substantially all, of the assets of the Company, except for any sale, lease exchange or transfer resulting from any action taken by any creditor of the Company in enforcing its rights or remedies against any assets of the Company in which such creditor holds a security interest.  Provided further, a transfer of assets by the Company shall not be treated as a Change in Control if the assets are transferred to:

(i)A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock;

(ii)An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company;

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(iii)A person, or more than one person acting as a group, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company; or

(iv)An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in paragraph (iii) herein.

For purposes of subsection (c) and except as otherwise provided in paragraph (i), a person’s status is determined immediately after the transfer of the assets.

7.FORFEITURE OF REELECTION GRANT SHARES .  The Director will forfeit any unvested portion of the Reelection Grant Shares if the Director ceases to be a Director at any time prior to their vesting date other than due to (i) Retirement, (ii) death, (iii) disability or (iv) Change in Control.

8.           SHAREHOLDER RIGHTS.  During the Vesting Period, the Reelection Grant Shares will be held in book name by the Company.  Subject to the terms of this Agreement, the Director shall have all rights of a shareholder with respect to the Reelection Grant Shares during the Vesting Period, including the right to vote and receive dividends, if any, on the Reelection Gr ant Shares, provided that the Reelection Grant Shares have not been forfeited to the Company pursuant to Section 2.

9.           ISSUANCE OF COMMON SHARES.

(a)           Upon the expiration of the Vesting Period without forfeiture, the Company shall cause a certificate or certificates to be issued to the Director for the Reelection Grant Shares.  Common Shares issued pursuant to this Agreement which have not been registered with the Securities and Exchange Commission, if any, shall bear a legend substantially as follows:

The Securities represented by this Certificate have not been registered under the United States Securities Act of 1933 (the "Act") and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

(b)           The Company shall not be required to transfer or deliver any certificate or certificates for Common Shares under this Agreement:  (i) until after compliance with all then applicable requirements of law; and (ii) prior to admission of the Common Shares to listing on any stock exchange on which the Common Shares may then be listed.  In no event shall the Company be required to issue fractional shares to the Director or his or her successor.

10.           GENERAL RESTRICTIONS.  The grant of the Reelection Grant Shares under this Agreement shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Common Shares subject or related thereto upon any securities exchange or under any state or Federal law, (ii) the consent o r

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approval of any government regulatory body, or (iii) an agreement by the Director with respect to the disposition of Common Shares is necessary or desirable as a condition of, or in connection with, the issuance of Common Shares thereunder, then the issuance of the Common Shares may not be consummated in whole or in part unless the listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board.

11.           ASSIGNMENT.  The rights under this Agreement shall not be assignable or transferable by the Director, except by will or by the laws of descent and distribution.  Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the rights under this Agreement contrary to the provisions hereof shall be null and void and without effect. & #160;During the lifetime of the Director, any right under this Agreement shall be exercisable only by the Director or his or her guardian or legal representative.

12.           WITHHOLDING TAXES.  Whenever the Company proposes or is required to issue or transfer Common Shares under this Agreement, the Company shall have the right to require the Director to remit to the Company an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to the delivery of any certificate or certificates for the Common Sh ares.  Alternatively, the Company may issue or transfer the Common Shares net of the number of shares sufficient to satisfy the withholding tax requirements.  For withholding tax purposes, the Common Shares shall be valued on the date the withholding obligation is incurred.

13.           RIGHT TO TERMINATE DIRECTOR.  Nothing in this Agreement shall confer upon the Director the right to continue as a member of the Board or affect any right which the Company or its shareholders may have to terminate the directorship of the Director.

14.           ADJUSTMENTS.  In the event of any change in the outstanding common stock of the Company by reason of stock splits, reverse stock splits, stock dividends or distributions, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares or the like, the Board shall appropriately adjust the number of Common Shares issuable under this Ag reement, and any and all other matters deemed appropriate the Board.

15.           STOCK RESERVED.  The Company shall at all times during the term of this Agreement reserve and keep available the number of Common Shares necessary and sufficient to satisfy the terms of this Agreement.

16.           SEVERABILITY.  Every part, term or provision of this Agreement is severable from the others.  Notwithstanding any possible future finding by a duly constituted authority that a particular part, term or provision is invalid, void or unenforceable, this Agreement has been made with the clear intention that the validity and enforceability of the remaining parts , terms and provisions shall not be affected thereby.

17.           NOTICE.  Any notice to be delivered under this Agreement shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company or the Director at their last known address.

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18.           GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the applicable Federal law and, to the extent otherwise applicable, the laws of the State of Texas.

19.           HEADINGS.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe the provisions of this Agreement.

20.           BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

21.           INCORPORATION OF PLAN.  The Reelection Grant Shares are granted pursuant to the terms of the Plan, which is incorporated herein by reference, and this Agreement shall in all respects be interpreted in accordance with the Plan.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall completely supersede and replace the conflicting terms of this Agreement.  All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.

22.           MODIFICATION.  This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code, as amended (the “Code”).  The Company may change or modify the terms of this Agreement without the Director’s consent or signature if the Company determines, in its sole discretion, that such change or modification is necessary for purposes of compliance with or exemption from the requirements of Section 409A of the Code or a ny regulations or other guidance issued thereunder.  Notwithstanding the previous sentence, the Company may also amend the Plan or this Agreement or revoke the Reelection Share Grants to the extent permitted by the Plan.

IN WITNESS WHEREOF, the parties hereto have caused this Reelection Grant Restricted Stock Award Agreement to be executed as of the Date of Grant.

"Company"	Stage Stores, Inc., By:________________________________________        ____________________        ____________________
"Director"	___________________________________________ _________________________

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SHAREHOLDER AGREEMENT

This Shareholder Agreement (the “Agreement”) is dated as of __________, 20___ (the “Effective Date”) by and between Stage Stores, Inc., a Nevada corporation (the “Company”), and _______________ (the “Director”).  The Company and the Director are collectively referred to as the “Parties.”

WHEREAS, the Company adopted, and the Company’s shareholders approved, the 2003 Non-Employee Director Equity Compensation Plan (the “Directors’ Plan”);

WHEREAS, the Director is a non-employee director of the Company and has received a copy of the Directors’ Plan;

WHEREAS, under the Plan a non-employee director may elect to receive the Annual Retainer, the Lead Independent Director Retainer, the Committee Chairman Fee and such other compensation as the Company’s Board of Directors (the “Board) may deem appropriate, as the case may be, in restricted stock either (i) at the time that such compensation is earned, or (ii) at a later date;

WHEREAS, any issuance of restricted stock in lieu of cash will be made by the Company on such terms and conditions as the Board may establish;

WHEREAS, in order to receive restricted stock, a director must, at a minimum, (a) notify the Company of his or her current election to receive restricted stock by executing an applicable Election Form, and (b) execute a Shareholder Agreement by which he or she agrees not to sell any of the restricted stock until he or she leaves the Board; and

WHEREAS, the Director has executed an applicable Election Form, a copy of which is attached as Exhibit A to this Agreement and incorporated herein by reference, where he has elected to receive restricted stock in lieu director fees.

NOW THEREFORE, in consideration of the agreements set forth in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

Section 1.  Restricted Stock.  The Company agrees to deliver to the Director the number of shares of the Company’s restricted common stock, par value $.01, set forth in Exhibit B to this Agreement (the “Restricted Stock”) within five (5) business days of the Effective Date.

Section 2.  Legend.  The Parties agree that each certificate representing the Restricted Stock shall bear a restrictive legend consistent with the terms and conditions established by the Board for the issuance of the Restricted Stock as well as such other restrictive legends as may be required by law or Securities and Exchange Commission regulation and shall be in a form substantially as follows:

The Shares represented by this Certificate have not been registered under the United States Securities Act of 1933 (the “Act”) and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Shares

may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.  In addition, the rights and obligations of the holder of this Certificate, and the ability of the holder to transfer the Shares represented by this Certificate, are subject to the terms and conditions of a Shareholder Agreement, a copy of which can be obtained from the Company upon written request.

Section 3.  Restrictions on Transferability.In addition to the restrictions contained in the restrictive legend set forth in Section 2 of this Agreement, the Director agrees not to sell any of the Restricted Stock until he or she leaves the Board and then only in compliance with applicable securities laws.

Section 4.  Attempted Transfers in Violation of Transfer Restrictions.  Any attempt to sell, pledge, give or otherwise transfer an interest in the Restricted Shares in violation of this Agreement shall be void and the Company shall refuse to register the Restricted Shares in question in the name of the transferee or pledgee.

Section 5.  Compliance with Securities Laws.

Section 5.01.  Investment Representation.  The Director represents to the Company that (a) the Restricted Shares have been acquired for investment and not with a view to the sale or distribution thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”); (b) that he or she has no present intention of selling, pledging, giving, or otherwise disposing of any of the Restrict ed Shares for his own account; and (c) that no one else has or will have a beneficial ownership in any of the Restricted Shares.

Section 5.02.  Restricted Securities.  The Shareholder acknowledges and understands that (a) the Restricted Shares are restricted, that they are being issued to him or her in a private transaction, and that the Restricted Shares have not been registered under the Securities Act or the securities laws of any states in reliance o n exemptions from the registration requirements of the Securities Act and state securities laws; (b) the Restricted Shares are subject to restrictions on transferability and may not be transferred or resold except as permitted under the Securities Act and applicable state laws pursuant to registration or an exemption from registration; (c) this Agreement contains additional restrictions on the transferability of the Restricted Shares; (d) the Restricted Shares have not been approved or disapproved by the Securities and Exchange Commission or any other regulatory authority; (e) each certificate evidencing the Restricted Shares will bear a legend substantially in form to that set forth in Section 2 of this Agreement; and (f) if the Company so requests, the Shareholder shall deliver an opinion of counsel satisfactory to the Company and its counsel, to the effect that the proposed transfer of the Restricted Shares at such time will not violate the Securities Act or applicable state securities laws.

2

Section 6.  Miscellaneous

Section 6.01.  Binding Effect.  This Agreement shall be binding upon the Parties and their heirs, executors, administrators, successors, assigns.

Section 6.02.  Waiver.  A party’s failure to insist on compliance or enforcement of any provision of this Agreement, shall not effect the validity or enforceability or constitute a waiver of future enforcement of that provision or of any other provision of this Agreement by that party or the other party.

Section 6.03.  Governing Law.  This Agreement shall in all respects be subject to, and governed by, the laws of the State of Texas.  The Parties agree that jurisdiction for any action to enforce this Agreement shall be in a state or federal court located in Harris County, Texas.  The prevailing party in an action to enforce this Agreement shall be entitled to recover its costs, including attorneys fee s, from the non-prevailing party.

Section 6.04.  Severability.  The invalidity or unenforceability of any provision in this Agreement shall not in any way affect the validity or enforceability of any other provision and this Agreement shall be construed in all respects as if such invalid or unenforceable provision had never been in the Agreement.

Section 6.05.  Entire Agreement.  The Parties expressly acknowledge that this Agreement constitute the entire agreement between the Parties concerning the subject matter contained herein, and that unless otherwise provided in this Agreement, any other agreements or understandings, oral or written, of any nature concerning such matters are superseded and revoked.

Section 6.06.  Amendment.  This Agreement shall not be modified or amended except writing signed by the Parties.

Section 6.07.  Term.  This Agreement shall commence on the Effective Date and shall terminate upon the occurrence of the earlier of the following events: (a) mutual written agreement of the Parties, or (b) such time as the Director is no longer on the Board.  Provided, however, any restrictions on transferability imposed by state or federal securities laws shall survive the termination of this Agreement.

Section 6.08.  Counterparts/Facsimile.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument.  A facsimile or other reproduction of this Agreement may be executed by one or more of the Parties, and an executed copy of this Agreement may be delivered by one or more of the Parties by facsimile or similar inst antaneous electronic transmission device pursuant to which the signature of, or on behalf of, such party can be seen, and such execution and delivery shall be considered valid, binding and effective for all purposes.  At the request of a party, the other party agree to execute an original of this Agreement as well as any facsimile or other reproduction of this Agreement.

Section 6.09.  Notices.  Any and all notices required by this Agreement shall be deemed to be sent or delivered when personally delivered to the recipient or when mailed by certified or

3

registered mail, with proper first class postage attached thereto, to the Parties as follows:  (a) in the case of the Company, to its registered office as shown in its most recent Form 10-K as filed with the SEC, and (b) in the case of the Director, at the Director’s address appearing on the books of the Company or at such other address as may be designated by the Director.

Section 6.10.  Headings.  The section headings in this Agreement are inserted for convenience only and are not part of the Agreement.

IN WITNESS WHEREOF, the Parties have executed this Shareholder Agreement as of the Effective Date.

COMPANY:	Stage Stores, Inc.,
	By:____________________________________________
	Name:________________________________
	Title:_________________________________
DIRECTOR:	By:__________________________________
	Name:

4

EXHIBIT 10.17

EXHIBIT A

ELECTION FORM

EXHIBIT 10.17

ANNUAL ELECTION REGARDING DIRECTOR FEES UNDER

THE 2003 NON-EMPLOYEE DIRECTOR EQUITY COMPENSATION PLAN

I, ____________________, being a non-employee member of the Board of Directors of Stage Stores, Inc., hereby elect, under the 2003 Non-Employee Director Equity Compensation Plan (the “Plan”), to:

DEFERRED STOCK UNITS ELECTION:
_________    1.	Defer the following amount of my Total Annual Retainer Fees to acquireDeferred Stock Units pursuant to the provisions of the Plan:
	(a)	_____% of the Total Annual Retainer Fees to be earned by meduring the Term Year beginning _______ ___, 20___; or
	(b)	$____________ of the Total Annual Retainer Fees to be earned byme during the Term Year beginning ______ ___, 20___.
RESTRICTED STOCK ELECTION:
_________    2.	Receive the following amount of my Total Annual Retainer Fees in the form of Restricted Stock pursuant to the provisions of the Plan:
	(a)	_____% of the Total Annual Retainer Fees to be earned by me during the Term Year beginning _______ ___, 20___; or
	(b)	$____________ of the Total Annual Retainer Fees to be earned by me during the Term Year beginning _________ ___, 20___.

p I intend to make an election under Section 83(b) of the Internal Revenue Code toaccelerate thetaxation of the Restricted Stock to the date of receipt.  (Please consult your tax advisorregarding this matter.)

Except as elected above, all remaining Total Annual Retainer Fees shall be paid to the Director in cash.  In the event a Director fails to make a timely election, such Director shall receive all of his or her Total Annual Retainer Fees in cash during such election period.

_______________                                _________________________________________

Date                                                       Signature of Director

Total Annual Retainer Fees means the sum of a Director’s Annual Retainer, Lead Independent Director Retainer, Committee Chairman Fee, and such other compensation as the Board may deem appropriate, as applicable. All other capitalized terms shall have the meaning as defined in the Plan.

PLEASE NOTE THAT THIS ELECTION SHALL REMAIN IN EFFECT FOR EACH SUBSEQUENT TERM YEAR UNLESS THE ELECTION IS CHANGED OR REVOKED DURING THE 30-DAY PERIOD PRIOR TO ANY SUBSEQUENT TERM YEAR

FOR COMPANY USE ONLY

Date Received _______________     Received By _____________________________________

EXHIBIT 10.17

EXHIBIT B

RESTRICTED STOCK

(20_____-20_____ TERM YEAR)

Name:

Shares of Restricted Stock:  ___________________

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EXHIBIT 10.35

SEVENTH AMENDMENT

TO

AMENDED AND RESTATED PRIVATE LABEL

CREDIT CARD PROGRAM AGREEMENT

This Seventh Amendment to Amended and Restated Private Label Credit Card Program Agreement ("Seventh Amendment") is entered into as of the 1st day of January, 2009 (the "Effective Date") by and among Stage Stores, Inc., a Nevada corporation ("Stage Stores"), Specialty Retailers, Inc., a Texas corporation ("Specialty"), with their principal offices at 10201 Main Street, Houston, Texas 77025 (Stage Stores and Specialty hereinafter being referred to collectively as "Stage"), and World Financial Network National Bank, a national banking association with its principal offices at 3100 Easton Square Place, Columbus, OH 43219 ("Bank").  Stage Stores, Specialty, and Bank are collectively referred to in this Sev enth Amendment as the "Parties."

R E C I T A L S:

WHEREAS, Stage and Bank entered into an Amended and Restated Private Label Credit Card Program Agreement dated as of March 5, 2004, as amended (the "Agreement") pursuant to which Bank issues private label credit cards which allows Customers of Stage to purchase goods and/or services from Stage; and

WHEREAS, Stage and Bank now desire to amend the Agreement to amend the Fees provision of the Agreement; and

WHEREAS, the current version of Schedule 1.1 of the Agreement is set forth in the Fifth Amendment to the Agreement and the Parties wish to amend and restate Schedule 1.1 as provided herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the Parties hereto agree as follows:

1.   Definitions; References.  Each term used herein which is not defined herein shall have the meaning assigned to such term in the Agreement.  Each reference to "hereof", "hereunder", "herein" and "hereby" and each other similar reference and each reference to "this Agreement" and each other similar reference contained in the Agreement shall from and after the date hereof refer to the Agreement amended hereby.

2.   Section 3.6(d).  Section 3.6(d) of the Agreement is deleted in its entirety and replaced with a new Section 3.6(d) as follows:

“(d)  Subject to Applicable Law and the terms and conditions set forth in the Credit Card Agreement, Bank shall charge each Cardholder a finance charge on the unpaid balance in their Account at an annual percentage rate equal to 24.99%; a $1 minimum finance charge; late fees equal to $15 for balances under $250 (for Peebles Accounts, $20 for balances under $250) and $25 for balances equal to or greater than $250; and returned check fees equal to $30.  Bank will not impose an over limit fee. The minimum payment shall be the greater of 1/15th of the balance or $10, plus any late fee.  B ank will not impose finance charges on Regular Revolving Purchases in any billing period in which payments received and credits issued by the payment due date, which will be twenty-five (25) days after the statement closing date, equals or exceeds the previous balance.  Bank will not assess late fees unless a required payment is not received by Bank by the Bank’s billing date.  Bank may make any changes in the terms of the Credit Card Agreement at any time as required by Applicable Law or safety and soundness considerations or on an individual Account by Account basis in connection with its servicing of the Accounts.  With respect to any other changes in terms affecting the APR, imposition of finance charges, and/or fees charged by Bank as set forth above Bank will, prior to making any changes, review and discuss such changes with Stage in order to maximize the potential of the Plan and mutually benefit Stage and Bank, and will not make such changes without Stage’s p rior written consent unless required by Applicable Law or for Bank’s safety and soundness.  Bank shall determine the fees associated with Bank’s provision of services to the Cardholders in connection with the Accounts in accordance with industry practices, including electronic payments, payments by phone, requests for excessive research (i.e. multiple statement copies), copies of payments and Charge Slips.”

3. Schedule 1.1.  Schedule 1.1 shall be amended and restated as attached hereto.

4. Governing Law.  This Seventh Amendment shall be governed by and construed in accordance with the laws of the State of Ohio.

5. Counterparts; Effectiveness.  This Seventh Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all of such counterparts shall together constitute one and the same instrument. The provisions included in this Seventh Amendment shall be effective as of the Effective Date set forth in the first paragraph of this Seventh Amendment.

2

6. Entire Agreement. As hereby amended and supplemented, the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the Parties have caused this Seventh Amendment to be executed by their duly authorized officers as of the Effective Date.

WORLD FINANCIAL NETWORK  NATIONAL BANK	STAGE STORES, INC.
By:  /s/ Daniel T. Groomes	By:  /s/ Richard E. Stasyszen
Name: Daniel T. Groomes	Name: Richard E. Stasyszen
Title:  President	Title:  Sr. Vice President - Finance & Controller
	SPECIALTY RETAILERS, INC.
	By: /s/ Richard E. Stasyszen
	Name: Richard E. Stasyszen
	Title: Sr. Vice President - Finance & Controller

3

Schedule 1.1

Discount Rate

A. DISCOUNT RATE FOR ACCOUNTS EXCEPT PEEBLES ACCOUNTS

The following Discount Rate for Regular Revolving Purchases shall be applied to all Accounts except for Peebles Accounts, until the conditions set forth in Section B below are met, at which time the Discount Rate set forth in this Section A shall apply to all Accounts.  The Discount Rate shall be equal to (i) the Base Discount Rate set forth in (A) (1), subject to any adjustments described in (A) (2).

1. Base Discount Rate.

The Base Discount Rate shall be 0% (or zero basis points (bps) for all Regular Revolving Purchases.

2. Adjustments to Base Discount Rate.

(a)  Bank shall, at the end of each Plan quarter, calculate the Net Portfolio Yield. Subject to Section (A) (2) (b) below: (i) if the Net Portfolio Yield is between 10.0% and 11.0% (the “Net Portfolio Yield Range”), then the Discount Rate for the next quarter shall be equal to the Base Discount Rate, and (ii) if the Net Portfolio Yield is less than 10.0% or greater than 11.0%, then Bank shall calculate the new Discount Rate by adding to or subtracting from the Base Discount Rate the amount of the Discount Rate Adjustor.

(b)  At such time as Bank commences to include the Peebles Accounts in the calculation (beginning the first quarter after the Average Balance for the Peebles Accounts is equal to or greater than $330 for the prior Plan Year pursuant to Section B below), Bank shall  also change the Net Portfolio Yield Range to between 9.9% and 10.9%.

Definitions:

The Accounts Receivable Turn shall be equal to the Net Sales for the prior 12 month period divided by the total Average Principal-Only Accounts Receivable for the same period.

The Average Principal-Only Accounts Receivable shall be equal to the sum of the month-end principal-only accounts receivable divided by the number of months being measured.  The principal portion of the accounts receivable contain Purchases, Third-Party Program Charges and Enhancement Marketing Services charges, and other charges not related to interest and fees.

4

The Collected Finance Charge Yield shall be equal to the sum of all finance charges collected during a given period.

The Collected Late Fee Yield shall be equal to the sum of all late fees collected during a given period.

The Discount Rate Adjustor shall be equal to the amount by which the Net Portfolio Yield falls below or exceeds the Net Portfolio Yield Range, divided by 2, and then divided by the Accounts Receivable Turn for the prior 12 month period.

The Net Portfolio Yield shall be equal to (i) the sum of the Bank’s collected finance charge yield for the prior 12 month period plus the Bank’s collected late fee yield for the prior 12 month period, divided by the Average Principal-Only Accounts Receivable, minus (ii) Net Principal Write Offs %, minus (iii) the weighted average Prime Rate.

The Net Principal Write Offs % shall be equal to the principal balances written off by Bank related to the Plan, minus any recoveries received by Bank for prior written off balances divided by the Average Principal-Only Accounts Receivable.

The Weighted Average Prime Rate shall be the sum of the product of the month-end principal-only accounts receivable multiplied by the Prime Rate quoted in The Wall Street Journal on the last Business Day of the month being measured for each month in the measured period divided by the sum of the month-end principal-only accounts receivable for the period being measured.

For Example:

Example 1:

Collected Finance Charge Yield + Collected Late Fee Yield	= 28.00%
(for prior 12 months)
Minus Net Principal Write Offs %	= 13.00%
Minus Weighted Average Prime Rate ÷ average accounts receivable	= 4.25%
Net Portfolio Yield	= 10.75%
Result:  No change to the Base Discount Rate

5

Example 2:

Net Portfolio Yield Calculation
Collected Finance Charge Yield + Collected Late Fee Yield	= 30.00%
(for prior 12 months)
Minus Net Principal Write Offs %	= 13.25%
Minus Weighted Average prime Rate ÷ Average accounts receivable	= 4.25%
Net Portfolio Yield	= 12.50%
Accounts Receivable Turn Calculation
Net Sales:	$430,000,000
Divided by the total average Principal-Only Accounts Receivable	=$268,000,000
Accounts Receivable Turn:	=1.6
Discount Rate Adjustor Calculation
Difference between 12.50% Minus 11.00%	= 1.50%
Divided by 2	= 0.75%
Divided by the Account Receivable Turn of 1.6	= 0.47%
Result: Base Discount Rate is reduced from 0.00% to -0.47%, meaning that Bank shall pay such Discount Fee to Stage.

Example 3:

Net Portfolio Yield Calculation
Collected Finance Charge Yield + Collected Late Fee Yield	= 28.00%
(for prior 12 months)
Minus Net Principal Write Offs %	= 14.25%
Minus Weighted Average prime Rate ÷ Average accounts receivable	= 4.25%
Net Portfolio Yield	= 9.50%
Accounts Receivable Turn Calculation
Net Sales:	$430,000,000
Divided by the total average Principal-Only Accounts Receivable	=$268,000,000
Accounts Receivable Turn:	=1.6
Discount Rate Adjustor Calculation
Difference between 9.50% Minus 10.00%	= -0.50%
Divided by 2	= -0.25%
Divided by the Account Receivable Turn of 1.6	= -0.16%
Result: Base Discount Rate is increased from 0.00% to 0.16%, meaning that Stage shall pay such Discount Fee to Bank.

6

B.           DISCOUNT RATE FOR PEEBLES ACCOUNTS

Unless otherwise revised per the terms of this Section B, the Discount Rate for Peebles Accounts shall be 0.% (zero bps). After the end of each Plan Year, Bank shall calculate the Average Balance for the Peebles Accounts for the prior Plan Year and if the Average Balance for the Peebles Accounts is less than $330, then the Discount Rate for Regular Revolving Purchases for the next Plan Year shall remain at 0%. However, if the Average Balance for the Peebles Accounts is greater than $330, then Bank shall, commencing with its next quarterly calculation pursuant to Section A (2) above, and continuing thereafter, include the Peebles Accounts in the calculation of the Discount Rate for Regular Revolving Purchases on a quarterly basis pursuant to the calculation as set forth in Section A (2) above.

C.           INCREASED APR TRANSITION PERIOD

1.           General.

The Parties recognize and agree that after the Effective Date the APR shall increase from 21.6% to 24.99%. The Parties further agree that, for the time period that this Seventh Amendment applies, Stage shall benefit from finance charge revenue sooner than would otherwise be the case under the yield share formula provided for above in this Schedule 1.1. Accordingly, the Parties have agreed to the provisions of this Section C of Schedule 1.1, which shall apply only for the time period described herein and only to the Stage Accounts (unless, under Section B above, the Peebles Accounts would become relevant to the calculations). In other words, prior to June 30, 2010 and after March 31, 2011, the calculations and payments described in this Section C shall not be applicable to any Accounts.

2.           Definitions.

“Actual Discount Rate” shall mean, as to each period for which it applies, the Discount Rate determined by following the calculations set forth in Section A above in this Schedule 1.1, which includes accounting for the fact that the APR of 21.60% changed to 24.99% after the Effective Date.

“Actual Finance Charge (or F/C) Yield Revenue" shall mean, as to each period for which it is calculated, the total collected finance charge yield as calculated per Section A above in this Schedule 1.1. 

7

"Baseline Finance Charge (or F/C) Yield Revenue" shall mean, as to each period for which it is calculated, the amount that is equal to what the Actual F/C Yield Revenue would have been if the APR were 21.60% at all times.  Said another way, it is the amount that results from the following calculation: [Actual F/C Yield Revenue divided by 24.99] x 21.60.  For example, using the hypothetical figures from the charts set forth on the attached Exhibit 1, if the Actual F/C Yield Revenue for April 2010 were $4,162,211; then [$4,162,211 divided by 24.99] = $166,555; [$166,555 x 21.60] = a Baseline F/C Yield Revenue in April of $3,597,589, as is also set forth in the charts set forth on the attached Exhibit 1.

"Baseline Discount Rate" shall mean, as to each period for which it is calculated, the Discount Rate determined by following the calculations set forth in Section A above in this Schedule 1.1, except that "Baseline F/C Yield Revenue" will be substituted for "Actual F/C Yield Revenue" in the calculation.

“Incremental Flowthrough” shall mean, as to each month for which it is calculated, an amount equal to [the Incremental Discount Rate] x [Net Sales].

“Incremental Discount Rate” shall mean, as to each month for which it applies, the Discount Rate equal to [Actual Discount Rate] minus [Baseline Discount Rate].

“Quarterly Pay-out” shall mean, as to each quarterly yield share calculation at the end of June, September, and December of 2010 and March 2011, respectively, the amount that is the result of the following calculation: [Actual F/C Yield Revenue for the prior three (3) months less Baseline F/C Yield Revenue for the prior three (3) months] = Total Incremental F/C Yield Revenue; Total Incremental F/C Yield Revenue  x [0.50] = Stage Share; Stage Share minus [Incremental Flowthrough in the prior three (3) months] = Quarterly Pay-out. Provided, however, that the Incremental Flowthrough for the June 30, 2010 Quarterly Pay-out will be zero ($0.00). Therefore, in that one circumstance, the Stage Share will equal the Quarterly Pay-out amount.

“Stage Share” shall mean, as to each period for which it is calculated, an amount that is equal to one-half (1/2) of the Total Incremental F/C Yield Revenue for the same time period.  For example, using the hypothetical figures for April 2010 from the charts set forth on the attached Exhibit 1, the Stage Share for April 2010 is $282,311, being one-half of the Total Incremental Finance Charge for April of 2010 ($564,622).

“Total Incremental Finance Charge (or F/C) Yield Revenue” shall mean, as to each period for which it is calculated, the result of the following calculation: [Actual F/C Yield Revenue] minus [Baseline F/C Yield Revenue]. For example, using the hypothetical figures for April 2010 set forth in the charts set forth on the attached Exhibit 1: [Actual F/C Yield Revenue of $ 4,162,211 minus Baseline F/C Yield Revenue of $3,597,589 = Total Incremental F/C Yield Revenue of $564,622.

3.           Payments to Stage.

8

(Using the hypothetical figures set forth in the tables referenced below for illustration purposes only)

(a)   On June 30, 2010, in compliance with Section A above in this Schedule 1.1, Bank shall (i) determine the Actual Discount Rate for July through September of 2010 (which in the charts set forth on the attached Exhibit 1 would be 1.82%) . In addition, Bank shall determine (ii) the June 30, 2010 Quarterly Pay-out, and (iii) the Baseline and Incremental Discount Rates for July through September 2010.  So, using the hypothetical figures in the charts set forth on the attached Exhibit 1:

(ii)   Quarterly Pay-out

$12,329,082 Actual F/C Yield Revenue for April through June

minus

($10,656,589) Baseline F/C Yield Revenue for April through June

 = $1,672,493 Total Incremental F/C Yield Revenue for April through June

 x [0.50] = $836,246 Stage Share; same as Quarterly Pay-out

(iii)   Other Discount Rates for July through September of 2010

Baseline:  1.58%

Incremental:  0.24% (Actual of 1.82% minus Baseline of 1.58%)

(c) On each of September 30 and December 31, 2010, Bank shall repeat the calculations and payments as described in subsection (b) immediately above, based on the actual data applicable at that time, except that the Quarterly-Payouts will take into account Incremental Flowthrough for the subject period. For instance, using the hypothetical figures in the charts set forth on the attached Exhibit 1 and applying them to September 30, 2010:

(i)   Actual Discount Rate for October through December 2010: 1.90%

9

(ii)   Quarterly Pay-out

  $12,519,314 Actual F/C Yield Revenue for July through September

  minus

  ($10,821,016) Baseline F/C Yield Revenue for July through September

  = $1,698,298 Total Incremental F/C Yield Revenue for July through September

  x [0.50] = $849,149 Stage Share

  minus

  ($67,145) July Incremental Flowthrough  (Net Sales of $27,977,153 x. 0.24%)

  ($83,256) Aug. Incremental Flowthrough) (Net Sales of $34,689,800 x. 0.24%)

($56,357)  Sept. Incremental Flowthrough  (Net Sales of $23,482,208 x. 0.24%)

  = $642,391 Quarterly Pay-out for September 30, 2010

(iii)   Other Discount Rates for October through December 2010

Baseline:  1.42%

Incremental:  0.48% (Actual of 1.90% minus Baseline of 1.42%)

(d) On March 31, 2011 Bank shall also calculate the Quarterly Pay-out (which calculation shall include Incremental Flowthrough). Otherwise, Bank shall follow the procedures set forth in Section A above in this Schedule 1.1. For instance, the Discount Rate to be applied for April through June 2011 will not be referred to as the Actual Discount Rate, and Bank shall neither calculate nor apply a Baseline Discount Rate or Incremental Discount Rate.

10

Exhibit 1

Month	Actual F/C Yield Revenue	Baseline F/C Yield Revenue	Total Incr. F/C Yield Revenue	Stage Share	Incremental Flow-Through	Net	Quarterly Pay-out
Apr-10	$     4,162,211	$     3,597,589	$        564,622	$        282,311	$                    -	$        282,311
May-10	$     4,056,652	$     3,506,350	$        550,302	$        275,151	$                    -	$        275,151
Jun-10	$     4,110,219	$     3,552,650	$        557,569	$        278,784	$                    -	$        278,784	$        836,246
Jul-10	$     4,193,125	$     3,624,310	$        568,815	$        284,408	$           67,145	$        217,263
Aug-10	$     4,097,417	$     3,541,585	$        555,832	$        277,916	$           83,256	$        194,661
Sep-10	$     4,228,772	$     3,655,121	$        573,651	$        286,825	$           56,357	$        230,468	$        642,391
Oct-10	$     4,225,954	$     3,652,685	$        573,269	$        286,634	$        123,989	$        162,645
Nov-10	$     4,177,188	$     3,610,534	$        566,653	$        283,327	$        162,731	$        120,596
Dec-10	$     4,263,710	$     3,685,320	$        578,390	$        289,195	$        279,155	$           10,041	$        293,281
Jan-11	$     4,577,766	$     3,956,773	$        620,994	$        310,497	$        136,058	$        174,438
Feb-11	$     4,781,553	$     4,132,915	$        648,638	$        324,319	$        135,586	$        188,733
Mar-11	$     4,255,055	$     3,677,838	$        577,216	$        288,608	$        194,058	$           94,550	$        457,722
Total			$     6,935,951	$     3,467,976	$     1,238,335		$     2,229,640

11

Exhibit 1, Cont’d.

Month	Actual Discount Rate (%)	Baseline Discount Rate (%)	Incremental Discount Rate (%)	Net Sales	Incremental Flow-Through
Apr-10	1.57%	1.57%	0.00%	$   26,485,232	$                    -
May-10	1.57%	1.57%	0.00%	$   33,379,800	$                    -
Jun-10	1.57%	1.57%	0.00%	$   27,132,865	$                    -
Jul-10	1.82%	1.58%	0.24%	$   27,977,153	$           67,145
Aug-10	1.82%	1.58%	0.24%	$   34,689,800	$           83,256
Sep-10	1.82%	1.58%	0.24%	$   23,482,208	$           56,357
Oct-10	1.90%	1.42%	0.48%	$   25,831,140	$        123,989
Nov-10	1.90%	1.42%	0.48%	$   33,902,256	$        162,731
Dec-10	1.90%	1.42%	0.48%	$   58,157,215	$        279,155
Jan-11	1.96%	1.24%	0.72%	$   18,896,999	$        136,058
Feb-11	1.96%	1.24%	0.72%	$   18,831,357	$        135,586
Mar-11	1.96%	1.24%	0.72%	$   26,952,516	$        194,058
Total					$     1,238,335

12

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M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@"CP_ M>'!A8VME="!E;F0](G')E9@T* ,,3$V#0HE)45/1@T* ` end EX-10.42 33 ex10_42.htm STAGE STORES, INC., FORM 10-K, EX 10.42

EXHIBIT 10.42

RETIREMENT AGREEMENT

This Retirement Agreement (hereinafter the “Agreement”) is made between Ernest Cruse  (hereinafter “Mr. Cruse”), an individual, on behalf of himself and his heirs and representatives, and Stage Stores, Inc., a Nevada corporation, including its officers, directors, shareholders, employees, affiliates, agents, subsidiaries, attorneys, benefit plans and plan administrators, joint ventures, successors and/or assigns (hereinafter collectively referred to as “Stage”).  Mr. Cruse and Stage are collectively referred to in this Agreement as the “Parties”.

In consideration of the covenants and agreements set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Mr. Cruse and Stage, intending to be legally bound, agree as follows:

1.           Employment Agreement.  Mr. Cruse and Stage are parties to an Employment Agreement dated January 30, 2002 (the “Employment Agreement”).  Terms not otherwise defined in this Agreement shall have the definitions given to them in the Employment Agreement.

2.           Nature of Release.  Except as noted herein, this Agreement terminates the Employment Agreement and resolves all past, pending, threatened, or possible claims, if any there be, arising under any state,  federal or other law by Mr. Cruse, his heirs and assigns and any derivative claims against Stage, its parent, subsidiaries, related companies, or any Stage related entity or its current and/or former officers, directors, shareholders, attorneys, agents and emplo yees, arising out of or related to Cruse’s past employment with Stage, the Employment Agreement, any other agreement to which Mr. Cruse and Stage are parties (other than as described in Section 21 or specifically elsewhere herein), or any other terms or conditions of Mr. Cruse’s employment with Stage.  Stage and Cruse specifically agree that Sections 5 and 7 of the Employment Agreement remain in full force and effect.

3.           Employment.  Mr. Cruse acknowledges that his employment with Stage will terminate of his own voluntary action effective March 1, 2010 (the “Retirement Date”).  The execution of this Agreement by Mr. Cruse shall evidence Mr. Cruse’s resignation and retirement from his capacities as Executive Vice President, Store Operations of the Houston Division of Stage as of the Retirement Date.

4.           Confidentiality of this Agreement.  Mr. Cruse agrees he will maintain the terms of this Agreement in confidence in all circumstances and that Mr. Cruse shall only apprise his immediate family and his chosen accountant and/or legal representative to the extent necessary to perform services of the terms and conditions of this Agreement except as it is necessary in the enforcement of this Agreement.  Mr. Cruse shall also advise any member of his immediate family and his chosen accountant and/or legal representative who is apprised of the terms of this Agreement of the confidential nature of that information, and any disclosure of the information by one of those individuals to third parties shall be considered a breach of this Agreement by Mr. Cruse and have the same consequences.  Notwithstanding the foregoing, Mr. Cruse acknowledges that, if required, this Agreement will be filed by Stage with the Securities and Exchange Commission.

5.           Non-Admission.  The Parties acknowledge that this Agreement evidences their mutual agreement regarding Mr. Cruse’s voluntary termination of their employment relationship and is not an admission of any wrongdoing or liability on the part of Stage or Mr. Cruse.

6.           Texas Contract.  The Parties agree that this Agreement constitutes a contract to be governed by the laws of the State of Texas without regard to the laws of any other location.  The Parties agree that they shall be subject to Texas jurisdiction (including, as applicable, either a Texas state or federal court in Harris, County or a duly appointed arbitrator) for any action to enforce this Agreement or to remedy any breach of this Agreement.

7.           Health Insurance.  Mr. Cruse shall be granted the right to continue medical coverage (for himself and his spouse) until he reaches the age of 65 (on September 16, 2015) under the terms of the current Stage group medical plan applicable to its retired senior executives; provided, however, in the event Mr. Cruse accepts full time employment or other medical coverage subsequent t o the Retirement Date, he shall no longer have the right to continue that medical coverage.

8.           Life Insurance.  Mr. Cruse’s life insurance coverage through Stage will end at 12:01 a.m. local time on March 1, 2010.  Conversion options are available and will be made known to him through the insurance carrier.  He will also be eligible for conversion rights to the Key Man Life Insurance Plan (with John Hancock Insurance) in accordance with the provisions of that policy.

9.           Retirement Payments.  Exclusive of any other consideration or benefit to Mr. Cruse set forth in this Agreement, in consideration of the agreements made herein Stage agrees to pay Mr. Cruse the following amounts, in each case less applicable payroll taxes, withholding and other deductions, which may be required to be withheld under any provision of applicable laws, agreements or as otherwise requested by Mr. Cruse:

(a) $416,900, representing the cash value of unvested performance restricted shares and unvested SARs shares, which shall be paid to Mr. Cruse in one lump sum on the later of (i) March 1, 2010 or (ii) the Effective Date of this Agreement (as defined in Section 19), in accordance with Stage’s general payroll practices and policies,

(b) Any incentive compensation for Stage’s 2009 fiscal year pursuant to Stage’s 2009 Senior Executive Incentive Bonus Plan to which Stage’s Board of Directors, in their sole discretion, determines Mr. Cruse is entitled, which shall be paid to Mr. Cruse in a lump sum on or about April 1, 2010,and

(c) $150,000, representing a Retirement Bonus, which shall be paid to Mr. Cruse in one lump sum on the later of (i) March 1, 2010 or (ii) the Effective Date.

10.           Arbitration.  The Parties acknowledge that their past employment relationship and this Agreement relate to interstate commerce and agree that any disputes, claims or controversies between them which may arise out of or related to their employment relationship and/or this Agreement shall be settled by arbitration.  Any arbitration shall be in accordance with the Rule s of the American Arbitration Association governing individual employee agreements

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and shall be undertaken pursuant to the Federal Arbitration Act.  Arbitration will be held before a single arbitrator in Harris County, Texas unless the Parties mutually agree on another location.  The decision of the arbitrator will be enforceable in any court of competent jurisdiction.  The arbitrator may award costs and attorneys’ fees in connection with the arbitration to the prevailing party; however, in the arbitrator’s discretion, each party may be ordered to bear that party’s own costs and attorneys’ fees to the extent a court of competent jurisdiction would have such discretion.  The Parties agree that the arbitrator shall have the authority to award all legal and equitable relief that could be awarded by a court of competent jurisdiction; however, nothing in this Agreement to arbitrate shall preclude Stage from obtaining injunctive relief or other equitable relief from a court of competent jurisdiction prohibiting any on-going breaches of this Agreement by Mr. Cruse while the arbitration is pending.

11.           Return of Property.  Mr. Cruse shall deliver to Stage at 10201 Main Street, Houston, Texas 77025, Attention:  Chief Executive Officer, on or before the Retirement Date, any and all property of Stage, including but not limited to keys, computers, credit cards, company car, documents (including Confidential Information as defined herein and as described in Section 14) and/or any other company property in Mr. Cruse’s possession or control.

12.           Taxes.  The Parties agree that all income and other applicable tax liabilities, if any (including excise taxes and assessed interest and penalties), related to this Agreement, are to be paid by the respective party.

13.           No Disparagement.  Mr. Cruse and Stage’s officers and directors agree not to engage in any disruptive or disparaging activities, directly and/or indirectly, concerning each other.  This includes, but is not limited to, disparaging comments, correspondence or conversations with any and all persons; provided, however, this Section 13 shall not prevent either party from testifying truthfully if compelled to do so by subpoena, court order, or other legal pr ocess, after providing written notice to the other party.

14.           Confidential Information.  Mr. Cruse acknowledges that the information, observations and data obtained by him while employed by Stage concerning the business affairs of Stage (“Confidential Information”) are the property of Stage.  Mr. Cruse shall not disclose to any unauthorized person, or use for Mr. Cruse’s own purposes, any Confidential Information without the prior written consent of Stage’s Chief Executive Officer or its Board of Directors, unless and to the extent that the aforementioned matters become generally known to, and available for use by, the public other than as a result of Mr. Cruse’s acts or omissions.  Mr. Cruse shall deliver to Stage at 10201 Main Street, Houston, Texas 77025, Attention:  Chief Executive Officer, on or before the Retirement Date, all memoranda, notes, plans, records, reports, computer tapes, printouts and software and other documents and data (including any and all copies thereof) relating to or containing any portion of the Confidential Information, or relating to the business of Stage which he may then possess or have under his control.

15.           Protection of Confidential Information.  Mr. Cruse agrees that, due to his access to the Confidential Information, he would inevitably use and/or disclose that Confidential Information in breach of his confidentiality and non-disclosure obligations if he worked in certain capacities or engaged in certain activities for a period of time following his employment with St age as an employee or consultant or on behalf of a Comparable Business in a position that

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involves (i) responsibility and decision-making authority or input at the executive level regarding any subject or responsibility, (ii) decision-making responsibility or input at any management level in Mr. Cruse’s individual area of assignment with Stage, or (iii) responsibility and decision-making authority or input that otherwise allows the use of the Confidential Information (collectively referred to as the “Restricted Occupation”).  Therefore, except with the prior written consent of Stage, for the period of one year from the Retirement Date, Mr. Cruse agrees not to be employed by, consult for or otherwise act on behalf of any Comparable Business in any capacity in which he would be involved, directly or indirectly, in a Restricted Occupation.  As used in this Agreement, a “Comparable Business ” means any business that (a) operates apparel stores in small markets (i.e., with populations of less than 50,000), and (b) operates a significant number of its apparel stores (25% or more of its total apparel stores) in 10,000-30,000 square foot formats, and (c) has sales in excess of $10 million per annum.  Mr. Cruse acknowledges that this commitment is intended to protect the Confidential Information and is not intended to be applied or interpreted as a covenant against competition.

16.           Non-Solicitation.  Mr. Cruse agrees that, for a period of one year from the Retirement Date, he shall not directly or indirectly, on his own behalf or for any other person or entity, induce or attempt to induce any employee of Stage to leave the employ of Stage, hire any person who is an employee of Stage as of or immediately prior to the time of such hiring, or induce or attempt to induce any manufacturers’ representative, customer, supplier, licensee, agent or any other person or entity having a business relationship with Stage to cease doing business with or reduce the volume of its business with Stage.

17.           Equitable Relief/Attorney Fees.  Notwithstanding anything in Section 10, because of the difficulty of measuring economic losses to Stage as a result of any breach of this Agreement by Mr. Cruse, and because of the immediate and irreparable damage that could be caused to Stage by such a breach for which it would have no other remedy, Mr. Cruse agrees that Stage may enforce the provisions of this Agreement by injunctions and restraining orders against Mr. Cruse for such a breach in a court of competent jurisdiction pending arbitration, in addition to any other available relief at law or equity.  Also, should Mr. Cruse breach this Agreement, (i) any amounts paid by Stage to Mr. Cruse under Section 9 before the breach occurred must be refunded to Stage by Mr. Cruse within thirty (30) days of the breach and (ii) any long-term incentive awards described in Section 21 shall be forfeited.  In any action to enforce this Agreement, the prevailing party shall be entitled to recover its costs and a reasonable attorney’s fee.

18.           Release.  As a material inducement to Stage to enter into this Agreement, Mr. Cruse hereby unconditionally releases and forever discharges Stage and each of its owners, predecessors, successors, assigns, agents, directors, officers, employees, representatives, attorneys, accountants, divisions, subsidiaries, affiliates, and all persons acting by, through, under or in concert with any of them for any and all charges, complaints, claims, liabilities, obligations, promise s, agreement, controversies, damages, actions, causes of action, suits, rights, demands, cost, losses, debts and expenses (including attorneys’ fees and costs actually incurred) of any nature whatsoever, known or unknown, suspected or unsuspected, including but not limited to rights under any and all federal, state or local laws prohibiting discrimination, breach of contract or public policy, wrongful or retaliatory discharge, defamation, personal or business injury claims growing out of any legal restrictions on Stage’s right to terminate its employees

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that Mr. Cruse now has, or holds or claims to have owned or held or which Mr. Cruse would at any time heretofore have had, owned or held against Stage or any Stage related entity arising before or as of the Effective Date.  This specifically includes, without limitation, the federal Age Discrimination and Employment Act of 1967 (“ADEA”), as amended, and all comparable state or local laws prohibiting discrimination in employment based on age. Mr. Cruse hereby expressly waives the benefit of any statute or rule of law which, if applied to this Agreement, would otherwise exclude from its binding effect any claims not now known by Mr. Cruse to exist.

To comply with the Older Worker’s Benefit Protection Act of 1990 (the “Act”), Stage has advised Mr. Cruse of the legal requirements of the Act and fully incorporates the legal requirements of the Act by reference into this Agreement as follows:

a. This Agreement is written in layman’s terms, and Mr. Cruse represents that he understands and comprehends its terms;

b. Mr. Cruse is advised of his rights to consult an attorney to review this Agreement and have the benefit of an attorney through the settlement process;

c. Mr. Cruse does not waive any rights or claims that may arise after the date this Agreement is executed;

d. Mr. Cruse affirms that he is receiving consideration beyond anything of value to which he is already entitled; and

e. Mr. Cruse has been given a reasonable period of time to consider this Agreement.

19.           Consideration Period, Limited Revocation And Effective Date.  The Parties agree that Mr. Cruse was provided at least twenty-one (21) calendar days during which to consider whether to sign this Agreement.  The signed Agreement must be delivered to Stage Stores, Inc., 10201 Main Street, Houston, Texas  77025, Attention: Chief Executive Officer, no later than 5:00 p.m. C.S.T., on March 22, 2010.  In any event, Mr. Cruse will have seven&# 160;(7) calendar days from the date he signs and delivers a copy of this Agreement to Stage Stores, Inc., 10201 Main Street, Houston, Texas 77025, Attention: Chief Executive Officer, during which Mr. Cruse may revoke this Agreement by delivering or faxing a signed and dated notice of revocation to Stage Stores, Inc., 10201 Main Street, Houston, Texas 77025, Attention: Chief Executive Officer, (713) 669-2709.  This Agreement becomes effective and enforceable when the seven (7) day revocation period has expired (the “Effective Date”) if Mr. Cruse has not delivered or faxed a written revocation to Stage Stores, Inc., 10201 Main Street, Houston, Texas  77025, Attention: Chief Executive Officer, (713) 669-2709, before that date (the “Effective Date”).

20.           Payment Of Other Compensation.  Mr. Cruse acknowledges that except as set forth in Section 9, all compensation normally due him at the time of his retirement will be paid by Stage within fourteen (14) calendar days from the Retirement Date.  Except as set forth in Section 9, any other benefits to which Mr. Cruse may be entitled shall be distributed in accordance with the terms of the individual plan documents.

5

21.           Long-Term Incentive Awards.  The Parties acknowledge and agree that pursuant to the terms and conditions of various award agreements (a) Mr. Cruse is fully vested in the “Performance Based Share Agreement” dated March 28, 2007 and is eligible to receive the earned shares, as approved by the Board of Directors during the March 26, 2010 meeting for this gran t, and (b) Mr. Cruse is not entitled to any other long-term incentive awards.

22.           Section 16(b) Compliance.  Mr. Cruse acknowledges (a) that as an officer of Stage he has received a copy of the Company’s 2010 Insider Trading and Reporting Policy (Directors, Executive Officers and Principal Shareholders) (the “Policy”) and that he is a Section 16(a) Reporting Person as identified on Exhibit A to the Policy, (b) that pursuant to Section 16(b) of the Securities Exchange Act of 1934, as amende d (“Section 16(b)”), directors, officers and principal shareholders must disgorge profits received in the event they purchase and sell, or sell and purchase, Stage’s common stock or other equity securities within a six month period (any transaction executed within six months of an opposite transaction) (“short-swing profits”), (c) that the exercise of a stock option and the sale of the stock acquired does not trigger liability for short-swing profits; however, the sale of the stock acquired from the exercise of a stock option by a former officer or director of Stage will be matched against all purchases of Stage stock within six months prior to the date of sale of the stock acquired from exercise of the stock option and is therefore reportable under Section 16(a) on Form 4; and Section 16(b) remains applicable to former officers and directors for a period of six months after they cease to be in those positions, (d) it is becoming common practice for shareholders o f public companies and their counsel to monitor transactions reported to the SEC by directors, officers and principal shareholders of those public companies in an effort to cause the disgorgement of profits made by those persons, (e) in addition to the disgorgement of profits, those shareholders also seek the reimbursement of their attorneys fees related to their investigation of Section 16(b) violations even if a lawsuit is not filed to recover the profits, and (f) directors and officers may also be subject to SEC or Federal court imposed civil monetary penalties in excess of $100,000.  Therefore, Mr. Cruse acknowledges and agrees as follows:

·   Transactions by him after the Retirement Date that occur within six months of an opposite transaction that occurred before the Retirement Date must be reported by him on a Form 4, the preparation and electronic filing with the SEC of which he agrees to be solely responsible,

·   Transactions by him after the Retirement Date that do not occur within six months of an opposite transaction that occurred before the Retirement Date do not have to be reported on a Form 4,

·   He need not file a Form 4 solely to indicate his retirement, and

·   He will indemnify Stage against, and immediately reimburse Stage for, any losses, including attorney’s fees, Stage may incur as a result of any violation by him of Section 16(b).

23.           Terms of This Agreement are Severable.  If any provision of this Agreement is held invalid, the invalidity shall not affect other provisions or applications of this Agreement

6

which can be given effect without the invalid provision or applications; and to this end the provisions of this Agreement are declared to be severable.

24.           Entire Agreement.  The Parties agree that this Agreement contains the entire agreement between them with respect to Mr. Cruse’s voluntary retirement of employment and supersedes all prior and/or contemporaneous written or oral agreements between them (other as described in Sections 2 and 21 or specifically elsewhere herein).  The Parties also agree and acknowledge that no other promises or agreements have been offered before this Agreement and that no o ther promise or agreement between the Parties will be binding unless it is in writing and signed by the Parties.

25.           No Application.  Cruse agrees that at no time in the future will he apply or seek employment with Stage or any of its affiliated or related companies.

26.           MR. CRUSE ACKNOWLEDGES THAT HE HAS CAREFULLY READ THIS AGREEMENT, KNOWS AND UNDERSTANDS ITS CONTENT AND MEANING, AND HAS NOT BEEN COERCED OR THREATENED INTO SIGNING IT. MR. CRUSE REPRESENTS THAT HE UNDERSTANDS THAT HE HAS 21 DAYS (OR MORE) TO CONSIDER THIS AGREEMENT AND THAT HE MAY REVOKE THIS AGREEMENT WITHIN 7 DAYS AFTER HE SIGNS IT.  MR. CRUSE FURTHER REPRESENTS THAT HE FULLY UNDERSTANDS HOW TO EXERCISE THAT RIGHT OF REVOCATION SHOULD HE CHOSE TO DO SO. MR. CRUSE IS HEREBY ADVISED TO CONSULT WITH AN ATTORNEY OF MR. CRUSE’S CHOOSING REGARDING THE EFFECT OF THIS AGREEMENT PRIOR TO SIGNING IT.

The Parties enter into this Agreement voluntarily and with full knowledge of its contents.

READ THIS AGREEMENT CAREFULLY BEFORE SIGNING.

Signed this 26th day of February, 2010.

  /s/ Ernest Cruse                           

               Ernest Cruse

Signed this 26th day of February, 2010.

 Stage Stores, Inc.

 By:          /s/ Andrew T. Hall                        

               Andrew T. Hall, President & CEO

7

ACKNOWLEDGMENTS

STATE OF TEXAS	)
	)                       ss:
COUNTY OF HARRIS	)

On this 26th day of February, 2010, before me, a Notary Public, personally appeared Ernest Cruse, to me known to be the person who executed the foregoing Retirement Agreement, and acknowledged that he executed it as his free and voluntary act and deed.

Given under my hand and seal the day and year last above written.

                /s/ Melinda Jo Perry                   

                        Notary Public

My Commission Expires:  August 1, 2013

STATE OF TEXAS	)
	)                       ss:
COUNTY OF HARRIS	)

On this 26th day of February, 2010, before me, a Notary Public, personally appeared Andrew T. Hall, to me known to be the identical person who executed the foregoing Retirement Agreement as the authorized representative of Stage Stores, Inc. and acknowledged to me that he executed the same as his free and voluntary act and deed and as the free and voluntary act and deed of such corporation, for the uses and purposes therein set forth.

Given under my hand and seal the day and year last above written.

               /s/ Melinda Jo Perry                    

                         Notary Public

My Commission Expires:  August 1, 2013

8

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EXHIBIT 21

SUBSIDIARY OF STAGE STORES, INC.

Name	State of Formation	Ownership
Specialty Retailers, Inc.	TX	100%

EX-21 36 ex21.pdf STAGE STORES, INC., FORM 10-K, EX 21 begin 644 ex21.pdf M)5!$1BTQ+C0-)>+CS],-"C8@,"!O8FH@/#PO3&EN96%R:7IE9"`Q+TP@-S$T M-"]/(#@O12`S,#,Q+TX@,2]4(#8Y-S@O2"!;(#4Q-B`Q-31=/CX-96YD;V)J M#2`@("`@("`@("`@("`@("`@("`@("`@#0IX7!E+U1R=654 M>7!E+T9O;G1$97-C/'LM*./10)4JD3V@-"T#$56E&D:O]^ MY]A02`AL`BEGY_+Y[OONSM?W8V3/[UFORJZK2C%DU2)#"5(Q2;]H.?J3Y5BU MRB1[SG+:E>0YBY8N6/6137A?.-#\2>0>#/\VZ`TJID1N.(J?U?<`;Q)\PJ;3 M%'U1'H(3I@QHG(GJ=Y8;L%BP'`$E'7)+V_6^K+<.=[J#5VB@9-8A%&5]!D4L MR_J@8+D8^_BQ-QX("X[?"L*V/"YNXF+T@PUIK?B=D.`Y&U?"`_*;^W[]I/5P M%,TQ.2"_8O'S!V&(BJ_028#V#M`<1M=D@!B2/E+P3^EBH4%:9HT%K8)(,6/E M`O"$/TQ7(L@S[];$E4#\'`&$;V,\+78+#ZIV-B8Z)[\]GK(([I3+&< M0UUH2N]K3JFDVU:$(N'3])RSUT6TF,@MOWL5>4%%N5E-HY'M^E:K_*:HET*$8L*;"24:%;XIEMYMDB4[:$PNX]M"248P\C2UJ>\Z`1![%0_#[)CL1,%,6AS M`26DK!15UV>AZ-W`PS(USMM\MIR^;/^PT7P[7;Y0`5TQ07-O/:/>,#S.K(.Q M8%T849^XEQHA2;/W[]*FZ="D-5P1MI5/??OPZND84QNZ2$PSR+-Z=<:W$^Q" M?,8J<$>\0&)[PE$2H?)+@TE#_84M)M.XUU3UZ<8[NM].2%R$NT-UM\[A^P@N M06&$CLBI]?\*,`#&19U'"@T*96YD%LM-38X("TS,#<@ M,C`P,"`Q,#`W72]!7!E+T9O;G1$97-C M7!E+T5X=$=3=&%T92]302!F86QS92]3 M32`P+C`R/CX-96YD;V)J#3$@,"!O8FH\/"].=6US6S`@,B`P(%)=/CX-96YD M;V)J#3(@,"!O8FH\/"]3+T0^/@UE;F1O8FH-,R`P(&]B:CP\+T-O=6YT(#$O M5'EP92]086=EG)E4WI.5&-Z M:V,Y9"(_/@H\>#IX;7!M971A('AM;&YS.G@](F%D;V)E.FYS.FUE=&$O(B!X M.GAM<'1K/2(S+C$M-S`Q(CX*("`@/')D9CI21$8@>&UL;G,Z&UL;G,Z<&1F/2)H='1P.B\O;G,N861O8F4N8V]M+W!D9B\Q+C,O(CX*("`@ M("`@("`@/'!D9CI0&%P.D-R96%T M;W)4;V]L/@H@("`@("`@("`\>&%P.DUO9&EF>41A=&4^,C`Q,"TP,RTR-50Q M,3HP,#HS,RTP-3HP,#PO>&%P.DUO9&EF>41A=&4^"B`@("`@(#PO&%P34TZ26YS=&%N M8V5)1#YU=6ED.C8X83`T8S!C+34Q,3@M-&(R,"TY9F-E+6,X-6(S830X,#%D M,3PO>&%P34TZ26YS=&%N8V5)1#X*("`@("`@/"]R9&8Z1&5S8W)I<'1I;VX^ M"B`@(#POF4@-CX^#0IS=&%R='AR968-"C$Q-@T*)25%3T8-"C\_ ` end EX-23 37 ex23.htm STAGE STORES, INC., FORM 10-K, EX 23

EXHIBIT 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statement Nos. 333-84072, 333-120960, 333-151566, 333-151568, 333-160758, and 333-162300 on Forms S-8 of our report dated March 30, 2010, relating to the financial statements of Stage Stores, Inc., and the effectiveness of Stage Stores, Inc.'s internal control over financial reporting, appearing in this Annual Report on Form 10-K of Stage Stores, Inc. for the year ended January 30, 2010.

/s/ DELOITTE & TOUCHE LLP

Houston, Texas

March 30, 2010

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EXHIBIT 24.1

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned, being a Director of Stage Stores, Inc., a Nevada corporation (the “Company”), hereby constitutes and appoints Andrew T. Hall and Edward J. Record, and each of them (with full power to each of them to act alone), the undersigned’s true and lawful attorneys-in-fact and agents, with full power of substitution, for the undersigned and in the undersigned’s name, place and stead in any and all capacities, to sign and date, one or more Annual Reports for the Company’s 2009 fiscal year ended January 30, 2010, on Form 10-K under the Securities Exchange Act of 1934, as amended, or such other form as any such attorney-in-fact may deem necessary or desirable, and any amendments thereto, each in such form as they or any one of them may approve, and to f ile the same with all exhibits thereto and other documents in connection therewith with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done so that such Annual Report shall comply with the Securities Exchange Act of 1934, as to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them or their substitute or resubstitute, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, each of the undersigned has signed this Power of Attorney as of the 15th day of February, 2010.

/s/  Alan J. Barocas	/s/ Sharon B. Mosse
Alan J. Barocas, Director	Sharon B. Mosse, Director
/s/  Michael L. Glazer	/s/ James R. Scarborough
Michael L. Glazer, Director	James R. Scarborough, Director
/s/ William J. Montgoris	/s/ David Y. Schwartz
William J. Montgoris, Director	David Y. Schwartz, Director

EX-24.1 40 ex24_1.pdf STAGE STORES, INC., FORM 10-K, EX 24.1 begin 644 ex24_1.pdf M)5!$1BTQ+C0-)>+CS],-"C8@,"!O8FH@/#PO3&EN96%R:7IE9"`Q+TP@.#

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EXHIBIT 24.2

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned Director or Executive Officer of Stage Stores, Inc., a Nevada corporation (the “Company”), in connection with the preparation and filing of reports on Form 3, 4 and 5 (as well as applications for EDGAR filer identification numbers and any other reports required under Section 16(a) of the Securities Exchange Act of 1934) and Form 144, if required under the Securities Act of 1933, on my behalf including, but not limited to, those cases where time is short or I am unavailable to review the form, hereby constitutes and appoints Andrew T. Hall, Edward J. Record and Richard E. Stasyszen, and each of them (with full power to each of them to act alone), the undersigned’s true and lawful attorneys-in-fact and agents, for the undersigned and on the undersigned’ ;s behalf and in the undersigned’s name, place and stead, in any and all capacities, to prepare, sign, and file with the Securities and Exchange Commission reports on Form 3, 4 and 5 (as well as applications for EDGAR filer identification numbers and any other reports required under Section 16(a) of the Securities Exchange Act of 1934) and Form 144, if required under the Securities Act of 1933, together with all amendments thereto, with all exhibits and any and all documents required to be filed with respect thereto with the Securities and Exchange Commission and any other regulatory authority granting unto such attorneys-in-fact, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in order to effectuate the same as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, might lawfully do or cause to be done b y virtue hereof.

IN WITNESS WHEREOF, the undersigned has signed this Power of Attorney as of the 15th day of February, 2010.

DIRECTORS

/s/  Alan J. Barocas	/s/ Sharon B. Mosse
Alan J. Barocas, Director	Sharon B. Mosse, Director
/s/  Michael L. Glazer	/s/ James R. Scarborough
Michael L. Glazer, Director	James R. Scarborough, Director
/s/ William J. Montgoris	/s/ David Y. Schwartz
William J. Montgoris, Director	David Y. Schwartz, Director

Page 1 of 2

IN WITNESS WHEREOF, the undersigned has signed this Power of Attorney as of the 1st day of March, 2010.

EXECUTIVE OFFICERS

/s/ Andrew T. Hall	/s/ Richard A. Maloney
Andrew T. Hall	Richard A. Maloney
President and Chief Executive Officer	Chief Merchandising Officer
/s/ Edward J. Record	/s/ Joanne Swartz
Edward J. Record	Joanne Swartz
Chief Operating Officer,	Executive Vice President, Advertising
Chief Financial Officer and Secretary	and Sales Promotion
/s/ Ron D. Lucas	/s/ Steven L. Hunter
Ron D. Lucas	Steven L. Hunter
Executive Vice President, Human Relations	Executive Vice President
	Chief Information Officer
/s/ Richard E. Stasyszen
Richard E. Stasyszen
Senior Vice President-Finance and Controller

Page 2 of 2

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EXHIBIT 24.3

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned Director of Stage Stores, Inc., a Nevada corporation (the “Company”), in connection with the preparation and filing of reports on Form 3, 4 and 5 (as well as applications for EDGAR filer identification numbers and any other reports required under Section 16(a) of the Securities Exchange Act of 1934) and Form 144, if required under the Securities Act of 1933, on my behalf including, but not limited to, those cases where time is short or I am unavailable to review the form, hereby constitutes and appoints Andrew T. Hall, Edward J. Record and Richard E. Stasyszen, and each of them (with full power to each of them to act alone), the undersigned’s true and lawful attorneys-in-fact and agents, for the undersigned and on the undersigned’s behalf and in the undersigned’s name, place and stead, in any and all capacities, to prepare, sign, and file with the Securities and Exchange Commission reports on Form 3, 4 and 5 (as well as applications for EDGAR filer identification numbers and any other reports required under Section 16(a) of the Securities Exchange Act of 1934) and Form 144, if required under the Securities Act of 1933, together with all amendments thereto, with all exhibits and any and all documents required to be filed with respect thereto with the Securities and Exchange Commission and any other regulatory authority granting unto such attorneys-in-fact, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in order to effectuate the same as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, might lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has signed this Power of Attorney as of the 25th day of March, 2010.

DIRECTOR

               /s/  Cheryl N. Turpin                         

          Cheryl N. Turpin, Director

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EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Andrew T. Hall, certify that:

1.   I have reviewed this annual report on Form 10-K of Stage Stores, Inc.;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.   The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant, and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5.   The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

March 30, 2010	/s/ Andrew T. Hall
	Andrew T. Hall
	Chief Executive Officer

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EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Edward J. Record, certify that:

1.   I have reviewed this annual report on Form 10-K of Stage Stores, Inc.;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.   The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant, and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5.   The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

March 30, 2010	/s/ Edward J. Record
	Edward J. Record
	Chief Financial Officer

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EXHIBIT 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

In connection with the Annual Report of Stage Stores, Inc. (the "Company") on Form 10-K for the year ended January 30, 2010 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), we, Andrew T. Hall and Edward J. Record, Chief Executive Officer and Chief Financial Officer, respectively, of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

March 30, 2010	/s/ Andrew T. Hall
	Andrew T. Hall
	Chief Executive Officer
	/s/ Edward J. Record
	Edward J. Record
	Chief Financial Officer

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EX-10.7

EXHIBIT 10.7

STAGE STORES, INC.

PERFORMANCE BASED SHARE AGREEMENT

THIS PERFORMANCE BASED SHARE AGREEMENT (the “Agreement”) is made effective as of the __________day of _______________, 20___ (the "Effective Date"), by and between STAGE STORES, INC., a Nevada corporation (hereinafter called the "Company"), and _____________________, an employee of the Company, its subsidiaries or its affili ates (hereinafter called the "Employee").

WHEREAS, the Board of Directors of the Company (the "Board") has adopted the Stage Stores, Inc. Amended and Restated 2008 Equity Incentive Plan (the "Plan"), as it may be amended from time to time; and

WHEREAS, the Company considers it desirable and in the Company's best interests that the Employee be given an opportunity to acquire Common Shares in furtherance of the Plan to provide incentive for the Employee to remain an employee of the Company, its subsidiaries or its affiliates and to promote the growth, earnings and success of the Company.

NOW, THEREFORE, in consideration of the premises, it is agreed as follows:

1.           TARGET NUMBER OF PERFORMANCE SHARES.  The Target Number of Performance Shares for Employee under this Agreement is _______________.  The number of Common Shares ultimately received, if any, for Performance Shares earned under this Agreement will be determined pursuant to Section 3 of this Agreement.  For purposes of thi s Agreement, "Common Shares" shall mean the Company's authorized voting common stock, par value $0.01, and “Performance Shares” shall mean the number of Common Shares earned under this Agreement.

2.           PERFORMANCE CYCLE.  The Performance Cycle commences on __________, 20____, and ends on ___________, 20___.

3.           SETTLEMENT OF AWARD.  Except as provided below, the Company shall deliver to the Employee one Common Share for each Performance Share earned by the Employee, as determined in accordance with the performance measure(s) and provisions set forth in Exhibit “A”, which is attached to and forms a part of this Agreement. 
60;Any fractional Common Shares shall be rounded up or down to the nearest whole Common Share.  It is intended that Common Shares will be issued for the Performance Shares; provided however, the Company’s Board of Directors may in its sole discretion pay all or a portion of the award in cash instead of Common Shares.  For purposes of this Agreement, reference to the “Board” shall include the Compensation Committee (the “Committee”) to the extent that the Board has designated the Committee to administer the Plan.

4.           TIME OF PAYMENT. Except as otherwise provided in this Agreement, payment of Common Shares earned pursuant to this Agreement will be made within 75 days of the end of the Performance Cycle.

5.           ELIGIBILITY FOR PERFORMANCE SHARES.  The Employee shall be eligible for payment of earned Performance Shares, as specified in Section 3, only if the Employee’s employment with the Company continues through the end of the Performance Cycle or the Employee’s employment with the Company terminates during the Performance Cycle due to the Employee’s death, disability or retirement.

6.           DEATH OF EMPLOYEE.  If the Employee’semployment with the Companyis terminated due to death during the Performance Cyc le, he or she will receive the Target Number of Performance Shares set forth in this Agreement within thirty (30) days of his or her death.

7.           DISABILITY OF EMPLOYEE. If the Employee’semployment with the Companyis terminated due to disability during the Performance Cycl e, he or she will receive the Target Number of Performance Shares set forth in this Agreement within thirty (30) days of his or her disability.  For the purposes of this Agreement, the Employee shall be deemed to have terminated his or her employment by the Company by reason of disability, if the Committee shall determine that the physical or mental condition of the Employee by reason of which such employment terminated was such at that time as would entitle him or her to payment of monthly disability benefits under any Company disability plan.  If the Employee is not eligible for benefits under any disability plan of the Company, he or she shall be deemed to have terminated such employment by reason of disability if the Committee shall determine that his or her physical or mental condition would entitle him or her to benefits under any Company disability plan if he or she were eligible therefor.

8.           RETIREMENT OF EMPLOYEE.   If the Employee’semployment with the Companyis terminated due to retirement (as determ ined by the Board) during the Performance Cycle, he or she will receive the Target Number of Performance Shares set forth in this Agreement within thirty (30) days of his or her retirement.

9.           CHANGE IN CONTROL.  In the event of a Change in Control during the Performance Cycle, the Employee will receive the Target Number of Performance Shares set forth in this Agreement within thirty (30) days of the effective date of the Change in Control.  For purposes of this Agreement, a “Change in Control” shall be dee med to have occurred:

(a)           on such date within the 12-month period following the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that represents twenty-five percent (25%) or more of the combined voting power of the Company’s then outstanding securities (the “Trigger Date”), that a majority of the individuals who, as of the Trigger Date, constitute the Board (the “Incumbent Board”) are replaced by new members whose appointment or election is not endorsed by a majority of the members of the Incumbent Board before the date of such appointment or election;

(b)           as of the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that, together with stock held by such person or group, constitutes more than 50% of either (1) the then outstanding shares of common stock of the Company or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the

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election of directors; provided, however, if any one person or more than one person acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons shall not be considered to cause a Change in Control; or

(c)           the date any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) all, or substantially all, of the assets of the Company, except for any sale, lease exchange or transfer resulting from any action taken by any creditor of the Company in enforcing its rights or remedies against any assets of the Company in which such creditor holds a security interest.  Provided further, a transfer of assets by the Company shall not be treated as a Change in Control if the assets are transferred to:

(i)           A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock;

(ii)           An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company;

(iii)           A person, or more than one person acting as a group, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company; or

(iv)           An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in paragraph (iii) herein.

For purposes of subsection (c) and except as otherwise provided in paragraph (i), a person’s status is determined immediately after the transfer of the assets.

10.  OTHER TERMINATION OF EMPLOYMENT. The termination of the Employee’s employment with the Company for any reason other than death, disability or retirement during the Performance Cycle shall result in the forfeiture of the entire award of Performance Shares, with no payment to the Em ployee.

11.           ISSUANCE OF COMMON SHARES.

(a)           Common Shares issued pursuant to this Agreement which have not been registered with the Securities and Exchange Commission shall bear substantially the following legend:

The Securities represented by this Certificate have not been registered under the United States Securities Act of 1933 (the "Act") and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Securities may not be offered for sale, sold or otherwise transferred except pursuant to

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an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

(b)           The Company shall not be required to transfer or deliver any certificate or certificates for Common Shares earned under this Agreement:  (i) until after compliance with all then applicable requirements of law; and (ii) prior to admission of the Common Shares to listing on any stock exchange on which the Common Shares may then be listed.  In no event shall the Company be required to issue fractional shares to the Employee or his or her successor.

12.GENERAL RESTRICTIONS.  The grant of Performance Shares under this Agreement shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Common Shares subject or related thereto upon any securities exchange or under any state or Federal law, (ii) the consent or approval of any government regulatory body, or (iii) an agreement by the Employee with respect to the disposition of Common Shares is necessary or desirable as a condition of, or in connection with, the granting of the Performance Shares or the issuance of Common Shares thereunder, the granting of the Performance Shares or the issuance of the Common Shares may not be consummated in whole or in part unless the listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board.

13.ASSIGNMENT.  The rights under this Agreement shall not be assignable or transferable by the Employee, except by will or by the laws of descent and distribution.  Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the rights under this Agreem ent contrary to the provisions hereof shall be null and void and without effect.  During the lifetime of the Employee, any right under this Agreement shall be exercisable only by the Employee or his or her guardian or legal representative.

14.WITHHOLDING TAXES.  Whenever the Company proposes or is required to issue or transfer Common Shares under this Agreement, the Company shall have the right to require the Employee to remit to the Company an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to the delivery of any certificate or certificates for the Common Shares.  Alternatively, the Company may issue or transfer the Common Shares net of the number of shares sufficient to satisfy the withholding tax requirements.  For withholding tax purposes, the Common Shares shall be valued on the date the withholding obligation is incurred.

15.RIGHT TO TERMINATE EMPLOYMENT.  Nothing in this Agreement shall confer upon the Employee the right to continue in the employment of the Company, its subsidiaries or its affiliates or affect any right which the Company, its subsidiaries or its affiliates may have to terminate the emp loyment of the Employee.

16.RIGHTS AS A SHAREHOLDER.  Neither the Employee, his or her legal representative, nor other persons entitled to Performance Shares under this Agreement shall have any rights of a shareholder in the Company with respect to the Common Shares issuable under this Agreement unless and unt il a certificate or certificates representing the Common Shares shall have been issued to him or her pursuant to the terms of this Agreement.

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17.           ADJUSTMENTS.  In the event of any change in the outstanding common stock of the Company by reason of stock splits, reverse stock splits, stock dividends or distributions, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares or the like, the Board shall appropriately adjust the number of Common Shares issuable under this Agreement, and any and all other matters deemed appropriate the Board.

18.           STOCK RESERVED.  The Company shall at all times during the term of this Agreement reserve and keep available the number of Common Shares as will be sufficient to satisfy the terms of this Agreement.

19.           SEVERABILITY.  Every part, term or provision of this Agreement is severable from the others.  Notwithstanding any possible future finding by a duly constituted authority that a particular part, term or provision is invalid, void or unenforceable, this Agreement has been made with the clear intention that the validity and enforce ability of the remaining parts, terms and provisions shall not be affected thereby.

20.           NOTICE.  Any notice to be delivered under this Agreement shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company or the Employee at their last known address.

21.           GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the applicable Federal law and, to the extent otherwise applicable, the laws of the State of Texas.

22.           HEADINGS.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe the provisions.

23.           BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

24.           INCORPORATION OF PLAN.  The Performance Shares are granted pursuant to the terms of the Plan, which is incorporated herein by reference, and this Agreement shall in all respects be interpreted in accordance with the Plan.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’ ;s terms shall completely supersede and replace the conflicting terms of this Agreement.  All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.

25.           MODIFICATION.  This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code, as amended (the “Code”).  The Company may change or modify the terms of this Agreement without the Employee’s consent or signature if the Company determines, in its sole discretion, that such change or modification is necessary for purposes of compliance with or exemption from the requirements of Section 409A of the Code or any regulations or other guidance issued thereunder.  Notwithstanding the previous sentence, the Company may also amend the Plan or this Agreement or revoke the Performance Shares to the extent permitted by the Plan.

IN WITNESS WHEREOF, the parties hereto have caused this Performance Based Share Agreement to be executed as of the Effective Date.

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"COMPANY"	STAGE STORES, INC.,
"EMPLOYEE"	BY:  ________________________________________ ___________________, _______________ ____________________________________________ ________________________, an individual

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EXHIBIT “A”

1.   Performance Measures.  Total Shareholder Return (“TSR”) of the Company as compared with the TSR of a group of industry peers (the “Peer Group”) during the Performance Period is the performance measure to be applied to determine the amount of award to be made under the provisions of the Agreement.  The formula for TSR is as follows:

Total Shareholder Return	=	(Ending Stock Price - Beginning Stock Price + Dividends Paid)
			Beginning Stock Price

Beginning Stock Price shall mean the average closing price on the applicable stock exchange of one share of stock for all the trading days in the fiscal month immediately following the beginning of the Company’s fiscal year which is the start of the Performance Period; Ending Stock Price shall mean the average closing price on the applicable stock exchange of one share of stock for all the trading days in the fiscal month immediately prior to the last day of the Performance Period, and Dividends Paid shall mean the total of all dividends paid on one (1) share of stock during the Performance Period; provided that, dividends shall be treated as though they are reinvested at the end of each calendar quarter.

Following the Total Shareholder Return determination, the Company’s Percentile Rank shall be determined as follows:

Percentile Rank	=	Company Rank
			Total number of companies in Peer Group including the Company

Company Rank shall be determined by listing from highest TSR to lowest TSR of each company in the Peer Group (including the Company) and counting up from the company with the lowest TSR.

2.   Amount of Award.  The number of Performance Shares earned and the number of Common Shares to be issued to Employee under the Agreement shall be determined in accordance with the following schedule:

Company’s Percentile Ranking	Award as a % of Target
100.0%	200%
96.0%	192%
92.0%	184%
88.0%	176%
84.0%	168%
80.0%	160%
76.0%	152%
72.0%	144%
68.0%	136%
64.0%	128%
60.0%	120%
56.0%	112%
52.0%	104%

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50.0%	100%
48.0%	94%
44.0%	82%
40.0%	70%
36.0%	58%
32.0%	46%
28.0%	34%
25.0%	25%
Less than 25.0%	0%

Interpolation shall be used to determine the percent of Target Number of Performance Shares earned in the event the Company’s Percentile Rank does not fall directly on one of the ranks listed in the above schedule.

3.   Industry Peers.  The Peer Group with which the Company’s TSR is compared is as follows:

ABERCROMBIE & FITCH  -CL A	ANF
AEROPOSTALE	ARO
AMERN EAGLE OUTFITTERS INC	AEOS
ANNTAYLOR STORES CORP	ANN
BROWN SHOE	BWS
CATO CORP  -CL A	CTR
CHARMING SHOPS	CHRS
CHICOS FAS INC	CHS
CHILDRENS PLACE RETAIL STRS	PLCE
CHRISTOPHER & BANKS CORP	CBK
COLLECTIVE BRANDS	PSS
DILLARDS INC  -CL A	DDS
DRESS BARN INC	DBRN
FOOT LOCKER	FL
GAP INC	GPS
GENESCO INC	GCO
GUESS?	GES
GYMBOREE CORP	GYMB
J. CREW GROUP	JCG
KOHLS CORP	KSS
LIMITED BRANDS INC	LTD
MENS WEARHOUSE INC	MW
NORDSTROM INC	JWN
PACIFIC SUNWEAR CALIF INC	PSUN
POLO RALPH LAUREN	RL
ROSS STORES	ROST
SAKS	SKS
TJX	TJX
TWEEN BRANDS	TWB
URBAN OUTFITTERS INC	URBN

In the event the number of companies in the Peer Group changes due to merger, consolidation, liquidation or otherwise, the Board shall have the authority make changes to the Peer Group.

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EX-10.8

EXHIBIT 10.8

STAGE STORES, INC.

RESTRICTED STOCK AWARD AGREEMENT

THIS RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”) is made effective as of the ______ of _______________, 20___ (the "Effective Date"), by and between Stage Stores, Inc.,a Nevada corporation (hereinafter called the "Company"), and _______________, an employee of the Company, its subsidiaries or its affiliates (hereinafter called the "Employee").

WHEREAS, the Board of Directors of the Company (the "Board") has adopted the Stage Stores, Inc. Amended and Restated 2001 Equity Incentive Plan (the "Plan"), as it may be amended from time to time; and

WHEREAS, the Company considers it desirable and in the Company's best interests that the Employee be given an opportunity to acquire Common Shares in furtherance of the Plan to provide incentive for the Employee to remain an employee of the Company, its subsidiaries or its affiliates and to promote the growth, earnings and success of the Company.

NOW, THEREFORE, in consideration of the premises, it is agreed as follows:

1.           GRANT OF RESTRICTED STOCK.  The Company hereby grants to the Employee as of the Effective Date a restricted stock award of __________shares (the “Restricted Stock Award”) of the Company’s authorized voting common stock, par value $0.01 (the  220;Common Shares”), pursuant to the terms and conditions contained herein and the terms and conditions of the Plan.

2.           VESTING.  Except as otherwise set forth in this Agreement, the Employee will become fully vested with respect to this Restricted Stock Award on ____________, 20___, provided the Employee continuously serves as an employee of the Company at all times beginning with the date of this Agreement and continuing until ____________, 20___ (the “Restricted Period”).

3.           SHAREHOLDER RIGHTS.  During the Restricted Period, the Restricted Stock Award will be held in book name by the Company.  Subject to the terms of this Agreement, the Employee shall have all rights of a shareholder with respect to the Restricted Stock Award during the Restricted Period, including the right to vote and receive dividends, if any, on the Restricte d Stock Award, provided that the Restricted Stock Award has not been forfeited to the Company pursuant to Section 8 below.

4.           DEATH OF EMPLOYEE.  If the Employee’s employment with the Company is terminated due to death, the Restricted Stock Award will immediately vest.

5.           DISABILITY OF EMPLOYEE.  If the Employee’s employment with the Company is terminated due to disability, the Restricted Stock Award will immediately vest.  For the purposes of this Agreement, the Employee shall be deemed to have terminated his or her employment by the Company by reason of disability, if the Committee shall determine that the physical or mental condition of the Employee by reason of which his or her employment terminated was such at that time as would entitle him or her to payment of monthly disability benefits under any Company disability plan.  If the Employee is not eligible for benefits under

any disability plan of the Company, he or she shall be deemed to have terminated his or her employment by reason of disability if the Committee shall determine that his or her physical or mental condition would entitle him or her to benefits under any Company disability plan if he or she were eligible therefor.

6.           RETIREMENT OF EMPLOYEE.  If the Employee’s employment with the Company is terminated due to retirement (as determined by the Board), the Restricted Stock Award will immediately vest.

7.           CHANGE IN CONTROL.  In the event of a Change in Control, the Restricted Stock Award will immediately vest and the Common Shares will be payable to the Employee within thirty days of the Change of Control.  For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred:

(a)           on such date within the 12-month period following the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that represents twenty-five percent (25%) or more of the combined voting power of the Company’s then outstanding securities (the “Trigger Date”), that a majority of the individuals who, as of the Trigger Date, constitute the Board (the “Incumbent Board”) are replaced by new members whose appointment or election is not endorsed by a majority of the members of the Incumbent Board before the date of such appointment or election;

(b)           as of the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that, together with stock held by such person or group, constitutes more than 50% of either (1) the then outstanding shares of common stock of the Company or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, if any one person or more than one person acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons shall not be considered to cause a Change in Control; or

(c)           the date any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) all, or substantially all, of the assets of the Company, except for any sale, lease exchange or transfer resulting from any action taken by any creditor of the Company in enforcing its rights or remedies against any assets of the Company in which such creditor holds a security interest.  Provided further, a transfer of assets by the Company shall not be treated as a Change in Control if the assets are transferred to:

(i)           A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock;

(ii)           An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company;

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(iii)           A person, or more than one person acting as a group, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company; or

(iv)           An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in paragraph (iii) herein.

For purposes of subsection (c) and except as otherwise provided in paragraph (i), a person’s status is determined immediately after the transfer of the assets.

8.OTHER TERMINATION OF EMPLOYMENT.  If the Employee leaves the Company for any reason other than death, disability or retirement before vesting, the unvested portion of the Restricted Stock Award shall be forfeited.  

9.           ISSUANCE OF COMMON SHARES.

(a)           Upon the expiration of the Restricted Period without forfeiture, the Company shall cause a certificate or certificates to be issued to the Employee for the number of Common Shares under the Restricted Stock Award.  Common Shares issued pursuant to this Agreement which have not been registered with the Securities and Exchange Commission shall bear substantially the following legend:

The Securities represented by this Certificate have not been registered under the United States Securities Act of 1933 (the "Act") and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

(b)           The Company shall not be required to transfer or deliver any certificate or certificates for Common Shares under this Agreement:  (i) until after compliance with all then applicable requirements of law; and (ii) prior to admission of the Common Shares to listing on any stock exchange on which the Common Shares may then be listed.  In no event shall the Company be required to issue fractional shares to the Employee or his or her successor.

10.GENERAL RESTRICTIONS.  The grant of the Restricted Stock Award under this Agreement shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Common Shares subject or related thereto upon any securities exchange or under any state or Federal law, (ii) the consent or approval of any government regulatory body, or (iii) an agreement by the Employee with respect to the disposition of Common Shares is necessary or desirable as a condition of, or in connection with, the issuance of Common Shares thereunder, then the issuance of the Common Shares may not be consummated in whole or in part unless the listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board.

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11.ASSIGNMENT.  The rights under this Agreement shall not be assignable or transferable by the Employee, except by will or by the laws of descent and distribution.  Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the rights under this Agreement contrary to the provisions hereof shall be null and void and without effect.  

12.WITHHOLDING TAXES.  Whenever the Company proposes or is required to issue or transfer Common Shares under this Agreement, the Company shall have the right to require the Employee to remit to the Company an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to the deli very of any certificate or certificates for the Common Shares.  Alternatively, the Company may issue or transfer the Common Shares net of the number of shares sufficient to satisfy the withholding tax requirements.  For withholding tax purposes, the Common Shares shall be valued on the date the withholding obligation is incurred.

13.RIGHT TO TERMINATE EMPLOYMENT.  Nothing in this Agreement shall confer upon the Employee the right to continue in the employment of the Company, its subsidiaries or its affiliates or affect any right which the Company, its subsidiaries or its affiliates may have to terminate the employment of the Employee.

14.         ADJUSTMENTS.  In the event of any change in the outstanding common stock of the Company by reason of stock splits, reverse stock splits, stock dividends or distributions, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares or the like, the Board shall make an equitable adjustment to the number of Common Shares issuable under this Agr eement, and take any and all other actions deemed appropriate by the Board.

15.          STOCK RESERVED.  The Company shall at all times during the term of this Agreement reserve and keep available the number of Common Shares necessary and sufficient to satisfy the terms of this Agreement.

16.          SEVERABILITY.  Every part, term or provision of this Agreement is severable from the others.  Notwithstanding any possible future finding by a duly constituted authority that a particular part, term or provision is invalid, void or unenforceable, this Agreement has been made with the clear intention that the validity and enforceability of the remaining parts, term s and provisions shall not be affected thereby.

17.          NOTICE.  Any notice to be delivered under this Agreement shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company or the Employee at their last known address.

18.          GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the applicable Federal law and, to the extent otherwise applicable, the laws of the State of Texas.

19.          HEADINGS.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe the provisions of this Agreement.

20.          BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

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21.          INCORPORATION OF PLAN.  The Restricted Stock Award is granted pursuant to the terms of the Plan, which is incorporated herein by reference, and this Agreement shall in all respects be interpreted in accordance with the Plan.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall completely superse de and replace the conflicting terms of this Agreement.  All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.

22.          MODIFICATION.  This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code, as amended (the “Code”).  The Company may change or modify the terms of this Agreement without the Employee’s consent or signature if the Company determines, in its sole discretion, that such change or modification is necessary for purposes of compl iance with or exemption from the requirements of Section 409A of the Code or any regulations or other guidance issued thereunder.  Notwithstanding the previous sentence, the Company may also amend the Plan or this Agreement or revoke the Restricted Stock Award to the extent permitted by the Plan.

IN WITNESS WHEREOF, the parties hereto have caused this Restricted Stock Award Agreement to be executed as of the Effective Date.

"COMPANY"	STAGE STORES, INC.,
"EMPLOYEE"	BY:  ________________________________________ ___________________, _______________ ____________________________________________

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EX-10.9

EXHIBIT 10.9

STAGE STORES, INC.

RESTRICTED STOCK AWARD AGREEMENT

THIS RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”) is made effective as of the ______ of _______________, 20___ (the "Effective Date"), by and between Stage Stores, Inc.,a Nevada corporation (hereinafter called the "Company"), and _______________, an employee of the Company, its subsidiaries or its affiliates (hereinafter called the "Employee").

WHEREAS, the Board of Directors of the Company (the "Board") has adopted the Stage Stores, Inc. Amended and Restated 2008 Equity Incentive Plan (the "Plan"), as it may be amended from time to time; and

WHEREAS, the Company considers it desirable and in the Company's best interests that the Employee be given an opportunity to acquire Common Shares in furtherance of the Plan to provide incentive for the Employee to remain an employee of the Company, its subsidiaries or its affiliates and to promote the growth, earnings and success of the Company.

NOW, THEREFORE, in consideration of the premises, it is agreed as follows:

1.           GRANT OF RESTRICTED STOCK.  The Company hereby grants to the Employee as of the Effective Date a restricted stock award of __________shares (the “Restricted Stock Award”) of the Company’s authorized voting common stock, par value $0.01 (the  220;Common Shares”), pursuant to the terms and conditions contained herein and the terms and conditions of the Plan.

2.           VESTING.  Except as otherwise set forth in this Agreement, the Employee will become fully vested with respect to this Restricted Stock Award on ____________, 20___, provided the Employee continuously serves as an employee of the Company at all times beginning with the date of this Agreement and continuing until ____________, 20___ (the “Restricted Period”).

3.           SHAREHOLDER RIGHTS.  During the Restricted Period, the Restricted Stock Award will be held in book name by the Company.  Subject to the terms of this Agreement, the Employee shall have all rights of a shareholder with respect to the Restricted Stock Award during the Restricted Period, including the right to vote and receive dividends, if any, on the Restricte d Stock Award, provided that the Restricted Stock Award has not been forfeited to the Company pursuant to Section 8 below.

4.           DEATH OF EMPLOYEE.  If the Employee’s employment with the Company is terminated due to death, the Restricted Stock Award will immediately vest.

5.           DISABILITY OF EMPLOYEE.  If the Employee’s employment with the Company is terminated due to disability, the Restricted Stock Award will immediately vest.  For the purposes of this Agreement, the Employee shall be deemed to have terminated his or her employment by the Company by reason of disability, if the Committee shall determine that the physical or mental condition of the Employee by reason of which his or her employment terminated was such at that time as would entitle him or her to payment of monthly disability benefits under any Company disability plan.  If the Employee is not eligible for benefits under

any disability plan of the Company, he or she shall be deemed to have terminated his or her employment by reason of disability if the Committee shall determine that his or her physical or mental condition would entitle him or her to benefits under any Company disability plan if he or she were eligible therefor.

6.           RETIREMENT OF EMPLOYEE.  If the Employee’s employment with the Company is terminated due to retirement (as determined by the Board), the Restricted Stock Award will immediately vest.

7.           CHANGE IN CONTROL.  In the event of a Change in Control, the Restricted Stock Award will immediately vest and the Common Shares will be payable to the Employee within thirty days of the Change of Control.  For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred:

(a)           on such date within the 12-month period following the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that represents twenty-five percent (25%) or more of the combined voting power of the Company’s then outstanding securities (the “Trigger Date”), that a majority of the individuals who, as of the Trigger Date, constitute the Board (the “Incumbent Board”) are replaced by new members whose appointment or election is not endorsed by a majority of the members of the Incumbent Board before the date of such appointment or election;

(b)           as of the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that, together with stock held by such person or group, constitutes more than 50% of either (1) the then outstanding shares of common stock of the Company or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, if any one person or more than one person acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons shall not be considered to cause a Change in Control; or

(c)           the date any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) all, or substantially all, of the assets of the Company, except for any sale, lease exchange or transfer resulting from any action taken by any creditor of the Company in enforcing its rights or remedies against any assets of the Company in which such creditor holds a security interest.  Provided further, a transfer of assets by the Company shall not be treated as a Change in Control if the assets are transferred to:

(i)           A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock;

(ii)           An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company;

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(iii)           A person, or more than one person acting as a group, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company; or

(iv)           An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in paragraph (iii) herein.

For purposes of subsection (c) and except as otherwise provided in paragraph (i), a person’s status is determined immediately after the transfer of the assets.

8.OTHER TERMINATION OF EMPLOYMENT.  If the Employee leaves the Company for any reason other than death, disability or retirement before vesting, the unvested portion of the Restricted Stock Award shall be forfeited.  

9.           ISSUANCE OF COMMON SHARES.

(a)           Upon the expiration of the Restricted Period without forfeiture, the Company shall cause a certificate or certificates to be issued to the Employee for the number of Common Shares under the Restricted Stock Award.  Common Shares issued pursuant to this Agreement which have not been registered with the Securities and Exchange Commission shall bear substantially the following legend:

The Securities represented by this Certificate have not been registered under the United States Securities Act of 1933 (the "Act") and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

(b)           The Company shall not be required to transfer or deliver any certificate or certificates for Common Shares under this Agreement:  (i) until after compliance with all then applicable requirements of law; and (ii) prior to admission of the Common Shares to listing on any stock exchange on which the Common Shares may then be listed.  In no event shall the Company be required to issue fractional shares to the Employee or his or her successor.

10.GENERAL RESTRICTIONS.  The grant of the Restricted Stock Award under this Agreement shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Common Shares subject or related thereto upon any securities exchange or under any state or Federal law, (ii) the consent or approval of any government regulatory body, or (iii) an agreement by the Employee with respect to the disposition of Common Shares is necessary or desirable as a condition of, or in connection with, the issuance of Common Shares thereunder, then the issuance of the Common Shares may not be consummated in whole or in part unless the listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board.

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11.ASSIGNMENT.  The rights under this Agreement shall not be assignable or transferable by the Employee, except by will or by the laws of descent and distribution.  Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the rights under this Agreement contrary to the provisions hereof shall be null and void and without effect.  

12.WITHHOLDING TAXES.  Whenever the Company proposes or is required to issue or transfer Common Shares under this Agreement, the Company shall have the right to require the Employee to remit to the Company an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to the deli very of any certificate or certificates for the Common Shares.  Alternatively, the Company may issue or transfer the Common Shares net of the number of shares sufficient to satisfy the withholding tax requirements.  For withholding tax purposes, the Common Shares shall be valued on the date the withholding obligation is incurred.

13.RIGHT TO TERMINATE EMPLOYMENT.  Nothing in this Agreement shall confer upon the Employee the right to continue in the employment of the Company, its subsidiaries or its affiliates or affect any right which the Company, its subsidiaries or its affiliates may have to terminate the employment of the Employee.

14.          ADJUSTMENTS.  In the event of any change in the outstanding common stock of the Company by reason of stock splits, reverse stock splits, stock dividends or distributions, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares or the like, the Board shall make an equitable adjustment to the number of Common Shares issuable under th is Agreement, and take any and all other actions deemed appropriate by the Board.

15.          STOCK RESERVED.  The Company shall at all times during the term of this Agreement reserve and keep available the number of Common Shares necessary and sufficient to satisfy the terms of this Agreement.

16.          SEVERABILITY.  Every part, term or provision of this Agreement is severable from the others.  Notwithstanding any possible future finding by a duly constituted authority that a particular part, term or provision is invalid, void or unenforceable, this Agreement has been made with the clear intention that the validity and enforceability of the remaining parts, term s and provisions shall not be affected thereby.

17.          NOTICE.  Any notice to be delivered under this Agreement shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company or the Employee at their last known address.

18.          GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the applicable Federal law and, to the extent otherwise applicable, the laws of the State of Texas.

19.          HEADINGS.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe the provisions of this Agreement.

20.          BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

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21.          INCORPORATION OF PLAN.  The Restricted Stock Award is granted pursuant to the terms of the Plan, which is incorporated herein by reference, and this Agreement shall in all respects be interpreted in accordance with the Plan.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall completely superse de and replace the conflicting terms of this Agreement.  All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.

22.          MODIFICATION.  This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code, as amended (the “Code”).  The Company may change or modify the terms of this Agreement without the Employee’s consent or signature if the Company determines, in its sole discretion, that such change or modification is necessary for purposes of compl iance with or exemption from the requirements of Section 409A of the Code or any regulations or other guidance issued thereunder.  Notwithstanding the previous sentence, the Company may also amend the Plan or this Agreement or revoke the Restricted Stock Award to the extent permitted by the Plan.

IN WITNESS WHEREOF, the parties hereto have caused this Restricted Stock Award Agreement to be executed as of the Effective Date.

"COMPANY"	STAGE STORES, INC.,
"EMPLOYEE"	BY:  ________________________________________ ___________________, _______________ ____________________________________________

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EX-10.10

EXHIBIT 10.10

STAGE STORES, INC.

NONSTATUTORY STOCK OPTION AGREEMENT

THIS AGREEMENT is made effective as of the _______ day of __________, _____ (the "Effective Date"), by and between STAGE STORES, INC., a Nevada corporation (hereinafter called the "Company"), and _____________, an employee of the Company, its subsidiaries or its affiliates (hereinafter called the "Employee").

WHEREAS, the Board of Directors of the Company (the "Board") has adopted the Stage Stores, Inc. Amended and Restated 2001 Equity Incentive Plan (the "Plan"); and

WHEREAS, the Company considers it desirable and in the Company's best interests that the Employee be given an opportunity to purchase Common Shares in furtherance of the Plan to provide incentive for the Employee to remain an employee of the Company, its subsidiaries or its affiliates and to promote the growth, earnings and success of the Company.

NOW, THEREFORE, in consideration of the premises, it is agreed as follows:

1.           GRANT OF OPTION.  The Company hereby grants to the Employee the right, privilege and option to purchase a total of _______________ (__________) Common Shares (the "Stock Option"), in the manner and subject to the conditions as hereinafter provided.  For purp oses of this Agreement, "Common Shares" shall mean the Company's presently authorized voting common stock, par value $0.01, and “Option Shares” shall mean the number of Common Shares available under this Stock Option.

2.           OPTION PRICE.  The Option Price deliverable upon the exercise of a Stock Option shall be $__________ per Common Share (the "Option Price").

3.           TERM, VESTING AND LIMITATION ON EXERCISE.  The Stock Option may be exercised during a period of seven (7) years from the Effective Date of the Stock Option (the "Option Term").  The Stock Option may not be exercised after the expiration of its Option Term.  The Stock Option shall not vest and become exercisable by Employee until __________, 20_ ____, at which time 100% of the Stock Option shall vest and become exercisable.

Notwithstanding the above, if the Employee retires or becomes permanently disabled (as each is determined by the Board in accordance with the Plan) or dies during the vesting period, the Employee shall become vested in the Option Shares according to the following vesting schedule:

Period from Effective Date	Cumulative Percentage of Option Shares Which May Be Exercised
Less than 1 year	33.3%
More than 1 year, but less than 2 years	66.7%
More than 2 years	100%

Notwithstanding the above, in the event of a Change of Control (as defined in Section 23 of this Agreement), all Option Shares granted under this Agreement shall immediately vest and be exercisable by Employee.

4.           PAYMENT OF OPTION PRICE.  The entire Option Price with respect to the exercise of a Stock Option shall be payable in full at the time of the exercise of the Stock Option.  The Option Price may be paid in cash or, in whole or in part, through the surrender of a portion of the vested Option Shares at the fair market value of the Common Shares on the exercise da te or through previously acquired Common Shares at their fair market value on the exercise date.  If Employee elects to surrender vested Option Shares in payment of all or a portion of the Option Price, such Option Shares surrendered shall be cancelled and Employee waives all rights thereunder.  For purposes of this Agreement, fair market value means the closing price on that date, or on the next business day if that date is not a business day, of a Common Share as the price is reported on the applicable exchange or market on which the Common Shares are traded; provided that, if the Common Shares shall not be reported on an exchange or market, the fair market value of Common Shares shall be as determined in good faith by the Board in such reasonable manner as it may deem appropriate in accordance with applicable law.  For purposes of this Agreement, reference to the “Board” shall include the Compensation Committee to the extent that the Board has designated the Compe nsation Committee to administer the Plan.

5.           NONQUALIFIED STOCK OPTION.  The Stock Option granted under this Agreement shall be a “non-qualified” stock option subject to Section 83 of the Internal Revenue Code (the “Code”), and is not an “incentive stock option” within the meaning of Section 422 of the Code.

6.           DEATH OF EMPLOYEE.  Upon the death of the Employee, the Stock Option, to the extent exercisable on the date of his or her death, may be exercised by the Employee's estate, or by a person who acquires the right to exercise the Stock Option by bequest or inheritance or by reason of the death of the Employee, provided that the exercise occurs within the remaining Option T erm, but in no event more than one (1) year after the date of the Employee's death.  Any portion of the Stock Option not exercised within such 1-year period shall terminate.  The provisions of this Section 6 shall apply notwithstanding the fact that the Employee's employment may have been terminated prior to his or her death, but only to the extent of the portion of the Stock Option exercisable by the Employee on the date of his or her death.

7.           RETIREMENT OR DISABILITY OF EMPLOYEE.  Upon the termination of the Employee's employment with the Company by reason of the retirement or permanent disability of the Employee (as each is determined by the Board in accordance with the Plan), the Employee may, within sixty (60) days from the date of the termination, exercise the

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Stock Option to the extent the Stock Option was exercisable on the date of the termination of Employee’s employment with the Company, provided that the exercise occurs within the remaining Option Term.  Any portion of the Stock Option not exercised within such 60-day period shall terminate.

8.           OTHER TERMINATION OF EMPLOYMENT.  Upon the termination of the Employee's employment with the Company other than as provided in Sections 6 and 7 above, the Employee may, within sixty (60) days from the date of the termination, exercise the Stock Option to the extent the Stock Option was exercisable on the date of the termination of Employee’s employment with the C ompany, provided that the exercise occurs within the remaining Option Term.  Any portion of the Stock Option not exercised within such 60-day period shall terminate.

9.           EXERCISE OF OPTION.

(a)           To exercise the Stock Option, the Employee or his or her successor shall give written notice to the Company's Treasurer at the Company's principal office, accompanied by full payment of the Option Price for the Common Shares being purchased and a written statement that the Common Shares are being purchased for investment and not with a view to distribution; however, this statement shall not be required if the Common Shares subject to the Stock Option are registered with the Securities and Exchange Commission.  If the Stock Option is exercised by the  successor of the Employee following t he Employee's death, proof shall be submitted, satisfactory to the Company, of the right of the successor to exercise the Stock Option.

(b)           Common Shares issued pursuant to this Agreement which have not been registered with the Securities and Exchange Commission shall bear the following legend:

The Securities represented by this Certificate have not been registered under the United States Securities Act of 1933 (the "Act") and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

(c)           The Company shall not be required to transfer or deliver any certificate or certificates for Common Shares purchased upon any exercise of this Stock Option:  (i) until after compliance with all then applicable requirements of law; and (ii) prior to admission of the Common Shares to listing on any stock exchange on which the Common Shares may then be listed.  In no event shall the Company be required to issue fractional shares to the Employee or his or her successor.

10.           GENERAL RESTRICTIONS.  The Stock Option shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Common Shares subject or related thereto upon any securities

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exchange or under any state or Federal law, (ii) the consent or approval of any government regulatory body, or (iii) an agreement by the Employee with respect to the disposition of Common Shares is necessary or desirable as a condition of, or in connection with, the granting of the Stock Option or the issue or purchase of Common Shares thereunder, the granting of the Stock Option or the issue or purchase of the Common Shares may not be consummated in whole or in part unless the listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board.

11.           ASSIGNMENT.  The rights under this Agreement shall not be assignable or transferable by the Employee, except by will or by the laws of descent and distribution.  Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the rights under this Agreement contrary to the provisions hereof shall be null and void and without effect. & #160;During the lifetime of the Employee, any right under this Agreement shall be exercisable only by the Employee or his or her guardian or legal representative.

12.           WITHHOLDING TAXES.  Whenever the Company proposes or is required to issue or transfer Common Shares under this Agreement, the Company shall have the right to require the Employee to remit to the Company an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to the delivery of any certificate or certificates for the Common Sh ares.  Alternatively, the Company may issue or transfer the Common Shares net of the number of shares sufficient to satisfy the withholding tax requirements.  For withholding tax purposes, the Common Shares shall be valued on the date the withholding obligation is incurred.

13.           RIGHT TO TERMINATE EMPLOYMENT.  Nothing in this Agreement shall confer upon the Employee the right to continue in the employment of the Company, its subsidiaries or its affiliates or affect any right which the Company, its subsidiaries or its affiliates may have to terminate the employment of the Employee.

14.           RIGHTS AS A SHAREHOLDER.  Neither the Employee, his or her legal representative, nor other persons entitled to exercise the Stock Option under this Agreement shall have any rights of a shareholder in the Company with respect to the shares issuable upon exercise of the Stock Option unless and until a certificate or certificates representing the Common Shares shall have been issued to him or her pursuant to the terms hereof.

15.           ADJUSTMENTS.  In the event of any change in the outstanding common stock of the Company by reason of stock splits, reverse stock splits, stock dividends or distributions, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares or the like, the Board shall appropriately adjust the number of Common Shares issued under this Agre ement, the Option Price, and any and all other matters deemed appropriate the Board.

16.           STOCK RESERVED.  The Company shall at all times during the term of this Agreement reserve and keep available the number of Common Shares as will be sufficient to satisfy the terms of this Agreement.

17.           SEVERABILITY.  Every part, term or provision of this Agreement is severable from the others.  Notwithstanding any possible future finding by a duly constituted authority that

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a particular part, term or provision is invalid, void or unenforceable, this Agreement has been made with the clear intention that the validity and enforceability of the remaining parts, terms and provisions shall not be affected thereby.

18.           NOTICE.  Any notice to be delivered under this Agreement shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company or the Employee at their last known address.

19.           GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the applicable Federal law and, to the extent otherwise applicable, the laws of the State of Nevada.

20.           HEADINGS.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe the provisions.

21.           BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

22.           INCORPORATION OF PLAN.  The Stock Option is granted pursuant to the terms of the Plan, which is incorporated herein by reference, and the Stock Option shall in all respects be interpreted in accordance with the Plan.  Any capitalized term not otherwise defined in this Agreement shall have the meaning as defined in the Plan.

23.           CHANGE OF CONTROL.  In the event of a Change of Control, all Stock Options granted under this Agreement shall immediately vest and be exercisable by Employee.  For purposes of this Agreement, a “Change of Control” shall be deemed to have occurred if (i) any “person” or “group” (as such terms are used in Section 1 3(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities and within one (1) year after such “person” or “group” acquires 50% or more of the combined voting power of the Company (the “Trigger Date”) the members of the Board immediately prior to the Trigger Date cease to constitute a majority of the Board, (ii) there shall be consummated any consolidation or merger of the Company in which the Company is not the surviving or continuing corporation or pursuant to which shares of the Company’s Common Shares would be converted into cash, securities or other property, other than a merger of the Company in which the holders of the Company’s Common Shares immediately prior t o the merger have (directly or indirectly) at least a 51% ownership interest in the outstanding Common Shares of the surviving corporation immediately after the merger, or (iii) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Company, except for any sale, lease exchange or transfer resulting from any action taken by any creditor of the Company in enforcing its rights or remedies against any assets of the Company in which such creditor holds a security interest.

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IN WITNESS WHEREOF, the parties hereto have caused this Nonstatutory Stock Option Agreement to be executed as of the Effective Date.

"COMPANY"	STAGE STORES, INC., By:________________________________________        Ronald Lucas, EVP, Human Resources
"EMPLOYEE"	___________________________________________ __________________, an individual

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EX-10.11

EXHIBIT 10.11

STAGE STORES, INC.

NONSTATUTORY STOCK OPTION AGREEMENT

THIS NONSTATUTORY STOCK OPTION AGREEMENT (the “Agreement”) is made effective as of the _____ day of __________, 20____ (the "Effective Date"), by and between STAGE STORES, INC., a Nevada corporation (hereinafter called the "Company"), and _____________, an employee of the Company, its subsidiaries or its affiliates (hereinafter called the "Employee").

WHEREAS, the Board of Directors of the Company (the "Board") has adopted the Stage Stores, Inc.  Amended and Restated 2008 Equity Incentive Plan (the "Plan"), as it may be amended from time to time; and

WHEREAS, the Company considers it desirable and in the Company's best interests that the Employee be given an opportunity to purchase Common Shares in furtherance of the Plan to provide incentive for the Employee to remain an employee of the Company, its subsidiaries or its affiliates and to promote the growth, earnings and success of the Company.

NOW, THEREFORE, in consideration of the premises, it is agreed as follows:

1.           GRANT OF OPTION.  The Company hereby grants to the Employee the right, privilege and option to purchase a total of __________________(_________) Common Shares (the "Stock Option"), in the manner and subject to the conditions as hereinafter provided.  For purposes of this Agreement, "Common Shares" shall mean the Company's authorized voting common stock, par value $0.01, and “Option Shares” shall mean the number of Common Shares available under this Agreement.

2.           OPTION PRICE.  The payment deliverable upon the exercise of a Stock Option shall be $__________ per Common Share (the "Option Price"),which is the Fair Market Value (as defined below) of a Common Share on the Effective Date.  For purposes of this Agreement, Fair Market Value means the closing price on that date, or on the next business day if that date is not a business day, of a Common Share as the price is reported on the applicable exchange or market on which the Common Shares are traded; provided that, if the Common Shares are not be reported on an exchange or market, the fair market value of Common Shares shall be as determined in good faith by the Board in such reasonable manner as it may deem appropriate in accordance with applicable law. For purposes of this Agreement, reference to the “Board” shall include the Compensation Committee (the “Committee”) to the extent that the Board has designated the Committee to administer the Plan.

3.           TERM, VESTING AND LIMITATION ON EXERCISE.  The Stock Option may be exercised during a period of seven (7) years from the Effective Date of this Agreement (the "Option Term").  The Stock Option may not be exercised after the expiration of its Option Term.  Except as otherwise set forth in th is Agreement, the Stock Option shall vest and become exercisable by Employee on ______________, 20______.

4.           DEATH OF EMPLOYEE.  If the Employee’s employment with the Company is terminated due to death, the unvested Stock Option will immediately vest and the Employee’s estate will have one year from the date of death to exercise the Stock Option, provided that the exercise occurs within the remaining Opti on Term.  Any portion of the Stock Option not exercised within the one year period shall terminate.

5.           DISABILITY OF EMPLOYEE.  If the Employee’s employment with the Company is terminated due to disability, the unvested Stock Option will immediately vest and he or she will have one year from the date of termination to exercise th e Stock Option, provided that the exercise occurs within the remaining Option Term.  Any portion of the Stock Option not exercised within the one year period shall terminate.  For the purposes of this Agreement, the Employee shall be deemed to have terminated his or her employment by the Company by reason of disability, if the Committee shall determine that the physical or mental condition of the Employee by reason of which such employment terminated was such at that time as would entitle him or her to payment of monthly disability benefits under any Company disability plan.  If the Employee is not eligible for benefits under any disability plan of the Company, he or she shall be deemed to have terminated such employment by reason of disability if the Committee shall determine that his or her physical or mental condition would entitle him or her to benefits under any Company disability plan if he or she were eligible therefor.

6.           RETIREMENT OF EMPLOYEE.  If the Employee’s employment with the Company is terminated due to retirement (as determined by the Board), the unvested Stock Option will immediately vest and he or she will have one year from the date of termination to exercise all the Stock Option,  provided that the exercise occurs within the remaining Option Term.  Any portion of the Stock Option not exercised within the one year period shall terminate.

7.           CHANGE IN CONTROL.  In the event of a Change In Control, the Stock Option will immediately vest and will be exercisable.For purposes of this Agreement, a “Change in Control 221; shall be deemed to have occurred:

(a)           on such date within the 12-month period following the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that represents twenty-five percent (25%) or more of the combined voting power of the Company’s then outstanding securities (the “Trigger Date”), that a majority of the individuals who, as of the Trigger Date, constitute the Board (the “Incumbent Board”) are replaced by new members whose appointment or election is not endorsed by a majority of the members of the Incumbent Board before the date of such appointment or election;

(b)           as of the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that, together with stock held by such person or group, constitutes more than 50% of either (1) the then outstanding shares of common stock of the Company or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, if any one person or more than one person acting as a

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group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons shall not be considered to cause a Change in Control; or

(c)           the date any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) all, or substantially all, of the assets of the Company, except for any sale, lease exchange or transfer resulting from any action taken by any creditor of the Company in enforcing its rights or remedies against any assets of the Company in which such creditor holds a security interest.  Provided further, a transfer of assets by the Company shall not be treated as a Change in Control if the assets are transferred to:

(i)           A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock;

(ii)           An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company;

(iii)           A person, or more than one person acting as a group, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company; or

(iv)           An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in paragraph (iii) herein.

For purposes of subsection (c) and except as otherwise provided in paragraph (i), a person’s status is determined immediately after the transfer of the assets.

8.  OTHER TERMINATION OF EMPLOYMENT. Upon the termination of the Employee’s employment with the Company for any reason other than death, disability or retirement, the Employee will have sixty (60) days from the date of termination to exercise any ves ted Stock Option provided that the exercise occurs within the remaining Option Term.  Any portion of the Stock Option not exercised within the sixty (60) day period shall terminate.

9.           NONQUALIFIED STOCK OPTION.  The Stock Option granted under this Agreement shall be a “non-qualified” stock option subject to Section 83 of the Internal Revenue Code (the “Code”), and is not an “incentive stock option” within the meaning of Section 422 of the Code.

10.         EXERCISE OF OPTION.

(a)           To exercise the Stock Option, the Employee or his or her successor shall give written notice to the Company's Treasurer at the Company's principal office, accompanied by full payment of the Option Price for the Common Shares being purchased and a written statement that the Common Shares are being purchased for investment and not with a view to

3

distribution; however, this statement shall not be required if the Common Shares subject to the Stock Option are registered with the Securities and Exchange Commission.  If the Stock Option is exercised by the  successor of the Employee following the Employee's death, proof shall be submitted, satisfactory to the Company, of the right of the successor to exercise the Stock Option.

(b)           Common Shares issued pursuant to this Agreement which have not been registered with the Securities and Exchange Commission shall bear the following legend:

The Securities represented by this Certificate have not been registered under the United States Securities Act of 1933 (the "Act") and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

(c)           The Company shall not be required to transfer or deliver any certificate or certificates for Common Shares purchased upon any exercise of this Stock Option:  (i) until after compliance with all then applicable requirements of law; and (ii) prior to admission of the Common Shares to listing on any stock exchange on which the Common Shares may then be listed.  In no event shall the Company be required to issue fractional shares to the Employee or his or her

11.           PAYMENT OF OPTION PRICE.  The entire Option Price with respect to the exercise of a Stock Option shall be payable in full at the time of the exercise of the Stock Option.  The Option Price may be paid in cash or, in whole or in part, through the surrender of a portion of the vested Option Shares at the Fair Market Value of the Common Shares on the exercise date or through previously acquired Common Shares at their Fair Market Value on the exercise date.  If Employee elects to surrender vested Option Shares in payment of all or a portion of the Option Price, the Option Shares surrendered shall be cancelled and Employee waives all rights thereunder.

12.           GENERAL RESTRICTIONS.  The Stock Option shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Common Shares subject or related thereto upon any securities exchange or under any state or Federal law, (ii) 0;the consent or approval of any government regulatory body, or (iii) an agreement by the Employee with respect to the disposition of Common Shares is necessary or desirable as a condition of, or in connection with, the granting of the Stock Option or the issue or purchase of Common Shares thereunder, the granting of the Stock Option or the issue or purchase of the Common Shares may not be consummated in whole or in part unless the listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board.

13.           ASSIGNMENT.  The rights under this Agreement shall not be assignable or transferable by the Employee, except by will or by the laws of descent and distribution.  Any

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attempted assignment, transfer, pledge, hypothecation, or other disposition of the rights under this Agreement contrary to the provisions hereof shall be null and void and without effect.  During the lifetime of the Employee, any right under this Agreement shall be exercisable only by the Employee or his or her guardian or legal representative.

14.           WITHHOLDING TAXES.  Whenever the Company proposes or is required to issue or transfer Common Shares under this Agreement, the Company shall have the right to require the Employee to remit to the Company an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to the d elivery of any certificate or certificates for the Common Shares.  Alternatively, the Company may issue or transfer the Common Shares net of the number of shares sufficient to satisfy the withholding tax requirements.  For withholding tax purposes, the Common Shares shall be valued on the date the withholding obligation is incurred.

15.           RIGHT TO TERMINATE EMPLOYMENT.  Nothing in this Agreement shall confer upon the Employee the right to continue in the employment of the Company, its subsidiaries or its affiliates or affect any right which the Company, its subsidiaries or its affiliates may have to terminate the employment of the Employee.

16.           RIGHTS AS A SHAREHOLDER.  Neither the Employee, his or her legal representative, nor other persons entitled to exercise the Stock Option under this Agreement shall have any rights of a shareholder in the Company with respect to the shares issuable upon exercise of the Stock Option unless and until a certifica te or certificates representing the Common Shares shall have been issued to him or her pursuant to the terms of this Agreement.

17.           ADJUSTMENTS.  In the event of any change in the outstanding common stock of the Company by reason of stock splits, reverse stock splits, stock dividends or distributions, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares or the like, the Board shall appropriate ly adjust the number of Common Shares issued under this Agreement, the Option Price, and any and all other matters deemed appropriate the Board.

18.           STOCK RESERVED.  The Company shall at all times during the term of this Agreement reserve and keep available the number of Common Shares as will be sufficient to satisfy the terms of this Agreement.

19.           SEVERABILITY.  Every part, term or provision of this Agreement is severable from the others.  Notwithstanding any possible future finding by a duly constituted authority that a particular part, term or provision is invalid, void or unenforceable, this Agreement has been made with the clear intention that the validity and enforceability of the remaining parts, terms and provisions shall not be affected thereby.

20.           NOTICE.  Any notice to be delivered under this Agreement shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company or the Employee at their last known address.

21.           GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the applicable Federal law and, to the extent otherwise applicable, the laws of the State of Texas.

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22.           HEADINGS.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe the provisions of this Agreement.

23.           BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

24.           INCORPORATION OF PLAN.  The Stock Option is granted pursuant to the terms of the Plan, which is incorporated herein by reference, and this Agreement shall in all respects be interpreted in accordance with the Plan.  Any capitalized term not otherwise defined in this Agreement shall have the meaning as defined in the Plan.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall completely supersede and replace the conflicting terms of this Agreement.  All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.

25.           MODIFICATION.  This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code, as amended (the “Code”).  The Company may change or modify the terms of this Agreement, including, without limitation, the Option Price, without the Employee’s consent or signature if the Company determines, in its sole discretion, that such chang e or modification is necessary for purposes of compliance with or exemption from the requirements of Section 409A of the Code or any regulations or other guidance issued thereunder.  Notwithstanding the previous sentence, the Company may also amend the Plan or this Agreement or revoke the Stock Option to the extent permitted by the Plan.

IN WITNESS WHEREOF, the parties hereto have caused this Nonstatutory Stock Option Agreement to be executed as of the Effective Date.

"COMPANY"	STAGE STORES, INC., By:________________________________________        ___________________, _________________
"EMPLOYEE"	___________________________________________ __________________, an individual

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EX-10.12

EXHIBIT 10.12

STAGE STORES, INC.

NONSTATUTORY STOCK OPTION AGREEMENT

THIS NONSTATUTORY STOCK OPTION AGREEMENT (the “Agreement”) is made effective the _____ day of __________ 20____ (the “Date of Grant”), by and between STAGE STORES, INC., a Nevada corporation (hereinafter called the “Company”), and ________________, a member of the Board of Directors of the Company (hereinafter called the “Director”).

WHEREAS, the Board of Directors of the Company (the “Board”) has adopted, and the Company’s shareholders have approved, the Stage Stores, Inc. Amended and Restated 2001 Equity Incentive Plan (the “Plan”); and

WHEREAS, the Company considers it desirable and in the Company’s best to reward, retain and attract non-employee Directors of the Company and to provide non-employee Directors with the opportunity to align their interests with those of the shareholders of the Company; and

WHEREAS, the Company’s Corporate Governance Guidelines provide that upon a new Director’s appointment to the Board, the Director will be granted Stock Options of the Company’s common stock valued at $_____________ based on a Black Scholes concept Pricing Model (the “Initial Grant”).

NOW, THEREFORE, in consideration of the premises, it is agreed as follows:

1.           GRANT OF OPTION.  The Company hereby grants to the Director the right, privilege and option to purchase a total of __________________ Common Shares (the “Stock Option”), in the manner and subject to the conditions as hereinafter provided.  For purposes of this Agreement, “Common Shares” shall mean the Company’s presently authoriz ed voting common stock, par value $0.01.

2.           OPTION PRICE.  The Option Price deliverable upon the exercise of a Stock Option shall be $_________ per Common Share, which is the closing market price of the shares on _______________, the date the Director began his initial service to the Board of the Company (the & #8220;Option Price”).

3.           TERM, VESTING AND LIMITATION ON EXERCISE.  The term of this Stock Option is seven (7) years from the Date of Grant of the Stock Option (the “Option Term”).  The Stock Option may not be exercised after the expiration of its Option Term.  The Stock Option shall vest and become exercisable by the Director according to the following schedule :

Period from Date of Grant	Cumulative Percentage of Option Shares Which May Be Exercised
1 year	25%
2 years	50%
3 years	75%
4 years	100%

Notwithstanding the above vesting schedule, in the event of a Change of Control (as defined in Section 23 of this Agreement), the Stock Option granted under this Agreement shall immediately vest and be exercisable by the Director.

4.           PAYMENT OF OPTION PRICE.  The entire Option Price with respect to the exercise of a Stock Option shall be payable in full at the time of the exercise of the Stock Option.  The Option Price may be paid in cash or, in whole or in part, through the surrender of a portion of the vested Stock Options held by the Director at the fair market value of the Common Shar es on the exercise date or through previously acquired Common Shares at their fair market value on the exercise date.  If the Director elects to surrender vested Stock Options in payment of all or a portion of the Option Price, such Stock Options surrendered shall be cancelled and the Director waives all rights thereunder.  For purposes of this Agreement, fair market value means the closing price on that date, or on the next business day if that date is not a business day, of a Common Share as the price is reported on the applicable exchange or market on which the Common Shares are traded; provided that, if the Common Shares shall not be reported on an exchange or market, the fair market value of Common Shares shall be as determined in good faith by the Board in such reasonable manner as it may deem appropriate in accordance with applicable law.  For purposes of this Agreement, reference to the “Board” shall include the Compensation Committee to the extent that the B oard has designated the Compensation Committee to administer the Plan.

5.           NONQUALIFIED STOCK OPTIONS.  The Stock Option granted under this Agreement shall be a “non-qualified” stock option subject to Section 83 of the Internal Revenue Code (the “Code”), and is not an “incentive stock option” within the meaning of Section 422 of the Code.

6.           DEATH OF DIRECTOR.  Upon the death of the Director, the Stock Option shall vest and may be exercised by the Director’s estate, or by a person who acquires the right to exercise the Stock Option by bequest or inheritance or by reason of the death of the Director, provided that the exercise occurs within the remaining Option Term, but in no event more than one (1) year after the date of the Director’s death.  Any portion of the Stock Option not exercised within such 1-year period shall terminate.

7.           RETIREMENT OR DISABILITY OF DIRECTOR.  In the event the Director ceases to be a member of the Board by reason of the Director’s Retirement (as defined below) or permanent disability (as determined by the Board), the Stock Option shall vest and the Director may, within one (1) year from the date the Director ceases to be a member of the Board, exercise the Stock O ption, provided that the exercise occurs within the remaining Option Term.  Any portion of the Stock Option not exercised within such one (1) year period shall terminate.  For purposes of this Agreement, the term “Retirement” means attaining the age at which a member of the Board must cease serving on the Board as set forth in the Company’s Corporate Governance Guidelines (which age is currently 75 years old).

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8.           OTHER CESSATION OF DIRECTORSHIP.  In the event the Director ceases to be a member of the Board for any reason other than the Director’s death, Retirement or permanent disability within two (2) years of the Date of Grant, the Stock Option shall terminate.  In the event the Director ceases to be a member of the Board for any reason other than the Director ’s death, Retirement or permanent disability more than two (2) years from the date of grant of the Stock Option, the Director may, within one (1) year from the date the Director ceases to be a member of the Board, exercise the Stock Option to the extent the Stock Option was exercisable on the date the Director ceases to be a member of the Board, provided that the exercise occurs within the remaining Option Term.

9.           EXERCISE OF OPTION.

(a)           To exercise the Stock Option, the Director or his or her successor shall give written notice to the Company’s Treasurer at the Company’s principal office, accompanied by full payment of the Option Price for the Common Shares being purchased and a written statement that the Common Shares are being purchased for investment and not with a view to distribution; however, this statement shall not be required if the Common Shares subject to the Stock Option are registered with the Securities and Exchange Commission.  If the Stock Option is exercised by the successor of the Director following the Director’s death, proof shall be submitted, satisfactory to the Company, of the right of the successor to exercise the Stock Option.

(b)           Common Shares issued pursuant to this Agreement which have not been registered with the Securities and Exchange Commission shall bear the following legend:

The Securities represented by this Certificate have not been registered under the United States Securities Act of 1933 (the “Act”) and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

(c)           The Company shall not be required to transfer or deliver any certificate or certificates for Common Shares purchased upon any exercise of this Stock Option:  (i) until after compliance with all then applicable requirements of law; and (ii) prior to admission of the Common Shares to listing on any stock exchange on which the Common Shares may then be listed.  In no event shall the Company be required to issue fractional shares to the Director or his or her successor.

10.           GENERAL RESTRICTIONS.  The Stock Option shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Common Shares subject or related thereto upon any securities exchange or under any state or Federal law, (ii) the consent or approval of any government regulatory body, or (iii) an agreement by the Director with respect to the disposition of Common Shares is necessary or desirable as a condition of, or in connection with, the granting of the Stock

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Option or the issue or purchase of Common Shares thereunder, the granting of the Stock Option or the issue or purchase of the Common Shares may not be consummated in whole or in part unless the listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board.

11.           ASSIGNMENT.  The rights under this Agreement shall not be assignable or transferable by the Director, except by will or by the laws of descent and distribution.  Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the rights under this Agreement contrary to the provisions hereof shall be null and void and without effect. & #160;During the lifetime of the Director, any right under this Agreement shall be exercisable only by the Director or his or her guardian or legal representative.

12.           WITHHOLDING TAXES.  Whenever the Company proposes or is required to issue or transfer Common Shares under this Agreement, the Company shall have the right to require the Director to remit to the Company an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to the delivery of any certificate or certificates for the Common Sh ares.  Alternatively, the Company may issue or transfer the Common Shares net of the number of shares sufficient to satisfy the withholding tax requirements.  For withholding tax purposes, the Common Shares shall be valued on the date the withholding obligation is incurred.

13.           NO RIGHT TO REMAIN DIRECTOR.  Nothing in this Agreement shall confer upon the Director the right to remain a member of the Board or affect any right which the Company or its shareholders may have to not reelect or to remove the Director as a member of the Board.

14.           RIGHTS AS A SHAREHOLDER.  Neither the Director, his or her legal representative, nor other persons entitled to exercise the Stock Option under this Agreement shall have any rights of a shareholder in the Company with respect to the Common Shares issuable upon exercise of the Stock Option unless and until a certificate or certificates representing the Common Shares sha ll have been issued to him or her pursuant to the terms hereof.

15.           ADJUSTMENTS.  In the event of any change in the outstanding common stock of the Company by reason of stock splits, reverse stock splits, stock dividends or distributions, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares or the like, the Board shall appropriately adjust the number of Common Shares issued under this Agre ement, the Option Price, and any and all other matters deemed appropriate by the Board.

16.           STOCK RESERVED.  The Company shall at all times during the term of this Agreement reserve and keep available the number of Common Shares as will be sufficient to satisfy the terms of this Agreement.

17.           SEVERABILITY.  Every part, term or provision of this Agreement is severable from the others.  Notwithstanding any possible future finding by a duly constituted authority that a particular part, term or provision is invalid, void or unenforceable, this Agreement has been made with the clear intention that the validity and enforceability of the remaining parts , terms and provisions shall not be affected thereby.

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18.           NOTICE.  Any notice to be delivered under this Agreement shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company or the Director at their last known address.

19.           GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the applicable Federal law and, to the extent otherwise applicable, the laws of the State of Texas.

20.           HEADINGS.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe the provisions.

21.           BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

22.           INCORPORATION OF PLAN.  The Stock Option is granted pursuant to the terms of the Plan, which is incorporated herein by reference, and the Stock Option shall in all respects be interpreted in accordance with the Plan.  Any capitalized term not otherwise defined in this Agreement shall have the meaning as defined in the Plan.

23.           CHANGE OF CONTROL.  In the event of a Change of Control, the Stock Option granted under this Agreement shall immediately vest and be exercisable by the Director.  For purposes of this Agreement, a “Change of Control” shall be deemed to have occurred if (i) any “person” or “group” (as such terms are used in Section 0;13(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities and within one (1) year after such “person” or “group” acquires 50% or more of the combined voting power of the Company (the “Trigger Date”) the members of the Board immediately prior to the Trigger Date cease to constitute a majority of the Board, (ii) there shall be consummated any consolidation or merger of the Company in which the Company is not the surviving or continuing corporation or pursuant to which shares of the Company’s Common Shares would be converted into cash, securities or other property, other than a merger of the Company in which the holders of the Company’s Common Shares immediately prio r to the merger have (directly or indirectly) at least a 51% ownership interest in the outstanding Common Shares of the surviving corporation immediately after the merger, or (iii) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Company, except for any sale, lease exchange or transfer resulting from any action taken by any creditor of the Company in enforcing its rights or remedies against any assets of the Company in which such creditor holds a security interest.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed the day and year first above written.

"COMPANY"	STAGE STORES, INC., ________________________________________ Name: Title:
"DIRECTOR"	___________________________________________ __________________

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EX-10.13

EXHIBIT 10.13

STAGE STORES, INC.

INITIAL GRANT RESTRICTED STOCK AWARD AGREEMENT

This Initial Grant Restricted Stock Award Agreement (the “Agreement”) is made effective as of _______________, 20___ (the "Date of Grant"), by and between Stage Stores, Inc.,a Nevada corporation (hereinafter called the "Company"), and _______________, a member of the Board of Directors of the Company (hereinafter called the "Director").

WHEREAS, the Board of Directors of the Company (the "Board") and the Company’s shareholders have adopted the Stage Stores, Inc. Amended and Restated 2001 Equity Incentive Plan, as it may be amended from time to time (the "Plan"); and

WHEREAS, the Company considers it desirable and in the Company's best interests to reward, retain and attract non-employee Directors of the Company and to provide non-employee Directors with the opportunity to align their interests with those of the shareholders of the Company;

WHEREAS, the Company’s Corporate Governance Guidelines provide that upon a Director’s initial election to the Board, the Director will be granted, at the Director’s election, either (a) stock options to purchase the Company’s common stock, or (b) restricted shares of the Company’s common stock, in either case valued at $50,000 based on a Net Present Value (the “Initial Grant”); and

WHEREAS, the Director has elected to receive the Initial Grant in the form of restricted stock.

NOW, THEREFORE, in consideration of the premises, it is agreed as follows:

1.           GRANT OF RESTRICTED STOCK.  Pursuant to the terms and conditions contained herein and the terms and conditions of the Plan, the Company hereby grants to the Director a restricted stock award of ___________ shares (the “Initial Grant Shares”) of the Company’s authorized voting common stock, par value $0.01 (the “Common Shares).

2.           VESTING.  Except as otherwise set forth in this Agreement, the Initial Grant Shares will vest over a four (4) year period according to the following schedule (the “Vesting Period”):

Period from Date of Grant	Cumulative Percentage of  Initial Grant Shares Which Will Vest
1 year	25%
2 years	50%
3 years	75%
4 years	100%

3.DEATH OF DIRECTOR.  Upon the death of the Director, the unvested Initial Grant Shares will immediately vest.

4.DISABILITY OF DIRECTOR.  In the event the Director ceases to be a member of the Board due to disability, the unvested Initial Grant Shares will immediately vest.  For the purposes of this Agreement, the Director shall be deemed to be disabled if the Committee shall determine that the physical or m ental condition of the Director was such at that time as would entitle him or her, if he or she was employed by the Company, to payment of monthly disability benefits under any Company disability plan.  

5.RETIREMENT OF DIRECTOR. In the event the Director ceases to be a member of the Board by reason of the Director’s Retirement (as defined below), the unvested Initial Grant Shares will immediately vest. For purposes of this Agreement, the term “Retirement” means attaining the age at which a member of the Board must cease serving on the Board as set forth in the Company’s Corporate Governance Guidelines (which age is currently 75 years old).

6.           CHANGE IN CONTROL.  In the event of a Change in Control, the Initial Grant Shares will immediately vest.  For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred:

(a)           on such date within the 12-month period following the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that represents twenty-five percent (25%) or more of the combined voting power of the Company’s then outstanding securities (the “Trigger Date”), that a majority of the individuals who, as of the Trigger Date, constitute the Board (the “Incumbent Board”) are replaced by new members whose appointment or election is not endorsed by a majority of the members of the Incu mbent Board before the date of such appointment or election;

(b)           as of thedate that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that, together with stock held by such person or group, constitutes more than 50% of either (1) the then outstanding shares of common stock of the Company or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, if any one person or more than one person acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons shall not be considered to cause a Change in Control; or

(c)           the date any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) all, or substantially all, of the assets of the Company, except for any sale, lease exchange or transfer resulting from any action taken by any creditor of the Company in enforcing its rights or remedies against any assets of the Company in which such creditor holds a security interest.  

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Provided further, a transfer of assets by the Company shall not be treated as a Change in Control if the assets are transferred to:

(i)A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock;

(ii)An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company;

(iii)A person, or more than one person acting as a group, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company; or

(iv)An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in paragraph (iii) herein.

For purposes of subsection (c) and except as otherwise provided in paragraph (i), a person’s status is determined immediately after the transfer of the assets.

7.FORFEITURE OF INITIAL GRANT SHARES .  The Director will forfeit any unvested portion of the Initial Grant Shares if the Director ceases to be a Director at any time prior to their vesting date other than due to (i) Retirement, (ii) death, (iii) disability or (iv) Change in Control.

8.           SHAREHOLDER RIGHTS.  During the Vesting Period, the Initial Grant Shares will be held in book name by the Company.  Subject to the terms of this Agreement, the Director shall have all rights of a shareholder with respect to the Initial Grant Shares during the Vesting Period, including the right to vote and receive dividends, if any, on the Initial Grant Share s, provided that the Initial Grant Shares have not been forfeited to the Company pursuant to Section 2.

9.           ISSUANCE OF COMMON SHARES.

(a)           Upon the expiration of the Vesting Period(s) without forfeiture, the Company shall cause a certificate or certificates to be issued to the Director for the Initial Grant Shares.  Common Shares issued pursuant to this Agreement which have not been registered with the Securities and Exchange Commission, if any, shall bear a legend substantially as follows:

The Securities represented by this Certificate have not been registered under the United States Securities Act of 1933 (the "Act") and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

(b)           The Company shall not be required to transfer or deliver any certificate or certificates for Common Shares under this Agreement:  (i) until after compliance with all then

3

applicable requirements of law; and (ii) prior to admission of the Common Shares to listing on any stock exchange on which the Common Shares may then be listed.  In no event shall the Company be required to issue fractional shares to the Director or his or her successor.

10.           GENERAL RESTRICTIONS.  The grant of the Initial Grant Shares under this Agreement shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Common Shares subject or related thereto upon any securities exchange or under any state or Federal law, (ii) the consent or a pproval of any government regulatory body, or (iii) an agreement by the Director with respect to the disposition of Common Shares is necessary or desirable as a condition of, or in connection with, the issuance of Common Shares thereunder, then the issuance of the Common Shares may not be consummated in whole or in part unless the listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board.

11.           ASSIGNMENT.  The rights under this Agreement shall not be assignable or transferable by the Director, except by will or by the laws of descent and distribution.  Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the rights under this Agreement contrary to the provisions hereof shall be null and void and without effect. & #160;During the lifetime of the Director, any right under this Agreement shall be exercisable only by the Director or his or her guardian or legal representative.

12.           WITHHOLDING TAXES.  Whenever the Company proposes or is required to issue or transfer Common Shares under this Agreement, the Company shall have the right to require the Director to remit to the Company an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to the delivery of any certificate or certificates for the Common Sh ares.  Alternatively, the Company may issue or transfer the Common Shares net of the number of shares sufficient to satisfy the withholding tax requirements.  For withholding tax purposes, the Common Shares shall be valued on the date the withholding obligation is incurred.

13.           RIGHT TO TERMINATE DIRECTOR.  Nothing in this Agreement shall confer upon the Director the right to continue as a member of the Board or affect any right which the Company or its shareholders may have to terminate the directorship of the Director.

14.           ADJUSTMENTS.  In the event of any change in the outstanding common stock of the Company by reason of stock splits, reverse stock splits, stock dividends or distributions, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares or the like, the Board shall appropriately adjust the number of Common Shares issuable under this Ag reement, and any and all other matters deemed appropriate the Board.

15.           STOCK RESERVED.  The Company shall at all times during the term of this Agreement reserve and keep available the number of Common Shares necessary and sufficient to satisfy the terms of this Agreement.

16.           SEVERABILITY.  Every part, term or provision of this Agreement is severable from the others.  Notwithstanding any possible future finding by a duly constituted authority that a particular part, term or provision is invalid, void or unenforceable, this Agreement has been

4

made with the clear intention that the validity and enforceability of the remaining parts, terms and provisions shall not be affected thereby.

17.           NOTICE.  Any notice to be delivered under this Agreement shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company or the Director at their last known address.

18.           GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the applicable Federal law and, to the extent otherwise applicable, the laws of the State of Texas.

19.           HEADINGS.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe the provisions of this Agreement.

20.           BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

21.           INCORPORATION OF PLAN.  The Initial Grant Shares are granted pursuant to the terms of the Plan, which is incorporated herein by reference, and this Agreement shall in all respects be interpreted in accordance with the Plan.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall completely su persede and replace the conflicting terms of this Agreement. All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.

22.          MODIFICATION.  This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code, as amended (the “Code”).  The Company may change or modify the terms of this Agreement without the Director’s consent or signature if the Company determines, in its sole discretion, that such change or modification is necessary for purposes of compliance with or exemption from the requirements of Section 409A of the Code or any regulations or other guidance issued thereunder.  Notwithstanding the previous sentence, the Company may also amend the Plan or this Agreement or revoke the Initial Share Grants to the extent permitted by the Plan.

IN WITNESS WHEREOF, the parties hereto have caused this Initial Grant Restricted Stock Award Agreement to be executed as of the Date of Grant.

"COMPANY" STAGE STORES, INC.,       By:________________________________________        _____________________________       Chief Executive Officer  

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  "DIRECTOR"   ___________________________________________ ______________________, an individual  

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EX-10.14

EXHIBIT 10.14

STAGE STORES, INC.

INITIAL GRANT RESTRICTED STOCK AWARD AGREEMENT

This Initial Grant Restricted Stock Award Agreement (the “Agreement”) is made effective as of _______________, 20___ (the "Date of Grant"), by and between Stage Stores, Inc.,a Nevada corporation (hereinafter called the "Company"), and _______________, a member of the Board of Directors of the Company (hereinafter called the "Director").

WHEREAS, the Board of Directors of the Company (the "Board") and the Company’s shareholders have adopted the Stage Stores, Inc. Amended and Restated 2008 Equity Incentive Plan, as it may be amended from time to time (the "Plan"); and

WHEREAS, the Company considers it desirable and in the Company's best interests to reward, retain and attract non-employee Directors of the Company and to provide non-employee Directors with the opportunity to align their interests with those of the shareholders of the Company;

WHEREAS, the Company’s Corporate Governance Guidelines provide that upon a Director’s initial election to the Board, the Director will be granted, at the Director’s election, either (a) stock options to purchase the Company’s common stock, or (b) restricted shares of the Company’s common stock, in either case valued at $50,000 based on a Net Present Value (the “Initial Grant”); and

WHEREAS, the Director has elected to receive the Initial Grant in the form of restricted stock.

NOW, THEREFORE, in consideration of the premises, it is agreed as follows:

1.           GRANT OF RESTRICTED STOCK.  Pursuant to the terms and conditions contained herein and the terms and conditions of the Plan, the Company hereby grants to the Director a restricted stock award of ___________ shares (the “Initial Grant Shares”) of the Company’s authorized voting common stock, par value $0.01 (the “Common Shares).

2.           VESTING.  Except as otherwise set forth in this Agreement, the Initial Grant Shares will vest over a four (4) year period according to the following schedule (the “Vesting Period”):

Period from Date of Grant	Cumulative Percentage of   Initial Grant Shares Which Will Vest
1 year	25%
2 years	50%
3 years	75%
4 years	100%

3.DEATH OF DIRECTOR.  Upon the death of the Director, the unvested Initial Grant Shares will immediately vest.

4.DISABILITY OF DIRECTOR.  In the event the Director ceases to be a member of the Board due to disability, the unvested Initial Grant Shares will immediately vest.  For the purposes of this Agreement, the Director shall be deemed to be disabled if the Committee shall determine that the physical or m ental condition of the Director was such at that time as would entitle him or her, if he or she was employed by the Company, to payment of monthly disability benefits under any Company disability plan.  

5.RETIREMENT OF DIRECTOR. In the event the Director ceases to be a member of the Board by reason of the Director’s Retirement (as defined below), the unvested Initial Grant Shares will immediately vest. For purposes of this Agreement, the term “Retirement” means attaining the age at which a member of the Board must cease serving on the Board as set forth in the Company’s Corporate Governance Guidelines (which age is currently 75 years old).

6.           CHANGE IN CONTROL.  In the event of a Change in Control, the Initial Grant Shares will immediately vest.  For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred:

(a)           on such date within the 12-month period following the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that represents twenty-five percent (25%) or more of the combined voting power of the Company’s then outstanding securities (the “Trigger Date”), that a majority of the individuals who, as of the Trigger Date, constitute the Board (the “Incumbent Board”) are replaced by new members whose appointment or election is not endorsed by a majority of the members of the Incu mbent Board before the date of such appointment or election;

(b)           as of thedate that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that, together with stock held by such person or group, constitutes more than 50% of either (1) the then outstanding shares of common stock of the Company or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, if any one person or more than one person acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons shall not be considered to cause a Change in Control; or

(c)           the date any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) all, or substantially all, of the assets of the Company, except for any sale, lease exchange or transfer resulting from any action taken by any creditor of the Company in enforcing its rights or remedies against any assets of the Company in which such creditor holds a security interest.  

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Provided further, a transfer of assets by the Company shall not be treated as a Change in Control if the assets are transferred to:

(i)A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock;

(ii)An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company;

(iii)A person, or more than one person acting as a group, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company; or

(iv)An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in paragraph (iii) herein.

For purposes of subsection (c) and except as otherwise provided in paragraph (i), a person’s status is determined immediately after the transfer of the assets.

7.FORFEITURE OF INITIAL GRANT SHARES .  The Director will forfeit any unvested portion of the Initial Grant Shares if the Director ceases to be a Director at any time prior to their vesting date other than due to (i) Retirement, (ii) death, (iii) disability, or (iv) Change in Control.

8.           SHAREHOLDER RIGHTS.  During the Vesting Period, the Initial Grant Shares will be held in book name by the Company.  Subject to the terms of this Agreement, the Director shall have all rights of a shareholder with respect to the Initial Grant Shares during the Vesting Period, including the right to vote and receive dividends, if any, on the Initial Grant Share s, provided that the Initial Grant Shares have not been forfeited to the Company pursuant to Section 2.

9.           ISSUANCE OF COMMON SHARES.

(a)           Upon the expiration of the Vesting Period(s) without forfeiture, the Company shall cause a certificate or certificates to be issued to the Director for the Initial Grant Shares.  Common Shares issued pursuant to this Agreement which have not been registered with the Securities and Exchange Commission, if any, shall bear a legend substantially as follows:

The Securities represented by this Certificate have not been registered under the United States Securities Act of 1933 (the "Act") and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

(b)           The Company shall not be required to transfer or deliver any certificate or certificates for Common Shares under this Agreement:  (i) until after compliance with all then

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applicable requirements of law; and (ii) prior to admission of the Common Shares to listing on any stock exchange on which the Common Shares may then be listed.  In no event shall the Company be required to issue fractional shares to the Director or his or her successor.

10.           GENERAL RESTRICTIONS.  The grant of the Initial Grant Shares under this Agreement shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Common Shares subject or related thereto upon any securities exchange or under any state or Federal law, (ii) the consent or a pproval of any government regulatory body, or (iii) an agreement by the Director with respect to the disposition of Common Shares is necessary or desirable as a condition of, or in connection with, the issuance of Common Shares thereunder, then the issuance of the Common Shares may not be consummated in whole or in part unless the listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board.

11.           ASSIGNMENT.  The rights under this Agreement shall not be assignable or transferable by the Director, except by will or by the laws of descent and distribution.  Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the rights under this Agreement contrary to the provisions hereof shall be null and void and without effect. & #160;During the lifetime of the Director, any right under this Agreement shall be exercisable only by the Director or his or her guardian or legal representative.

12.           WITHHOLDING TAXES.  Whenever the Company proposes or is required to issue or transfer Common Shares under this Agreement, the Company shall have the right to require the Director to remit to the Company an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to the delivery of any certificate or certificates for the Common Sh ares.  Alternatively, the Company may issue or transfer the Common Shares net of the number of shares sufficient to satisfy the withholding tax requirements.  For withholding tax purposes, the Common Shares shall be valued on the date the withholding obligation is incurred.

13.           RIGHT TO TERMINATE DIRECTOR.  Nothing in this Agreement shall confer upon the Director the right to continue as a member of the Board or affect any right which the Company or its shareholders may have to terminate the directorship of the Director.

14.           ADJUSTMENTS.  In the event of any change in the outstanding common stock of the Company by reason of stock splits, reverse stock splits, stock dividends or distributions, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares or the like, the Board shall appropriately adjust the number of Common Shares issuable under this Ag reement, and any and all other matters deemed appropriate the Board.

15.           STOCK RESERVED.  The Company shall at all times during the term of this Agreement reserve and keep available the number of Common Shares necessary and sufficient to satisfy the terms of this Agreement.

16.           SEVERABILITY.  Every part, term or provision of this Agreement is severable from the others.  Notwithstanding any possible future finding by a duly constituted authority that a particular part, term or provision is invalid, void or unenforceable, this Agreement has been

4

made with the clear intention that the validity and enforceability of the remaining parts, terms and provisions shall not be affected thereby.

17.           NOTICE.  Any notice to be delivered under this Agreement shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company or the Director at their last known address.

18.           GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the applicable Federal law and, to the extent otherwise applicable, the laws of the State of Texas.

19.           HEADINGS.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe the provisions of this Agreement.

20.           BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

21.           INCORPORATION OF PLAN.  The Initial Grant Shares are granted pursuant to the terms of the Plan, which is incorporated herein by reference, and this Agreement shall in all respects be interpreted in accordance with the Plan.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall completely su persede and replace the conflicting terms of this Agreement. All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.

22.           MODIFICATION.  This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code, as amended (the “Code”).  The Company may change or modify the terms of this Agreement without the Director’s consent or signature if the Company determines, in its sole discretion, that such change or modification is necessary for purposes of compliance with or exemption from the requirements of Section 409A of the Code or a ny regulations or other guidance issued thereunder.  Notwithstanding the previous sentence, the Company may also amend the Plan or this Agreement or revoke the Initial Share Grants to the extent permitted by the Plan.

IN WITNESS WHEREOF, the parties hereto have caused this Initial Grant Restricted Stock Award Agreement to be executed as of the Date of Grant.

"COMPANY" STAGE STORES, INC.,       By:________________________________________        _____________________________       Chief Executive Officer  

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  "DIRECTOR"   ___________________________________________ ______________________, an individual  

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EX-10.15

EXHIBIT 10.15

STAGE STORES, INC.

REELECTION GRANT RESTRICTED STOCK AWARD AGREEMENT

This Reelection Grant Restricted Stock Agreement (the “Agreement”) is made effective as of __________, 200____ (the "Date of Grant"), by and between Stage Stores, Inc.,a Nevada corporation (hereinafter called the "Company"), and ________________, a member of the Board of Directors of the Company (hereinafter called the "Director").

WHEREAS, the Board of Directors of the Company (the "Board") and the Company’s shareholders have adopted the Stage Stores, Inc. Amended and Restated 2001 Equity Incentive Plan, as it may be amended from time to time (the "Plan"); and

WHEREAS, the Company considers it desirable and in the Company's best interests to reward, retain and attract non-employee Directors of the Company and to provide non-employee Directors with the opportunity to align their interests with those of the shareholders of the Company; and

WHEREAS, the Company’s Corporate Governance Guidelines provide that upon a Director’s reelection to the Board, the Director will be granted restricted shares of the Company’s common stock valued at $__________ based on a Net Present Value (the “Reelection Grant”).

NOW, THEREFORE, in consideration of the premises, it is agreed as follows:

1.           GRANT OF RESTRICTED STOCK.  Pursuant to the terms and conditions contained herein and the terms and conditions of the Plan, the Company hereby grants to the Director as of the Date of Grant a restricted stock award of __________ shares (the “Reelection Grant Shares”) of the Company’s authorized voting common stock, par value $0.01 (the “Common S hares).

2.           VESTING.  Except as otherwise set forth in this Agreement, the Reelection Grant Shares will vest, on a cliff basis, on _________ 20____, three years from the Date of Grant (the “Vesting Period”).

3.DEATH OF DIRECTOR.  Upon the death of the Director, the unvested Reelection Grant Shares will immediately vest.

4.DISABILITY OF DIRECTOR.  In the event the Director ceases to be a member of the Board due to disability, the unvested Reelection Grant Shares will immediately vest.  For the purposes of this Agreement, the Director shall be deemed to be disabled if the Committee shall determine that the physi cal or mental condition of the Director was such at that time as

would entitle him or her, if he or she was employed by the Company, to payment of monthly disability benefits under any Company disability plan.  

5.RETIREMENT OF DIRECTOR. In the event the Director ceases to be a member of the Board by reason of the Director’s Retirement (as defined below), the unvested Reelection Grant Shares will immediately vest. For purposes of this Agreement, the term “Retirement” means attaining the age at which a member of the Board must cease serving on the Board as set forth in the Company’s Corporate Governance Guidelines (which age is currently 75 years old).

6.           CHANGE IN CONTROL.  In the event of a Change in Control, the Reelection Grant Shares will immediately vest.  For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred:

(a)           on such date within the 12-month period following the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that represents twenty-five percent (25%) or more of the combined voting power of the Company’s then outstanding securities (the “Trigger Date”), that a majority of the individuals who, as of the Trigger Date, constitute the Board (the “Incumbent Board”) are replaced by new members whose appointment or election is not endorsed by a majority of the members of the Incu mbent Board before the date of such appointment or election;

(b)           as of thedate that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that, together with stock held by such person or group, constitutes more than 50% of either (1) the then outstanding shares of common stock of the Company or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, if any one person or more than one person acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons shall not be considered to cause a Change in Control; or

(c)           the date any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) all, or substantially all, of the assets of the Company, except for any sale, lease exchange or transfer resulting from any action taken by any creditor of the Company in enforcing its rights or remedies against any assets of the Company in which such creditor holds a security interest.  Provided further, a transfer of assets by the Company shall not be treated as a Change in Control if the assets are transferred to:

(i)A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock;

(ii)An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company;

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(iii)A person, or more than one person acting as a group, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company; or

(iv)An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in paragraph (iii) herein.

For purposes of subsection (c) and except as otherwise provided in paragraph (i), a person’s status is determined immediately after the transfer of the assets.

7.FORFEITURE OF REELECTION GRANT SHARES .  The Director will forfeit any unvested portion of the Reelection Grant Shares if the Director ceases to be a Director at any time prior to their vesting date other than due to (i) Retirement, (ii) death, (iii) disability, or (iv) Change in Control.

8.           SHAREHOLDER RIGHTS.  During the Vesting Period, the Reelection Grant Shares will be held in book name by the Company.  Subject to the terms of this Agreement, the Director shall have all rights of a shareholder with respect to the Reelection Grant Shares during the Vesting Period, including the right to vote and receive dividends, if any, on the Reelection Gr ant Shares, provided that the Reelection Grant Shares have not been forfeited to the Company pursuant to Section 2.

9.           ISSUANCE OF COMMON SHARES.

(a)           Upon the expiration of the Vesting Period without forfeiture, the Company shall cause a certificate or certificates to be issued to the Director for the Reelection Grant Shares.  Common Shares issued pursuant to this Agreement which have not been registered with the Securities and Exchange Commission, if any, shall bear a legend substantially as follows:

The Securities represented by this Certificate have not been registered under the United States Securities Act of 1933 (the "Act") and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

(b)           The Company shall not be required to transfer or deliver any certificate or certificates for Common Shares under this Agreement:  (i) until after compliance with all then applicable requirements of law; and (ii) prior to admission of the Common Shares to listing on any stock exchange on which the Common Shares may then be listed.  In no event shall the Company be required to issue fractional shares to the Director or his or her successor.

10.           GENERAL RESTRICTIONS.  The grant of the Reelection Grant Shares under this Agreement shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Common Shares subject or related thereto upon any securities exchange or under any state or Federal law, (ii) the consent o r

3

approval of any government regulatory body, or (iii) an agreement by the Director with respect to the disposition of Common Shares is necessary or desirable as a condition of, or in connection with, the issuance of Common Shares thereunder, then the issuance of the Common Shares may not be consummated in whole or in part unless the listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board.

11.           ASSIGNMENT.  The rights under this Agreement shall not be assignable or transferable by the Director, except by will or by the laws of descent and distribution.  Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the rights under this Agreement contrary to the provisions hereof shall be null and void and without effect. & #160;During the lifetime of the Director, any right under this Agreement shall be exercisable only by the Director or his or her guardian or legal representative.

12.           WITHHOLDING TAXES.  Whenever the Company proposes or is required to issue or transfer Common Shares under this Agreement, the Company shall have the right to require the Director to remit to the Company an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to the delivery of any certificate or certificates for the Common Sh ares.  Alternatively, the Company may issue or transfer the Common Shares net of the number of shares sufficient to satisfy the withholding tax requirements.  For withholding tax purposes, the Common Shares shall be valued on the date the withholding obligation is incurred.

13.           RIGHT TO TERMINATE DIRECTOR.  Nothing in this Agreement shall confer upon the Director the right to continue as a member of the Board or affect any right which the Company or its shareholders may have to terminate the directorship of the Director.

14.           ADJUSTMENTS.  In the event of any change in the outstanding common stock of the Company by reason of stock splits, reverse stock splits, stock dividends or distributions, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares or the like, the Board shall appropriately adjust the number of Common Shares issuable under this Ag reement, and any and all other matters deemed appropriate the Board.

15.           STOCK RESERVED.  The Company shall at all times during the term of this Agreement reserve and keep available the number of Common Shares necessary and sufficient to satisfy the terms of this Agreement.

16.           SEVERABILITY.  Every part, term or provision of this Agreement is severable from the others.  Notwithstanding any possible future finding by a duly constituted authority that a particular part, term or provision is invalid, void or unenforceable, this Agreement has been made with the clear intention that the validity and enforceability of the remaining parts , terms and provisions shall not be affected thereby.

17.           NOTICE.  Any notice to be delivered under this Agreement shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company or the Director at their last known address.

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18.           GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the applicable Federal law and, to the extent otherwise applicable, the laws of the State of Texas.

19.           HEADINGS.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe the provisions of this Agreement.

20.           BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

21.           INCORPORATION OF PLAN.  The Reelection Grant Shares are granted pursuant to the terms of the Plan, which is incorporated herein by reference, and this Agreement shall in all respects be interpreted in accordance with the Plan.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall completely supersede and replace the conflicting terms of this Agreement.  All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.

22.           MODIFICATION.  This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code, as amended (the “Code”).  The Company may change or modify the terms of this Agreement without the Director’s consent or signature if the Company determines, in its sole discretion, that such change or modification is necessary for purposes of compliance with or exemption from the requirements of Section 4 09A of the Code or any regulations or other guidance issued thereunder.  Notwithstanding the previous sentence, the Company may also amend the Plan or this Agreement or revoke the Reelection Share Grants to the extent permitted by the Plan.

IN WITNESS WHEREOF, the parties hereto have caused this Reelection Grant Restricted Stock Award Agreement to be executed as of the Date of Grant.

"Company"	Stage Stores, Inc., By:________________________________________        ____________________
"Director"	___________________________________________ _________________________

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EX-10.16

EXHIBIT 10.16

STAGE STORES, INC.

REELECTION GRANT RESTRICTED STOCK AWARD AGREEMENT

This Reelection Grant Restricted Stock Agreement (the “Agreement”) is made effective as of __________, 20____ (the "Date of Grant"), by and between Stage Stores, Inc.,a Nevada corporation (hereinafter called the "Company"), and ________________, a member of the Board of Directors of the Company (hereinafter called the "Director").

WHEREAS, the Board of Directors of the Company (the "Board") and the Company’s shareholders have adopted the Stage Stores, Inc. 2008 Equity Incentive Plan, as it may be amended from time to time (the "Plan"); and

WHEREAS, the Company considers it desirable and in the Company's best interests to reward, retain and attract non-employee Directors of the Company and to provide non-employee Directors with the opportunity to align their interests with those of the shareholders of the Company; and

WHEREAS, the Company’s Corporate Governance Guidelines provide that upon a Director’s reelection to the Board, the Director will be granted restricted shares of the Company’s common stock valued at $__________ based on a Net Present Value (the “Reelection Grant”).

NOW, THEREFORE, in consideration of the premises, it is agreed as follows:

1.           GRANT OF RESTRICTED STOCK.  Pursuant to the terms and conditions contained herein and the terms and conditions of the Plan, the Company hereby grants to the Director as of the Date of Grant a restricted stock award of __________ shares (the “Reelection Grant Shares”) of the Company’s authorized voting common stock, par value $0.01 (the “Common S hares).

2.           VESTING.  Except as otherwise set forth in this Agreement, the Reelection Grant Shares will vest, on a cliff basis, on _________ 20____, three years from the Date of Grant (the “Vesting Period”).

3.DEATH OF DIRECTOR.  Upon the death of the Director, the unvested Reelection Grant Shares will immediately vest.

4.           DISABILITY OF DIRECTOR.  In the event the Director ceases to be a member of the Board due to disability, the unvested Reelection Grant Shares will immediately vest.  For the purposes of this Agreement, the Director shall be deemed to be disabled if the Committee shall determine that the physical or mental condition of the Director was such at that time as

would entitle him or her, if he or she was employed by the Company, to payment of monthly disability benefits under any Company disability plan.  

5.RETIREMENT OF DIRECTOR. In the event the Director ceases to be a member of the Board by reason of the Director’s Retirement (as defined below), the unvested Reelection Grant Shares will immediately vest. For purposes of this Agreement, the term “Retirement” means attaining the age at which a member of the Board must cease serving on the Board as set forth in the Company’s Corporate Governance Guidelines (which age is currently 75 years old).

6.           CHANGE IN CONTROL.  In the event of a Change in Control, the Reelection Grant Shares will immediately vest.  For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred:

(a)           on such date within the 12-month period following the date that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that represents twenty-five percent (25%) or more of the combined voting power of the Company’s then outstanding securities (the “Trigger Date”), that a majority of the individuals who, as of the Trigger Date, constitute the Board (the “Incumbent Board”) are replaced by new members whose appointment or election is not endorsed by a majority of the members of the Incu mbent Board before the date of such appointment or election;

(b)           as of thedate that any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires ownership of stock that, together with stock held by such person or group, constitutes more than 50% of either (1) the then outstanding shares of common stock of the Company or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, if any one person or more than one person acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons shall not be considered to cause a Change in Control; or

(c)           the date any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) all, or substantially all, of the assets of the Company, except for any sale, lease exchange or transfer resulting from any action taken by any creditor of the Company in enforcing its rights or remedies against any assets of the Company in which such creditor holds a security interest.  Provided further, a transfer of assets by the Company shall not be treated as a Change in Control if the assets are transferred to:

(i)A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock;

(ii)An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company;

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(iii)A person, or more than one person acting as a group, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company; or

(iv)An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in paragraph (iii) herein.

For purposes of subsection (c) and except as otherwise provided in paragraph (i), a person’s status is determined immediately after the transfer of the assets.

7.FORFEITURE OF REELECTION GRANT SHARES .  The Director will forfeit any unvested portion of the Reelection Grant Shares if the Director ceases to be a Director at any time prior to their vesting date other than due to (i) Retirement, (ii) death, (iii) disability or (iv) Change in Control.

8.           SHAREHOLDER RIGHTS.  During the Vesting Period, the Reelection Grant Shares will be held in book name by the Company.  Subject to the terms of this Agreement, the Director shall have all rights of a shareholder with respect to the Reelection Grant Shares during the Vesting Period, including the right to vote and receive dividends, if any, on the Reelection Gr ant Shares, provided that the Reelection Grant Shares have not been forfeited to the Company pursuant to Section 2.

9.           ISSUANCE OF COMMON SHARES.

(a)           Upon the expiration of the Vesting Period without forfeiture, the Company shall cause a certificate or certificates to be issued to the Director for the Reelection Grant Shares.  Common Shares issued pursuant to this Agreement which have not been registered with the Securities and Exchange Commission, if any, shall bear a legend substantially as follows:

The Securities represented by this Certificate have not been registered under the United States Securities Act of 1933 (the "Act") and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.

(b)           The Company shall not be required to transfer or deliver any certificate or certificates for Common Shares under this Agreement:  (i) until after compliance with all then applicable requirements of law; and (ii) prior to admission of the Common Shares to listing on any stock exchange on which the Common Shares may then be listed.  In no event shall the Company be required to issue fractional shares to the Director or his or her successor.

10.           GENERAL RESTRICTIONS.  The grant of the Reelection Grant Shares under this Agreement shall be subject to the requirement that, if at any time the Board shall determine that (i) the listing, registration or qualification of the shares of Common Shares subject or related thereto upon any securities exchange or under any state or Federal law, (ii) the consent o r

3

approval of any government regulatory body, or (iii) an agreement by the Director with respect to the disposition of Common Shares is necessary or desirable as a condition of, or in connection with, the issuance of Common Shares thereunder, then the issuance of the Common Shares may not be consummated in whole or in part unless the listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board.

11.           ASSIGNMENT.  The rights under this Agreement shall not be assignable or transferable by the Director, except by will or by the laws of descent and distribution.  Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the rights under this Agreement contrary to the provisions hereof shall be null and void and without effect. & #160;During the lifetime of the Director, any right under this Agreement shall be exercisable only by the Director or his or her guardian or legal representative.

12.           WITHHOLDING TAXES.  Whenever the Company proposes or is required to issue or transfer Common Shares under this Agreement, the Company shall have the right to require the Director to remit to the Company an amount sufficient to satisfy any Federal, state and/or local withholding tax requirements prior to the delivery of any certificate or certificates for the Common Sh ares.  Alternatively, the Company may issue or transfer the Common Shares net of the number of shares sufficient to satisfy the withholding tax requirements.  For withholding tax purposes, the Common Shares shall be valued on the date the withholding obligation is incurred.

13.           RIGHT TO TERMINATE DIRECTOR.  Nothing in this Agreement shall confer upon the Director the right to continue as a member of the Board or affect any right which the Company or its shareholders may have to terminate the directorship of the Director.

14.           ADJUSTMENTS.  In the event of any change in the outstanding common stock of the Company by reason of stock splits, reverse stock splits, stock dividends or distributions, recapitalization, reorganization, merger, consolidation, split-up, combination, exchange of shares or the like, the Board shall appropriately adjust the number of Common Shares issuable under this Ag reement, and any and all other matters deemed appropriate the Board.

15.           STOCK RESERVED.  The Company shall at all times during the term of this Agreement reserve and keep available the number of Common Shares necessary and sufficient to satisfy the terms of this Agreement.

16.           SEVERABILITY.  Every part, term or provision of this Agreement is severable from the others.  Notwithstanding any possible future finding by a duly constituted authority that a particular part, term or provision is invalid, void or unenforceable, this Agreement has been made with the clear intention that the validity and enforceability of the remaining parts , terms and provisions shall not be affected thereby.

17.           NOTICE.  Any notice to be delivered under this Agreement shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company or the Director at their last known address.

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18.           GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the applicable Federal law and, to the extent otherwise applicable, the laws of the State of Texas.

19.           HEADINGS.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe the provisions of this Agreement.

20.           BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

21.           INCORPORATION OF PLAN.  The Reelection Grant Shares are granted pursuant to the terms of the Plan, which is incorporated herein by reference, and this Agreement shall in all respects be interpreted in accordance with the Plan.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall completely supersede and replace the conflicting terms of this Agreement.  All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.

22.           MODIFICATION.  This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code, as amended (the “Code”).  The Company may change or modify the terms of this Agreement without the Director’s consent or signature if the Company determines, in its sole discretion, that such change or modification is necessary for purposes of compliance with or exemption from the requirements of Section 409A of the Code or a ny regulations or other guidance issued thereunder.  Notwithstanding the previous sentence, the Company may also amend the Plan or this Agreement or revoke the Reelection Share Grants to the extent permitted by the Plan.

IN WITNESS WHEREOF, the parties hereto have caused this Reelection Grant Restricted Stock Award Agreement to be executed as of the Date of Grant.

"Company"	Stage Stores, Inc., By:________________________________________        ____________________        ____________________
"Director"	___________________________________________ _________________________

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EX-10.17

EXHIBIT 10.17

SHAREHOLDER AGREEMENT

This Shareholder Agreement (the “Agreement”) is dated as of __________, 20___ (the “Effective Date”) by and between Stage Stores, Inc., a Nevada corporation (the “Company”), and _______________ (the “Director”).  The Company and the Director are collectively referred to as the “Parties.”

WHEREAS, the Company adopted, and the Company’s shareholders approved, the 2003 Non-Employee Director Equity Compensation Plan (the “Directors’ Plan”);

WHEREAS, the Director is a non-employee director of the Company and has received a copy of the Directors’ Plan;

WHEREAS, under the Plan a non-employee director may elect to receive the Annual Retainer, the Lead Independent Director Retainer, the Committee Chairman Fee and such other compensation as the Company’s Board of Directors (the “Board) may deem appropriate, as the case may be, in restricted stock either (i) at the time that such compensation is earned, or (ii) at a later date;

WHEREAS, any issuance of restricted stock in lieu of cash will be made by the Company on such terms and conditions as the Board may establish;

WHEREAS, in order to receive restricted stock, a director must, at a minimum, (a) notify the Company of his or her current election to receive restricted stock by executing an applicable Election Form, and (b) execute a Shareholder Agreement by which he or she agrees not to sell any of the restricted stock until he or she leaves the Board; and

WHEREAS, the Director has executed an applicable Election Form, a copy of which is attached as Exhibit A to this Agreement and incorporated herein by reference, where he has elected to receive restricted stock in lieu director fees.

NOW THEREFORE, in consideration of the agreements set forth in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

Section 1.  Restricted Stock.  The Company agrees to deliver to the Director the number of shares of the Company’s restricted common stock, par value $.01, set forth in Exhibit B to this Agreement (the “Restricted Stock”) within five (5) business days of the Effective Date.

Section 2.  Legend.  The Parties agree that each certificate representing the Restricted Stock shall bear a restrictive legend consistent with the terms and conditions established by the Board for the issuance of the Restricted Stock as well as such other restrictive legends as may be required by law or Securities and Exchange Commission regulation and shall be in a form substantially as follows:

The Shares represented by this Certificate have not been registered under the United States Securities Act of 1933 (the “Act”) and are “restricted securities” as that term is defined in Rule 144 under the Act.  The Shares

may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act, the availability of which is to be established to the satisfaction of the Company.  In addition, the rights and obligations of the holder of this Certificate, and the ability of the holder to transfer the Shares represented by this Certificate, are subject to the terms and conditions of a Shareholder Agreement, a copy of which can be obtained from the Company upon written request.

Section 3.  Restrictions on Transferability.In addition to the restrictions contained in the restrictive legend set forth in Section 2 of this Agreement, the Director agrees not to sell any of the Restricted Stock until he or she leaves the Board and then only in compliance with applicable securities laws.

Section 4.  Attempted Transfers in Violation of Transfer Restrictions.  Any attempt to sell, pledge, give or otherwise transfer an interest in the Restricted Shares in violation of this Agreement shall be void and the Company shall refuse to register the Restricted Shares in question in the name of the transferee or pledgee.

Section 5.  Compliance with Securities Laws.

Section 5.01.  Investment Representation.  The Director represents to the Company that (a) the Restricted Shares have been acquired for investment and not with a view to the sale or distribution thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”); (b) that he or she has no present intention of selling, pledging, giving, or otherwise disposing of any of the Restrict ed Shares for his own account; and (c) that no one else has or will have a beneficial ownership in any of the Restricted Shares.

Section 5.02.  Restricted Securities.  The Shareholder acknowledges and understands that (a) the Restricted Shares are restricted, that they are being issued to him or her in a private transaction, and that the Restricted Shares have not been registered under the Securities Act or the securities laws of any states in reliance o n exemptions from the registration requirements of the Securities Act and state securities laws; (b) the Restricted Shares are subject to restrictions on transferability and may not be transferred or resold except as permitted under the Securities Act and applicable state laws pursuant to registration or an exemption from registration; (c) this Agreement contains additional restrictions on the transferability of the Restricted Shares; (d) the Restricted Shares have not been approved or disapproved by the Securities and Exchange Commission or any other regulatory authority; (e) each certificate evidencing the Restricted Shares will bear a legend substantially in form to that set forth in Section 2 of this Agreement; and (f) if the Company so requests, the Shareholder shall deliver an opinion of counsel satisfactory to the Company and its counsel, to the effect that the proposed transfer of the Restricted Shares at such time will not violate the Securities Act or applicable state securities laws.

2

Section 6.  Miscellaneous

Section 6.01.  Binding Effect.  This Agreement shall be binding upon the Parties and their heirs, executors, administrators, successors, assigns.

Section 6.02.  Waiver.  A party’s failure to insist on compliance or enforcement of any provision of this Agreement, shall not effect the validity or enforceability or constitute a waiver of future enforcement of that provision or of any other provision of this Agreement by that party or the other party.

Section 6.03.  Governing Law.  This Agreement shall in all respects be subject to, and governed by, the laws of the State of Texas.  The Parties agree that jurisdiction for any action to enforce this Agreement shall be in a state or federal court located in Harris County, Texas.  The prevailing party in an action to enforce this Agreement shall be entitled to recover its costs, including attorneys fee s, from the non-prevailing party.

Section 6.04.  Severability.  The invalidity or unenforceability of any provision in this Agreement shall not in any way affect the validity or enforceability of any other provision and this Agreement shall be construed in all respects as if such invalid or unenforceable provision had never been in the Agreement.

Section 6.05.  Entire Agreement.  The Parties expressly acknowledge that this Agreement constitute the entire agreement between the Parties concerning the subject matter contained herein, and that unless otherwise provided in this Agreement, any other agreements or understandings, oral or written, of any nature concerning such matters are superseded and revoked.

Section 6.06.  Amendment.  This Agreement shall not be modified or amended except writing signed by the Parties.

Section 6.07.  Term.  This Agreement shall commence on the Effective Date and shall terminate upon the occurrence of the earlier of the following events: (a) mutual written agreement of the Parties, or (b) such time as the Director is no longer on the Board.  Provided, however, any restrictions on transferability imposed by state or federal securities laws shall survive the termination of this Agreement.

Section 6.08.  Counterparts/Facsimile.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument.  A facsimile or other reproduction of this Agreement may be executed by one or more of the Parties, and an executed copy of this Agreement may be delivered by one or more of the Parties by facsimile or similar inst antaneous electronic transmission device pursuant to which the signature of, or on behalf of, such party can be seen, and such execution and delivery shall be considered valid, binding and effective for all purposes.  At the request of a party, the other party agree to execute an original of this Agreement as well as any facsimile or other reproduction of this Agreement.

Section 6.09.  Notices.  Any and all notices required by this Agreement shall be deemed to be sent or delivered when personally delivered to the recipient or when mailed by certified or

3

registered mail, with proper first class postage attached thereto, to the Parties as follows:  (a) in the case of the Company, to its registered office as shown in its most recent Form 10-K as filed with the SEC, and (b) in the case of the Director, at the Director’s address appearing on the books of the Company or at such other address as may be designated by the Director.

Section 6.10.  Headings.  The section headings in this Agreement are inserted for convenience only and are not part of the Agreement.

IN WITNESS WHEREOF, the Parties have executed this Shareholder Agreement as of the Effective Date.

COMPANY:	Stage Stores, Inc.,
	By:____________________________________________
	Name:________________________________
	Title:_________________________________
DIRECTOR:	By:__________________________________
	Name:

4

EXHIBIT 10.17

EXHIBIT A

ELECTION FORM

EXHIBIT 10.17

ANNUAL ELECTION REGARDING DIRECTOR FEES UNDER

THE 2003 NON-EMPLOYEE DIRECTOR EQUITY COMPENSATION PLAN

I, ____________________, being a non-employee member of the Board of Directors of Stage Stores, Inc., hereby elect, under the 2003 Non-Employee Director Equity Compensation Plan (the “Plan”), to:

DEFERRED STOCK UNITS ELECTION:
_________    1.	Defer the following amount of my Total Annual Retainer Fees to acquireDeferred Stock Units pursuant to the provisions of the Plan:
	(a)	_____% of the Total Annual Retainer Fees to be earned by meduring the Term Year beginning _______ ___, 20___; or
	(b)	$____________ of the Total Annual Retainer Fees to be earned byme during the Term Year beginning ______ ___, 20___.
RESTRICTED STOCK ELECTION:
_________    2.	Receive the following amount of my Total Annual Retainer Fees in the form of Restricted Stock pursuant to the provisions of the Plan:
	(a)	_____% of the Total Annual Retainer Fees to be earned by me during the Term Year beginning _______ ___, 20___; or
	(b)	$____________ of the Total Annual Retainer Fees to be earned by me during the Term Year beginning _________ ___, 20___.

p I intend to make an election under Section 83(b) of the Internal Revenue Code toaccelerate thetaxation of the Restricted Stock to the date of receipt.  (Please consult your tax advisorregarding this matter.)

Except as elected above, all remaining Total Annual Retainer Fees shall be paid to the Director in cash.  In the event a Director fails to make a timely election, such Director shall receive all of his or her Total Annual Retainer Fees in cash during such election period.

_______________                                _________________________________________

Date                                                       Signature of Director

Total Annual Retainer Fees means the sum of a Director’s Annual Retainer, Lead Independent Director Retainer, Committee Chairman Fee, and such other compensation as the Board may deem appropriate, as applicable. All other capitalized terms shall have the meaning as defined in the Plan.

PLEASE NOTE THAT THIS ELECTION SHALL REMAIN IN EFFECT FOR EACH SUBSEQUENT TERM YEAR UNLESS THE ELECTION IS CHANGED OR REVOKED DURING THE 30-DAY PERIOD PRIOR TO ANY SUBSEQUENT TERM YEAR

FOR COMPANY USE ONLY

Date Received _______________     Received By _____________________________________

EXHIBIT 10.17

EXHIBIT B

RESTRICTED STOCK

(20_____-20_____ TERM YEAR)

Name:

Shares of Restricted Stock:  ___________________

EX-10.35

    ex10_35.htm

EX-10.42

    ex10_42.htm

EX-21

    ex21.htm

EX-23

EXHIBIT 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statement Nos. 333-84072, 333-120960, 333-151566, 333-151568, 333-160758, and 333-162300 on Forms S-8 of our report dated March 30, 2010, relating to the financial statements of Stage Stores, Inc., and the effectiveness of Stage Stores, Inc.'s internal control over financial reporting, appearing in this Annual Report on Form 10-K of Stage Stores, Inc. for the year ended January 30, 2010.

/s/ DELOITTE & TOUCHE LLP

Houston, Texas

March 30, 2010

EX-24.1

EXHIBIT 24.1

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned, being a Director of Stage Stores, Inc., a Nevada corporation (the “Company”), hereby constitutes and appoints Andrew T. Hall and Edward J. Record, and each of them (with full power to each of them to act alone), the undersigned’s true and lawful attorneys-in-fact and agents, with full power of substitution, for the undersigned and in the undersigned’s name, place and stead in any and all capacities, to sign and date, one or more Annual Reports for the Company’s 2009 fiscal year ended January 30, 2010, on Form 10-K under the Securities Exchange Act of 1934, as amended, or such other form as any such attorney-in-fact may deem necessary or desirable, and any amendments thereto, each in such form as they or any one of them may approve, and to f ile the same with all exhibits thereto and other documents in connection therewith with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done so that such Annual Report shall comply with the Securities Exchange Act of 1934, as to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them or their substitute or resubstitute, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, each of the undersigned has signed this Power of Attorney as of the 15th day of February, 2010.

/s/  Alan J. Barocas	/s/ Sharon B. Mosse
Alan J. Barocas, Director	Sharon B. Mosse, Director
/s/  Michael L. Glazer	/s/ James R. Scarborough
Michael L. Glazer, Director	James R. Scarborough, Director
/s/ William J. Montgoris	/s/ David Y. Schwartz
William J. Montgoris, Director	David Y. Schwartz, Director

EX-24.2

    ex24_2.htm

EX-24.3

EXHIBIT 24.3

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned Director of Stage Stores, Inc., a Nevada corporation (the “Company”), in connection with the preparation and filing of reports on Form 3, 4 and 5 (as well as applications for EDGAR filer identification numbers and any other reports required under Section 16(a) of the Securities Exchange Act of 1934) and Form 144, if required under the Securities Act of 1933, on my behalf including, but not limited to, those cases where time is short or I am unavailable to review the form, hereby constitutes and appoints Andrew T. Hall, Edward J. Record and Richard E. Stasyszen, and each of them (with full power to each of them to act alone), the undersigned’s true and lawful attorneys-in-fact and agents, for the undersigned and on the undersigned’s behalf and in the undersigned’s name, place and stead, in any and all capacities, to prepare, sign, and file with the Securities and Exchange Commission reports on Form 3, 4 and 5 (as well as applications for EDGAR filer identification numbers and any other reports required under Section 16(a) of the Securities Exchange Act of 1934) and Form 144, if required under the Securities Act of 1933, together with all amendments thereto, with all exhibits and any and all documents required to be filed with respect thereto with the Securities and Exchange Commission and any other regulatory authority granting unto such attorneys-in-fact, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in order to effectuate the same as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, might lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has signed this Power of Attorney as of the 25th day of March, 2010.

DIRECTOR

               /s/  Cheryl N. Turpin                         

          Cheryl N. Turpin, Director

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Andrew T. Hall, certify that:

1.   I have reviewed this annual report on Form 10-K of Stage Stores, Inc.;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.   The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant, and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5.   The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

March 30, 2010	/s/ Andrew T. Hall
	Andrew T. Hall
	Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Edward J. Record, certify that:

1.   I have reviewed this annual report on Form 10-K of Stage Stores, Inc.;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.   The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant, and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5.   The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

March 30, 2010	/s/ Edward J. Record
	Edward J. Record
	Chief Financial Officer

EX-32

EXHIBIT 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

In connection with the Annual Report of Stage Stores, Inc. (the "Company") on Form 10-K for the year ended January 30, 2010 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), we, Andrew T. Hall and Edward J. Record, Chief Executive Officer and Chief Financial Officer, respectively, of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

March 30, 2010	/s/ Andrew T. Hall
	Andrew T. Hall
	Chief Executive Officer
	/s/ Edward J. Record
	Edward J. Record
	Chief Financial Officer