DEF 14A of Designer Brands Inc., May 7, 2026

DEF 14A of Designer Brands Inc.

Filed May 7, 2026 · FY20250001319947-26-000032

Open on EDGAR

  1. PROPOSAL 1 — ELECTION OF DIRECTORS

    PROPOSAL 1 — ELECTION OF DIRECTORS Our Board currently consists of twelve members and is divided into three classes, designated as Class I, Class II, and Class III. The members of the three classes are elected to serve for staggered terms of three years. Pursuant to Article II, Section 2.02 of our Code of Regulations, the number of directors constituting each class will, as nearly as practicable, be equal. At the 2026 Annual Meeting, four Class I director nominees are standing for election to the Board, each to serve a three-year term expiring at the 2029 Annual Meeting of Shareholders. Each of the Class I director nominees currently serves as a director on the Board of the Company. We are committed to strong corporate governance, and our Board regularly reviews our governance structure, including our classified board structure. Our Board is divided into three classes, with each class elected to serve a three-year term. As a result, at each annual meeting of shareholders, approximately one-third of our directors are elected to serve for a three-year term. Our Board periodically considers the continued appropriateness of this classified board structure and believes that our classified board structure provides important benefits, including: •Promoting Stability and Continuity. Our classified board structure enhances stability and continuity of leadership because our Board will always include directors with prior experience and knowledge of our operating and regulatory environment, business, strategic goals, competition, trends, and risks. We believe that these experienced directors help our Board maintain a long-term perspective, leading to decisions that are both in the long-term interests of our Company and our shareholders and responsive to short-term needs and objectives. •Maximizing Shareholder Value. We believe that a classified board enhances our ability to achieve value for our shareholders in the event of an unsolicited takeover. Without a classified board, a potential acquirer could gain control of our Board at a single annual meeting by replacing a majority of our directors with its own nominees without paying a premium to our shareholders. •Enhancing Director Independence. We believe that a classified board with three-year terms enhances non-employee directors’ independence from special interest groups or other parties whose goals may not be in the best interests of all of our shareholders. The names and ages of the Class I director nominees and the Class II and Class III continuing directors, a brief biography, and certain other information regarding our directors are provided below. Class I Director Nominees for a Term to Expire in 2029:

  2. PROPOSAL 1 — ELECTION OF DIRECTORS

    | Name | Age | Our Directors and Their Positions with Designer Brands Inc. / Principal Occupations / Business Experience | Director Since | Committees | | Harvey L. Sonnenberg Independent Director | 84 | Mr. Sonnenberg was a partner in the certified public accounting firm Weiser, LLP from 1994 to 2009. Mr. Sonnenberg served in the United States Army and National Guard from 1964 to 1970. In addition, Mr. Sonnenberg has been active in a number of professional organizations, including the American Institute of Certified Public Accountants, where he served as a member of Council, and the New York State Society of Certified Public Accountants, where he served as Vice President and as Chairman of numerous committees, including the Retail Accounting Committee, and has long been involved in rendering audit, accounting, and consulting services to the retail, apparel, and consumer products industries. Mr. Sonnenberg was a director of Retail Ventures, Inc. from 2001 until 2011. Mr. Sonnenberg is a certified public accountant and was the partner-in-charge of his firm’s Sarbanes-Oxley and Corporate Governance practice. Mr. Sonnenberg’s strong accounting background and his deep knowledge of the changing retail environment and its impact on our Company provide significant accounting and related financial management experience to our Board. | 2005 | AC TC | | Allan J. Tanenbaum Independent Director | 79 | Mr. Tanenbaum has been Of Counsel to Taylor English Duma, LLC, an Atlanta-based law firm, since 2014, and General Counsel and Managing Partner of Equicorp Partners, LLC, an Atlanta-based private investment and advisory firm, since 2006. From 2001 to 2005, Mr. Tanenbaum served as Senior Vice President, General Counsel and Corporate Secretary for AFC Enterprises, Inc., a franchisor and operator of quick-service restaurants. From 1996 to 2001, Mr. Tanenbaum was a shareholder in Cohen Pollock Merlin Axelrod & Tanenbaum, P.C., an Atlanta-based law firm, where he represented corporate clients in connection with mergers and acquisitions and other commercial transactions. Mr. Tanenbaum has been a member of the board of directors of Medallion Financial Corporation (Nasdaq: MFIN) since 2017, and currently serves as Chair of its compensation committee and as a member of both its nominating and corporate governance committee and investment oversight committee. Mr. Tanenbaum joined the board of directors of Newman’s Own, Inc. in 2025. With Mr. Tanenbaum’s legal background and service as general counsel of a public company, he brings valuable board governance experience to our Board. | 2005 | NCGC AC | | Peter S. Cobb Independent Director | 68 | Mr. Cobb co-founded eBags in 1998, which grew to become the largest online retailer of luggage, handbags, backpacks, and travel products. Prior to its acquisition by Samsonite International S.A. (“Samsonite”) in 2017, Mr. Cobb served as Executive Vice President and a member of the board of directors of eBags. In 2003, Mr. Cobb co-founded 6pm.com, a full-scale footwear and accessories retail website that was subsequently acquired by Zappos.com. From 1990 to 1996, Mr. Cobb was Director of Marketing at Samsonite. Mr. Cobb previously served on the board of directors at the National Retail Federation and as the Chairman of Shop.org. Mr. Cobb served as a member of the board of directors of PetMed Express, Inc. (Nasdaq: PETS) from 2021 to 2023. Additionally, Mr. Cobb is a frequent speaker on trends in the retail industry. Mr. Cobb is an accomplished executive who brings over 35 years of experience in marketing, e-commerce, and merchandising to our Board. | 2017 | NCGC (Chair) HCCC TC | | Douglas M. Howe | 65 | Mr. Howe has served as our CEO since April 1, 2023, and served as Interim President of DSW Shoe Warehouse, Inc., our wholly-owned subsidiary, from April 2023 to July 2023. Prior to Mr. Howe’s appointment as CEO, he was the Executive Vice President of Designer Brands Inc. and President of DSW Shoe Warehouse, Inc. since 2022. Prior to joining Designer Brands, Mr. Howe served as the Chief Merchandising Officer at Kohl’s Corporation from 2018 to 2022. From 2015 to 2018, Mr. Howe served as Global Chief Merchandising Officer at Qurate Retail Group. Mr. Howe has also held various leadership positions in merchandising, design, product development, and planning at Old Navy, Walmart Inc., and May Department Stores Company. As our CEO, Mr. Howe has a keen understanding of the Company’s operations and also brings an extensive understanding and knowledge of the retail market to our Board. | 2023 | - |

  3. PROPOSAL 1 — ELECTION OF DIRECTORS

    Continuing Class II Directors for a Term to Expire in 2027:

  4. PROPOSAL 1 — ELECTION OF DIRECTORS

    | Name | Age | Our Directors and Their Positions with Designer Brands Inc. / Principal Occupations / Business Experience | Director Since | Committees | | Jay L. Schottenstein | 71 | Mr. Schottenstein has served as the Executive Chairman of our Board since 2005. Mr. Schottenstein previously served as our CEO from 2005 to 2009. Mr. Schottenstein also currently serves as Chairman of the board of directors and Lead Manager of Schottenstein Realty LLC. Mr. Schottenstein has also served as CEO of American Eagle Outfitters, Inc. (NYSE: AEO) (“American Eagle”) since 2015, as Executive Chairman or Chairman of American Eagle since 1992, and as a director of American Eagle since 1992. Mr. Schottenstein has served as Chairman and CEO of Schottenstein Stores Corporation (“SSC”), our affiliate, since 1992. Mr. Schottenstein also served in various capacities, such as Chairman, CEO, Vice Chairman, director, and various executive roles, at SSC and Retail Ventures, Inc. since 1976, including American Signature Inc. (“ASI”). Mr. Schottenstein had resigned from all roles and was not serving in any capacity when ASI filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in November 2025. Mr. Schottenstein also serves as the manager of Schottenstein RVI, LLC, our affiliate. From 2006 to 2022, Mr. Schottenstein served as a member of the board of directors for Albertsons Companies, Inc. Mr. Schottenstein’s extensive experience as a chairman and CEO of numerous companies brings strong leadership skills to our Board. Additionally, Mr. Schottenstein’s tenure with the Company provides our Board with valuable institutional knowledge. | 2005 | - | | Joanne Zaiac Independent Director | 64 | In 2021, Ms. Zaiac started a consulting project with Grace Blue Partnership, an executive search firm that focuses on the marketing, marketing services, advertising, and communications sectors. From 2017 to 2021, Ms. Zaiac served in several client leadership roles at Dentsu International (“Dentsu”), a multinational media and digital marketing communications company, including Chief Client Officer from 2020 to 2021 and Client Development Officer in 2019. Between 2017 and 2019, Ms. Zaiac was Chief Client Officer and Executive Vice President of Merkle Inc., a global data driven, technology-enabled performance marketing agency and subsidiary of Dentsu. Prior to that, Ms. Zaiac was the Chief Operating Officer of Digitas North America, a leading global digital advertising agency, until 2017. Ms. Zaiac also served as President of Digitas New York region from 1999 to 2016. From 1985 to 1999, Ms. Zaiac was Executive Vice President and Senior Vice President at Wunderman Worldwide/Young & Rubicam. Ms. Zaiac brings a depth of brand-building, marketing expertise, digital media, consumer insights, and leadership and talent development to our Board. | 2016 | HCCC TC | | Richard A. Paul Independent Director | 45 | Mr. Paul is the CEO and founder of KLUTCH Sports Group, an agency representing some of the biggest athletes across major professional sports. Mr. Paul also serves as United Talent Agency’s (“UTA”) Head of Sports and is an agency partner and was appointed to UTA’s board of directors in 2020. In 2021, Mr. Paul co-founded a company called ADOPT, a creative agency focused on sports, wellness, nutrition, technology, and other consumer-facing products. Mr. Paul joined the board of trustees of the Los Angeles County Museum of Art (“LACMA”) in 2022 and the board of directors of Live Nation Entertainment, Inc (NYSE: LYV) in 2023. Mr. Paul is also a minority partner of The SpringHill Company. Mr. Paul brings a vast knowledge of the sports and athletic industries to our Board, as well as extensive brand-building expertise and knowledge of the footwear industry. | 2022 | - |

  5. PROPOSAL 1 — ELECTION OF DIRECTORS

    | Name | Age | Our Directors and Their Positions with Designer Brands Inc. / Principal Occupations / Business Experience | Director Since | Committees | | Deborah L. Ferrée | 72 | Ms. Ferrée has served as Chief Product Officer of Designer Brands since February 2023, and as the Vice Chair of the Company since January 2006. Since joining us in November 1997, Ms. Ferrée has served in numerous leadership roles. Prior to being appointed to Chief Product Officer of the Company, Ms. Ferrée previously served as President of Camuto LLC from June 2021 to February 2023, President of Designer Brands from February 2019 until June 2021, Vice Chair and Chief Merchandising Officer of the Company from January 2006 until February 2019, President and Chief Merchandising Officer of the Company from November 2004 until January 2006, and Executive Vice President and Chief Merchandising Officer of the Company from March 2002 until November 2004. Prior to that, Ms. Ferrée served as Senior Vice President of Merchandising of the Company beginning in September 2000, and Vice President of Merchandising of the Company beginning in November 1997. Prior to joining us, Ms. Ferrée worked in the retail industry for more than 20 years in various positions, including serving as Divisional Merchandising Manager of Shoes, Accessories and Intimate Apparel for Harris Department Store, women’s buyer for Ross Stores, and Divisional Merchandise Manager of the May Company. Ms. Ferrée brings exceptional merchandising and product leadership to the Board, grounded in extensive executive experience at Designer Brands and in the retail industry. | 2025 | - |

  6. PROPOSAL 1 — ELECTION OF DIRECTORS

    Continuing Class III Directors for a Term to Expire in 2028:

  7. PROPOSAL 1 — ELECTION OF DIRECTORS

    | Name | Age | Our Directors and Their Positions with Designer Brands Inc. / Principal Occupations / Business Experience | Director Since | Committees | | Elaine J. Eisenman Independent Director | 77 | Since August 2016, Dr. Eisenman has served as Managing Director of Saeje Advisors LLC, an advisory firm for high-growth companies. In this role, Dr. Eisenman provides strategic advisory services to companies from a wide variety of industries and global locations. From July 2005 through August 2016, Dr. Eisenman served as Dean of Executive and Enterprise Education at Babson College. Prior to that, in 2004 and 2005, Dr. Eisenman served as Senior Vice President of Human Resources and Administration of The Children’s Place Retail Stores, Inc. (Nasdaq: PLCE). Dr. Eisenman has also held senior executive positions at American Express Company, between 1995 and 1998, Enhance Financial Services Co., between 1999 and 2003, and private companies such as PDI International, a global consulting firm, between 1990 and 1995. From 2022 to 2024, Dr. Eisenman served as the Chairperson of the board of the Private Directors Association, a national firm focused on creating governance excellence for private company boards. Dr. Eisenman is also a founding member and Co-Chair of the Boston chapter of the Women Corporate Directors Foundation, the preeminent global organization for women who sit on public boards. Dr. Eisenman previously served on the board and as Chairperson of the compensation committee of Harvard Vanguard Medical Associates. With a background in human resources, a deep expertise in executive selection, compensation, and succession planning, and experience consulting with many companies and boards regarding driving strategic growth, cultural transformation, executive succession, and the selection and successful integration of key executives, Dr. Eisenman brings valuable experience to our Board and our Human Capital and Compensation Committee. | 2008 | HCCC (Chair) AC | | Joanna T. Lau Independent Director | 67 | Ms. Lau currently serves as a coach and consultant and has over three decades of experience in the technology, investment, and consulting industries. Ms. Lau is also the founder of the Women for Women Summit, a program dedicated to empowering and supporting women in business. Throughout Ms. Lau’s career, she has demonstrated a strong track record of success in managing and growing companies, as well as a deep understanding of the complex financial and operational issues that companies face. In addition to Ms. Lau’s work as a coach and consultant, she has held leadership positions with major corporations such as General Electric and Digital Equipment Company. Ms. Lau has extensive experience in the areas of initial public offerings, mergers and acquisitions, cybersecurity, and risk management, and has been instrumental in helping companies navigate these complex issues. Ms. Lau’s experience also extends to the biometric security and software industries. Ms. Lau’s company was the first to bring facial recognition technology to the driver’s license industry, and she has a deep understanding of the unique challenges and opportunities facing this dynamic and rapidly growing sector. Ms. Lau is also highly regarded for her expertise in corporate governance and risk management, as demonstrated by her prior services on the boards of RPT Realty, Info Soft, FSI International, ITT Education Services and TD Banknorth. Ms. Lau brings to our Board a wealth of knowledge and experience helping ensure that companies adhere to the highest standards of financial and operational transparency. | 2008 | TC (Chair) NCGC HCCC | | Joseph A. Schottenstein | 46 | Mr. Schottenstein is a director, Chief Operating Officer, and Executive Vice President of Acquisitions and Leasing at SPG and Schottenstein Realty LLC. Mr. Schottenstein is also involved in the management of Raconteur Fine Wines LLC dba Company Fine Wine. Mr. Schottenstein assisted with special acquisitions for SPG from 2003 to 2006, served in the property management group of SPG from 2006 to 2008, and served as the Vice President of Leasing at SPG from 2008 through 2010. From June 2004 until 2006, Mr. Schottenstein served as the Co-Manager of Indigo Nation, LLC, a specialty denim retailer. Since its acquisition in 2013, Mr. Schottenstein has served on the board of directors and in an executive capacity of Mayacamas Vineyards, a Napa Valley winery. He has served at various times as an officer and/or director of other entities owned or controlled by his family, including ASI. Mr. Schottenstein had resigned from all roles and was not serving in any capacity when ASI filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in November 2025. Mr. Schottenstein brings business expertise in real estate and business development to our Board. | 2012 | - |

  8. PROPOSAL 1 — ELECTION OF DIRECTORS

    | Name | Age | Our Directors and Their Positions with Designer Brands Inc. / Principal Occupations / Business Experience | Director Since | Committees | | John W. Atkinson Independent Director | 61 | Mr. Atkinson served as an Audit Partner of KPMG, a global firm offering tax, audit and advisory services, from 2002 until 2021, and he served as an independent consultant for KPMG from 2021 until 2024. He has over 35 years of experience as an audit professional serving a range of public and private businesses primarily in the consumer food and retail sectors. Mr. Atkinson joined KPMG in 2002 after 16 years at Arthur Andersen where he became a partner in 1998. Mr. Atkinson brings to our Board extensive financial expertise and experience relating to financial reporting. | 2024 | AC (Chair) NCGC |

  9. PROPOSAL 1 — ELECTION OF DIRECTORS

    Unless otherwise directed, the persons named in the proxy will vote the proxies “FOR” the election of the above-named director nominees as Class I director nominees. While it is contemplated that all director nominees will stand for election, in the event any person nominated fails to stand for election, the proxies will be voted for such other director nominee(s) as may be designated by the Board. We have no reason to believe that any of the above-mentioned Class I director nominees will not stand for election or serve as a director. Proxies cannot be voted for a greater number of persons than the number of nominees named herein.

  10. Director Nominee Selection

    Director Nominee Selection The Nominating and Corporate Governance Committee is responsible for identifying and evaluating potential candidates for nomination as a director. Candidates may come to the attention of the Nominating and Corporate Governance Committee from a variety of sources, including current Board members, shareholders, and management. All candidates, including shareholder nominees, are reviewed in the same manner, regardless of the source of the recommendation. The Nominating and Corporate Governance Committee will consider the recommendations of shareholders regarding potential director candidates. For additional information regarding how to submit a director nominee for the Company’s 2027 Annual Meeting of Shareholders, see “Shareholder Director Nominees.” Although there are no specific minimum qualifications that a director candidate must possess, potential candidates are identified and evaluated according to the qualification criteria set forth in the Nominating and Corporate Governance Committee charter, including: •independence; •judgment; •skill; •variance of viewpoint, experiences, education, skill, qualifications, background and other attributes; •strength of character; •age; •experience with businesses and organizations of comparable size or scope; •experience as an executive of, or advisor to, a publicly traded or private company; •experience and skill relative to other Board members; •specialized knowledge or experience; •service on other boards; and •desirability of the candidate’s membership on the Board or any committees of the Board. The Nominating and Corporate Governance Committee believes that directors with different backgrounds and perspectives enhance the effectiveness of the Board. Accordingly, when evaluating director candidates and nominees, the Nominating and Corporate Governance Committee takes into account various attributes, including background, experience, geographic location, skill set, or viewpoint. Currently, approximately 33% of our Board self-identifies as female, approximately 25% of our Board self-identifies as racially/ethnically diverse, and approximately 42% of our Board is either 65 years old or under the age of 65.

  11. COMPENSATION OF DIRECTORS

    COMPENSATION OF DIRECTORS Our Human Capital and Compensation Committee reviews and makes recommendations to our Board regarding non-employee director compensation. In making its recommendations, the Human Capital and Compensation Committee considers the overall size of the Board and the significant time committed by each of our directors to the performance of their duties, as well as peer data and input from the Human Capital and Compensation Committee’s independent compensation consultant. Messrs. Howe and Jay Schottenstein, who serve as the Company’s CEO and Executive Chairman, respectively, and Ms. Ferrée, who serves as the Company’s Vice Chair, Chief Product Officer, do not receive additional compensation for serving as directors. During fiscal 2025, the Human Capital and Compensation Committee engaged Korn Ferry to conduct comprehensive reviews and competitive assessments of the Company’s non-employee director compensation program. Designer Brands last modified its director pay program in 2024. As a result of this assessment it was recommended and approved that no modifications be made to the director pay program during fiscal 2025. Our current director compensation policy provides that each non-employee director will receive:

  12. COMPENSATION OF DIRECTORS

    | Annual Cash Retainer | $90,000 | | Annual Equity Retainer | $165,000 | | Audit Committee Member Retainer(1) | $20,000 | | Human Capital and Compensation Committee Member Retainer(1) | $15,000 | | Nominating and Corporate Governance Committee Member Retainer(1) | $15,000 | | Technology Committee Member Retainer(1) | $15,000 | | Audit Committee Chair Retainer(2) | $40,000 | | Human Capital and Compensation Committee Chair Retainer(2) | $35,000 | | Nominating and Corporate Governance Committee Chair Retainer(2) | $30,000 | | Technology Committee Chair Retainer(2) | $30,000 |

  13. COMPENSATION OF DIRECTORS

    _______________________________ (1)Payable in cash. Additional annual retainer for committee service for each committee on which such director serves. Committee chairs receive a Chair Retainer, but do not receive this additional retainer. (2)Additional annual retainer for committee service as Chair. Payable in cash or stock (as they may elect) per year. The annual retainers are paid as follows: •The annual cash retainer and any additional cash retainer are payable in quarterly installments on the Monday following the last day of each fiscal quarter; and •The annual equity retainer is granted on the date of each annual meeting of shareholders for the purpose of electing directors and is determined by dividing the amount of the retainer by the per-share closing price of our Class A Common Shares on the grant date. In addition, we pay attorneys’ fees related to the preparation and filing of director stock ownership forms with the SEC. We also reimburse reasonable travel expenses to attend Board and Board committee meetings and director continuing education expenses. Directors do not receive any additional compensation for attending Board meetings. All members of our Board are reimbursed for reasonable costs and expenses incurred in attending meetings of our Board and its committees. Non-employee directors may elect to have any of the cash portion of their compensation paid in the form of stock units in lieu of cash. Employee directors do not receive any additional consideration for their service on the Board.

  14. Nonqualified Deferred Compensation Plan

    Nonqualified Deferred Compensation Plan The Company sponsors a Nonqualified Deferred Compensation Plan (“Nonqualified Plan”), in which a select group of management and other highly-compensated associates, including NEOs and Board members, may participate. The Company does not provide a matching contribution in the Nonqualified Plan. No directors participated in the Nonqualified Plan in fiscal 2025. Under the Nonqualified Plan, Board members may defer up to 100% of the annual cash and additional retainers paid by Designer Brands. Deferral elections are made annually related to future compensation, in compliance with §409A of the Code. In order to maintain the Nonqualified Plan’s tax-deferred status, Nonqualified Plan assets are subject to the claims of the Company’s creditors. The Nonqualified Plan also allows for retirement distributions which are permitted as a lump sum or in three, five, or ten annual installments. Distribution elections are made when deferral elections are made in compliance with §409A of the Code. The Board suspended the Nonqualified Plan effective January 1, 2026. No compensation deferral elections may be made with respect to any calendar year while the plan is suspended; however, existing accounts will continue to be administered under the plan as in effect prior to the suspension.

  15. FISCAL 2025 DIRECTOR COMPENSATION

    FISCAL 2025 DIRECTOR COMPENSATION The following table sets forth certain information regarding the compensation earned by or paid to each non-employee director who served on the Board in fiscal 2025.

  16. FISCAL 2025 DIRECTOR COMPENSATION

    | Name | Fees Earned or Paid In Cash(1) | Stock Awards(2) | Total | | John W. Atkinson | $125,000 | $165,000 | $290,000 | | Peter S. Cobb | $150,000 | $165,000 | $315,000 | | Elaine J. Eisenman | $145,000 | $165,000 | $310,000 | | Joanna T. Lau | $150,000 | $165,000 | $315,000 | | Richard A. Paul | $90,000 | $165,000 | $255,000 | | Joseph A. Schottenstein(3) | $90,000 | $165,000 | $255,000 | | Harvey L. Sonnenberg | $145,000 | $165,000 | $310,000 | | Allan J. Tanenbaum | $125,000 | $165,000 | $290,000 | | Joanne Zaiac | $120,000 | $165,000 | $285,000 |

  17. FISCAL 2025 DIRECTOR COMPENSATION

    _______________________________ (1)This amount reflects the board fees paid to the director for fiscal 2025. (2)Each non-employee director was granted stock units on June 18, 2025. The amounts reported in the “Stock Awards” column represent the full grant date fair value for financial statement reporting purposes, as provided by Financial Accounting Standards Board Accounting Standards Codifications Topic 718 (“ASC 718”) (determined by the closing price of Company Class A Common Stock on the date of grant). Messrs. Joseph Schottenstein, Sonnenberg, and Paul elected to have the shares distributed within 30 days of the grant date. The remaining directors have elected to settle the units upon leaving the Board. (3)Mr. Joseph Schottenstein has elected to receive payment of all fees in the form of stock awards. The value of the awards is reflected in the “Fees Earned or Paid in Cash” column. The total number of shares granted were 25,862. The quarterly number of shares granted was based on the closing stock price on the day of grant rounded to the nearest whole share. As of January 31, 2026, the current directors held the following number of stock units:

  18. FISCAL 2025 DIRECTOR COMPENSATION

    | Name | Number of Stock Units Outstanding as of January 31, 2026* | | John W. Atkinson | 93,859 | | Peter S. Cobb | 190,379 | | Elaine J. Eisenman | 270,410 | | Joanna T. Lau | 214,064 | | Rich A. Paul | 119,101 | | Joseph A. Schottenstein | 292,191 | | Harvey L. Sonnenberg | 92,640 | | Allan J. Tanenbaum | 333,708 | | Joanne Zaiac | 171,853 |

  19. FISCAL 2025 DIRECTOR COMPENSATION

    *Amounts listed include accumulated dividend equivalent units.

  20. Compensation Philosophy and Changes to Compensation Program for Fiscal 2025

    | Compensation Element | Summary of Fiscal 2025 Actions and Changes | | Base Salary | •Messrs. Jay Schottenstein, Howe and Poff and Ms. O’Donnell received 3% increases to base salary. •Mr. Haley received an 11.7% increase to base salary in June 2025 due to expanded responsibilities. Mr. Haley also received a one-time recognition cash bonus when he assumed additional responsibility as the Interim Principal Financial Officer. | | Short-Term Incentive Compensation | •For fiscal 2025, the Committee determined that the annual incentive plan for NEOs would be based on a combination of the Company’s overall operating profit performance and segment operating profit performance. Payout between the threshold and target was achieved for each NEO but varied based on the segment they were assigned to under the fiscal 2025 short-term incentive compensation plan. •Messrs. Jay Schottenstein, Howe and Haley and Ms. Ferrée received a bonus payout of 31.6% of target based on the results of their Shared Services Bonus Plan. Ms. O’Donnell received a bonus payment of 43.4% of target based on the result of the Brands Bonus Plan. | | Long-Term Incentive Compensation | •As in prior years, a meaningful portion of NEOs’ compensation consisted of long-term incentive compensation. •During fiscal 2025, all NEOs received long-term incentive awards consisting of two components: performance-based restricted stock units and time-based restricted stock units (“RSUs”). Each type of RSU represented 50% of the total long-term incentive opportunity. Mr. Haley, who was not an executive officer at the time the awards were granted, received 100% of his long-term incentive as RSUs. •The time-based RSUs granted to NEOs as part of their annual award cliff vest three years from the date of grant. •The fiscal 2025 performance-based RSUs are earned based on the extent to which the Company achieves three separate one-year performance goals during a three-year performance period, with any earned shares vesting on the third anniversary of the date of grant. •The Company exceeded the threshold goal of Adjusted Operating Income during the one-year performance cycle that ended January 31, 2026, and one-third of the performance-based RSUs awarded to the NEOs in 2025 were earned at 75%. This result is consistent with the at-risk nature of incentive compensation and the linkage between pay and performance. |

  21. Executive Compensation Objectives

    Executive Compensation Objectives The Committee has developed the following key executive compensation objectives in order to support our business strategy and compensation philosophy: 1.Attract and retain highly qualified, experienced executives who can make significant contributions to our long-term business success. The Committee annually reviews the performance and succession of executive officers and typically provides input on the need for and addition of new executive officer talent. 2.Reward executives for achieving business goals and delivering strong performance. The Committee regularly reviews executive compensation to ensure a proper balance between fixed and variable compensation, heavily weighting at-risk compensation that is designed to incentivize and reward executives for achieving short-term and long-term performance goals. 3.Align executive incentives with shareholder value creation. In light of the highly competitive nature of our business, the Committee believes that providing competitive long-term equity award levels is appropriate for attracting and retaining our NEOs. Such grants strongly align the NEOs’ interests with the interests of our shareholders, as each is focused on the same result, which is to create long-term shareholder value. As a result, the Committee annually awards equity, generally in the form of performance-based RSUs and time-based RSUs, to the NEOs.

  22. Proxy Peer Group

    Proxy Peer Group The Committee annually reviews Korn Ferry’s thorough research and analysis to evaluate whether the current years’ peer group companies continue to meet the criteria below in order to remain in the proxy peer group (the “Proxy Peer Group”), as well as recommendations for potential removal or the addition of new companies to the Proxy Peer Group. •Companies with annual revenue between approximately one-half and two times that of the Company; •Companies we compete against for business and talent; •Companies with a fashion orientation and/or that operate as specialty retail; •Retailers that operate larger square footage stores; •Companies with similar business complexity (i.e., multiple brands, mix of retail and wholesale, design and manufacture of own brand, private label, global operations, etc.); and •Companies that have a track record of growth in sales and profit. The Committee evaluated the actual pay of the NEOs with pay data drawn from proxy-disclosed pay information for the following publicly traded companies, which comprised the Proxy Peer Group:

  23. Proxy Peer Group

    | Fiscal 2025 Proxy Peer Group | | | | Abercrombie & Fitch Co. | Columbia Sportswear Company | Steve Madden, Ltd. | | American Eagle Outfitters, Inc. | Crocs, Inc. | Tapestry, Inc. | | Bath & Body Works, Inc. | Deckers Outdoor Corporation | The Children’s Place, Inc. | | Caleres, Inc. | Foot Locker, Inc. | Urban Outfitters, Inc. | | Carter’s, Inc. | Genesco Inc. | Wolverine World Wide, Inc. |

  24. Proxy Peer Group

    For fiscal 2025, Big Lots, Inc. and Express Inc. were removed from the Proxy Peer Group because each filed for Chapter 11 bankruptcy. Bath & Body Works and Foot Locker were added to the Proxy Peer Group for fiscal 2025 because they met the aforementioned criteria used by the Committee. Other than these changes, the Proxy Peer Group remained unchanged from the 2024 proxy peer group. For fiscal 2025, the compensation paid to the NEOs was reviewed relative to compensation paid by the Proxy Peer Group to executive officers of similar title and responsibility. By reviewing this publicly available information, as summarized for the Committee by Korn Ferry, the Committee was able to analyze and assess the market competitive pay for each NEO position. The Committee reviews each individual NEO’s compensation relative to the other NEOs’ compensation, taking into account each NEO’s scope of responsibility, performance, and impact on our business results. In addition to the Proxy Peer Group, the Committee reviewed data from the Korn Ferry 2025 Retail Industry Total Remuneration Report, which provides data on the compensation practices of key competitors, including fashion and specialty retailers. This survey provides information on all key executive positions at major retailers and is used to supplement the Proxy Peer Group data. This survey also provides the Committee with an understanding of the broader retail market and pay practices for jobs of similar scope and complexity, with the goal of allowing the Company to remain competitive in both attracting talented senior executives and retaining high performing executives.

  25. Fiscal 2025 Executive Compensation Mix

    Fiscal 2025 Executive Compensation Mix In fiscal 2025, aggregate compensation for Mr. Howe was approximately 11% fixed compensation (base salary) and 89% variable compensation (based on Mr. Howe’s target annual cash incentive compensation and the target value of his long-term equity incentive compensation). The other Current NEOs’ compensation consisted of, on average, approximately 26% fixed compensation (base salary) and approximately 74% variable compensation (based on their target annual cash incentive compensation and the target value of their long-term equity incentive compensation). The chart below reflects details of the compensation for Mr. Howe and the other Current NEOs (on average) in fiscal 2025. The Committee believes that the balance was appropriate given the current focus and goals of the Company.

  26. I. Base Salary

    I. Base Salary Base salaries are determined based on position, responsibilities, and individual contributions with reference to the market data provided by Korn Ferry. As we use base salary to attract and retain our NEOs, our executive compensation program aims to pay base salaries that are competitive with those of the Proxy Peer Group, supplemented with survey data from key competitors from the Korn Ferry 2025 Retail Industry Total Remuneration Report. In the first quarter of each year, the Committee reviews and determines each NEO’s base salary. During its review, the Committee primarily considers: •Overall financial performance of the Company during the prior year; •The individual performance of the NEO during the prior year; •Base salary data drawn from the market data; and •The target total cash compensation level of the appropriate benchmark position(s) from the market data. Base Salary Changes for Fiscal 2025 The following table sets forth the changes to the NEOs’ base salaries during fiscal 2025:

  27. II. Performance-Based Short-Term Cash Incentive Plan

    II. Performance-Based Short-Term Cash Incentive Plan The Designer Brands Inc. 2005 Cash Incentive Compensation Plan (as amended and restated, the “ICP”) is designed to promote the achievement of annual performance goals and to focus the NEOs on the short-term objectives that the Committee believes will ultimately drive the attainment of long-term business objectives and increases in shareholder value. The NEOs are generally treated the same as all other eligible associates that participate in the ICP. Under the ICP, NEOs are eligible for annual cash incentive awards, the achievement of which is based upon well-defined, pre-established business objectives. Fiscal 2025 Incentive Levels Early in fiscal 2025, the Committee established each NEO’s incentive bonus opportunity as a percentage of earnings during the annual performance period. In determining the target incentive levels for each NEO, the Committee considered the individual’s position, their contributions to business performance, and specific circumstances facing the Company, as well as market data and recommendations from Korn Ferry. The Committee did not make any changes with respect to the target incentive levels of the NEOs as they were already within the competitive range of the market data. Accordingly, the target levels ranged from 50% to 150% for the NEOs, as shown in the table below.

  28. II. Performance-Based Short-Term Cash Incentive Plan

    | 2025 NEO Target Cash Incentive Compensation | | | Name | Target Payout (as % of Salary) | | Mr. Schottenstein | 150% | | Mr. Howe | 150% | | Mr. Haley | 50% | | Ms. Ferrée | 125% | | Ms. O’Donnell | 75% | | Mr. Poff | 75% |

  29. II. Performance-Based Short-Term Cash Incentive Plan

    Fiscal 2025 ICP – Performance Goals and Actual Performance In early 2025, the Committee approved separate bonus plans for each of the Company’s segments using a combination of segment and enterprise Adjusted Operating Income, a non-GAAP financial measure, as the performance metrics for the fiscal 2025 ICP. The plans also included the following qualifiers: •DBI Adjusted Diluted Earnings Per Share (EPS), a non-GAAP financial measure, must be positive for any bonus to be paid; and •DBI must cover interest and tax expenses before the bonus is funded, which will be determined when the fiscal year is completed. DBI Adjusted Diluted Earnings Per Share (EPS) is a non-GAAP financial measure that means GAAP Diluted Earnings (Loss) Per Share as reported, adjusted to exclude any integration and restructuring costs, impairment charges, foreign currency transaction gains or losses, the net tax impact of such items, the change in the valuation allowance on deferred tax assets, and net income attributable to redeemable noncontrolling interest. In light of their respective positions, Messrs. Jay Schottenstein’s, Howe’s and Haley’s and Ms. Ferrée’s ICP performance metrics and payouts were based on (i) the average of Adjusted Operating Income payout percent for U.S. Retail, Brands Portfolio and Canada Retail, and (ii) Adjusted Operating Income for DBI. The performance metrics relevant to Messrs. Jay Schottenstein, Howe and Haley and Ms. Ferrée are discussed below under the subsection entitled “Shared Services Bonus Plan – Performance Goals and Actual Performance.” During fiscal 2025, Ms. O’Donnell served as President of Brands; therefore, her ICP performance metrics and payout were based on (i) Adjusted Operating Income for Brands Portfolio, and (ii) Adjusted Operating Income for DBI. The performance metrics and payout relevant to Ms. O’Donnell are discussed below under the subsection entitled “Brands Portfolio Bonus Plan – Performance Goals and Actual Performance.” Shared Services Bonus Plan – Performance Goals and Actual Performance The Committee selected these performance metrics as it believes that segment and enterprise Adjusted Operating Income provide a meaningful representation of our core financial operating performance, is a key financial metric used by management and stakeholders and is prevalent in our industry. In setting the threshold, target, and maximum Company financial performance goals, the Committee considered specific circumstances facing the Company, historical performance, and investor expectations, as well as input from Korn Ferry. The table below sets forth the performance ranges, corresponding payout goals, and actual performance achievement for the fiscal 2025 Shared Services Bonus Plan. The fiscal 2025 target goal for the DBI Adjusted Operating Income portion was set 17.5% above the adjusted operating income reported for fiscal 2024.

  30. II. Performance-Based Short-Term Cash Incentive Plan

    | Fiscal 2025 Shared Services Bonus Plan Performance Goals and Actual Performance | | | | | | | Threshold Payout | Target Payout | Maximum Payout | Actual Performance | | Average of 3 Segments Adjusted Operating Income Payout % (weighted 60%) | N/A(1) | | | 25% | | DBI Adjusted Operating Income* (weighted 40%) | $51.3 million (64% of target)(2) | $79.4 million | $88.7 million (112% of target) | $64.8 million | | Payout Level | 1% | 100% | 200% | 31.6% |

  31. II. Performance-Based Short-Term Cash Incentive Plan

    (1) The 60% portion is calculated based on the average of the segment percent payouts (see the table below for calculation of the average percent payouts), not a pre-established dollar amount. (2) The Adjusted Operating Income threshold equaled the minimum Adjusted Operating Income needed to cover the Company’s interest and tax expenses for fiscal 2025. * DBI Adjusted Operating Income is a non-GAAP financial measure that means GAAP Operating Income as reported, adjusted to exclude any integration and restructuring costs, impairment charges, and any other adjustments as separately identified in the Company’s quarterly earnings releases. Adjusted Operating Income also excludes income or loss from the equity investment in Pro-Keds International S.R.L. and the effect of changes in foreign currency exchange rates from the budgeted exchange rate. The following table presents the segment Adjusted Operating Income (AOI) goals and achievement:

  32. II. Performance-Based Short-Term Cash Incentive Plan

    | Segment | Threshold | Target | Maximum | Result | Payout % | | U.S. Retail AOI(1) | $178.3 million | $226.3 million | $246.0 million | $192.9 million | 31% | | Brand Portfolio AOI(1) | $10.0 million | $12.8 million | $14.5 million | $10.91 million | 45% | | Canada Retail AOI(1) | $19.0 million | $24.3 million | $27.5 million | $17.78 million | 0% | | Average Payout | | | | | 25% |

  33. II. Performance-Based Short-Term Cash Incentive Plan

    (1) Segment Adjusted Operating Income is a non-GAAP financial measure that means GAAP Segment Operating Income as reported, adjusted to exclude any integration and restructuring expenses, impairment charges, and any other adjustments as separately identified in the Company’s quarterly earnings releases. Adjusted Operating Income for the Canada Retail segment also excludes the effect of changes in foreign currency exchange rates from the budgeted exchange rate. Brand Portfolio Bonus Plan – Performance Goals and Actual Performance As discussed above, Ms. O’Donnell, as President of Brands, participated in the Brand Portfolio Bonus Plan. The following provides a summary of the Brand Portfolio Bonus Plan, as approved by the Committee: •Brand Portfolio Segment Adjusted Operating Income (weighted 60%) •DBI Adjusted Operating Income (weighted 40%) The table below sets forth the performance ranges, corresponding payout goals, and actual performance achievement for the Brands Bonus Plan:

  34. II. Performance-Based Short-Term Cash Incentive Plan

    | Fiscal 2025 Brand Portfolio Bonus Plan - Performance Goals and Actual Performance | | | | | | | Threshold Payout | Target Payout | Maximum Payout | Actual Performance | | Brand Portfolio Segment Adjusted Operating Income (weighted 60%) | $10.0 million (78% of target) | $12.8 million | $14.5 million (113% of target) | $10.91 million | | DBI Adjusted Operating Income (weighted 40%) | $51.3 million (64% of target) | $79.4 million | $88.7 million (112% of target) | $64.8 million | | Payout Level | 1% | 100% | 200% | 43.4% |

  35. II. Performance-Based Short-Term Cash Incentive Plan

    Fiscal 2025 NEO Payouts The table below lists the payout for each NEO based on the results noted in the above tables. Mr. Poff did not receive a payout due to his resignation. These results are consistent with the at-risk nature of incentive compensation and the linkage between pay and performance.

  36. II. Performance-Based Short-Term Cash Incentive Plan

    | Fiscal 2025 NEO Cash Incentive Plan Payouts | | | | Name | Payout Level Achieved | Actual Payout | | Mr. Schottenstein | 31.6% | $479,469 | | Mr. Howe | 31.6% | $575,363 | | Mr. Haley | 31.6% | $68,529 | | Ms. Ferrée | 31.6% | $406,850 | | Ms. O’Donnell | 43.4% | $271,667 | | Mr. Poff | 0% | $0 |

  37. III. Long-Term Equity Incentive Compensation

    III. Long-Term Equity Incentive Compensation We believe that our executive officers are in a position to make substantial contributions to the long-term success of the Company and should have a significant portion of compensation tied to such success. Long-term compensation creates a pay- for-performance culture that provides an incentive to contribute to the continued growth and development of our business and aligns the interests of executive officers with those of our shareholders. Ultimately, long-term compensation promotes the retention of our executive officers and creates the potential to maximize shareholder value. Our long-term incentive compensation utilized the following types of awards to achieve these goals: •Performance-based RSUs; and •Time-based RSUs. Fiscal 2025 Long-Term Equity Incentive Awards In determining the value of annual long-term equity incentive awards, the Committee’s overall objective is consistent with our executive compensation philosophy to provide competitive long-term incentive compensation. Accordingly, in determining the award level for the fiscal 2025 long-term equity incentives, the Committee considered market data from Proxy Peer Group companies provided by Korn Ferry, as well as performance for each NEO. The Committee believes that the fiscal 2025 long-term equity incentive awards provide an appropriate incentive to the leadership team to focus on long-term shareholder value creation and, at the same time, sufficiently promote retention, which the Company believes is necessary in a competitive labor market. The fiscal 2025 performance-based RSUs and time-based RSUs were awarded to our NEOs in March 2025 as part of the annual performance review process. These awards were made under the Designer Brands Inc. 2014 Long-Term Incentive Plan (as amended and restated, the “LTI Plan”), which was first approved by shareholders in 2014 and amended and restated first in 2020 and again in 2024. The following table reflects the number of performance-based RSUs and time-based RSUs that were awarded to our NEOs in March 2025.

  38. III. Long-Term Equity Incentive Compensation

    | Fiscal 2025 Annual Equity Grants(1)(2) | | | | | Name | # of Performance-Based RSUs (at Target)(3) | # of Time-Based RSUs Granted | Total Shares Granted (at Target) | | Mr. Schottenstein | 732,325 | 656,565 | 1,388,890 | | Mr. Howe | 984,850 | 909,090 | 1,893,940 | | Mr. Haley | 0 | 56,820 | 56,820 | | Ms. Ferrée | 353,535 | 353,535 | 707,070 | | Ms. O’Donnell | 126,263 | 126,263 | 252,526 | | Mr. Poff | 138,890 | 138,890 | 277,780 |

  39. III. Long-Term Equity Incentive Compensation

    (1)The annual long-term equity incentives were awarded on March 27, 2025, based on a stock price of $3.96. (2)The performance-based RSUs and time-based RSUs reported in the table above do not include dividend equivalent units (DEUs) earned in fiscal 2025. Earned DEUs will be credited at the conclusion of the vesting period, if applicable. (3)Reflects the total number of performance-based RSUs awarded in fiscal 2025. However, as noted below, the performance-based RSUs have a three-year performance period, with one-third of the shares allocated to each of three one-year performance cycles. The Committee establishes the performance goal for each one-year performance cycle on an annual basis. For accounting purposes, the “grant date” for the performance-based RSUs follows the guidelines described in the Equity Grant Practices section, whereby the annual equity grant date is the seventh calendar day following the Company’s fiscal year-end earnings release. As a result, only one-third of the performance-based RSUs listed in the table had a “grant date” for accounting purposes in fiscal 2025. On March 3, 2025, the Committee also granted a time-based RSU award to the named executive officers, other than Mr. Haley, covering 79,785 shares for Messrs. Jay Schottenstein and Howe, and 66,490 for Mses. Ferrée and O’Donnell and Mr. Poff. On October 15, 2025, the Committee granted a time-based RSU award to Mr. Haley covering 42,135 shares. The special grant was intended to (i) reward the essential leadership our executives provided during a period marked by substantial adversity and macroeconomic headwinds, (ii) reinforce their pivotal role in executing Designer Brands’ long‑range strategic plan, and (iii) support the retention of these leaders during a critical phase of the Company’s transformation. The awards granted on March 3, 2025, will vest 50% after one year and 50% after two years from the grant date. The award granted on October 15, 2025, will vest 33% per year for three years. Performance-Based RSUs Performance-based RSUs awarded under the long-term incentive program reward NEOs in proportion to the Company’s financial performance based on the predetermined performance measure(s) selected by the Committee. Commencing in fiscal 2024, the performance-based RSU program was changed to focus on a three-year performance period, consisting of three one-year performance cycles. One-third of the target number of performance-based RSUs was allocated to each annual performance cycle. The NEO has the opportunity to earn all, a portion, or a multiple of the target number of performance-based RSUs allocated to each annual performance cycle based on the extent to which the Company achieves operating profit within the threshold to maximum range established by the Committee for that year’s performance cycle. In general, the performance-based RSUs continue to comprise 50% of the total annual long-term incentive opportunity awarded to each NEO, except for Messrs. Jay Schottenstein and Howe whose 2025 performance-based RSUs comprised 52% of the total annual long-term incentive opportunity to offset a special time-based RSU recognition award that was granted on March 3, 2025, described in detail below, and Mr. Haley who received 100% of his long-term incentive opportunity in time-based RSUs based on his role prior to promotion as Interim Principal Financial Officer. The first of the three one-year performance periods for awards granted in fiscal 2025 will end on January 31, 2026, leveraging operating profit for the performance goal. In March 2025, the Committee set the performance goal for fiscal year 2025, which was (i) the first performance cycle of the performance-based RSUs granted in 2025, and (ii) the second performance cycle of the performance-based RSUs granted in 2024. The Committee selected Adjusted Operating Income as the performance goal for the 2025 fiscal year, as it believes this metric provides a meaningful representation of our core financial operating performance and is a key financial metric used by management and other stakeholders. The performance-based RSUs earned, if any, for each annual performance cycle vest on the third anniversary of the award date. The following table shows the minimum, target, and maximum levels, corresponding payout opportunities, and actual performance results for the fiscal 2025 performance cycle, which accounts for the first performance cycle of the performance-based RSU granted in 2025 and the second performance cycle of the performance-based RSUs granted in 2024. In setting the threshold, target, and maximum Company financial performance goals for fiscal 2025, the Committee considered specific circumstances facing the Company, historical performance, and investor expectations, as well as input from Korn Ferry.

  40. III. Long-Term Equity Incentive Compensation

    | Fiscal 2025 Performance-Based RSU Plan | | | | | | | Minimum | Target | Maximum | Actual Results | | One-Year Adjusted Operating Income* | $51.3 million(1) | $79.4 million | $88.7 million | $64.8 million | | Payout Range (as % of Target) | 50% | 100% | 150% | 75% payout achieved |

  41. III. Long-Term Equity Incentive Compensation

    (1) The Adjusted Operating Income threshold equaled the minimum Adjusted Operating Income needed to cover the Company’s interest and tax expenses for fiscal 2025, as determined by the Committee in its sole discretion. In addition, the Company’s Adjusted Diluted EPS for fiscal 2025 must be positive. If the Company’s Adjusted Diluted EPS for fiscal year 2025 is negative, then the payout percentage for the 2025 performance cycle shall be 0% (and without regard to performance relative to the Adjusted Operating Income goal). *Adjusted Operating Income is a non-GAAP financial measure that means GAAP Operating Income as reported, adjusted to exclude any integration and restructuring costs, impairment charges, and any other adjustments as separately identified in the Company’s quarterly earnings releases. Adjusted Operating Income also excludes income or loss from the equity investment in Pro-Keds International S.R.L. and the effect of changes in foreign currency exchange rates from the budgeted exchange rate. As noted in the table above, the Company earned $64.8 million in Adjusted Operating Income during the one-year performance cycle that ended January 31, 2026, which was between the threshold and target goal, meaning that one-third of the performance-based RSUs granted in 2025, and one-third of the performance-based RSUs granted in 2024 were earned at 75%. This result is consistent with the at-risk nature of incentive compensation and the linkage between pay and performance.

  42. III. Long-Term Equity Incentive Compensation

    | Fiscal 2025 Performance-Based RSUs Earned | | | Name | # of Performance-Based RSUs Earned | | Mr. Schottenstein | 228,827 | | Mr. Howe | 309,113 | | Ms. Ferrée | 120,406 | | Ms. O’Donnell | 43,001 |

  43. III. Long-Term Equity Incentive Compensation

    Time-Based RSUs Time-based RSUs awarded under the long-term incentive program provide retention value because they generally vest 100% at the end of three years from the grant date. Since the stock unit value is tied directly to the market value of the Company’s common stock, the value delivered to the executive will increase and decrease with changes in stock price and still provides some retentive value even when the stock price is stable or declining. Vesting of Fiscal 2022 Awards As disclosed in the Company’s definitive proxy statement for the 2023 Annual Meeting of Shareholders, in fiscal 2022, the Committee granted long-term equity incentive awards to Messrs. Jay Schottenstein, Howe and Poff and Ms. Ferrée that consisted of 50% time-based RSUs that cliff vested three years from the date of grant, and 50% performance-based RSUs. The Company exceeded the threshold adjusted operating goal set at the beginning of fiscal 2022, resulting in a payout of 82.1% of the target performance-based RSUs permissible under the plan. Pursuant to the terms of these grants, the applicable time-based vesting requirements lapsed in March 2025. See the Fiscal 2025 Option Exercises and Stock Vested table for more information about the vesting of the time-based RSUs during fiscal 2025.

  44. 401(k) Plan

    401(k) Plan The Company sponsors a tax-qualified 401(k) plan (the “401(k) Plan”), in which all eligible associates, including the NEOs, can elect to participate. Under the 401(k) Plan, participants are able to contribute up to 50% of their total eligible cash compensation (including base salary and annual cash incentive compensation) on a pre-tax or after-tax basis up to the limits imposed by the Code. The maximum allowable per participant deferral in calendar 2025 under the Code was $23,500 ($31,000 if at least age 50 and $34,750 if age 60 to 63). The Company provides a 100% match on the first 3% contributed by a participant and an additional 50% match on the next 2% contributed by a participant. All matching contributions are 100% vested. Matching contributions are not made by the Company until participants have completed at least six months of service with the Company. In light of the matching contribution for participants, and under § 401(a)(17) of the Code, the maximum allowable annual company matching contribution per participant in calendar 2025 was $14,000. Participants can choose to invest their account balances in an array of investment alternatives (some of which are target date funds) as selected by plan fiduciaries. The Company’s stock fund is not among the investment alternatives available to plan participants. The 401(k) Plan allows multiple distribution options of all vested balances after termination of service. However, loans and in-service distributions under certain circumstances, such as a hardship, attainment of age 59-1/2, or a disability, are permitted for participants who are still active with the Company.

  45. Nonqualified Deferred Compensation Plan

    Nonqualified Deferred Compensation Plan The Company sponsors a Nonqualified Deferred Compensation Plan (“Nonqualified Plan”), in which a select group of management and other highly-compensated associates, including NEOs, may participate. The Company does not provide a matching contribution in the Nonqualified Plan. In fiscal 2025, only Mr. Haley participated in the Nonqualified Plan. Under the Nonqualified Plan, eligible associates may contribute up to 70% of their base salary and 80% of their monthly and/or annual bonus on a pre-tax basis. Deferral elections are made annually related to future compensation, in compliance with §409A of the Code. Participating associates who also participate in the 401(k) Plan may earn a 401(k) make-up contribution if their contributions to the Nonqualified Plan reduce the matching contributions they receive in the 401(k) Plan. In order to maintain the Nonqualified Plan’s tax-deferred status, Nonqualified Plan assets are subject to the claims of the Company’s creditors. Participants choose to invest their account in an array of investment alternatives that generally mirror the investment alternatives under the 401(k) Plan. The Nonqualified Plan allows for in-service distributions in a lump sum. The Nonqualified Plan also allows for retirement distributions which are permitted as a lump sum or in three, five, or ten annual installments. Distribution elections are made when deferral elections are made in compliance with § 409A of the Code. The Board suspended the Nonqualified Plan effective January 1, 2026. No compensation deferral elections may be made, and no Discretionary Contributions may be credited to a Participant’s Account, with respect to any Plan Year while the plan is suspended; however, existing accounts will continue to be administered under the Nonqualified Plan as in effect prior to the suspension.

  46. Termination and Change in Control Arrangements

    Termination and Change in Control Arrangements The Current NEOs, other than Mr. Schottenstein, have standard executive agreements that entitle them to receive certain benefits and payments if their employment terminates in specified separation scenarios. All of the currently employed NEOs, and all participants in the LTI Plan, are entitled to certain payments or benefits upon a qualifying termination in connection with a change in control (“double trigger”), including potential acceleration of the vesting of outstanding equity awards pursuant to the LTI Plan. These arrangements are described under the Potential Payments upon Termination and Change in Control section. The executive severance agreements do not include specific amounts of salary, bonus opportunities, or equity-based compensation for future years.

  47. Equity Grant Practices

    Equity Grant Practices The LTI Plan authorizes the issuance of equity awards, including options, stock appreciation rights, restricted stock, unrestricted stock, restricted stock units, stock awards, performance awards, and other awards that are convertible into or otherwise based on stock. Under the LTI Plan, the Committee approves all equity awards and has not delegated to management the authority to approve equity awards. The Chair of the Committee has authority to approve equity awards in situations where it is not practical to bring the Committee together for such a purpose. The Committee has a longstanding methodology to determine the grant date on which annual equity awards would be granted to eligible associates. The Committee determined that the annual equity grant date would be the seventh calendar day following the Company’s fiscal year-end earnings release. The Committee also reviews and considers approval of off-cycle equity awards recommended by management. These off-cycle equity awards reflect commitments made by the Company, subject to approval by the Committee, and are for current associates (generally in the case of promotion or retention), new hires who have already become employees of the Company, or prospective hires who have agreed to a start date with the Company. The grant date for current associates, and for new hires who have already become employees of the Company, is the date set by the Committee. The grant date is typically the first or the fifteenth of the month, whichever is closest following the start date, promotion date, or other event date. Additionally, the Committee does not coordinate equity grants so that they are made before announcement of favorable information or after announcement of unfavorable information. As a result, in all cases, the timing of grants of equity awards occurs independent of the release of any material nonpublic information, and the Committee does not time the disclosure of material nonpublic information for the purpose of affecting the value of equity-based compensation. During fiscal 2025, none of our associates were awarded stock options.

  48. LTI Plan Recoupment Policy

    LTI Plan Recoupment Policy The LTI Plan also includes a compensation recoupment provision that allows the Company to recover payment relating to awards granted under the LTI Plan in certain circumstances, including if a participant engages in fraudulent conduct or activities relating to the Company or a participant knew or should have known of such conduct or activities. Additionally, the LTI Plan gives the Committee the authority to recoup certain compensation in the event that the Company restates its financial statements and, as a result of such restatement, the amount of compensation that would have been paid or payable pursuant to an award granted under the LTI Plan would have been lower had the financial results been properly reported. This policy is in addition to any requirements that might be imposed pursuant to applicable law, including the Dodd-Frank Clawback Policy.

  49. SUMMARY COMPENSATION TABLE

    SUMMARY COMPENSATION TABLE The following table summarizes compensation earned by each of the NEOs during fiscal 2025, fiscal 2024, and fiscal 2023.

  50. SUMMARY COMPENSATION TABLE

    | Name and Principal Position | Fiscal Year | Salary(1) | Bonus(2) | Stock Awards(3) | Non-Equity Incentive Plan Compensation(4) | All Other Compensation(5) | Total | | Jay L. Schottenstein Executive Chairman | 2025 | $1,010,962 | $— | $4,533,321 | $479,469 | $386,471 | $6,410,223 | | | 2024 | $1,000,000 | $— | $2,666,668 | $— | $273,514 | $3,940,182 | | | 2023 | $1,019,231 | $— | $3,000,028 | $— | $269,736 | $4,288,995 | | Douglas M. Howe Chief Executive Officer | 2025 | $1,213,154 | $— | $6,116,655 | $575,363 | $14,556 | $7,919,728 | | | 2024 | $1,200,000 | $— | $3,666,654 | $— | $16,099 | $4,882,753 | | | 2023 | $1,205,769 | $— | $4,500,008 | $— | $13,835 | $5,719,612 | | Mark A. Haley Senior Vice President, Controller and Principal Accounting Officer, Interim Principal Financial Officer(6) | 2025 | $432,827 | $100,000 | $375,008 | $68,529 | $14,680 | $991,044 | | Deborah L. Ferrée Vice Chair and Chief Product Officer | 2025 | $1,030,000 | $— | $2,583,334 | $406,850 | $14,390 | $4,034,574 | | | 2024 | $1,030,000 | $— | $1,866,669 | $— | $15,775 | $2,912,444 | | | 2023 | $1,049,808 | $— | $2,800,013 | $— | $13,590 | $3,863,411 | | Andrea O'Donnell Executive Vice President President, Brands(7) | 2025 | $834,134 | $— | $1,083,329 | $271,667 | $14,505 | $2,203,635 | | | 2024 | $825,000 | $1,147,500 | $666,653 | — | $1,080,590 | $3,719,744 | | | 2023 | N/A | N/A | N/A | N/A | N/A | N/A | | Jared A. Poff Former Executive Vice President, Chief Financial Officer, and Chief Administrative Officer | 2025 | $527,423 | $— | $1,166,667 | $— | $11,062 | $1,705,152 | | | 2024 | $700,000 | $— | $733,327 | $— | $15,267 | $1,448,594 | | | 2023 | $698,077 | $— | $999,992 | $— | $13,898 | $1,711,967 |

  51. SUMMARY COMPENSATION TABLE

    _____________________________ (1)This amount reflects the base salary paid to each NEO for the applicable fiscal year. (2)A one-time recognition cash bonus was paid to Mr. Haley in November 2025 when he assumed additional responsibility as the Interim Principal Financial Officer upon the departure of Mr. Poff, who had served as our Chief Financial Officer and Chief Administrative Officer. If Mr. Haley voluntarily resigns within 24 months of receipt, the amount must be repaid to the Company. (3)This column represents the aggregate grant date fair value of performance-based RSUs and time-based RSUs granted in each fiscal year in accordance with ASC 718. The awards do not necessarily correspond to the actual economic value that may be received by the NEOs. The performance-based RSUs awarded in fiscal year 2024 and 2025 had a three-year performance period, with one-third of the shares allocated to each of three one-year performance cycles. The Committee establishes the performance goal for each one-year performance cycle on an annual basis. Because the “grant date” for accounting purposes for the performance-based RSUs occurs when performance goals are approved each year, the amount listed in the Stock Awards column for the fiscal 2025 performance-based RSUs reflects one-third of the performance-based RSUs granted in 2024 and one-third of the performance-based RSUs granted in 2025. Assuming that the highest level of performance conditions would have been achieved for the fiscal 2025 performance cycle, the aggregate grant date fair value of one-third of the performance-based RSUs granted in 2024 and one-third of the performance-based RSUs granted in 2025 would have been: $3,266,664 for Mr. Schottenstein, $4,433,334 for Mr. Howe, $1,866,667 for Ms. Ferrée, $666,650 for Ms. O’Donnell, and $733,322 for Mr. Poff. Mr. Haley did not receive a grant of performance-based RSUs in 2024 or 2025. For additional information on the valuation assumptions, refer to Note 6 - Stock-Based Compensation to the Company’s financial statements included in the Annual Report. See the Grants of Plan-Based Awards Table for additional information on equity awards made in fiscal 2025. (4)This column represents the dollar amount awarded to each NEO pursuant to our ICP for fiscal 2025, 2024, and 2023. (5)The following table sets forth details about the amounts reported for fiscal 2025 in the “All Other Compensation” column of the Summary Compensation Table above:

  52. SUMMARY COMPENSATION TABLE

    | Name | Security(a) ($) | Relocation ($) | Relocation Tax Gross Up ($) | 401(k) Matching Contributions(b) ($) | Life Insurance Premium ($) | Total ($) | | Jay L. Schottenstein | $386,081 | $— | $— | $— | $390 | $386,471 | | Douglas M. Howe | $— | $— | $— | $14,166 | $390 | $14,556 | | Mark A. Haley | $— | $— | $— | $14,329 | $351 | $14,680 | | Deborah L. Ferrée | $— | $— | $— | $14,000 | $390 | $14,390 | | Andrea O'Donnell | $— | $— | $— | $14,115 | $390 | $14,505 | | Jared A. Poff | $— | $— | $— | $10,769 | $293 | $11,062 |

  53. SUMMARY COMPENSATION TABLE

    _______________________________ (a) For Mr. Jay Schottenstein, the amount represents the aggregate incremental cost to the Company of security arrangements in addition to those provided during working days and for business travel. We provide a comprehensive security benefit to the Executive Chairman, a portion of which, based upon the disclosure rules, is deemed to be personal, although we believe there is a legitimate business reason for providing such a benefit. The incremental cost calculation for personal use security benefit includes driver overtime, fuel, tolls, driver public transportation and rental car use, maintenance, and other incidental costs incurred in connection with such personal use. (b) Amounts represent the 401(k) company match contributions made during fiscal 2025. The maximum 401(k) match for calendar year 2025 was $14,000. For Messrs. Howe and Haley and Mses. Ferrée and O’Donnell the amounts shown exceed this limit as the time frame reported is based on our fiscal year whereas the maximum allowable matching contributions are based on the calendar year. Contributions made comply with limits set forth in the Code. Mr. Jay Schottenstein is not a participant in the 401(k). (6)Mr. Haley served as Senior Vice President, Controller, and Principal Accounting Officer in fiscal 2025 and was appointed Interim Principal Financial Officer of the Company, in addition to his existing titles, effective November 1, 2025. In connection with the appointment of Sheamus Toal as the Company’s Executive Vice President, Chief Financial Officer, effective February 16, 2026, Mr. Haley stepped down from his role as Interim Principal Financial Officer, but continued to hold his pre-existing titles. (7)Ms. O’Donnell was additionally appointed as the Company’s Chief Operating Officer, effective February 1, 2026, following the end of fiscal 2025.

  54. FISCAL 2025 GRANTS OF PLAN-BASED AWARDS

    FISCAL 2025 GRANTS OF PLAN-BASED AWARDS The following table provides information on awards granted to each of our NEOs.

  55. FISCAL 2025 GRANTS OF PLAN-BASED AWARDS

    | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | All Other Stock Awards: Number of Shares of Stock or Units(3) (#) | Grant Date Fair Value of Stock and Option Awards(4) | | | Approval Date | Grant Date | Threshold | Target | Maximum | Threshold (#) | Target (#) | Maximum (#) | | | | Jay L. Schottenstein | N/A | N/A | $15,450 | $1,545,000 | $3,090,000 | — | — | — | — | — | | | 3/3/2025 | 3/3/2025 | — | — | — | — | — | — | 79,785 | $299,992 | | | 3/28/2024 | 3/27/2025 | — | — | — | 30,497 | 60,994 | 121,988 | — | $666,664 | | | 3/27/2025 | 3/27/2025 | — | — | — | 122,054 | 244,108 | 488,216 | — | $966,668 | | | 3/27/2025 | 3/27/2025 | — | — | — | — | — | — | 656,565 | $2,599,997 | | Douglas M. Howe | N/A | N/A | $18,540 | $1,854,000 | $3,708,000 | — | — | — | — | — | | | 3/3/2025 | 3/3/2025 | — | — | — | — | — | — | 79,785 | $299,992 | | | 3/28/2024 | 3/27/2025 | — | — | — | 41,934 | 83,867 | 167,734 | — | $916,666 | | | 3/27/2025 | 3/27/2025 | — | — | — | 164,142 | 328,283 | 656,566 | — | $1,300,001 | | | 3/27/2025 | 3/27/2025 | — | — | — | — | — | — | 909,090 | $3,599,996 | | Mark A. Haley | N/A | N/A | $4,328 | $432,827 | $865,654 | — | — | — | — | — | | | 3/27/2025 | 3/27/2025 | — | — | — | — | — | — | 56,820 | $225,007 | | | 10/15/2025 | 10/15/2025 | — | — | — | — | — | — | 42,135 | $150,001 | | Deborah L. Ferrée | N/A | N/A | $12,875 | $1,287,500 | $2,575,000 | — | — | — | — | — | | | 3/3/2025 | 3/3/2025 | — | — | — | — | — | — | 66,490 | $250,002 | | | 3/28/2024 | 3/27/2025 | — | — | — | 21,348 | 42,696 | 85,392 | — | $466,667 | | | 3/27/2025 | 3/27/2025 | — | — | — | 58,923 | 117,845 | 235,690 | — | $466,666 | | | 3/27/2025 | 3/27/2025 | — | — | — | — | — | — | 353,535 | $1,399,999 | | Andrea O'Donnell | N/A | N/A | $6,375 | $637,500 | $1,275,000 | — | — | — | — | — | | | 3/3/2025 | 3/3/2025 | — | — | — | — | — | — | 66,490 | $250,002 | | | 3/28/2024 | 3/27/2025 | — | — | — | 7,624 | 15,248 | 30,496 | — | $166,661 | | | 3/27/2025 | 3/27/2025 | — | — | — | 21,044 | 42,087 | 84,174 | — | $166,665 | | | 3/27/2025 | 3/27/2025 | — | — | — | — | — | — | 126,263 | $500,001 |

  56. FISCAL 2025 GRANTS OF PLAN-BASED AWARDS

    | Jared A. Poff | N/A | N/A | $5,408 | $540,750 | $1,081,500 | — | — | — | — | — | | | 3/3/2025 | 3/3/2025 | — | — | — | — | — | — | 66,490 | $250,002 | | | 3/28/2024 | 3/27/2025 | — | — | — | 8,387 | 16,773 | 33,546 | — | $183,329 | | | 3/27/2025 | 3/27/2025 | — | — | — | 23,148 | 46,296 | 92,592 | — | $183,332 | | | 3/27/2025 | 3/27/2025 | — | — | — | — | — | — | 138,890 | $550,004 |

  57. FISCAL 2025 GRANTS OF PLAN-BASED AWARDS

    (1)These columns represent possible payouts for fiscal 2025 under the fiscal 2025 ICP. See the CD&A for a discussion of the performance-based criteria applicable for these awards and the Summary Compensation Table for the actual amounts paid for fiscal 2025. (2)Detailed in these columns are the number of shares underlying the second performance cycle of the fiscal 2024 and first performance cycle for fiscal 2025 performance-based RSUs, excluding dividend equivalent units. Generally, units will be credited with the same dividend that would be issued if the unit was a Class A Common Share. The amounts associated with the dividend equivalent units will not be distributed unless and until the award is settled. As noted above, the performance-based RSUs awarded in fiscal year 2024 and 2025 had a three-year performance period, with one-third of the shares allocated to each of three one-year performance cycles. The Committee establishes the performance goal for each one-year performance cycle on an annual basis and the shares earned, if any, cliff vest three years from the award date. These columns reflect the range of shares that potentially may be earned based on the extent to which the Company achieved the performance goal established for the fiscal 2025 performance cycle, which ended on January 31, 2026. The threshold represents the minimum number of shares that could be earned if the performance goal for the fiscal 2025 performance cycle were achieved at the threshold level (50%). The target represents the number of shares that could be earned upon 100% achievement of the performance goal for the fiscal 2025 performance cycle, and the maximum represents the maximum number of shares that could be earned if the performance goal for the fiscal 2025 performance cycle were achieved at the maximum level (200%). The Company exceeded the threshold performance level for the fiscal 2025 performance cycle, and therefore one-third of the performance-based RSUs awarded in fiscal 2024 and fiscal 2025 were earned at 75%. (3)Detailed in this column is the number of shares underlying the time-based RSUs granted under the LTI Plan on the dates indicated in the “Grant Date” column, excluding dividend equivalent units. Generally, units will be credited with the same dividend that would be issued if the unit was a Class A Common Share. The amounts associated with the dividend equivalent units will not be distributed unless and until the stock unit award is settled. RSUs granted in fiscal 2025 will vest 100% on the third anniversary of the grant date. (4)Amounts reported in the “Grant Date Fair Value of Stock Options and Awards” column represent the grant date fair value of equity awards granted during fiscal 2025 computed in accordance with ASC 718. For additional information on the valuation assumptions, refer to Note 6 to the financial statements in the Annual Report.

  58. OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END 2025

    OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END 2025 The following table provides information regarding outstanding equity awards held as of January 31, 2026 by each of the NEOs.

  59. OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END 2025

    | | Option Awards | | | | | Stock Awards | | | | | Name | Number of Securities Underlying Unexercised Options Exercisable (#) | Number of Securities Underlying Unexercised Options Unexercisable (#) | Equity Incentive Plan Awards: Number Of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested(1) (#) | Market Value of Shares or Units of Stock That Have Not Vested(2) ($) | Number of Unearned Shares, Units or Other Rights That Have Not Vested | Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | | Jay L. Schottenstein | 106,340 | — | — | $27.00 | 3/22/2026 | 1,383,846(3) | $8,773,584 | 585,055(3) | $3,709,249 | | | 179,970 | — | — | $19.02 | 3/21/2027 | | | | | | Douglas M. Howe | — | — | — | $— | — | 1,897,365(4) | $12,029,294 | 788,811(4) | $5,001,062 | | Mark A. Haley | 14,300 | — | — | $21.51 | 1/17/2027 | 154,086(5) | $976,905 | — | $— | | Deborah L. Ferrée | 212,680 | — | — | $27.00 | 3/22/2026 | 877,782(6) | $5,565,138 | 296,942(6) | $1,882,612 | | | 359,935 | — | — | $19.02 | 3/21/2027 | | | | | | Andrea O'Donnell | — | — | — | $— | — | 380,724(7) | $2,413,790 | 106,050(7) | $672,357 | | Jared A. Poff | — | — | — | $— | — | —(8) | — | —(8) | $— |

  60. OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END 2025

    _______________________________ (1)Amounts shown are inclusive of accrued dividend equivalent units (DEUs). Performance-based RSUs awarded in fiscal 2024 reflect 75% attainment for the second performance cycle of the three-year performance period and target attainment for the third performance cycle. Performance-based RSUs awarded in fiscal 2025 reflect 75% attainment for the first performance cycle of the three-year performance period and target attainment for the second and third performance cycles. The one-year performance period for the performance-based RSUs granted in fiscal 2023 has lapsed, and these RSUs are now only subject to time-based vesting. (2)Represents the closing share price of the Company’s Class A Common Shares on the last day of the fiscal year ($6.34) multiplied by the number of shares not yet vested or earned. (3)Performance-based RSU awards vest on March 28, 2027 (108,804) and March 27, 2028 (681,570). Time-based RSU awards vest on March 3, 2026 (42,347), March 23, 2026 (196,544), March 3, 2027 (42,354), March 28, 2027 (200,255) and March 27, 2028 (697,027). (4)Performance-based RSU awards vest on March 28, 2027 (149,604) and March 27,2028 (916,594). Time-based RSU awards vest on March 3, 2026 (42,347), March 23, 2026 (294,816), March 3, 2027 (42,354) March 28, 2027 (275,347) and March 27, 2028 (965,114). (5)Time-based RSU awards vest on March 23, 2026 (28,825), October 15, 2026 (14,137), March 28, 2027 (22,528), October 15, 2027 (14,137), March 27, 2028 (60,322), and October 15, 2028 (14,137). (6)Performance-based RSU awards vest on March 28, 2027 (76,163) and March 27, 2028 (329,032). Time-based RSU awards vest on March 3, 2026 (35,291), March 23, 2026 (183,441), March 3, 2027 (35,297), March 28, 2027 (140,179) and March 27, 2028 (375,321). (7)Performance-based RSU awards vest on March 28, 2027 (29,203) and March 27, 2028 (122,875). Time-based RSU awards vest on February 1, 2026 (39,997), March 3, 2026 (35,291), February 1, 2027 (40,004), March 3, 2027 (35,297), March 28, 2027 (50,062), and March 27, 2028 (134,045). (8)Mr. Poff terminated employment October 31, 2025 and all outstanding awards were forfeited.

  61. FISCAL 2025 OPTION EXERCISES AND STOCK VESTED

    FISCAL 2025 OPTION EXERCISES AND STOCK VESTED The following table provides information regarding the vesting of time-based RSUs during fiscal 2025 for the NEOs. No stock options were exercised during fiscal 2025 by the NEOs.

  62. FISCAL 2025 OPTION EXERCISES AND STOCK VESTED

    | | Stock Awards | | | Name | Number of Shares Acquired on Vesting(1) (#) | Value Realized On Vesting(2) ($) | | Jay L. Schottenstein | 179,514 | $725,237 | | Douglas M. Howe | 289,256 | $1,041,322 | | Mark A. Haley | 17,351 | $70,098 | | Deborah L. Ferrée | 201,057 | $812,270 | | Andera O'Donnell | — | $— | | Jared A. Poff | 54,574 | $220,479 |

  63. FISCAL 2025 OPTION EXERCISES AND STOCK VESTED

    _______________________________ (1)Reflects vesting of time-based RSU awards upon completion of the required vesting periods. Amounts represent the number of shares for stock awards that vested on applicable vesting dates, prior to the withholding of shares to satisfy taxes, and inclusive of dividend equivalent units that accrued during the performance period. After shares were withheld to satisfy taxes, the NEOs received the following number of shares: Mr. Howe received 155,907; Mr. Haley received 11,218; Ms. Ferrée received 109,877; and Mr. Poff received 29,674. Mr. Schottenstein paid cash for his taxes and received all shares that vested according to the table above. (2)The amounts shown in the “Value Realized On Vesting” column are calculated based on the closing market price of the Company’s Class A Common Shares on the applicable trading day before the dates that each award vested.

  64. FISCAL 2025 NONQUALIFIED DEFERRED COMPENSATION

    FISCAL 2025 NONQUALIFIED DEFERRED COMPENSATION

  65. FISCAL 2025 NONQUALIFIED DEFERRED COMPENSATION

    | Name | Plan | Executive Contributions in Last FY ($)(1) | Designer Brands Inc. Contributions in Last FY ($) | Aggregate Earnings in Last FY ($)(2) | Aggregate Withdrawals/ Distributions in Last FY ($) | Aggregate Balance at Last FYE ($)(3) | | Jay L. Schottenstein | Designer Brands Inc. Nonqualified Deferred Compensation Plan | — | — | — | — | — | | Douglas M. Howe | Designer Brands Inc. Nonqualified Deferred Compensation Plan | — | — | — | — | — | | Mark A. Haley | Designer Brands Inc. Nonqualified Deferred Compensation Plan | $22,800 | — | $32,418 | — | $249,610 | | Deborah L. Ferrée | Designer Brands Inc. Nonqualified Deferred Compensation Plan | — | — | — | — | — | | Andrea O'Donnell | Designer Brands Inc. Nonqualified Deferred Compensation Plan | — | — | — | — | — | | Jared A. Poff | Designer Brands Inc. Nonqualified Deferred Compensation Plan | — | — | $16,559 | — | $339,630 |

  66. FISCAL 2025 NONQUALIFIED DEFERRED COMPENSATION

    (1)Amounts eligible to be deferred into the Nonqualified Deferred Compensation Plan are described in more detail in the CD&A on page 60. Mr. Haley was an active participant in the plan for fiscal 2025. Contributions reflected in these columns were reported as compensation in the Summary Compensation Table for each year in which the respective executive was an NEO. (2)Aggregate earnings in the last fiscal year are not reflected in the fiscal 2025 Summary Compensation Table because the earnings were neither preferential nor above-market. See the “Nonqualified Deferred Compensation Plan” subsection of the CD&A for a further description of the applicable plan. (3)Mr. Poff was an active participant in the Nonqualified Deferred Compensation Plan in fiscal 2017, 2018, and 2019, all of which was previously reported as compensation in the Summary Compensation Tables for each of fiscal 2017, 2018, and 2019.

  67. Potential Payments Upon Termination and Change in Control

    Potential Payments Upon Termination and Change in Control

  68. CEO Pay Ratio

    CEO Pay Ratio As required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(u) of Regulation S-K, we are providing the following disclosure related to our CEO’s compensation as compared to the compensation of all of our other employees. In making this pay ratio disclosure, other companies may use assumptions, estimates, and methodologies different than ours; as a result, the following information may not be directly comparable to the information provided by other companies in our peer group or otherwise. The pay ratio included in this information is a reasonable estimate calculated in a manner consistent with Item 402(u) of Regulation S-K. For the fiscal 2025, the median employee identified is the same individual as in the prior fiscal years, 2023 and 2024. This consistency is due to no significant changes in our employee population or compensation arrangements that would impact the median employee determination. Our median employee continues to be a part-time store associate in one of our DSW stores, who worked, on average, approximately 20 hours per week. This was a decrease from an average of 24 hours per week in fiscal 2024. In identifying the median employee using the method described above, we excluded approximately 129 associates and consultants from six countries identified below, which together represent less than 5% of our workforce, as permitted under the de minimis exemption to the SEC rules.

  69. CEO Pay Ratio

    | Country | Associates | | Brazil | 5 | | Cambodia | 4 | | China | 99 | | India | 12 | | South Korea | 2 | | Vietnam | 7 |

  70. CEO Pay Ratio

    Mr. Howe had a 2025 annual total compensation of $7,919,728, as reflected in the Summary Compensation Table included in this Proxy Statement. Our median employee’s annual total compensation for fiscal 2025 determined on the same basis was $16,050. As a result, the ratio of the annual total compensation of the CEO to the annual total compensation of the median employee of the Company was approximately 493:1.

  71. Pay Versus Performance Disclosure

    Pay Versus Performance Disclosure As required by Item 402(v) of Regulation S-K, we are providing the following information regarding the relationship between executive compensation actually paid (“CAP”), as calculated under applicable SEC rules, and our financial performance for each of the last five completed fiscal years. As required by SEC rules, the table presented below discloses CAP for (i) the Company’s principal executive officer (“PEO”), (ii) the Company’s former principal executive officer (“Former PEO”), and (iii) the Company’s NEOs other than the PEO (the “non-PEO NEOs”), on an average basis. The methodology for calculating amounts presented in the columns “CAP to PEO,” “CAP to Former PEO,” and “Average CAP to Non-PEO NEOs,” including details regarding the amounts that were deducted from, and added to, the Summary Compensation Table (“SCT”) totals to arrive at the values presented for CAP, are provided in the footnotes to the table. A narrative discussion of the relationship between CAP and the Company performance measures (i) listed in the table below and (ii) that the Company has deemed most important in linking CAP during fiscal 2025 to Company performance is also presented below. The Human Capital and Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown. We have identified Adjusted Operating Income as our Company-Selected Measure that represents, in our view, the most important financial performance measure used to link CAP to our performance.

  72. Pay Versus Performance Table

    Pay Versus Performance Table

  73. Pay Versus Performance Table

    | | | | | | | | Value of Initial Fixed $100 Investment Based On: | | | | | Year | SCT Total for PEO(1) | CAP to PEO(2) | SCT Total for Former PEO(1) | CAP to Former PEO(2) | Average SCT Total for Non-PEO NEOs(1) | Average CAP to Non-PEO NEOs(2) | Company TSR | Peer Group TSR(3) | Net Income (Loss)(4) | Adjusted Operating Income (Loss)(5) | | Fiscal 2025 | $7,919,728 | $9,897,239 | — | — | $3,068,926 | $3,073,553 | $57.90 | $122.45 | $(8,374,000) | $64,800,000 | | Fiscal 2024 | $4,882,753 | $(988,658) | — | — | $3,005,241 | $857,413 | $43.63 | $134.96 | $(10,549,000) | $67,616,000 | | Fiscal 2023 | $5,719,612 | $4,974,958 | 1,044,875 | $(6,606,073) | $2,647,301 | $1,531,139 | $77.80 | $102.42 | $29,062,000 | $89,936,000 | | Fiscal 2022 | $8,530,705 | $4,674,582 | — | — | $5,786,341 | $3,966,731 | $87.01 | $93.72 | $162,676,000 | $205,300,000 | | Fiscal 2021 | $9,735,430 | $11,931,817 | — | — | $4,373,388 | $5,214,144 | $104.41 | $101.29 | $154,481,000 | $214,156,000 |

  74. Pay Versus Performance Table

    (1)The PEO for fiscal 2022, 2021 and 2020 was Roger Rawlins. The PEO for fiscal 2023, 2024 and 2025 was Douglas Howe. The Former PEO for fiscal 2023 was Roger Rawlins. The non-PEO NEOs in fiscal 2025 were Jay Schottenstein, Mark Haley, Deborah Ferrée, and Andrea O’Donnell. The non-PEO NEOs in fiscal 2024 were Jay Schottenstein, Jared Poff, Deborah Ferrée, and Andrea O’Donnell. The non-PEO NEOs in fiscal 2023 were Jay Schottenstein, Jared Poff, Deborah Ferrée, Laura Davis (formerly Denk) and William Jordan. The non-PEO NEOs in fiscal 2022 were Jay Schottenstein, Jared Poff, Douglas Howe, and Deborah Ferrée. The non-PEO NEOs in fiscal 2021 and 2020 were Jay Schottenstein, Jared Poff, Deborah Ferrée and William Jordan. (2)CAP reflects the exclusions and inclusions of certain amounts for the PEO, Former PEO and the Non-PEO NEOs as set forth in the table below. Equity values are calculated in accordance with FASB ASC Topic 718. (3)We used the S&P MidCap 400 Retail Index as our peer group for purposes of Item 201(e) of Regulation S-K to calculate peer group total shareholder return. Total shareholder return (“TSR”) for both the Company and the peer group is based on an initial $100 investment, measured on a cumulative basis from the market close on January 30, 2021, through and including the end of the fiscal year for which TSR is being presented in the table. TSR calculations reflect reinvestment of dividends. (4)Amounts shown are net income (loss) attributable to Designer Brands Inc., as reflected in our Annual Report on Form 10-K for each of the applicable fiscal years. (5)Adjusted Operating Income (Loss) is a non-GAAP financial measure used as a metric for the Designer Brands Inc. ICP and performance-based LTIP approved by the Human Capital and Compensation Committee for the reported years. Items adjusted from reported Operating Income (Loss) may vary from year to year and may differ from the items identified in the Company’s quarterly earnings releases. For fiscal 2025, Designer Brands Inc. Adjusted Operating Income means GAAP Operating Income as reported, adjusted to exclude any integration and restructuring expenses, impairment charges, and any other adjustments as separately identified in the Company’s quarterly earnings releases. Adjusted Operating Income also excludes income or loss from the equity investment in Pro-Keds International S.R.L. and the effect of changes in foreign currency exchange rates from the budgeted exchange rate. SCT Total for PEO to CAP to PEO Reconciliation and Average SCT Total for Non-PEO NEOs to CAP to Average CAP to Non-PEO NEOs Reconciliation:

  75. Pay Versus Performance Table

    | Year | Executive | Reported SCT Total | Exclusion of Stock Awards and Option Awards(a) | Inclusion of Equity Values(b) | CAP | | Fiscal 2025 | PEO | $7,919,728 | $(6,116,655) | $8,094,166 | $9,897,239 | | | Non-PEO NEO Average | $3,068,926 | $(1,948,332) | $1,952,959 | $3,073,553 | | Fiscal 2024 | PEO | $4,882,753 | $(3,666,654) | $(2,204,757) | $(988,658) | | | Non-PEO NEO Average | $3,005,241 | $(1,483,329) | $(664,499) | $857,413 | | Fiscal 2023 | PEO | $5,719,612 | (4,500,008) | $3,755,354 | $4,974,958 | | | Non-PEO NEO Average | $2,647,301 | $(1,780,007) | $663,845 | $1,531,139 | | Fiscal 2023 | Former PEO | $1,044,875 | $0 | $(7,650,947) | $(6,606,073) | | | Non-PEO NEO Average | $2,647,301 | $(1,780,007) | $663,845 | $1,531,139 | | Fiscal 2022 | PEO | $8,530,705 | $(6,000,021) | $2,143,898 | $4,674,582 | | | Non-PEO NEO Average | $5,786,341 | $(3,802,481) | $1,982,871 | $3,966,731 | | Fiscal 2021 | PEO | $9,735,430 | $(5,000,038) | $7,196,425 | $11,931,817 | | | Non-PEO NEO Average | $4,373,388 | $(1,612,501) | $2,453,257 | $5,214,144 |

  76. Pay Versus Performance Table

    (a) Amounts in the “Exclusion of Stock Awards and Option Awards” column are based on the amounts set forth in the “Stock Awards” and “Option Awards” columns set forth in the SCT for the applicable fiscal year, if any. (b) The amounts in the “Inclusion of Equity Values” column of the table above are derived from the amounts set forth in the following table. The equity award adjustments set forth below for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in the same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year.

  77. Pay Versus Performance Table

    | Year | Executive | Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year | Plus, Change in Fair Value of Prior Year to Last Day of Year of Unvested Equity Awards | Plus, Vesting Date Fair Value of Equity Awards Granted During Year that Vested During Year | Plus, Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year | Minus, Fair Value at Last Day of Prior Year of Equity Awards that Failed to Meet the Vesting Conditions in the Year | Plus, Value of Dividends or Other Earnings Paid on Outstanding Stock or Option Awards Not Otherwise Reflected in Fair Value or Other Compensation | Total Equity Award Adjustments | | Fiscal 2025 | PEO | $8,749,435 | $746,914 | — | $(413,637) | $988,546 | — | $8,094,166 | | | Non-PEO NEO Average | $2,478,092 | $236,281 | — | $(89,594) | $671,820 | — | $1,952,959 | | Fiscal 2024 | PEO | $2,609,192 | $(2,349,737) | — | $16,861 | $2,481,073 | — | $(2,204,757) | | | Non-PEO NEO Average | $1,055,543 | $(971,994) | — | $189,249 | $937,297 | — | $(664,499) | | Fiscal 2023 | PEO | 4,962,145 | $(536,107) | — | $(532,829) | $137,855 | — | $3,755,354 | | | Non-PEO NEO Average | $1,689,248 | $(226,288) | — | $(260,708) | $538,406 | — | $663,845 | | Fiscal 2023 | Former PEO | — | — | — | $(2,901,797) | $4,749,150 | — | $(7,650,947) | | | Non-PEO NEO Average | $1,689,248 | $(226,288) | — | $(260,708) | $538,406 | — | $663,845 | | Fiscal 2022 | PEO | $4,724,958 | $(3,558,165) | — | $977,106 | — | — | $2,143,898 | | | Non-PEO NEO Average | $2,820,728 | $(934,551) | — | $96,694 | — | — | $1,982,871 | | Fiscal 2021 | PEO | $5,197,536 | $825,780 | — | $1,173,109 | — | — | $7,196,425 | | | Non-PEO NEO Average | $1,676,193 | $257,512 | — | $519,552 | — | — | $2,453,257 |

  78. Pay Versus Performance Table

    All outstanding stock options were fully vested prior to fiscal 2023. For prior years, stock option fair values, as of each measurement date, were determined using valuation assumptions and methodologies (including expected term, volatility, dividend yield, and risk-free interest rates) that are generally consistent with those used to estimate fair value at grant. The below valuation assumptions used to calculate option fair values differed materially from those at the time of grant: •Risk-free rates range from 0.12% to 1.36% for the pay versus performance valuations versus a range of 1.39% to 2.04% for grant date valuations. •The expected term estimate ranges from 0.56 years to 7 years for the pay versus performance valuations versus a range of 5.14 years to 5.56 years for the grant date valuations. Valuation assumptions for full value shares includes the following:

  79. Pay Versus Performance Table

    | Market Price at Current FYE | $6.34 | | Market Price at Prior FYE | $5.03 | | Range of Vest Date Market Prices | $3.60 - $4.04 |

  80. Pay Versus Performance Table

    All other valuation assumptions are not substantially different than the grant date assumptions and there were no changes in calculation methodology.

  81. PROPOSAL 4(B): Modifying the voting standard for approval of matters other than the election of directors

    PROPOSAL 4(B): Modifying the voting standard for approval of matters other than the election of directors

  82. Shareholder Director Nominees

    Shareholder Director Nominees Shareholders who intend to nominate a person for election as a director at the 2027 Annual Meeting of Shareholders (the “2027 Annual Meeting”) must provide advance written notice to us in accordance with our Code of Regulations. Our Code of Regulations sets forth the procedures that must be followed and the information that must be provided in order for a shareholder to nominate a person for election as director at the 2027 Annual Meeting. Among other requirements, such nominations with respect to the 2027 Annual Meeting must be submitted in writing between March 19, 2027, and April 18, 2027. If the amendments to the Code of Regulations relating to the Company’s advance notice procedures set forth in Proposal 4(a) of this Proxy Statement are approved at the 2026 Annual Meeting, such shareholder director nominations will need to be received no earlier than the close of business on February 17, 2027, and no later than the close of business on March 19, 2027, and must also satisfy the other procedures and requirements set forth in such advance notice procedures. Such nominations should be addressed to Designer Brands Inc., 810 DSW Drive, Columbus, Ohio 43219, Attention: Corporate Secretary, return receipt requested. Each such submission must include the requisite information as set forth in, and in accordance with, our Code of Regulations, including the requirements set forth in Proposal 4(a) if approved at the 2026 Annual Meeting. In addition to satisfying the above requirements, to comply with the universal proxy rules, shareholders who intend to solicit proxies in support of director nominees other than the Company’s director nominees must provide notice that sets forth any additional information required by Rule 14a-19 under the Exchange Act no later than April 19, 2027, to the Corporate Secretary, Designer Brands Inc., 810 DSW Drive, Columbus, Ohio 43219.