CALERES INC — Director's Dealing 2010

Nov 2, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN SHOE CO INC (BWS)
CIK: 0000014707
Period of Report: 2010-10-30

Reporting Person: KLEIN WARD M (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-10-30	Phantom Stock Units	$	A	53	Acquired		Common Stock (53)	Direct

Footnotes

F1: These Phantom Stock Units are rounded to the nearest whole number and were issued pursuant to the Deferred Compensation Plan for Non-Employee Directors on the last day of the fiscal quarter based on the value of dividend equivalents earned during the quarter, divided by the market value (mean of the high and low price) of the Company's common stock on the last trading day of the fiscal quarter.

F2: Each unit of phantom stock represents the right to receive cash equivalent to the fair market value of a share of common stock of the Company.

F3: The phantom stock units will be settled in cash in annual installments over a five-year or ten-year period, or in a lump sum in accordance with the Director's prior election, when the Director's service as a director terminates.