dillard’s inc.€¦ · dillard’s stock fund portion of the dillard’s, inc. investment &...

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

ProxyStatementPursuanttoSection14(a)oftheSecuritiesExchangeActof1934(AmendmentNo. )

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PreliminaryProxyStatementConfidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))DefinitiveProxyStatementDefinitiveAdditionalMaterialsSolicitingMaterialunder§240.14a-12

Dillard’s Inc.(NameofRegistrantasSpecifiedInItsCharter)

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NOTICE OF 2020 ANNUAL MEETING OF STOCKHOLDERS To Be Held on Saturday, May 16, 2020

The2020AnnualMeetingofStockholders(the“Annual Meeting”)ofDillard’s,Inc.(the“Company”)willbeheldattheCompany’sCorporateOffice,1600CantrellRoad,LittleRock,Arkansas72201,onSaturday,May16,2020,at9:00a.m.CDTforthefollowingpurposes:

ToelectasdirectorsthetwelvenomineesnamedintheattachedProxyStatement(fourofwhomaretobeelectedbyClassAstockholdersandeightofwhomaretobeelectedbyClassBstockholders).

ToratifytheappointmentofKPMGLLPastheCompany’sindependentregisteredpublicaccountingfirmforfiscal2020.

ToconductanadvisoryvoteonthecompensationoftheCompany’snamedexecutiveofficers.

Totransactsuchotherbusinessasmayproperlycomebeforethemeetingoranyadjournmentsorpostponementsthereof.

DetailsregardingthebusinesstobeconductedaremorefullydescribedintheaccompanyingProxyStatement.

OnlystockholdersofrecordatthecloseofbusinessonMarch19,2020willbeentitledtonoticeof,andtovoteat,themeetingoradjournmentsorpostponementsthereof.

Yourparticipationinthemeetingisearnestlysolicited.Evenifyouexpecttoattendthemeeting,weencourageyoutovoteinadvancebyproxy.ThegivingofaproxydoesnotaffectyourrighttorevokeitlaterorvoteyoursharesinpersonintheeventyoushouldattendtheAnnualMeeting.

ByOrderoftheBoardofDirectorsDEANL.WORLEYVice President, General Counsel, Corporate Secretary

LittleRock,ArkansasApril3,2020

Important Notice Regarding the Availability of Proxy Materials for the 2020 Annual Meeting of StockholdersTo Be Held on May 16, 2020. The accompanying Proxy Statement and the Company’s Annual Report on

Form 10-K are available at https://investor.dillards.com/financial-information/annual-report-and-proxy/default.aspx

DILLARD’S, INC. 1600 CANTRELL ROAD

LITTLE ROCK, ARKANSAS 72201 Telephone (501) 376-5200

PROXY STATEMENT

April 3, 2020

General

TheenclosedproxyissolicitedbyandonbehalfoftheBoardofDirectors(the“Board”)ofDillard’s,Inc.,aDelawarecorporation(the“Company”,“Dillard’s”,“we”,“us”or“our”),foruseatthe2020AnnualMeetingofStockholders(the“Annual Meeting”)tobeheldonSaturday,May16,2020,at9:00a.m.CDT,atourprincipalexecutiveoffices,1600CantrellRoad,LittleRock,Arkansas,72201,oratanyadjournmentsorpostponementsthereof.

Internet Availability of Proxy Materials

InaccordancewiththerulesoftheSecuritiesandExchangeCommission(the“SEC”),wemadeourproxystatementandformofproxyavailablebysendingaNoticeofInternetAvailabilityofProxyMaterialsonoraboutApril3,2020toourstockholdersofrecordasofthecloseofbusinessonMarch19,2020.WealsoprovidedaccesstoourproxymaterialsviatheInternetbeginningonthatdate.IfyoureceivedaNoticeofInternetAvailabilityofProxyMaterialsbymailanddidnotreceive,butwouldliketoreceive,aprintedcopyofourproxymaterials,youshouldfollowtheinstructionsforrequestingsuchmaterialsincludedinthisproxystatementorintheNoticeofInternetAvailabilityofProxyMaterials.

Proxy Voting

Themannerinwhichyoursharesmaybevoteddependsonhowyoursharesareheld.Ifyouownsharesofrecord,meaningthatyoursharesarerepresentedbycertificatesorbookentriesinyournamesothatyouappearasastockholderontherecordsofourstocktransferagent,youmayvotebyproxy,meaningyouauthorizeindividualsnamedontheproxycardtovoteyoursharesinaccordancewithyourinstructions.Youmayprovidethisauthorizationbyvotingviatheinternetatwww.proxyvote.com,bytelephonebycallingthetoll-freetelephonenumberprovidedinyourNoticeofInternetAvailabilityofProxyMaterialsor(ifyouhaverequestedpapercopiesofourproxymaterials)bymailbysimplysigning,datingandmailingaproxycard.Inthesecircumstances,ifyoudonotvotebyproxyorinpersonattheAnnualMeeting,yourshareswillnotbevoted.

Ifyouownyoursharesin“streetname,”thatis,throughabrokerageaccountorinanothernomineeform,youareabeneficialownerandnotastockholderofrecord,andthereforemustprovideinstructionstoyourbrokerornomineeastohowyoursharesheldbythemshouldbevoted.Yourabilitytovoteinperson,viatheinternet,bymailorbytelephonedependsonthevotingproceduresofyourbrokerornominee.Pleasefollowthedirectionsthatyourbrokerornomineeprovides.Inthesecircumstances,ifyoudonotprovidevotinginstructions,thebrokerornomineemayneverthelessvoteyoursharesonyourbehalfwithrespecttotheratificationoftheappointmentofKPMGLLP(“KPMG”)asourindependentauditorsforfiscal2020,butnotonanyothermattersbeingconsideredatthemeeting.

AllproxiesrelatedtosharesheldofrecordasofMarch19,2020,otherthanthoseheldthroughtheDillard’sStockFundportionoftheDillard’s,Inc.Investment&EmployeeStockOwnershipPlan(the“401(k) Plan”),mustbesubmittednolaterthan11:59p.m.EDTonMay15,2020,andnoproxyreceivedafterthatdateandtimewillbevotedattheAnnualMeeting.IfastockholderholdsCompanysharesthroughthe401(k)Plan,suchstockholderisentitledtoinstructNewportTrustCompany(“Newport”),Trusteeforthe401(k)Plan(“Trustee”),onhowtovotesuchshares,providedthathisorhervotinginstructionsare

submittedinaccordancewiththeinstructionsontheproxycardandreceivedbyMay13,2020orsubmittedinaccordancewiththeinstructionsontheNoticeofInternetAvailabilityofProxyMaterialsandreceivedbynolaterthan11:59p.m.EDTonMay13,2020inordertoallowsufficienttimeforvoteswithinthe401(k)PlantobetabulatedbytheTrustee.Pursuanttothetermsofthe401(k)Plandocument,foranysharesheldthroughthe401(k)Planforwhichtimelyvotinginstructionsarenotreceivedfroma401(k)Planparticipantorifnochoiceisspecifiedonaparticularproposalinvotinginstructionsthataretimelysubmitted,suchshareswillbevotedinaccordancewiththerecommendationsoftheBoardofDirectorsasdescribedherein.

Revocation of Proxies

Anystockholderofrecordgivingaproxyhasthepowertorevokeitatanytimebeforeitisvoted,eitherbywrittenrevocationdeliveredtotheCorporateSecretaryoftheCompanyatourprincipalexecutiveoffices,byattendingtheAnnualMeetingandvotinginpersonorbysubmittingasubsequentproxybymail,overtheinternetorbytelephone.ToobtaindirectionstoattendtheAnnualMeetingandvoteinperson,pleasecall(501)376-5965.Proxiessolicitedhereinwillbevotedinaccordancewithanydirectionscontainedtherein,unlesstheproxyisreceivedinsuchformoratsuchtimeastorenderitineligibletovote,orunlessproperlyrevoked.Ifnochoiceisspecifiedbyastockholderinareturnedproxy,theshareswillbevotedinaccordancewiththerecommendationsoftheBoardasdescribedherein.IfmattersofbusinessotherthanthosedescribedinthisproxystatementproperlycomebeforetheAnnualMeeting,thepersonsnamedintheproxywillvoteinaccordancewiththeirbestjudgmentonsuchmatters.TheproxiessolicitedhereinshallnotconferanyauthoritytovoteatanymeetingofstockholdersotherthantheAnnualMeetingtobeheldonMay16,2020,oranyadjournmentsorpostponementsthereof.

Record Date; Outstanding Shares

ThestocktransferbooksoftheCompanywillnotbeclosed,butonlystockholdersofrecordatthecloseofbusinessonMarch19,2020(the“Record Date”),willbeentitledtonoticeof,andtovoteat,theAnnualMeetingoratanyadjournmentsorpostponementsthereof.Atthatdate,therewere19,187,626sharesoftheCompany’sClassACommonStockoutstanding(“Class A Common Stock”)and4,010,401sharesoftheCompany’sClassBCommonStockoutstanding(“Class B Common Stock”and,togetherwithClassACommonStock,“Common Stock”).

Quorum; Vote Required

Thepresence,inpersonorbyproxy,oftheholdersofamajorityofthesharesofCommonStockissuedandoutstandingasoftheRecordDateandentitledtovoteattheAnnualMeetingisrequiredtoestablishaquorumattheAnnualMeeting.

Ifaquorumisestablished,eachholderofClassACommonStockandeachholderofClassBCommonStockshallbeentitledtoonevoteonthematterspresentedatthemeetingforeachsharestandinginsuchholder’sname,exceptthattheholdersofClassACommonStockareempoweredasaclasstoelectone-thirdofthedirectorsservingontheCompany’sBoardofDirectorsandtheholdersofClassBCommonStockareempoweredasaclasstoelecttwo-thirdsofthedirectorsservingontheCompany’sBoardofDirectors.Stockholderswillnotbeallowedtovoteforagreaternumberofnomineesthanthosenamedinthisproxystatement.

Inordertobeelected,nomineesforDirectorofeachclassmustreceivetheaffirmativevoteofamajorityofthesharesofthatrespectiveclassoutstandingandeligibletovoteintheelection.CumulativevotingforDirectorsisnotpermitted.ThevoteoftheholdersofamajorityofthesharesofCommonStockpresentinpersonorrepresentedbyproxyandhavingvotingpowerisrequiredfortheratificationofKPMGastheCompany’sindependentregisteredpublicaccountingfirm(ProposalNo.2)andtoapprovethecompensationpaidtotheCompany’snamedexecutiveofficersinanadvisory,non-bindingvote(ProposalNo.3).

Abstentions and Broker Non-Votes

Abstentionswillbecountedforquorumpurposesbutwillhavetheeffectofavoteagainsteachnomineeintheelectionofdirectors(ProposalNo.1),andavoteagainsttheratificationofKPMG(ProposalNo.2)andtheadvisoryresolutiononexecutivecompensation(ProposalNo.3).

Brokersholdingsharesforindividualstockholdersmustvoteaccordingtospecificinstructionstheyreceivefromeachsuchindividualstockholder.Ifspecificinstructionsarenotreceived,insomecases,brokersmayvotethesesharesintheirdiscretion.TheNewYorkStockExchange(the“NYSE”),however,precludesbrokersfromexercisingvotingdiscretiononcertainproposalsdesignatedunderNYSErulesasbeing“non-routine”withoutspecificinstructionsfromtheindividualstockholder.Thisresultsina“brokernon-vote”onsuchaproposal.ProposalNo.1(theelectionofdirectors)andProposalNo.3(advisoryresolutiononexecutivecompensation)areconsiderednon-routinemattersunderapplicableNYSErules.Assuch,abrokercannotvoteontheseproposalswithoutinstructionsfromtheindividualstockholder,and,therefore,anundeterminednumberofbrokernon-votesmayoccurwithrespecttotheseproposals.Sharesrepresentedbybrokernon-votesthatarepresentandentitledtovoteattheAnnualMeetingwillbecountedforpurposesofdeterminingaquorum.Brokernon-voteswillhavetheeffectofavoteagainstthenomineesinProposalNo.1(theelectionofdirectors)butwillhavenoimpactonProposalNo.3(advisoryresolutiononexecutivecompensation).ProposalNo.2(theratificationoftheappointmentofKPMG)isconsideredaroutinematterunderapplicableNYSElistingrules.Therefore,brokerswillbepermittedtovotethesharesofindividualstockholderswhodonotsubmitvotinginstructionsforthisproposal,andnobrokernon-voteswilloccurinconnectionwiththeratificationoftheappointmentofKPMG.

Costs of Solicitation

ThecostofsolicitingproxieswillbebornebytheCompany.TheCompanywillreimbursebrokers,custodians,nomineesandotherfiduciariesfortheirchargesandexpensesinforwardingproxymaterialstobeneficialownersofsharesoftheCompany’sCommonStock.Inadditiontosolicitationbymail,certainofficersandemployeesoftheCompanymaysolicitproxiesbytelephone,fax,e-mailorotherelectronicmeans,orinperson.Thesepersonswillreceivenocompensationotherthantheirregularsalaries.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL HOLDERS

ThefollowingtablesetsforthcertaininformationregardingpersonsknowntotheCompany,otherthanmembersofmanagementwhoarepresentedintheseparatetablebelow,tobeneficiallyownmorethanfivepercentofaclassoftheCompany’soutstandingvotingsecuritiesasofthecloseofbusinessonMarch19,2020.Unlessotherwiseindicated,eachsuchpersonhassolevotingpowerandsoledispositivepoweroverthesharesindicatedbelow.

Name and Address of Beneficial OwnerTitle of

Amount and Nature Of Beneficial

OwnershipPercent

Of Class NewportTrustCompany815ConnecticutAvenue,NW,Suite510Washington,DC20006

ClassA 7,175,639 37.4

SoutheasternAssetManagement,Inc.6410PoplarAve.,Suite900Memphis,TN38119

ClassA 2,038,397 10.6

DimensionalFundAdvisorsLP6300BeeCaveRoad,BuildingOneAustin,TX78746

ClassA 1,558,029 8.1

BlackRock,Inc.55East52 StreetNewYork,NY10055

ClassA 1,325,615 6.9

LSVAssetManagement155N.WackerDrive,Suite4600Chicago,IL60606

ClassA 1,167,653 6.1

ContrariusInvestmentManagementLimited2BondStreetSt.Helier,JerseyJE23NP,ChannelIslands

ClassA 1,157,947 6.0

W.D.Company,Inc. 1600CantrellRoadLittleRock,AR72201

ClassA 41,496 0.2

ClassB 3,985,776 99.4

AtMarch19,2020,therewereatotalof19,187,626sharesoftheCompany’sClassACommonStockand4,010,401sharesoftheCompany’sClassBCommonStockoutstanding.BasedoninformationcontainedinSchedule13G/AfiledFebruary11,2020withtheSecuritiesandExchangeCommission,NewportTrustCompanyisthebeneficialownerofthesesharesinitscapacityasTrusteeofthe401(k)Plan.NewportTrustCompanyhasnovotingpowerandonlyshareddispositivepowerovertheseshares.BasedoninformationcontainedinSchedule13GfiledjointlybySoutheasternAssetManagement,Inc.(“Southeastern”),LongleafPartnersSmall-CapFund(“Longleaf”)andO.MasonHawkins(“Mr.Hawkins”andtogetherwithSoutheasternandLongleaf,the“SoutheasternGroup”)onFebruary14,2020withtheSecuritiesandExchangeCommission.BasedsolelyontheSchedule13G,(a)Southeasternisaregisteredinvestmentadviser,andallofthesecuritiescoveredbytheSchedule13GareownedlegallybySoutheastern’sinvestmentadvisoryclientsandnoneareowneddirectlyorindirectlybySoutheasternand(b)Mr.HawkinsisChairmanoftheBoardofSoutheastern.TheSchedule13GfiledbytheSoutheasternGroupindicatesthat(a)Southeasternhasthesolevotingpowerovernoshares,sharedvotingpowerover2,020,214shares,novotingpowerover18,183shares,soledispositivepowerover18,183shares,andshareddispositivepowerover2,020,214sharesand(b)Longleafhassolevotingpowerovernoshares,sharedvotingpowerover2,020,214shares,soledispositivepowerover18,183shares,andshareddispositivepowerover2,020,214shares.BasedoninformationcontainedinSchedule13G/AfiledFebruary12,2020withtheSecuritiesandExchangeCommission,DimensionalFundAdvisorsLPhassolevotingpowerover1,541,580shares,soledispositivepowerover1,558,029sharesandnosharedvotingordispositivepowerwithrespecttoanyshares.

(8) %%

BasedoninformationcontainedinSchedule13G/AfiledFebruary5,2020withtheSecuritiesandExchangeCommission,BlackRock,Inc.hassolevotingpowerover1,293,963shares,soledispositivepowerover1,325,615sharesandnosharedvotingordispositivepowerwithrespecttoanyshares.

BasedoninformationcontainedinSchedule13GfiledFebruary11,2020withtheSecuritiesandExchangeCommission,LSVAssetManagementhassolevotingpowerover698,088shares,soledispositivepowerover1,167,653sharesandnosharedvotingordispositivepowerwithrespecttoanyshares.

BasedoninformationcontainedinSchedule13GfiledjointlybyContrariusInvestmentManagementLimitedandContrariusInvestmentManagement(Bermuda)Limited(together,“Contrarius”)onFebruary6,2020withtheSecuritiesandExchangeCommission.Contrariushassharedvotinganddispositivepowerover1,157,947sharesandnosolevotingordispositivepowerwithrespecttoanyshares.

WilliamDillard,II,ChairmanandChiefExecutiveOfficeroftheCompany,AlexDillard,PresidentoftheCompany,andMikeDillard,ExecutiveVicePresidentoftheCompany,areofficersanddirectorsofW.D.Company,Inc.andown27.4%,27.9%and26.3%,respectively,oftheoutstandingvotingstockofW.D.Company,Inc.WilliamDillard,II,AlexDillardandMikeDillardactbymajoritywithrespecttovotinganddispositivepowerovertheseshares.

SECURITY OWNERSHIP OF MANAGEMENT

ThefollowingtablesetsforththenumberofsharesofClassACommonStockandClassBCommonStockoftheCompanybeneficiallyownedbyeachdirector,eachdirectornominee,eachofthenamedexecutiveofficersidentifiedunderthesectiontitled“ExecutiveCompensation”inthisproxystatementandthedirectorsandexecutiveofficersasagroup,asofMarch19,2020.

Class A Shares Class B Shares Name of Beneficial Owner Amount % of Class Amount % of Class RobertC.Connor 71,009 * — — AlexDillard 1,144,520 6.0 MikeDillard 631,440 3.3 WilliamDillard,II 1,083,490 5.6 JamesI.Freeman 147,364 * — — H.LeeHastings,III 14,312 * — — ChrisB.Johnson 14,428 * — — DrueMatheny 491,237 2.6 — — FrankR.Mori 24,272 * — — ReynieRutledge 15,600 * — — WarrenA.Stephens 148,838 * — — J.C.Watts,Jr. 12,000 * — — PhillipR.Watts 17,435 * — — NickWhite 54,302 * — — AllDirectors&ExecutiveOfficersasaGroup(atotalof25persons) 4,495,442 23.4

Denoteslessthan1%

Basedoninformationfurnishedbytherespectiveindividuals.

IncludesninesharesownedbyMr.Connor’swife.

AlexDillard’ssharesinclude(i)1,016,177sharesofClassACommonStockhelddirectlyand91,852sharesofClassACommonStockheldintrustsoverwhichAlexDillardhassolevotinganddispositive

(1) (1)

(3) (6) %(6) (6) (6)(4) (6) %(6) (6) (6)

(5) (6) %(6) (6) (6)

(6) %(6) (6) (6)

powerand(ii)36,491sharesheldbyAlexDillard’sspouseoverwhichAlexDillardmaybedeemedtosharevotinganddispositivepower.AlexDillard’saddressis1600CantrellRoad,LittleRock,Arkansas72201.MikeDillard’ssharesinclude(i)623,530sharesofClassACommonStockhelddirectlyand7,300sharesofClassACommonstockheldintrustoverwhichMikeDillardhassolevotinganddispositivepowerand(ii)610sharesofClassACommonStockheldintrustoverwhichhiswifehassolevotingpowerandoverwhichMikeDillardmaybedeemedtosharevotingpower.WilliamDillard,II’ssharesinclude1,076,190sharesofClassACommonStockhelddirectlyand7,300sharesofClassACommonStockheldintrustoverwhichWilliamDillard,IIhassolevotinganddispositivepower.WilliamDillard,II’saddressis1600CantrellRoad,LittleRock,Arkansas72201.Doesnotinclude41,496sharesofClassACommonStockand3,985,776sharesofClassBCommonStockownedbyW.D.Company,Inc.AlexDillard,MikeDillardandWilliamDillard,IIaredirectorsandofficersofW.D.Company,Inc.andown27.9%,26.3%and27.4%,respectively,oftheoutstandingvotingstockofsuchcompany.AlexDillard,MikeDillardandWilliamDillard,IIactbymajoritywithrespecttovotinganddispositivepowerovertheseshares.The41,496ClassAsharesrepresentapproximately0.2%oftheoutstandingClassASharesandthe3,985,776ClassBSharesrepresentapproximately99.4%oftheoutstandingClassBShares.AlexDillard,MikeDillardandWilliamDillard,IIdisclaimbeneficialownershipoverallsharesofClassACommonStockandClassBCommonStockheldbyW.D.Company,Inc.DrueMatheny’ssharesinclude(i)483,587sharesofClassACommonStockhelddirectlyand7,300sharesofClassACommonStockheldintrustoverwhichMrs.Mathenyhassolevotinganddispositivepowerand(ii)350sharesofClassACommonStockheldbyMrs.Matheny’sspouseoverwhichMrs.Mathenymaybedeemedtosharevotinganddispositivepower.Mrs.Mathenyowns7.3%oftheoutstandingvotingstockofW.D.Company,Inc.butdisclaimsbeneficialownershipoversharesheldbyW.D.Company,Inc.WarrenStephensbeneficiallyowns27,302sharesheldintrustandcontrols121,536sharesheldbyStephensInvestmentHoldingsLLC.Includes3,000sharesthatarepledgedassecurityforapersonalloan.

PROPOSAL NO. 1. ELECTION OF DIRECTORS

ThenumberofdirectorsthatserveontheCompany’sBoardiscurrentlysetat12butmaybechangedfromtimetotimeinthemannerprovidedintheCompany’sby-laws.ClassAstockholdersareentitledtovotefortheelectionoffourDirectors,andClassBstockholdersareentitledtovotefortheelectionofeightDirectors.DirectorsaretobeelectedattheAnnualMeetingforatermofoneyearanduntiltheelectionandqualificationoftheirsuccessors.Onceelected,ourDirectorshavenoongoingstatusas“ClassA”or“ClassB”Directorsandhavethesamedutiesandresponsibilitiestoallstockholders.

TheBoardrecommendsthateachnomineeidentifiedbelowbeelectedattheAnnualMeeting.EachofthenomineesiscurrentlyservingasadirectoroftheCompanyandwaselectedatthe2019AnnualMeetingofStockholders.Setforthbelowaretheprincipaloccupationandpubliccompanydirectorshipseachnomineecurrentlyholdsorhasheldduringthelastfiveyears,aswellasotherbackgroundinformationaboutthenominees,includingadiscussionofthespecificexperience,qualifications,attributes,andskillsofeachnomineethatledtotheBoard’sconclusionthateachnomineeshouldserveasadirector.

Class A Nominees

Frank R. Mori,79,hasservedasaDirectoroftheCompanysince2008.Atalltimesduringthepastfiveyears,Mr.MorihasservedasCo-ChiefExecutiveOfficerandPresidentofTTMAssociatesInc.(formerlyTakihyo,LLC),aprivateinvestmentfirmheadquarteredinNewYorkCity.TTMAssociatesInc.isnotasubsidiaryorotheraffiliateoftheCompany.HepreviouslyservedasChiefExecutiveOfficerandDirectorofDonnaKaranInternational,Inc.andAnneKlein&Co.,Inc.HealsoservedontheBoardofDirectorsofTheStrideRiteCorporationuntil2007andBarington/HilcoAcquisitionCorp.until2018.Mr.MoriofferstheBoardthebroadknowledgeandperspectiveofafashionvendorcombinedwithoverseassourcingandmanufacturingexperience.Mr.MoricurrentlyservesontheBoard’sStockOptionandExecutiveCompensationCommittee(the“Compensation Committee”).

Reynie Rutledge,70,hasservedasaDirectoroftheCompanysince2013.Atalltimesduringthepastfiveyears,Mr.RutledgehasservedastheChairmanofFirstSecurityBancorp,afinancialservicesholdingcompanyheadquarteredinSearcy,Arkansas.Withover40yearsofexperienceinbanking,Mr.RutledgehasbeeninvolvedwithallaspectsoffinanceandmanagementwhileleadingFirstSecurityBancorptobecomethefifthlargestbankholdingcompanybasedinArkansas,withover$5.8billioninassetsand78locationsthroughoutthestate.FirstSecurityBancorpconsistsofFirstSecurityBank,FirstSecurityCrews&Associatesinvestmentbankingfirm,andFirstSecurityPublicFinance.FirstSecurityBancorpisnotasubsidiaryorotheraffiliateoftheCompany.Mr.RutledgeisagraduateoftheUniversityofArkansaswhereheearnedadegreeinindustrialengineeringandaMasterofBusinessAdministration.Mr.RutledgeisapastChairmanoftheArkansasBankersAssociationandtheBusinessAdvisoryBoardofHardingUniversity.Mr.RutledgeisalsoamemberoftheArkansasAcademyofIndustrialEngineering,amemberandpastChairmanoftheDean’sExecutiveAdvisoryBoardfortheSamM.WaltonCollegeofBusiness,amemberoftheCampaignArkansasExecutiveCommittee,apastChairmanoftheArkansasBusinessHallofFameSelectionCommittee,theUniversityofArkansas2000VolunteeroftheYear,anda2012recipientoftheUniversityofArkansasDistinguishedAlumniAwardandpastmemberoftheUniversityofArkansasBoardofTrustees.Mr.Rutledge’sextensivecareerincommercialbankingprovidesinsightsintothecreditmarketsfortheBoard.Mr.RutledgeservesasChairmanoftheAuditCommittee.

J.C. Watts, Jr.,62,hasservedasaDirectoroftheCompanysinceAugust2009andpreviouslyservedontheBoardfrom2003until2008,includingasamemberoftheAuditCommittee.HealsoservesontheBoardofDirectorsofPaycomSoftware,andhepreviouslyservedontheBoardsofDirectorsofCSXCorporation,ITCHoldingsCorp,BurlingtonNorthernSantaFeCorporation,ClearChannelCommunications,Inc.andTerexCorporation.Atalltimesduringthepastfiveyears,Mr.WattshasservedastheChairmanoftheJ.C.WattsCompanies,whichprovidesbothconsultingandadvocacyservices.TheJ.C.WattsCompaniesarenotsubsidiariesorotheraffiliatesoftheCompany.Mr.WattsservedintheU.S.CongressfromthefourthdistrictofOklahomafrom1995to2003.In1998,hewaselectedchairmanoftheRepublicanConferenceintheU.S.HouseofRepresentatives.HeservedforeightyearsontheHouseArmedServicesCommittee.HeauthoredlegislationtocreatetheHouseSelectCommitteeonHomelandSecurity,acommitteeonwhichhelaterserved.HealsoservedontheHouseTransportationandInfrastructureCommitteeaswellastheHouseBankingCommittee.HeledtwocongressionaltrademissionstoAfrica.

Mr.Wattsco-authoredtheAmericanCommunityRenewalandNewMarketsActandauthoredtheCommunitySolutionsActof2001.HealsocraftedlegislationwithCongressmanJohnLewistoestablishtheSmithsonianNationalMuseumofAfricanAmericanHistoryandCulture.Hehasservedasananalystontelevisionnewsprogramsnationallyandinternationally.Mr.WattsledaU.S.delegationtoVienna,Austria,attherequestofPresidentGeorgeW.BushandSecretaryofStateColinPowell,totheOrganizationforSecurityandCooperationinEuropeConferenceonRacism,DiscriminationandXenophobiaandaccompaniedPresidentBushonhishistorictriptoAfrica.Heco-foundedtheCoalitionforAIDSReliefinAfricaandservedontheBoardofAfricare.HehasalsocreatedtheJ.C.andFrankieWattsFoundationtofocusonurbanrenewalandothercharitableinitiatives.HeistheChairmanofWattsEquipment,whichconsistsofJohnDeerestoresinTexas,andChairmanoftheBlackNewsChannel,whichisthefirsteverAfricanAmericannewschannel.Mr.WattsbringstotheBoardnotonlyanunderstandingandsensitivitytothepoliticalandculturalissueswhichtheCompanyregularlyfacesbutalsoawealthofknowledgeoftheregulatoryenvironmentwhichcontinuestochangeandaffecttheCompany’soperations.Mr.WattscurrentlyservesontheAuditCommittee.

Nick White,75,hasservedasaDirectoroftheCompanysince2008.Since2000,Mr.WhitehasservedasChiefExecutiveOfficerandPresidentofWhiteandAssociates,aninternationalretailsolutionsfirmofferingretailclientsconsultingservicesencompassingstrategy,partnerships,logisticsandconcepts.WhiteandAssociatesisnotasubsidiaryorotheraffiliateoftheCompany.FollowingatourinVietnamwiththeUnitedStatesMarineCorps,Mr.Whitebeganhisretailcareerin1968withSpartan-AtlanticDepartmentStoreswhilestillattendingcollege.In1973,hejoinedWal-MartStores,Inc.asanAssistantStoreManager.From1985to1990,hewasGeneralManagerofSam’sClubs,andin1990,hewasnamedanExecutiveVicePresidentofWal-MartStores,Inc.andGeneralManagerofitsSupercenterDivision,positionshehelduntilhisretirementin2000.WhileatWal-Mart,heservedonboththeExecutiveCommitteeandtheRealEstateCommittee.Mr.WhitehasmadesignificantcontributionstotheBoardasaresultofhisextensiveknowledgeofsourcing,logistics,storeoperationsandmerchandising.Mr.WhitecurrentlyservesontheCompensationCommittee.

Class B Nominees

Robert C. Connor,78,hasservedasaDirectoroftheCompanysince1987.Atalltimesduringthepastfiveyears,Mr.Connor’sprincipaloccupationisandhasbeenaprivateinvestorforhisownaccount.HebeganhisbankingcareerinDallas,TexasattheMercantileNationalBankandwaselectedVicePresidentoftheCitizensBankofJonesboro,Arkansasin1970.HewaselectedPresidentofTheUnionNationalBankofArkansasandTheUnionofArkansasCorporationin1976.HepreviouslyservedontheBoardofSageTelecominAllen,Texas.Mr.Connor’slongcareerofleadershipinthebankingindustrymakeshimparticularlywellsuitedtoserveontheCompensationCommitteeaswellastosharehisknowledgeandinsightsconcerningthecreditmarketswiththeBoard.Mr.ConnorcurrentlyservesasChairmanoftheCompensationCommittee.

Alex Dillard,70,isPresidentoftheCompany,hasbeenamemberoftheBoardsince1975andservesontheExecutiveCommitteeoftheBoardofDirectors(the“Executive Committee”).Thishasbeenhisprincipaloccupationforthelastfiveyears.Mr.DillardhasbeeninvolvedinvirtuallyeveryaspectofoperationsandmerchandisingfortheCompanyforover45yearsandpreviouslyservedasExecutiveVicePresidentoftheCompany.HehasservedasaboardmemberoftheUniversityofArkansasforMedicalSciencesFoundationFund,PhilanderSmithCollege,UnionBankandWorthenBankinLittleRock,ArkansasandFirstNationalBankofFt.Worth,Texas.Mr.Dillard’sunderstandingofboththemerchandisingandtheoperationalaspectsoftheretailbusinesshasenabledtheBoardtomoreeffectivelygainabroadoverviewoftheday-to-dayprocessesinvolvedintheoperationoftheCompany.

Mike Dillard,68,isanExecutiveVicePresidentoftheCompanyandcurrentlyheadsoneofthelargestmerchandisingportionsoftheCompany’sbusiness.Thishasbeenhisprincipaloccupationforthelastfiveyears.HehasbeenamemberoftheBoardsince1976.Mr.DillardhasplayedmanyrolesfortheCompany,devotinghisentireprofessionalcareertoDillard’s,Inc.HisunderstandingoftheuniqueregionalcharacteristicsofmerchandisinginthemanydifferentgeographicregionsofthecountryhasassistedtheBoardinitseffortstoguidethebusinesstomeettheneedsofitsvariedcustomerbase.

William Dillard, II,75,istheChairmanoftheBoardandChiefExecutiveOfficeroftheCompany,hasbeenamemberoftheBoardsince1967andservesontheExecutiveCommittee.Thishasbeenhisprincipaloccupationforthelastfiveyears.Mr.DillardhasbeeninvolvedinalmosteveryaspectoftheCompany’soperations,workingpart-timewhileinschoolandfull-timeforover50years.HewasformerlyPresidentandChiefOperatingOfficeroftheCompany.Mr.DillardalsoservesontheBoardsofDirectorsofLiveRampHoldings,Inc.(formerlyAcxiomCorporation)andBarnes&Noble,Inc.ThroughhisnumerousyearsofservicetotheCompany,Mr.DillardpossessesanunmatchedknowledgeoftheCompany’soperationsandtheretailindustryasawhole.This,combinedwithhisserviceasamemberoftheboardsofdirectorsofotherpubliccompanies,allowshimtoprovideinvaluableinsighttotheBoard.Inaddition,hisexpertisewithrespecttorealestatemattersandstorelocationenableshimtoprovidetheBoardwithleadershipandinsightintothiscriticalaspectoftheCompany’sbusiness.

James I. Freeman,70,wasSeniorVicePresidentandChiefFinancialOfficeroftheCompanyuntilhisretirementeffectiveFebruary1,2015.Duringthepastfiveyears,hisprincipaloccupationisandhasbeenaprivateinvestorforhisownaccount.HehasbeenamemberoftheBoardsince1991.Mr.FreemanjoinedtheCompanyin1988.Heenteredtheaccountingprofessionin1972andpracticedasacertifiedpublicaccountant.HeformerlyservedasamemberoftheManagementCommitteeofBKD,LLP,oneofthelargestaccountingfirmsinthenation.HavingservedasChiefFinancialOfficeroftheCompany,Mr.FreemanhasextensiveexperienceoverseeingtheCompany’sfinancialreportingprocesses,internalaccountingandfinancialcontrols,andindependentauditorengagements.ThisuniqueexperienceprovidesMr.FreemantheabilitytoregularlyadvisetheBoardregardingcurrentandproposedaccountingissues,financialmattersandregulationsthataffecttheCompany’soperations.

H. Lee Hastings, III,65,hasservedasaDirectoroftheCompanysince2010.Atalltimesduringthepastfiveyears,Mr.HastingshasservedasPresidentandChiefOperatingOfficerofHastingsHoldings,Inc.,afamilyholdingcompanythatoperatesseveralsubsidiarieswhichareengagedinrealestate,beveragedistribution,import/exportandotherbusinesses.Forthepastfiveyears,Mr.HastingshasalsoservedasPresidentofArkansasBolt/ABCLogistics,asubsidiaryofHastingsHoldings,Inc.thatsellsandimports/exportsindustrialfastenersandstampingsthroughouttheworld.Since2001,Mr.Hastingshasalsobeenadirectorofanotherfamilyholdingcompany,StateHoldingCo.Inc.,whichownsandoperatesabankholdingcompany.NoneofthesecompaniesortheirsubsidiariesaresubsidiariesorotheraffiliatesoftheCompany.Mr.Hastingshasextensiveexperienceintheinternationalimport/exportmarketandcontributesvaluableadvicetotheBoardwithrespecttotheCompany’sinternationalsourcingefforts.Mr.HastingscurrentlyservesontheAuditCommittee.

Drue Matheny,73,hasbeenamemberoftheBoardsince1994.Forthepastfiveyears,herprincipaloccupationhasbeen,andcurrentlyis,anExecutiveVicePresidentoftheCompany.SheisbasedinFt.Worth,TexasanddirectsoneofthelargestmerchandisingportionsoftheCompany.SincejoiningtheCompanyin1968,Ms.MathenyhasoverseeneveryaspectoftheCompany’svariousmerchandisingfunctions.ShebringstotheBoardadeepunderstandingoftheexactingtastesandpreferencesoftheCompany’scustomers.

Warren A. Stephens,63,hasservedasaDirectoroftheCompanysince2002.Atalltimesduringthepastfiveyears,Mr.Stephens’principaloccupationhasbeenChairman,ChiefExecutiveOfficerandPresidentofStephensInc.HeisalsoCo-ChairmanofSFHoldingCorporation.StephensInc.andSFHoldingCorporationarenotsubsidiariesorotheraffiliatesoftheCompany.In1981,Mr.StephensjoinedStephensInc.In2006,Mr.Stephensacquired100%oftheoutstandingsharesofStephensInc.StephensInc.focusesoninvestmentbanking,wealthmanagement,capitalmanagement,privateequity,institutionalsalesandtrading,research,andinsurance.Mr.Stephens’knowledgeandunderstandingofsophisticatedfinancialmarketshavebeeninvaluabletotheBoardwhendealingwithawiderangeofissuesfrominvestmentdecisionstocreditandfinancematterstothestrategicpositioningoftheCompany.

Vote Required

AmajorityofthesharesoftherespectiveclassoftheCommonStockoutstandingandeligibletovoteintheelectionisrequiredtoelecteachDirectorforsuchclass.

Recommendation of the Board

THE BOARD OF DIRECTORS OF THE COMPANY UNANIMOUSLY RECOMMENDS THATSTOCKHOLDERS VOTE FOR EACH OF THE DIRECTOR NOMINEES NOMINATED BY THEBOARD. PROXIES SOLICITED BY THE BOARD WILL BE VOTED FOR EACH NOMINEE UNLESSSTOCKHOLDERS SPECIFY A CONTRARY VOTE.Managementdoesnotknowofanynomineewhowillbeunabletoserve,butshouldanynomineebeunableordeclinetoserve,thediscretionaryauthorityprovidedintheProxywillbeexercisedtovoteforasubstituteorsubstitutes.

Information Regarding the Board and Its Committees

Controlled Company.TheCompanyqualifiesasa“controlledcompany”undertheNYSElistingstandardsduetotheownershipbyW.D.Company,Inc.ofsharesofClassBCommonStockallowingittocastmorethan50%ofvoteseligibletobecastfortheelectionoftwo-thirdsoftheDirectorsoftheCompany.InaccordancewithaprovisioninNYSErulesforcontrolledcompanies,theCompanyisnotrequiredtocomplywithNYSElistingstandardsthatprovidefor(1)amajorityoftheBoardofDirectorsbeingcomposedofindependentdirectors,(2)anominating/corporategovernancecommitteecomposedsolelyofindependentdirectorsand(3)acompensationcommitteecomposedsolelyofindependentdirectors.Notwithstandingtheseexemptions,allthemembersoftheCompany’sCompensationCommitteeareindependentinaccordancewiththeNYSElistingstandards.Thismaychangeinthefuture,however,attheCompany’sdiscretion.

Director Independence.TheBoardhasdeterminedthatalloftheClassAnomineeslistedabovequalifyasindependentpersonsasdefinedintheCompany’sby-laws(discussedbelow).Inaddition,theBoardhasaffirmativelydeterminedthateachoftheClassAnominees,aswellasRobertC.Connor,JamesI.FreemanandH.LeeHastings,III,whoareClassBnominees,hasnodirectorindirectmaterialrelationshipwiththeCompanyandqualifiesasanindependentdirectorinaccordancewiththeNYSElistingstandards.

Family Relationships.WilliamDillard,II,DrueMatheny,AlexDillard,MikeDillardandDeniseMahaffy(aSeniorVicePresidentoftheCompany)aresiblings.WilliamDillard,III(aSeniorVicePresidentoftheCompany)isthesonofWilliamDillard,II.AlexandraLucieandAnnemarieJazic(eachaVicePresidentoftheCompany)aredaughtersofAlexDillard.

Director Nominations.AsprovidedintheCompany’sby-laws,theExecutiveCommitteeisresponsiblefornominatingindividualstostandforelectionateachannualmeetingofstockholders.StockholdersmayalsonominateadirectornomineepursuanttotheCompany’sby-laws.

TheCompany’sby-lawsprovidethatnomineestorepresentClassAstockholdersontheCompany’sBoardshallbeindependentpersonsonly.Forthesepurposes,theCompany’sby-lawsdefine“independent”asapersonwho:(1)hasnotbeenemployedbytheCompanyoranaffiliateinanyexecutivecapacitywithinthelastfiveyears;(2)wasnot,andisnot,amemberofacorporationorfirmthatisoneoftheCompany’spaidadvisorsorconsultants;(3)isnotemployedbyasignificantcustomer,supplierorproviderofprofessionalservices;(4)hasnopersonalservicescontractwiththeCompany;(5)isnotemployedbyafoundationoruniversitythatreceivessignificantgrantsorendowmentsfromtheCompany;(6)isnotarelativeofthemanagementoftheCompany;(7)isnotastockholderwhohassignedstockholderagreementslegallybindinghimorhertovotewithmanagement;and(8)isnottheChairmanofacompanyonwhichtheCompany’sChairmanorChiefExecutiveOfficerisalsoaboardmember.Theseindependencestandards,foundinourCorporateGovernanceGuidelines,areavailableontheinvestorrelationsportionoftheCompany’swebsiteatwww.dillards.com.

Innominatingaslateofdirectors,theobjectiveistoselectindividualswithskillsandexperiencethatcanbeofassistanceinoperatingtheCompany’sbusiness.Thefollowingcorecriteriaareconsideredinnominatingeachcandidate:

Integrity.Onlypersonswhohavedemonstratedintheirprofessionallivesthehighestethicalstandards,maturityandresponsibilitywillbeconsidered.

Experience.AdirectorshouldhavebusinessexperiencerelevanttotheCompany’sbusiness.

Judgment and Knowledge.AdirectorshouldhavetheabilitytoassesstheCompany’sstrategy,businessplan,andkeyissuestoevaluatetheperformanceofmanagementandtoevaluatetheCompany’sfinancialandoperatingreportsandtoprovidemeaningfulanalysisoftheCompany’sfinancialposition.

Time and Commitment.BoardmembersmusthavesufficienttimeavailabletobecomeacquaintedwiththeCompany,toprepareforBoardandcommitteemeetingsandtoattendmeetings.

Candidateswhoindividuallypossessknowledge,experienceandskillsinatleastoneofthefollowingaresought:accountingandfinance,businessjudgment,management,crisisresponse,industryknowledgeorstrategyandvision.DiversityisanimportantconsiderationinBoardcompositionandisdiscussedasafactorinconnectionwitheachcandidate.TheExecutiveCommitteehasnotadoptedaformalpolicywithrespecttodiversity.Theimplementationofthisconsiderationoccurswhen,inadditiontothecorecriteriaidentifiedabove,theExecutiveCommitteeinformallydiscusseswhetherapotentialnomineemightalsobringtotheBoarddiverselifeexperiencesandperspectivesbutnosinglefactorcontrolsthedeterminationprocess.

InorderforaCompanystockholdertonominateanindividualforelectiontotheBoard,thestockholdermustprovidewrittennoticeofsuchnominationtotheCompany’sCorporateSecretary,andthenoticemustbereceivedbytheCompany’sCorporateSecretaryattheprincipalexecutiveofficesoftheCompanynomorethan90days,andnolessthan60days,beforetheannualmeeting;provided,however,thatintheeventthatlessthan70days’noticeorpriorpublicdisclosureofthedateofthemeetingisgivenormadetostockholders,suchnominationmustbereceivednolaterthanthecloseofbusinessonthe10 dayfollowingthedayonwhichsuchnoticeofthedateofthemeetingwasmailedorsuchpublicdisclosurewasmade.Thenoticemustsetforthastoeachpersonwhomthestockholderproposestonominateforelectionorre-electionasaDirector,(1)thename,age,businessaddressandresidenceaddressofsuchperson,(2)theprincipaloccupationoremploymentofsuchperson,(3)theclassandnumberofsharesoftheCompany’sCommonStockthatarebeneficiallyownedbysuchpersonand(4)anyotherinformationrelatingtosuchpersonthatisrequired,ineachcase,pursuanttoRegulation14AundertheSecuritiesExchangeActof1934,asamended(the“Exchange Act”)(includingwithoutlimitationsuchpersons’writtenconsenttobeingnamedintheproxystatementasanomineeandtoserveasadirectorifelected).Suchnoticemustalsosetforththenameandaddress,astheyappearontheCompany’sbooks,ofthestockholdergivingthenoticeandtheclassandnumberofsharesoftheCompany’sCommonStockthatarebeneficiallyownedbysuchstockholder.InorderforaCompanystockholdertorecommend(asopposedtonominate)adirectorcandidate,thestockholdermustprovidewrittennoticeofsuchrecommendationtotheCompany’sCorporateSecretaryattheprincipalexecutiveofficesoftheCompany.TheExecutiveCommitteewillconsiderdirectorcandidatesrecommendedbystockholdersandwillconsiderallcandidatesfordirectorinthesamemannerregardlessofthesourceoftherecommendation.

Director and Stockholder Meetings.TheBoardofDirectorsmetfourtimesduringtheCompany’slastfiscalyear.Duringthelastfiscalyear,alloftheindividualsservingasdirectorattendedatleast75%oftheaggregateof (1)thetotalnumberofmeetingsoftheBoardand(2)thetotalnumberofmeetingsheldbyallcommitteesoftheBoardonwhichtheyserved.TheCompanyencourageseachBoardmembertoattendtheCompany’sAnnualMeeting.AllindividualsservingasdirectoratthattimewereinattendanceattheCompany’sAnnualMeetingheldonMay18,2019exceptforonedirector.

Executive Sessions; Presiding Director.AsrequiredbytheNYSElistingstandards,ournon-managementdirectorsmeetonaregularlyscheduledbasisinexecutivesessionatwhichonlynon-managementdirectorsarepresent.Ournon-managementdirectorschooseapresidingindependentdirectorbymajorityvoteforeachsession.Thepresidingdirectorisresponsiblefor,amongotherthings,presidingattheexecutivesessionoftheindependentdirectorsforwhichheorsheischosentoserveandapprisingtheChairmanoftheissuesconsideredatsuchmeetings.Ourindependentdirectorsalsomeetatleastannually.

Communications with Directors.Securityholdersandotherinterestedpersonsmaycontactindividualdirectors,thepresidingmemberofthenon-managementdirectors,non-managementdirectorsasagrouportheBoardasawhole,atanytime.YourcommunicationshouldbesenttotheindividualDirector,the“Non-ManagementMembersoftheBoardofDirectors,”the“PresidingMemberofNon-ManagementDirectors”orthe“BoardofDirectors,”asapplicable,at1600CantrellRoad,LittleRock,Arkansas72201.Ingeneral,

anycommunicationsdeliveredtotheprincipalexecutiveofficesforforwardingtotheBoardorspecifiedBoardmemberswillbeforwardedinaccordancewithitsinstructions.However,priortothecommunicationsbeingforwardedtotheBoardmember,theCorporateSecretaryreviewscommunicationsandreservestherightnottoforwardtoBoardmembersanyinappropriatematerials.

Corporate Governance Guidelines and Code of Conduct.TheBoardhasadoptedCorporateGovernanceGuidelinesandaCodeofConductthatappliestoallCompanyemployees,includingtheCompany’sexecutiveofficers,andthemembersoftheBoard.ThecurrentversionsofthesecorporategovernancedocumentsareavailablefreeofchargeontheinvestorrelationsportionoftheCompany’swebsiteatwww.dillards.com,andeachisavailableinprinttoanystockholderwhorequestscopiesbycontactingJulieJ.Guymon,DirectorofInvestorRelations,at1600CantrellRoad,LittleRock,Arkansas72201.TheCompanywillpromptlydisclosetoourstockholders,ifrequiredbyapplicablelaws,anyamendmentsto,orwaiversfrom,provisionsoftheCodeofConductthatapplytoourprincipalexecutiveofficer,principalfinancialofficers,principalaccountingofficerorcontroller,orpersonsperformingsimilarfunctions,bypostingsuchinformationonourwebsite(www.dillards.com)ratherthanbyfilingaForm8-K.

Anti-Hedging Policy.DirectorsandAssociates,andtheirdesignees,areprohibitedfrompurchasingfinancialinstruments(includingprepaidvariableforwardcontracts,equityswaps,collarsandexchangefunds),orotherwiseengageintransactions,thathedgeoroffset,oraredesignedtohedgeoroffset,anydecreaseinthemarketvalueoftheCompany’sequitysecurities(a)grantedtotheAssociateorDirectorbytheCompanyaspartofthecompensationoftheAssociateorDirectoror(b)held,directlyorindirectly,bytheDirectororAssociate.

Board Committees.TheBoardhasastandingAuditCommitteeandCompensationCommittee.TheAuditCommitteeandtheCompensationCommitteehaveeachadoptedawrittencharter,bothofwhichareavailableontheinvestorrelationsportionoftheCompany’swebsiteatwww.dillards.com.Inaddition,theBoardhasanExecutiveCommitteethatperformsvariousfunctions,includingthosesimilartoastandingnominatingcommittee.TheExecutiveCommitteemembersareAlexDillardandWilliamDillard,II.

TheAuditCommitteemembersareH.LeeHastings,III,ReynieRutledge,Chairman,andJ.C.Watts,Jr.TheBoardhasdeterminedthatReynieRutledgeisan“auditcommitteefinancialexpert”andthatMessrs.Hastings,RutledgeandWattsareindependentofmanagementinaccordancewiththerequirementsoftheNYSEandtheSECforpurposesofdeterminingauditcommitteeindependence.TheBoardhasalsodeterminedthateachofMessrs.Hastings,RutledgeandWattsis“financiallyliterate”withinthemeaningofthelistingstandardsoftheNYSE.TheAuditCommitteeheldtenmeetingsduringfiscal2019.

TheCompensationCommitteemembersareRobertC.Connor,Chairman,FrankR.MoriandNickWhite.AllmembersoftheCompensationCommitteeareindependentasdefinedbyNYSElistingstandards.InadditionallmembersoftheCompensationCommitteequalifyas“non-employeedirectors”forpurposesofRule16b-3undertheExchangeAct.TheCompensationCommitteeheldthreemeetingsduringfiscal2019.

Board’s Leadership Structure.PursuanttotheCompany’sby-laws,theprincipalexecutiveofficershallbetheChairmanoftheBoard.Accordingly,theBoardhaselectedWilliamDillard,II,theCompany’sCEO,toserveasitsChairman.TheBoardbelievesthatthisstructureisbestsuitedtotheinterestsoftheCompanyandthestockholdersatthistimebecauseitenablesMr.DillardtobepersonallyinvolvedineveryaspectofleadingtheCompany.TheBoardbelievesthatMr.DillardisuniquelyqualifiedtoserveasChairmanbecausehisextensiveexperiencewiththeCompany(over50yearsofservice)provideshimwiththelong-termperspectivethatbuildsstockholdervalueandalignswiththelong-terminterestsofthestockholders.Inthiscapacity,hesetstheBoardagenda,regularlycommunicateswiththeotherBoardmembersandchairsBoardmeetingsandtheAnnualMeeting.

AlexDillard,theCompany’sPresidentandafellowBoardmember,assistsWilliamDillard,IIintheday-to-daysupervisionoftheCompany’sbusiness,whichprovidesothermembersofthemanagementteamreadyaccessto,andthebenefitof,theircombineddeepunderstandingofthecyclesandchallengesoftheretailindustry.ThecloseworkingrelationshipbetweentheCEOandthePresidentalsogivestheBoardandtheCompany’sstockholdersaveteranleadershipteamthatcanaddressissuesquicklyandseamlessly.

TheCompanyhasnoleadindependentDirector.However,thenon-managementdirectorsdesignateoneoftheindependentdirectorstopresideovertheirexecutivesessions.

Board’s Role in Risk Oversight.WhiletheCompany’smanagementhastheprimaryresponsibilityformanagingrisksfacingtheCompany,theBoardasawholeisactivelyinvolvedinandisresponsiblefortheoversightofriskmanagement,includingthoserisksassociatedwithcybersecurity.OurseniormanagementregularlyengagesinmanagementandoversightofourInformationSecurityprogramsandregularlyupdatesandengagesindiscussionswithourBoardoncybersecurityissues.TheBoard’sprimarygoalistoensurethattheriskmanagementprocessesdesignedandimplementedbytheCompany’smanagementareeffective.

TheAuditCommitteeisresponsibleforoversightofthequalityandintegrityoftheCompany’sfinancialstatementsandinternalcontrolsandcompliancewithlegalandregulatoryrequirementsandreviewstheannualriskassessmentreportpreparedbytheCompany’sinternalauditgroupwhichreportsdirectlytotheAuditCommittee.Basedontheannualriskassessment,theAuditCommitteeischargedwithstudyingorinvestigatinganymatterofinterestorconcernthatitdeemsappropriate.ItalsoreviewsreportsdescribinganyanonymouscallsmadetotheCompany’s“EthicsHotline,”togetherwithanyotherreportsofdisciplinaryorotheractiontakenwithrespecttomaterialbreachesoftheCompany’sCodeofConduct.Initsinvestigatorycapacity,theAuditCommitteehastheauthoritytoretainoutsidelegal,accountingorotheradvisors,includingtheauthoritytoapprovethefeespayabletosuchadvisorsandanyothertermsofretention.TheAuditCommitteeisalsogivenunrestrictedaccesstotheCompany’sinternalauditgroup,otherBoardmembers,executiveofficersandindependentaccountantstotheextentnecessarytocarryoutitsoversightresponsibilities.Whileactinginthiscapacity,theAuditCommitteehasthefullauthorityoftheBoard.

TheCompensationCommitteeisresponsibleforreviewinganyrisksarisingfromtheCompany’scompensationpolicies,particularlywithrespecttotheissueofencouraginginappropriaterisktakingbyexecutivemanagement.Inassessingcompensation-relatedrisks,theCompensationCommitteemayinvestigateanymatterrelatedthereto,isgivenfullaccesstoallbooks,records,facilitiesandpersonneloftheCompanyand,whenappropriate,mayhireoutsidelegal,accountingorotherexpertsoradvisorstoassisttheCompensationCommitteewithitswork.

TheBoard’sadministrationofitsriskoversightfunctionhasnotspecificallyaffectedtheBoard’sleadershipstructure.TheBoardbelievesthatitscurrentleadershipstructureisconduciveto,andappropriatefor,itsoversightofriskmanagement.

2019 Director Compensation

Duringfiscal2019,non-managementDirectorsreceivedanannualcashretainerof $100,000aswellas2,200restrictedsharesoftheCompany’sClassACommonStockvaluedat$126,412onthedateofgrant.Therestrictedsharesvestsixmonthsaftertheirissuance.ThechairmenoftheAuditCommitteeandCompensationCommitteealsoreceivedanadditionalannualcashretainerof $25,000.DirectorswhoarealsoemployeesoftheCompanyarenotseparatelycompensatedfortheirserviceontheBoard.

In2019,theCompensationCommitteeengagedKornFerryasitsindependentcompensationconsultant.KornFerryprovidedtheCommitteewithananalysisofdirectorcompensationattheCompany’speergroupcompaniesforuseindeterminingtheCompany’sdirectorcompensation.UponreviewandconsultationwithKornFerry,theCompensationCommitteedeterminednottomakeanychangestothedirectorcompensationprogram.

ThefollowingtablesummarizesthecompensationpaidbytheCompanytonon-managementDirectorsforthefiscalyearendedFebruary1,2020:

Fees Earned or

Paid in Cash ($)

Stock Awards

($)(1)

Option Awards

Non-Equity Incentive

Plan Compensation

Change in Pension Value

and Nonqualified

Deferred Compensation

Earnings ($)

All Other Compensation

($) Total ($) RobertC.Connor $125,000 $126,412 $ — $— $— $— $251,412 FrankR.Mori 100,000 126,412 — — — — 226,412 H.LeeHastings,III 100,000 126,412 — — — — 226,412 ReynieRutledge 125,000 126,412 — — — — 251,412 WarrenA.Stephens 100,000 126,412 — — — — 226,412 J.C.Watts,Jr. 100,000 126,412 — — — — 226,412 NickWhite 100,000 126,412 — — — — 226,412 JamesI.Freeman 100,000 126,412 — — — — 226,412

Theamountsinthe“StockAwards”columnrepresentthegrantdatefairvalueoftheannualstockawardmadeinfiscal2019,computedinaccordancewithFinancialAccountingStandardsBoardAccountingStandardsCodificationTopic718,Compensation — StockCompensation(“FASB ASC Topic 718”),andisequaltothesimpleaveragemarketpriceof2,200sharesonthedateofgrant.AllgrantsofrestrictedshareswerevestedasofFebruary1,2020.

COMPENSATION DISCUSSION AND ANALYSIS

Introduction

ThisCompensationDiscussionandAnalysis(“CD&A”)providesinformationregardingthecompensationpaidtoourChiefExecutiveOfficer,Co-PrincipalFinancialOfficersandourthreemosthighlycompensatedotherexecutiveofficersinfiscal2019.Theseindividualsarereferredtoas“namedexecutiveofficers”or“NEOs.”Thissectionshouldbereadinconjunctionwiththedetailedtablesandnarrativedescriptionsunderthesectiontitled“ExecutiveCompensation”inthisproxystatement.

Executive Summary

Wearecommittedtoapay-for-performanceculture.ThecompensationprogramisreviewedannuallyinordertoassurethatitsobjectivesandcomponentsarealignedwiththeCompany’sgoalsandcultureandalsothattheprogramincentivizesshort-termandlong-termprofitablegrowth.

ThemaincomponentsofthecompensationstrategyinplaceforourNEOsduringfiscal2019included(1)abasesalary,whichisdeterminedatthediscretionoftheCompensationCommitteebasedonanumberoffactorsandwiththeassistanceofitsindependentcompensationconsultant,(2)anannualcashbonus,whichislimitedtoanamountcalculatedaccordingtotheformulaofthegoverningplanbasedonpre-taxnetincome,(3)anannualstockbonuscalculatedaccordingtotheformulaofthegoverningplanand(4)retirementbenefitspursuanttoapensionplan.Foramorecomprehensiveanalysisofeachoneofthesecompensationarrangements,pleaseseethediscussionthatfollows.

Atthe2017AnnualMeetingofStockholders,inourlaststockholderadvisoryvote,over97%ofthevotescastonexecutivecompensationwerevotedtoapprovethecompensationoftheCompany’snamedexecutiveofficers.Asaresult,theCompensationCommitteedeterminednottomakematerialchangestoourcompensationprogramsduringthefiscalyear.

Compensation Philosophy

Thecoreelementsofourcompensationphilosophyaretoaligneachexecutive’scompensationwiththeCompany’sshort-termandlong-termperformance,promoteapay-for-performancecultureandprovidecompensationandincentivesneededtoattract,retainandmotivatekeyexecutiveswhoarecrucialtotheCompany’slong-termsuccess.Weseektoimplementourphilosophybyfollowingthreekeyprinciples:

Providingcompensationopportunitiesthatareequivalenttothoseofferedbycomparablecompanies,therebyallowingtheCompanytocompeteforandretaintalentedexecutiveswhoarecriticaltoourlong-termsuccess;

MotivatingexecutiveofficersbyrewardingthemforattainmentofCompanyprofitabilityonanannualbasis;and

Aligningtheinterestsofourexecutiveswiththelong-terminterestsofourstockholdersbyawardingequity-basedcompensationandbyofferingparticipationinretirement,stockpurchaseandstockbonusplansthatencouragestockownershipbyourexecutives.

Furtherdetailsconcerninghowweimplementourphilosophy,andhowweapplytheaboveprinciplestoourcompensationprogram,areprovidedthroughoutthisCD&A.

Elements of Compensation

Ourcompensationprogramprimarilyconsistsofthefollowingelements:BaseSalary,AnnualCashPerformanceBonuses,Equity-BasedCompensationAwardsandPensionPlanBenefits.WechoosetopayeachseparateelementwiththeintentofrewardingperformancebelievedtobebeneficialtotheCompanyandaccomplishingspecificpurposes,asdescribedbelow.Withineachelementofcompensation(otherthanthosebasedonapre-establishedformula),theCompensationCommitteeconsidersappropriaterangesfortheamountawardedgiventhelevelofpositionandperformanceoftheindividualandtheCompanyfortheperiodunderconsideration.

Base Salaryisdesignedto:

Rewardtheproficiencyofourexecutivesrelativetotheirskills,positionandcontributionstothesuccessoftheCompany;and

ProvidealevelofannualcashcompensationcompetitivewiththemarketplacethatrecognizescontributionstotheoverallsuccessoftheCompanyandprovidesthepotentialforannualincreasesreflectingthosecontributions.

Annual Cash Performance Bonusesaredesignedto:

MotivateexecutivestoassistintheattainmentofCompanyprofitabilityonanannualbasis;and

Fosterapay-for-performanceculturethatalignsouroverallcompensationprogramswithourbusinessstrategyandrewardsexecutivesfortheircontributionstowardourgoalofincreasingprofitability.

Equity-Based Compensation Awardsaredesignedto:

Linkcompensationawardstothecreationofstockholdervalue;and

Encourageourexecutivestoworktogetherintheinterestofstockholdersbyassociatingaportionofcompensationwiththelong-termvalueofourcommonstock.

Pension Plan Benefitsaredesignedto:

Providecompetitiveincentivestoourexecutiveofficerstofocusonthelong-termsuccessoftheCompany;and

ProvideasecureretirementafteralongandproductivecareerwiththeCompany.

TheCompensationCommitteebelievesthatthecombinationoftheseelementsprovidesanappropriatemixoffixedandvariablepaywhichbalancesshort-termoperationalperformancewithlong-termstockholdervalue.TheCommitteealsobelievesthatourcompensationprogramenablesustoreinforceourpay-for-performancephilosophyaswellasstrengthenourabilitytoattractandretainhighlyqualifiedexecutivesbyprovidingbenefitsequivalenttothoseofferedbyourleadingcompetitors.

Allocation of Total Direct Compensation

ThetablebelowillustratestheallocationoftotaldirectcompensationforeachNEOinfiscal2019.Basesalary,annualcashperformancebonuses,equity-basedcompensationawardsandothercompensation(consistingofperquisites,insurancepremiumsandretirementplancontributions)compriseeachNEO’stotaldirectcompensation.Totaldirectcompensationisdifferentfromthe“TotalCompensation”columnoftheSummaryCompensationTableappearingonpage25inthatitexcludeschangesinpensionvalue.WedisclosetheallocationoftotaldirectcompensationtoprovideinsightintotheCompensationCommittee’sdecision-makingprocesswhenestablishingNEOcompensation.TheCompensationCommitteedoesnotconsiderchangesinpensionvaluewhenestablishingNEOcompensationbecausepensionamountsareearnedeachyearbasedonapre-establishedformulasetforthintheCompany’spensionplanrelatingtocompensationpreviouslyreceivedbyanNEOandtheNEOdoesnotreceivetheamountuntilafterretirementfromtheCompany.Further,pensionvaluescanfluctuatewidelyyear-to-yearduetochangesindiscountrates,whichareoutsideoftheCompany’sandexecutive’scontrol.Assuch,theseamountsareexcludedfromthetablebelow.

Asshowninthetablebelow,theCompensationCommitteedeterminedthataslightlyhigherportionoftotaldirectcompensationpaidtoMessrs.WilliamDillard,IIandAlexDillard,ourChiefExecutiveOfficerandPresident,respectively,shouldbeperformancebased,thanthatoftheotherNEOs,giventheirabilitytoaffectstockholdervaluerelativetotheotherNEOs.

Allocation of Total Direct Compensation

NEOBase

Salary

Annual Cash

Performance Bonuses

Equity-Based Compensation

AwardsOther

CompensationWilliamDillard,IIChiefExecutiveOfficer

55.5 30.2 6.1 8.2

AlexDillard,President

55.2 30.0 6.0 8.8

MikeDillard,ExecutiveVicePresident

64.2 21.9 5.8 8.1

DrueMatheny,ExecutiveVicePresident

65.5 22.4 5.9 6.2

ChrisB.Johnson,Senior Vice President and Co-Principal FinancialOfficer

73.5 10.7 5.3 10.5

PhillipR.Watts,Senior Vice President, Co-Principal Financial OfficerandPrincipalAccountingOfficer

75.0 10.9 5.4 8.7

How We Determine Compensation

Role of the Compensation Committee.TheCompensationCommitteehasresponsibilityforestablishing,implementingandmonitoringadherencetoourcompensationphilosophy.Incarryingoutthisfunction,thecommitteestrivestoensurethattotalcompensationpaidtonamedexecutiveofficersisfair,reasonableandcompetitive.

TheCompensationCommitteeregularlyreviewsandevaluatesourcompensationprogramtoensurethatit:

Promotesourabilitytoattractandretainqualifiedmanagementpersonnelbyprovidingcompensationthatiscompetitiverelativetothatpaidbyourcompetitors.Tothisend,theCompensationCommitteeregularlyreviewsandevaluatescompensationpackagesandamountspaidbyourprimarycompetitorsandotherfamily-foundedandfamily-managedcompanies.

Fostersapay-for-performancecultureprovidingexecutiveswiththeopportunitytoincreasetheirlevelofoverallcompensationbasedonthefinancialperformanceoftheCompany.Tothisend,theCompensationCommitteeregularlyreviewsandevaluatesindividualperformancetoensurethatournamedexecutiveofficersarerewardedfortheircontributionstoCompanygoalsandstockholdervalue.

Theseevaluations,alongwiththeindependentjudgmentexercisedbymembersoftheCompensationCommittee,guidestheCompensationCommittee’sdecisionsinstructuringcompensationelements,determiningcompensationamounts,allocatingbetweenlong-termandcurrentlypaidcompensationandallocatingbetweencashandnon-cashamounts.TheCompensationCommitteealsotakesintoaccounthowcompetitivepressuresandeconomicconditionsoverwhichournamedexecutiveofficersmayhavelittleornocontrolcanhaveanegativeimpactontheCompany’sfinancialperformance.

Role of Compensation Consultant in Compensation Decisions.Duringtheyear,inaccordancewiththeCompensationCommittee’sinstructions,KornFerry,theCompensationCommittee’sindependentconsultant,providedtheCompensationCommitteewithananalysisofNEOcompensationattheCompany’speergroupcompanies,aswellasinformationontrendsandbestpracticesinexecutivecompensation.Inaddition,

% % % %

KornFerryprovidedtheCompensationCommitteewithananalysisofdirectorcompensationattheCompany’speergroupcompanies.KornFerrydidnotperformanyotherservicesfortheCompanyoritsaffiliatesotherthantoprovideadviceandcounseltotheCompensationCommitteeonnamedexecutiveofficersanddirectorcompensationinaccordancewiththeCompensationCommittee’sinstructionsfromtimetotime.TheCompensationCommitteehasassessedtheindependenceofKornFerrypursuanttotheapplicablerulesanddeterminedthatitsengagementdoesnotraiseanyconflictofinterest.

Role of Named Executive Officers in Compensation Decisions.OurChiefExecutiveOfficer,PresidentandCo-PrincipalFinancialOfficereachprovideinputtotheCompensationCommitteeregardingCompanyandindividualperformance.However,theCompensationCommitteeexercisescompletediscretioninmakingallcompensationdecisionsregardingcashcompensation,equityawardsandotherbenefitsforallofournamedexecutiveofficers.

Role of Comparable Company Analysis in our Compensation Decisions.Inordertodevelopacompetitivecompensationpackageforournamedexecutiveofficers,theCompensationCommitteecomparesourcompensationpackagewiththoseofacomparisongroupofpubliccompanies.Thecomparisongroupincludesdepartmentstores,specialtystoresaswellascompaniesthatwerefamily-foundedandcontinuetobefamily-managed.Acompletelistingofthecompaniesinthecomparisongroupappearsbelow:

Abercrombie&FitchCo.Chico’sFAS,Inc.TheChildren’sPlaceRetailStores,Inc.J.C.PenneyCompany,Inc.Macy’s,Inc.

S&PGlobal,Inc.TailoredBrands,Inc.Nordstrom,Inc.ShoeCarnival,Inc.StarbucksCorporation

TheGap,Inc.TheTJXCompanies,Inc.Tiffany&Co.WilliamsSonoma,Inc.SteinMart,Inc.

Forfiscal2019,theCompensationCommitteedeterminedtoremoveTheBon-TonStores,Inc.fromthepeergroupfollowingthecompany’sbankruptcy.TheCompensationCommitteebelievescompaniesinthecomparisongrouparecomparabletotheCompanyinoperations,managementstyleandculture.However,thenumberofseniorexecutivesretainedbytheCompanyisgenerallylowerthanthenumberofseniorexecutivesatothercompaniesinthecomparisongroup,whichwebelieveplacesourexecutivemanagementcloserinthechainofcommandtoassociatesforwhomtheyareresponsible.Thebenefitofourstructureisthatweareabletoeffectivelymanageourassociateswithoutunnecessarylayersofintermediatemanagers.TheCompensationCommitteebelievesthisapproachincreasesthedemandsuponthenamedexecutiveofficers’timeandrequiresagreaterdepthofknowledgeofoperationsthanthatoftheirpeersinthecomparisongroup.Accordingly,theCompensationCommitteebelievesthatournamedexecutiveofficers’compensationshouldreflectthisincreasedresponsibility.

Whilewedonotspecificallybenchmarkourcompensationagainstcompaniesinthecomparisongroup,ourCompensationCommitteeannuallyperformsacompensationanalysisofthecompensationpaidbythesecompaniesandperiodicallysurveysthecompensationpracticesofthesecompaniestoassessourcompetitiveness.ThisinformationisusedaspartoftheCompensationCommittee’sconsiderationsinsettingcompensationforournamedexecutiveofficers,particularlyinrespectofchangesinbasesalaryeachyearasdiscussedbelow.Inreviewingthisdata,theCompensationCommitteeconsidersfactorssuchastherelativefinancialperformanceofsuchcompanies,aswellascertainotherfactorstheCommitteebelievesdifferentiateusfromthosecompanies — particularlyourhomogenous,unifiedbusinessplanofoperatingvirtuallyidenticaldepartmentstoresprimarilyinthesouthwest,southeast,andmidwestregionsoftheUnitedStates,whichwebelieveallowsformorestreamlined,cohesiveoperationsandourflattermanagementstructure.

Stockholder Advisory Vote.OurCompensationCommitteerecognizesthefundamentalinterestourstockholdershaveinthecompensationofourexecutiveofficers.Atthe2017AnnualMeetingofStockholders,over97%ofthesharespresentandentitledtovoteontheadvisoryresolutiononexecutivecompensationwerevotedtoapprovethecompensationoftheCompany’snamedexecutiveofficers.Basedupontheresultsofsuchadvisoryvoteandourreviewofourcompensationpoliciesanddecisions,webelievethatourexistingcompensationpoliciesanddecisionsareconsistentwithourcompensationphilosophyandobjectivesdiscussedaboveandadequatelyaligntheinterestsofournamedexecutiveofficerswiththeinterestsofourstockholders.Atthe2017AnnualMeetingofStockholders,ourstockholdersalsovoted,onanadvisorybasis,

toholdanadvisoryvoteonthecompensationofournamedexecutiveofficerseverythreeyears.Inlightofsuchvote,onMay20,2017,theBoardofDirectorsoftheCompanydeterminedthattheCompanywouldincludetheadvisoryvoteonthecompensationofournamedexecutiveofficerseverythreeyearsuntilthenextrequiredfrequencyvote.Accordingly,thenextstockholderadvisoryvoteapprovingexecutivecompensationwilltakeplaceatthisyear’sAnnualMeeting(seeProposal3onpage32ofthisproxystatement),whilethenextadvisoryvoteonthefrequencyoftheadvisoryvoteapprovingourexecutivecompensationwilltakeplaceattheCompany’s2023AnnualMeetingofStockholders.

Specific Elements of Our Compensation Program

Base Salary

BasesalariesareprovidedtoournamedexecutiveofficersatlevelsestablishedbytheCompensationCommitteeonanannualbasis.BasesalariesaresetatthediscretionoftheCompensationCommitteeand,unliketheannualcashperformancebonusesandequity-basedcompensationawards,arenotspecificallyrelatedtoanyCompanyperformancecriteria.Eachyear,theCompensationCommitteereviewsacompetitivemarketanalysisofsalariespaidbycompaniesinthecomparisongrouptoensurethatbasesalariespaidtoournamedexecutiveofficersarecompetitive.Thecommitteealsoconsiders:

thenamedexecutiveofficer’saggregatecompensationandbenefits;

thenamedexecutiveofficer’slevelofresponsibilityandexperience;and

thenamedexecutiveofficer’ssuccessinachievingbusinessresults,promotingourcorevaluesanddemonstratingleadership,aswellasCompany-wideperformance.

TheCompensationCommitteeseteachnamedexecutiveofficer’sbasesalaryasfollows:

NEO Base SalaryFiscal 2019 Fiscal 2018 % Increase

WilliamDillard,II $1,070,000 $1,035,000 3.4 AlexDillard 1,070,000 1,035,000 3.4 MikeDillard 765,000 750,000 2.0 DrueMatheny 765,000 750,000 2.0 ChrisB.Johnson 550,000 525,000 4.8 PhillipR.Watts 550,000 525,000 4.8

TheCompensationCommitteeassignedhigherbasesalaryamountstoMessrs.WilliamDillard,IIandAlexDillardtoreflecttheirlevelofresponsibilityandexperience,theimportanceoftheirrespectivepositionswithintheCompanyandtheirabilitytoaffectstockholdervaluerelativetootherNEOs.However,thebasesalariesofWilliamDillard,IIandAlexDillardarebelowthemedianbasesalariesoftheexecutiveofficersforthecomparisongroupofretailerslistedabove.

Annual Cash Performance Bonuses

OurcompensationprogramincludesannualperformancebonusespayableunderourSeniorManagementCashBonusPlan(the“Cash Bonus Plan”).AnnualcashbonusesaredesignedtorewardexecutiveofficersbasedontheCompany’sperformanceandtheindividualexecutive’scontributiontothatperformance.UnderthetermsoftheCashBonusPlan,performancebonusesmaybepaidonlyiftheCompanyrealizespositivenetincomebeforefederalandstateincometaxesforthefiscalyear,whichwerefertoaspre-taxnetincome.TheCompensationCommitteebelievesthatpre-taxnetincomeisameaningfulmeasureoffinancialandoperationalperformanceandthatrequiringaparticularleveloffinancialandoperationalperformancebeforecashbonusesareearnedbyexecutiveofficersfurtherstheCompany’sgoaloflinkingpaytoperformance.Noindividual’sbonusundertheCashBonusPlancanexceed1%oftheCompany’spre-taxnetincome.

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UndertheCompany’sCashBonusPlan,personswhooccupythefollowingpositionsareeligibletoreceivebonuses:

ChiefExecutiveOfficer;

President;

ExecutiveVicePresidents;and

SeniorVicePresidents.

Fromthisgroupofpersons,theCompensationCommittee,initssolediscretion,designatesthoseindividualseligibletoreceiveaperformancebonusundertheCashBonusPlan.Inmakingitsdeterminations,theCompensationCommitteeconsidersrecommendationsofseniormanagementandthecontributionofeachexecutiveofficertotheCompany’sperformance.

WhentheCompensationCommitteedesignatestheindividualseligibletoparticipateintheCashBonusPlan,italsodesignatesthemaximumpercentageofthebonuspooleachindividualwillbeentitledtoreceive.TheCompensationCommitteeassignsapercentageofthebonuspooltoeachparticipant,takingintoconsiderationtheindividual’slevelofresponsibilityforbothoperatingresultsandmanagementoftheorganization.Theassignedpercentagecanvaryfromyeartoyear.Theyear-endamountofanindividual’sbonusismathematicallydeterminedbyapplyingthispercentagetothebonuspool.

BonusesarepaidundertheCashBonusPlanattheconclusionofthefiscalyearfromabonuspool,whichisequaltothesumof (x)1 ∕2%oftheCompany’spre-taxnetincomeforthefiscalyear,plus(y)3 ∕2%oftheincreaseinpre-taxnetincomeoverthepriorfiscalyear.Ourpre-taxnetincomewas$133,890,300infiscal2019and$207,993,000infiscal2018foradecreaseinpre-taxnetincomeof $74,102,700.Thisresultedinatotalavailablebonuspoolof $2,008,350forfiscal2019(1 ∕2%ofpre-taxnetincomeinfiscal2019).

Thefollowingtablesetsforthforeachnamedexecutiveofficersuchofficer’s:(1)assignedpercentallocationofthefiscal2019bonuspooland(2)actualbonustobepaidundertheCashBonusPlanforfiscal2019:

Assigned Percent Allocation of the Fiscal

2019 Bonus Pool

Cash Bonus to be Paid for Fiscal 2019 under

Cash Bonus Plan WilliamDillard,II 29 $ 582,400 AlexDillard 29 $ 582,400 MikeDillard 13 $ 261,100 DrueMatheny 13 $ 261,100 ChrisB.Johnson 4 $ 80,300 PhillipR.Watts 4 $ 80,300

TheCompensationCommitteeassignedhigherpercentageamountstoMessrs.WilliamDillard,IIandAlexDillardtoreflecttheirlevelofresponsibilityandabilitytoaffectstockholdervaluerelativetootherNEOs.Theremaining8%ofthebonuspoolnotshowninthetablewasallocatedtoothermembersofseniormanagement.

TheCompensationCommitteeretainsthediscretiontoreduceoreliminateanybonusesthatmightotherwisebedueunderthetermsoftheCashBonusPlan.Inmakingthisdetermination,theCompensationCommitteemayconsiderfactorswhicharemoreindividualizedtospecificcircumstancesthatwereunforeseenatthetimetheoriginalallocationsweremade.TheCompensationCommitteealsoreservestherighttoawardsmallerornobonusesinordertoconservecashforoperationsorforotherbusinessopportunitiesthatcouldeitherpreserveorenhancestockholdervalue.TheCompensationCommitteecannot,however,increasetheamountspayableundertheCashBonusPlan.TheCompensationCommitteemadenoadjustmentstothebonusestobepaidundertheCashBonusPlanforfiscal2019.

Equity-Based Compensation

Webelieveequityownershipisessentialinlinkinganexecutiveofficer’scompensationtotheperformanceofourCommonStockandtotalstockholderreturn.Wealsobelieveequityownershipisanimportanttool

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increatingincentiveforsustainedgrowth.Assuch,infiscal2019ournamedexecutiveofficersreceivedequity-basedcompensationthrougheachofthefollowingplans(eachofwhichisdiscussedbelow):theDillard’s,Inc.StockBonusPlan(the“Stock Bonus Plan”),aqualifieddefinedcontributionretirementplan(the“Retirement Plan”)andtheDillard’s,Inc.StockPurchasePlan(the“Stock Purchase Plan”).Equity-basedcompensationawardedundertheseplansisgenerallyestablishedbyapredeterminedformulasetforthineachplanthatistieddirectlytotheaggregateamountofcashcompensation(salaryandcashbonus)paidtoanindividual.

Stock Bonus Plan.TheformulaundertheStockBonusPlanprovidesforanannualstockawardequalto6%ofeachnamedexecutiveofficer’sannualtotalcashcompensationinexcessof $15,000(lessapplicablewithholding)dividedbythecurrentfairmarketvaluepershareonthedatethatthestockbonusisgranted.Thestockawardshavenovestingrequirements.TheCompensationCommitteehasthediscretiontoalterawardspayableundertheStockBonusPlanbutmadenoadjustmentstoawardsgrantedinfiscal2019.

Retirement Plan.TheRetirementPlanpermitsexecutivestomakeelectivecontributionstotheRetirementPlanofuptothelesserof $19,000($25,000iftheexecutiveisatleast50yearsold)or75%ofeligiblepay.Companymatchingcontributionsarecalculatedontheeligibleexecutive’sfirst6%ofelectivedeferralswiththefirst1%beingmatched100%andthenext5%beingmatched50%.AllcontributionsareusedtopurchaseClassACommonStockatmarketprices.

Stock Purchase Plan.TheStockPurchasePlanallowsexecutivestomakecontributionsonlytotheextenttheywerepreventedfromcontributingtotheRetirementPlanbecauseofnondiscriminationrulesanddollarlimitationsoftheInternalRevenueCode.Companymatchingcontributionsarecalculatedontheeligibleexecutive’sfirst5%ofelectivedeferralsandarematched100%.AllcontributionstotheStockPurchasePlanareusedtopurchaseClassACommonStockatmarketprices.

Pension Plan

Wemaintainanon-qualifieddefinedbenefitpensionplan(the“Pension Plan”)forournamedexecutiveofficers.ThePensionPlanprovidesanannualawardfollowingretirementbaseduponthelevelofeachofficer’ssalaryandcashbonusduringtheofficer’stenure,aswellasthetotalyearsofserviceprovidedtotheCompany.Specifically,theawardiscalculatedbymultiplyingeachofficer’syearsofserviceby1 ∕2%andmultiplyingtheresultbytheaverageofthehighestthreeyearsofeachofficer’s“pensionearnings”.PensionearningsaredefinedastotalsalarypluscashbonuspaidduringthefiscalyearminusthemaximumSocialSecuritywagebaseinthatyear.RetirementisconsideredNormalRetirementiftheindividualhasmettheservicerequirementsandhasreached65yearsofage.PersonsareeligibleforEarlyRetirementiftheindividualhasmettheservicerequirementsandhasreached55yearsofage.

ForpersonseligibleforEarlyRetirement,butnotyeteligibleforNormalRetirement,thereisa2 ∕2%reductionintheamountofannualpensionbenefitforeachyearorpartialyearbetweentheperson’s65 birthdayandtheperson’sattainedageonthedateofretirement.Duringfiscal2019,PhillipWattswastheonlyNEOthatmettherequirementsforEarlyRetirementandhadnotreachedtheageforNormalRetirementasdefinedbythePensionPlan.

ThePensionPlanprovidesthat,intheeventofachangeincontroloftheCompany(asdefinedinthePensionPlan),thepresentvalueoftheannualpensionbenefitdeterminedasofthedateofthechangeincontrolwillbepaidinalumpsumwithin60days.AllemployeeswithabenefitaccruedunderthePensionPlanuptothedateofthechangeincontrolareeligibleforalumpsumpaymentandnofurtherbenefitswouldbepaidfromthePensionPlan.TheCompanybelievesthisfeatureisimportantinrecruitingandretainingqualifiedexecutivemanagementpersonnelbecause:

Itprovidesforstableretirementplanning;

Itreducesflightriskgenerallyassociatedwiththeinherentuncertaintiessurroundingachangeincontrol(thatinsomecasesmightleadsomeofficerstoretireprematurelyorleavetheCompany);and

Itisconsistentwithprovisionscontainedinsimilarplansmaintainedbyothercompanies.

Additionalinformationaboutsuchlumpsumpayments,includinghowthepresentvaluewouldbedeterminedandtheestimatedlumpsumpensionbenefitsthateachnamedexecutiveofficerwouldhavereceivedifachangeincontrolweretohaveoccurredonthelastbusinessdayoffiscal2019isprovidedbelowunder“PotentialPaymentsUponTerminationorChangeinControl.”

Other Benefits

Health Insurance.Weprovideanenhancedhealthinsuranceplantoournamedexecutiveofficers.Thisplanassistsournamedexecutiveofficersinmaintainingtheirphysicalwell-beingsothattheyareabletodevotetheirenergiestothemanagementoftheCompany.

Company Aircraft.OurnamedexecutiveofficersareallowedaccesstoCompany-ownedaircraftforpersonaluseaswellasbusinessflights.Thisbenefitincreasesthelevelofsafetyandsecurityforthenamedexecutiveofficersandallowsthemtomakebetteruseoftheirtimebybeingabletotravelmoreefficiently.TheCompanyreportsimputedincometoanexecutiveofficerforincometaxpurposesforthevalueofanypersonalusebasedupontheStandardIndustryFareLevel(SIFL)inaccordancewiththeInternalRevenueCodeandTreasuryRegulations.ForpurposesoftheSummaryCompensationTablebelow,theCompanyreportscompensationfortheNEOsbasedontheincrementalcostforflightsconstitutingpersonaluse.AsdisclosedintheSummaryCompensationTableinthisproxystatement,onlyMessrs.WilliamDillard,II,AlexDillardandMikeDillardhadpersonaluseofCompanyaircraftforfiscalyear2019.

Tax Deductibility of Executive Compensation

Section162(m)oftheInternalRevenueCodegenerallydisallowsanincometaxdeductiontopublicly-heldcorporationsforcompensationinexcessof $1,000,000paidforanyfiscalyeartothecorporation’schiefexecutiveofficer,toanyofitsotherthreemosthighlycompensatedexecutiveofficers,ortotheco-principalfinancialofficers.Forcompensationpaidpriorto2018andcertain“grandfathered”arrangementsinplacepriortoNovember2,2017,thestatuteexemptedqualifyingperformance-basedcompensationfromthe$1millionlimitationifspecifiedrequirementsaremet.However,theperformance-basedcompensationexemptionhasbeenrepealed,effectivefortaxableyearsbeginningafterDecember31,2017,suchthatfuturecompensationpaidtoournamedexecutiveofficers,includingtheco-principalfinancialofficers,inexcessof $1,000,000willnotbedeductibleunlessitqualifiesfortransitionreliefapplicabletocertainarrangementsinplaceasofNovember2,2017.TheCompensationCommitteehashistoricallystructuredexecutivecompensationinordertopreserveitsdeductibilityunderSection162(m)totheextentpractical.TheCompensationCommitteecontinuestoreservetheright,however,tograntorapprovecompensationorawardsthatmaynotbedeductiblewhenitbelievessuchcompensationorawardsareinthebestinterestsoftheCompanyanditsstockholdersorarenecessarytoassurecompetitivetotalcompensationforournamedexecutiveofficers.

Other Compensation Considerations

Severance and Change in Control Arrangements.Wehavenotenteredintoagreementsorarrangementstoprovideseveranceorchangeincontrolpaymentstoanyofourexecutives,otherthanwithrespecttothePensionPlanasdescribedabove.Ourpastpracticehasnotincludedthepaymentofseverancetoanyexecutives.

Compensation Recovery Policy.TheCompensationCommitteedoesnotpresentlyhaveaspecificpolicyseekingreimbursementofcompensationawardsbutwilladoptonewhentheNYSEadoptsrulesrequiringsuchapolicyasmandatedundertheDodd-FrankWallStreetReformandConsumerProtectionActof2010.Untilthen,theCommitteewillevaluateonacasebycasebasiswhethertoseekthereimbursementofcertaincompensationawardspaidtoanamedexecutiveofficerifsuchexecutiveengagesinmaterialmisconductthatcaused,orpartiallycaused,arestatementoffinancialresults.Ifitshouldeveroccur,whenmakingthisdetermination,theCompensationCommitteewilllikelyconsiderthetotalityofthecircumstancessurroundingthemisconduct,includingtheintentoftheofficerinengaginginthemisconductandtheexpensethattheCompanymightincurseekingreimbursementascomparedtotheamountofreimbursement,andwhethertherewereadditionalofficersinvolvedand,ifso,theroleplayedbytheindividualinthemisconduct.

Compensation Policies and Practices and Risk Management.TheCompensationCommitteetakesriskintoconsiderationwhenreviewingandapprovingnamedexecutiveofficercompensationandbelievesthatthecompositionoftotalcompensationshouldnotencourageinappropriateorexcessiverisk-taking.TheCompanymonitorstheriskassociatedwithitscompensationprogramforallemployees,includingNEOs,thecomponentsofitscompensationprogramandindividualcompensationdecisions,onanongoingbasis.Thisongoingassessmentincludes(1)considerationoftheprimarydesignfeaturesoftheCompany’scompensationplansandtheprocesstodetermineincentivecompensationeligibilityandgrantawardsforemployeesand(2)analysisofhowthosefeaturescouldencourageormitigaterisk-taking.TheCompanybelievesthatitscompensationpoliciesandpracticesforallemployees,includingNEOs,donotcreaterisksthatarereasonablylikelytohaveamaterialadverseeffectontheCompany.

COMPENSATION COMMITTEE REPORT

TheCompensationCommitteehasreviewedanddiscussedwithmanagementtheaboveCompensationDiscussionandAnalysis.Basedontheirreviewanddiscussions,theCompensationCommitteerecommendedtotheBoardofDirectorsthattheCompensationDiscussionandAnalysisbeincludedinthisproxystatementandintheCompany’sAnnualReportonForm10-KfortheyearendedFebruary1,2020.

TheCompensationCommitteeoftheBoardofDirectors

RobertC.Connor,ChairmanFrankR.MoriNickWhite

(2)(3)

EXECUTIVE COMPENSATION

Thefollowingtablesummarizesthecompensationearnedbyorpaidtoournamedexecutiveofficersduringfiscalyears2019,2018and2017.

Summary Compensation Table

Name and Principal Position YearSalary

($)Bonus

Stock Awards

($)Option

Awards($)

Non-Equity Incentive Plan Compensation

Change in Pension

Value and Nonqualified

Deferred Compensation Earnings($)

All Other Compensation

Total Compensation

($) WilliamDillard,IIChiefExecutiveOfficer

2019 $1,070,000 $ — $117,346 $— $ 582,400 $ — $ 158,522 $ 1,928,268 2018 1,035,000 — 116,686 — 904,800 1,016,491 212,779 3,285,756 2017 1,000,000 — 126,366 — 928,800 2,537,233 196,106 4,788,505

AlexDillardPresident

1,070,000

117,346

— 582,400

5,820,037

171,701

7,761,484

2018 1,035,000 — 116,686 — 904,800 224,742 226,613 2,507,841 2017 1,000,000 — 126,366 — 928,800 1,996,585 178,754 4,230,505

MikeDillardExecutiveVicePresident

765,000

69,226

— 261,100

3,086,234

95,797

4,277,357

2018 750,000 — 68,980 — 405,500 16,885 83,089 1,324,454 2017 735,000 — 73,353 — 416,400 957,639 105,589 2,287,981

DrueMathenyExecutiveVicePresident

765,000

69,226

— 261,100

2,866,608

72,199

4,034,133

2018 750,000 — 68,980 — 405,500 220,369 66,807 1,511,656 2017 735,000 — 73,353 — 416,400 1,242,668 78,633 2,546,054

ChrisB.JohnsonSeniorVicePresidentandCo-PrincipalFinancialOfficer

550,000

39,415

— 80,300

503,142

78,515

1,251,372

2018 525,000 — 38,113 — 124,800 24,372 61,052 773,337 2017 500,000 — 38,376 — 128,100 220,156 82,744 969,376

PhillipR.WattsSeniorVicePresident,Co-PrincipalFinancialOfficerandPrincipalAccountingOfficer

550,000

39,415

— 80,300

873,568

63,965

1,607,248

2018 525,000 — 38,113 — 124,800 45,713 52,582 786,208 2017 500,000 — 38,376 — 128,100 606,557 68,693 1,341,726

ReflectsstockawardsundertheCompany’sStockBonusPlan.TheamountreportedinthiscolumnforeachNEOreflectsthefairvalueonthedateofgrant,asdeterminedunderFASBASCTopic718.ThegrantdatefairvalueofthestockawardsiscalculatedbasedontheaveragepriceoftheCompany’sClassACommonStockontheNYSEonthedateofgrant.ReflectsamountsearnedbyNEOsundertheCompany’sCashBonusPlan.Theseamounts,ifany,representtheactuarialincreaseinthepresentvalueoftheNEO’sbenefitsundertheCompany’sPensionPlandeterminedusinginterestrateandmortalityrateassumptionsconsistentwiththoseusedintheCompany’sfinancialstatements.Interestrateassumptionchangeshaveasignificantimpactonthepensionvalueswithperiodsoflowerinterestrateshavingtheeffectofincreasingtheactuarialvaluesreportedandviceversa.Thepresentvalueofaccumulatedbenefitsforfiscal2019reflectsadiscountrateof2.8%andgenerationalmortalityratesunderthePri-2012tableusingscaleMP-2019comparedtothe4.0%discountrateandgenerationalmortalityratesundertheRP-2014tableusingscaleMP-2018applicableforfiscal2018.Thisdiscountratechangewastheresultofactuarialadjustmentsbasedonchangesincorporatebondrates.TheCompanydoesnotpay“abovemarket”interestonnon-qualifieddeferredcompensationtoemployees.

(1) (2) (3) (4)

Forfiscal2019,allothercompensationreflectsmatchingcontributionsundertheCompany’sRetirementPlanandStockPurchasePlan,theincrementalcosttotheCompanyforpersonaluseofCompanyaircraft,andpremiumspaidforhealthinsurance,eachasdetailedinthetablebelow:

All Other CompensationCompany Contributions

under Retirement Plan and Stock Purchase Plan

Airplane Use

Insurance Premiums Paid by the Company Total

WilliamDillard,II $ 94,358 $29,617 $ 34,547 $158,522 AlexDillard 94,358 42,796 34,547 171,701 MikeDillard 54,239 7,011 34,547 95,797 DrueMatheny 54,239 — 17,960 72,199 ChrisB.Johnson 28,746 — 49,769 78,515 PhillipR.Watts 29,418 — 34,547 63,965

Theamountsreportedinthiscolumnreflectcompensationforthenamedexecutiveofficersbasedontheaggregateincrementalcostforflightsconstitutingpersonaluse.SuchincrementalcostiscalculatedonthebasisoftheadditionalvariableoperatingcoststotheCompany,includingfuelcosts,mileage,trip-relatedmaintenanceandothermiscellaneousvariablecosts,resultingfromsuchpersonaluse.Fixedcosts,whichdonotchangebasedonusage,suchasaircraftpurchasecosts,pilotsalariesandthecostofmaintenancenotrelatedtospecifictrips,areexcludedfromthecalculationofincrementalcost.

2019 Grants of Plan-Based Awards

ThetablebelowsetsforththeawardsgrantedtotheNEOsduringfiscal2019pursuanttotheCashBonusPlanandtheStockBonusPlan:

All Other Stock

Awards

All Other Option Awards: Grant Date

Fair Value of Stock

and Option Awards

Estimated Future Payouts Under Non-Equity Incentive Plan Awards

Estimated Future Payouts Under Equity Incentive Plan Awards

Number of Shares of Stock or

Number of Securities

Underlying Options

Exercise or Base Price of Options

Awards

Name Grant Date Threshold

($) Target

($) Maximum

($) Threshold

(#)Target

(#)Maximum

(#) (#) (#) ($/Sh) ($)

WilliamDillard,II January31,2020 1,836 $117,346 February26,2020 $582,400 $1,338,903

AlexDillard January31,2020 1,836 117,346 February26,2020 582,400 1,338,903

MikeDillard January31,2020 1,083 69,226 February26,2020 261,100 1,338,903

DrueMatheny January31,2020 1,083 69,226 February26,2020 261,100 1,338,903

ChrisB.Johnson January31,2020 617 39,415 February26,2020 80,300 1,338,903

PhillipR.Watts January31,2020 617 39,415 February26,2020 80,300 1,338,903

RepresentsawardsundertheCompany’sCashBonusPlan.Asdescribedin“CompensationDiscussionandAnalysis,”ExecutiveOfficersparticipatingintheCashBonusPlanreceiveapre-determinedshareofabonuspoolgeneratedbycertainCompany-basedperformancemetrics.TherearenothresholdortargetamountsundertheCashBonusPlan.Becausetheplandoesnotsetsuchamountsandbecause

(1) (2)(3)(4)

futurepayoutsrelatingtoanNEO’spercentageshareofthebonuspoolarenotdeterminable,theamountsinthiscolumnrepresenttheactualpaymentstobemadetothenamedexecutiveofficersunderawardsgrantedforfiscal2019.RepresentsthemaximumthatanyindividualcanreceiveundertheCashBonusPlan,whichis1%oftheCompany’spre-taxnetincomeforfiscal2019.ReflectsamountsgrantedtotheNEOsinfiscal2019undertheCompany’sStockBonusPlan.FormoredetailedinformationontheStockBonusPlan,includingageneraldescriptionoftheprocedureandformulautilizedbytheCompanyindeterminingtheamountsgranted,seethediscussionintheEquity-BasedCompensationportionof “CompensationDiscussionandAnalysis.”Reflectsnumberofsharesofstockgrantedbeforewithholdingapplicablefederalandstateincometax.Thestockgrantawardsreflectedinthetablearenotsubjecttovesting.

Outstanding Equity Awards at 2019 Fiscal Year-End

TherewerenooutstandingstockoptionsorunvestedstockawardsheldbytheNEOsasofFebruary1,2020.

2019 Option Exercises and Stock Vested

Thetablebelowsetsforththenumberofsharesacquiredandthevaluerealizeduponexerciseofstockoptionsandvestingofstockawardsduringfiscal2019byeachoftheNEOs.

Option Awards Stock Awards

Number of Shares Acquired on Exercise (#)

Value Realized on Exercise

Number of Shares Acquired on Vesting (#)

Value Realized on Vesting ($)

WilliamDillard,II — — 1,836 $ 117,346 AlexDillard — — 1,836 117,346 MikeDillard — — 1,083 69,226 DrueMatheny — — 1,083 69,226 ChrisB.Johnson — — 617 39,415 PhillipR.Watts — — 617 39,415

ThenumberofsharesreflectedasunderlyingStockAwardsinthetablerepresentgrantsduringfiscal2019ofstockawardspursuanttotheCompany’sStockBonusPlan.Theseawardsarenotsubjecttovestingand,accordingly,aretreatedinthistableashaving“vested”upongrant.Theamountsreflectedas“ValueRealizedonVesting”representthemarketvalueofthesharesonthedateofgrantanddonotreflectthewithholdingofaportionofthesharestosatisfyincometaxpaymentrequirements.

2019 Pension Benefits

ThefollowingtabledisclosestheactuarialpresentvalueofaccumulatedpensionbenefitsandotherinformationasofFebruary1,2020fortheNEOsunderthePensionPlan.

Name Plan Name

Number of Years

Credited Service (#)

Present Value of Accumulated

Benefit($)

Payments During

Last Fiscal Year ($)

WilliamDillard,II PensionPlan 51 $ 21,987,567 $— AlexDillard PensionPlan 48 27,462,252 — MikeDillard PensionPlan 48 13,093,176 — DrueMatheny PensionPlan 51 18,028,930 — ChrisB.Johnson PensionPlan 13 1,279,941 — PhillipR.Watts PensionPlan 25 3,199,567 —

ThecalculationofbenefitsunderthePensionPlanisdiscussedinthePensionPlanportionof“CompensationDiscussionandAnalysis.”ThemethodologyandmaterialassumptionsusedinquantifyingthepresentvalueoftheaccumulatedbenefitaredisclosedinNote8totheauditedfinancialstatementsfiledintheCompany’sAnnualReportonForm10-KforthefiscalyearendedFebruary1,2020.

Potential Payments Upon Termination or Change in Control

ThePensionPlanprovidesforalumpsumpaymenttoparticipantswithin60daysofachangeincontroloftheCompany.ForpurposesofthePensionPlan,a“changeincontrol”isdeemedtooccuruponthehappeningofanyofthefollowing:(1)anypersonorentityacquiresmorethan50%oftheCompany’sClassBCommonStockwhetherbydirectsale,merger,consolidation,shareexchangeorotherformofcorporatereorganization,(2)amajorityofthemembersoftheBoardofDirectorsisreplacedduringany12-monthperiodbyDirectorswhoseappointmentorelectionisnotendorsedbyamajorityofthemembersoftheBoardofDirectorsbeforethedateoftheappointmentorelectionor(3)anypersonorentityacquiresmorethan80%oftheCompany’sassets.However,itwillnotbea“changeincontrol”underthePensionPlaninanyoftheaboveinstancesiftheacquirerinsuchtransactioniseitheranentitycontrolledbytheCompanyorcontrolledbythedescendantsofWilliamDillard,IIoranyspouseofanysuchdescendants.

ForpersonsnotyeteligibleforNormalRetirement,thereisa2 ∕2%reductionintheamountofannualpensionbenefitforeachyearorpartialyearbetweentheperson’s65 birthdayandtheperson’sattainedageonthedateofthechangeincontrol.Thelumpsumpaymentisfurtherreducedifnecessarytopreventitfrombecominga“parachutepayment”underSection280GoftheInternalRevenueCode.

AllemployeeswithabenefitaccruedunderthePensionPlanuptothedateofthechangeincontrolareeligibleforalumpsumpayment,andnofurtherbenefitswouldbepaidfromthePensionPlanifthelumpsumpaymentsweretobemade.Thetablebelowdetailsthebenefitsthatwouldhavebeenpaid(withoutconsiderationofanyreductionthatmightberequiredtopreventa“parachutepayment”)tothenamedexecutiveofficers,assumingachangeincontroloccurredonFebruary1,2020,thelastbusinessdayoffiscal2019.Thelumpsumpaymentisequaltothepresentvalueoftheannualpensionbenefitdeterminedasofthedateofthechangeincontrol.Forpurposesofdeterminingthelumpsumpayment,presentvalueisdeterminedbyusingtheinterestratedeterminedunderSection417(e)oftheInternalRevenueCodeforthemonthofDecemberprecedingthecalendaryearinwhichthechangeincontroloccursandbyusingforpost-retirementmortalitythe1994GroupAnnuityReservingMortalityTableprojectedto2002basedonafixedblendof50%oftheuploadedmalemortalityratesand50%oftheuploadedfemalemortalityrates.

Pension Plan Lump Sum

Payment

WilliamDillard,II $35,968,839 AlexDillard 39,382,582 MikeDillard 21,480,309 DrueMatheny 18,780,783 ChrisB.Johnson 1,684,982 PhillipR.Watts 3,683,124

Wehavenotenteredintoagreementsorarrangementstoprovideseveranceorchangeincontrolpaymentstoanyofourexecutives,otherthanthePensionPlanbenefitsdescribedabove.

CEO Pay Ratio

UnderSection953(b)oftheDodd-FrankWallStreetReformandConsumerProtectionActandItem402(u)ofRegulationS-K,wearerequiredtoprovidethefollowingdisclosureregardingtheratiooftheannualtotalcompensationofourChiefExecutiveOfficertotheannualtotalcompensationofourmedianemployee(the“PayRatio”).

ForpurposesofthePayRatiocalculation,weidentifiedourmedianemployeebystartingwithouremployeepopulationasofDecember31,2019,sortingthelistofallofouremployees(excludingourChiefExecutiveOfficer),whetheremployedonafull-timeorpart-timebasis,bytheirtaxablecompensationforfederalincometaxpurposesfromtheCompany’spayrollrecordsforthe12-monthperiodendedDecember31,2019andselectingtheemployeewiththemediantaxablecompensationamount.Aspartofthisprocess,theCompanyannualizedtaxablecompensationforanyfull-timeorpart-timeemployeesonthelistwhowasnotemployedforthefull12-monthperiodanddidnotincludethevalueofnon-taxableCompany-providedbenefitssuchasretirementplancontributionsandmedicalandlifeinsurancebenefits.

Theannualtotalcompensationforfiscal2019ofourChiefExecutiveOfficerwas$1,928,268,thetotalamountofhiscompensationpresentedintheSummaryCompensationTableonpage25.ThemedianDillard’semployeewascalculatedtobeafull-timestoreassociate,andthetotalfiscal2019compensationforthatmedianemployeewas$24,631.Accordingly,theratioofourCEO’sannualtotalcompensationtothemedianannualtotalcompensationofallotheremployeeswas78:1.WebelievethatthisinformationisareasonableestimatecalculatedinamannerconsistentwithItem402(u)ofRegulationS-K.DuetotheflexibilityaffordedbyItem402(u)incalculatingthePayRatio,however,ourratiomaynotbecomparabletoCEOpayratiospresentedbyothercompanies,includinginourownindustry.

AUDIT COMMITTEE REPORT

TheAuditCommitteehasreviewedanddiscussedtheauditedconsolidatedfinancialstatementsoftheCompanyfortheyearendedFebruary1,2020withmanagementandKPMGLLP,theindependentregisteredpublicaccountingfirmfortheCompany.

ThediscussionswithKPMGLLPincludedthemattersrequiredtobediscussedbytheapplicablestandardsadoptedbythePublicCompanyAccountingOversightBoard.Also,KPMGLLPprovidedtotheAuditCommitteethewrittendisclosuresandtheletterrequiredbytheapplicablerequirementsofthePublicCompanyAccountingOversightBoardregardingtheindependentaccountant’scommunicationswiththeAuditCommitteeconcerningindependenceandtheAuditCommitteehasdiscussedwithKPMGLLPitsindependence.TheAuditCommitteealsoconsideredwhethertheprovisionofnon-auditservicesbyKPMGLLPwascompatiblewithmaintainingtheauditor’sindependenceandconcludedthatitwas.

Baseduponthereviewsanddiscussionsnotedabove,theAuditCommitteerecommendedtotheBoardofDirectorsthattheauditedconsolidatedfinancialstatementsoftheCompanybeincludedintheCompany’sAnnualReportonForm10-KfortheyearendedFebruary1,2020forfilingwiththeCommission.

AuditCommitteeoftheBoardofDirectors

ReynieRutledge,ChairmanH.LeeHastings,IIIJ.C.Watts,Jr.

PROPOSAL NO. 2. RATIFICATION OF THE SELECTION OF THE COMPANY’S INDEPENDENTREGISTERED PUBLIC ACCOUNTANTS

TheBoardofDirectorsrecommendstothestockholdersthattheyratifytheselectionbytheAuditCommitteeofKPMGLLP(“KPMG”)astheCompany’sindependentregisteredpublicaccountantsforthefiscalyearendingJanuary30,2021.AlthoughratificationoftheAuditCommittee’sselectionofKPMGisnotrequiredunderourby-lawsorotherlegalrequirements,wearesubmittingtheappointmentofKPMGtothestockholdersasamatterofgoodcorporatepractice.

Intheeventthatthestockholdersfailtoratifytheappointment,theAuditCommitteewillconsidertheviewofthestockholdersindeterminingitsselectionoftheCompany’sindependentpublicaccountantsforthesubsequentfiscalyear.Eveniftheselectionisratified,theAuditCommittee,initsdiscretion,maydirecttheappointmentofanewindependentaccountingfirmatanytimeduringtheyeariftheAuditCommitteefeelsthatsuchachangewouldbeinthebestinterestsoftheCompanyanditsstockholders.

RepresentativesofKPMGareexpectedtobepresentattheAnnualMeeting,willhavetheopportunitytomakeastatementiftheydesiretodosoandareexpectedtobeavailabletorespondtoappropriatequestions.

Independent Accountant Fees

ThefollowingtablesummarizesthefeesbilledbyKPMGforfiscal2019andfiscal2018forauditandotherrelatedservices:

2019 2018 AuditFees $1,479,000 $1,451,000 Audit-RelatedFees — — TaxFees — — AllOtherFees — 3,560

$1,479,000 $1,454,560

Representsfeesforauditsoffinancialstatements,reviewsofquarterlyfinancialstatements,reviewsofregistrationstatementsandcertainperiodicreportsfiledwiththeSEC,andfinancialstatementsfiledwithcertainstatutoryandregulatoryfilings.Representsfeesforourlicenseofanaccountingresearchtool.

ThepolicyoftheAuditCommitteerequiresittopre-approveallauditandnon-auditservicestobeperformedbytheindependentregisteredpublicaccountingfirm.Duringfiscal2019,theAuditCommitteepre-approvedalloftheservicesdescribedaboveunderthecaptions“AuditFees,”“Audit-RelatedFees,”“TaxFees”and“AllOtherFees”inaccordancewiththispolicy.

Vote Required

ThevoteoftheholdersofamajorityofthesharesofCommonStockpresentinpersonorrepresentedbyproxyattheAnnualMeetingandhavingvotingpowerisrequiredtoratifytheappointmentofKPMGastheindependentregisteredpublicaccountingfirmforfiscal2020.

THE BOARD OF DIRECTORS OF THE COMPANY UNANIMOUSLY RECOMMENDS A VOTEFOR THE RATIFICATION OF KPMG AS THE COMPANY’S INDEPENDENT REGISTERED PUBLICACCOUNTING FIRM FOR FISCAL 2020. PROXIES SOLICITED BY THE BOARD WILL BE VOTEDFOR THIS PROPOSAL UNLESS STOCKHOLDERS SPECIFY A CONTRARY VOTE.

PROPOSAL 3. ADVISORY VOTE ON EXECUTIVE COMPENSATION

In2011,theSECbegantorequirecompaniestoprovidestockholderstheopportunitytovote,onanon-binding,advisorybasis,onthecompensationofthecompanies’namedexecutiveofficersatleastonceeverythreeyears.Atthe2017annualmeetingofstockholders,ourstockholdersfollowedourBoard’srecommendationtoholdanadvisoryvoteonexecutivecompensationeverythreeyears,andourlaststockholderadvisoryvoteonexecutivecompensationwasheldin2017.Accordingly,asrequiredbySection14AoftheExchangeAct,weareaskingstockholdersatthisyear’sAnnualMeetingtovotetoapprovethecompensationofournamedexecutiveofficers,assuchcompensationisdisclosedinthisproxystatementpursuanttoItem402oftheSEC’sRegulationS-K,includingtheCompensationDiscussionandAnalysis,thecompensationtables,andothernarrativecompensationdisclosuresrequiredbyItem402andincludedherein.

Werequestthatstockholdersapprovethefollowingresolution:

RESOLVED,thatthecompensationpaidtotheCompany’snamedexecutiveofficers,asdisclosedintheCompany’s2020ProxyStatementpursuanttoItem402ofRegulationS-K,includingtheCompensationDiscussionandAnalysis,compensationtablesandnarrativediscussionisherebyAPPROVED.

TheBoardofDirectorsrecommendsavoteFORthisresolutionbecauseitbelievesthatthepoliciesandpracticesdescribedintheCompensationDiscussionandAnalysisareeffectiveinadheringtotheguidingprinciplesoftheDillard’sexecutivecompensationphilosophyandpracticeswhichcontinuetobe:competitiveness;payforperformance;accountabilityforshort-andlong-termperformance;andalignmenttostockholders’interests.Overarchingtheseprinciplesisadherencetoourcorevalues,whichemphasizethemannerinwhichourfinancialandstrategicobjectivesareachieved.Webelieveourcompensationprogramsarestronglyalignedwiththelong-terminterestsofourstockholders.

WeurgestockholderstoreadtheCompensationDiscussionandAnalysisbeginningonpage15ofthisproxystatement,aswellasthe2019SummaryCompensationtableandrelatedcompensationtablesandnarrative,appearingonpages25through28,whichprovidedetailedinformationontheCompany’scompensationpoliciesandpracticesandthecompensationofournamedexecutiveofficers.

Becausethevoteonthisproposalisadvisoryinnature,itwillnotaffectanycompensationalreadypaidorawardedtoanynamedexecutiveofficerandwillnotbebindingontheCompany,theBoardortheCompensationCommittee.TheBoardandCompensationCommittee,however,willreviewthevotingresultsandtakeintoaccounttheoutcomeindeterminingfutureannualcompensationforthenamedexecutiveofficers.

Vote Required

Adoptionoftheadvisory(non-binding)resolutionapprovingthecompensationoftheCompany’snamedexecutiveofficersasdisclosedhereinrequirestheaffirmativevoteofamajorityofthesharesofCommonStockpresentinpersonorrepresentedbyproxyandhavingvotingpower.Whilethisvoteisrequiredbylaw,asanadvisoryvote,itwillnotbebindingontheCompany,theCompensationCommitteeortheBoard,norwillitcreateorimplyanychangeinthefiduciarydutiesof,orimposeanyadditionalfiduciarydutyon,theCompany,theCompensationCommitteeortheBoard.However,theCompensationCommittee,whichisresponsiblefordesigningandadministeringtheCompany’sexecutivecompensationprogram,willconsidertheoutcomeofthevotewhenmakingfuturecompensationdecisionsfornamedexecutiveofficers.

THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE FOR THE APPROVALOF EXECUTIVE COMPENSATION. PROXIES SOLICITED BY THE BOARD WILL BE VOTED FORTHIS PROPOSAL UNLESS STOCKHOLDERS SPECIFY A CONTRARY VOTE.

CERTAIN RELATIONSHIPS AND TRANSACTIONS

Thefollowinglistisasummaryoftransactionsoccurringsincethebeginningoffiscal2019,orthatarecurrentlyproposed,(1)inwhichtheCompanywas,oristobe,aparticipant,(2)wheretheamountinvolvedexceeds$120,000,and(3)inwhichanyoftheCompany’sexecutiveofficers,directors,nominees,principalstockholdersandotherrelatedpersonsasdefinedinSECruleshad,orwillhave,adirectorindirectmaterialinterestorwhichtheCompanyhaschosentovoluntarilydisclose:

DeniseMahaffy,aSeniorVicePresidentoftheCompany,isasiblingofWilliamDillard,II,DrueMatheny,AlexDillardandMikeDillard.Duringfiscal2019,theCompanypaidDeniseMahaffytotalsalaryandbonusof $761,000.Duringfiscal2019,theCompanyalsomadecontributionsforthebenefitofDeniseMahaffyintheamountof $128,200pursuanttoitsbenefitplans.For2019,DeniseMahaffyhasbeenawardedabonusof $80,300undertheCashBonusPlantobepaidatafuturedate.

WilliamDillard,III,aSeniorVicePresidentoftheCompany,isthesonofWilliamDillard,II.Duringfiscal2019,theCompanypaidWilliamDillard,IIItotalsalaryandbonusof $759,000.Duringfiscal2019,theCompanyalsomadecontributionsforthebenefitofWilliamDillard,IIIintheamountof $127,900pursuanttoitsbenefitplans.For2019,WilliamDillard,IIIhasbeenawardedabonusof $80,300undertheCashBonusPlantobepaidatafuturedate.

AlexandraLucie,aVicePresidentoftheCompany,isthedaughterofAlexDillard.Duringfiscal2019,theCompanypaidAlexandraLucietotalsalaryandbonusof $383,000.Duringfiscal2019,theCompanyalsomadecontributionsforthebenefitofAlexandraLucieintheamountof$86,900pursuanttoitsbenefitplans.

AnnemarieJazic,aVicePresidentoftheCompany,isthedaughterofAlexDillard.Duringfiscal2019,theCompanypaidAnnemarieJazictotalsalaryandbonusof $381,000.Duringfiscal2019,theCompanyalsomadecontributionsforthebenefitofAnnemarieJazicintheamountof$86,300pursuanttoitsbenefitplans.

MichelleHobbs,aDirectorofExclusiveBrandShoesfortheCompany,isthedaughterofAlexDillard.Duringfiscal2019,theCompanypaidMichelleHobbstotalsalaryandbonusof $247,000.Duringfiscal2019,theCompanyalsomadecontributionsforthebenefitofMichelleHobbsintheamountof $23,300pursuanttoitsbenefitplans.

Duringfiscal2019,StephensInsurance,LLCreceivedcommissionsfromthirdpartiesofapproximately$1,746,000inconnectionwiththesaleofvoluntaryinsurancebenefitstoDillard’semployees.Itisestimatedthatapproximately$106,000ofthisamountrepresentscommissionsfrompremiumspaidbytheCompanyonbehalfofemployeeinsuranceprograms.StephensInsurance,LLCiswholly-owneddirectlybyWarrenA.Stephens.

AllrelatedpartytransactionsdescribedabovehavebeenreviewedandapprovedinaccordancewiththeCompany’spolicyasdescribedbelow.ItisthepolicyoftheBoard,whichhasbeenformallyadoptedinwritingasaBoardResolution:(1)torequirethatrelatedpersonsdisclosetotheBoardofDirectorsthematerialtermsofanypotentialrelatedpartytransaction,oranymaterialamendmentormodificationofsuchatransaction,thatmayrequiredisclosureintheproxystatementand(2)toprovidethattheBoardofDirectorsestablishineachindividualcaseagroupofdisinteresteddirectorswiththeresponsibilitytoreviewsuchpotentialtransaction,amendmentormodification,todeterminewhethersuchtransactionisfairtotheCompanyand,ifso,toapproveorratifythetransaction.Duetothemyriadofdifferentsituationswhichcouldpresentthemselvestothisgroupofdirectors,nospecificstandardsapplyduringreviewofarelatedpartytransaction.

DELINQUENT SECTION 16(a) REPORTS

Section16(a)oftheExchangeActrequirestheCompany’sdirectors,executiveofficers,andpersonswhobeneficiallyownmorethan10%oftheCompany’sClassACommonStocktofilewiththeSECinitialreportsofbeneficialownershipandreportsofchangesinbeneficialownershipofClassACommonStock.

TotheCompany’sknowledge,basedsolelyonareviewofcopiesofreportsprovidedbyindividualssubjecttothereportingrequirementsofSection16(a)oftheExchangeActtotheCompanyandwrittenrepresentationsofsuchindividualsthatnootherreportswererequired,duringthefiscalyearendedFebruary1,2020,allSection16(a)filingrequirementsapplicabletoitsexecutiveofficers,directorsandgreaterthan10%beneficialownerswerecompliedwith.

OTHER MATTERS

ManagementoftheCompanyknowsofnoothermattersthatmaycomebeforetheAnnualMeeting.However,ifanymattersotherthanthosereferredtohereinshouldproperlycomebeforetheAnnualMeeting,itistheintentionoftheproxyholderstovotetheProxyinaccordancewiththeirjudgment.

STOCKHOLDER PROPOSALS FOR THE 2021 ANNUAL MEETING

TheCompany’s2021AnnualMeetingofStockholdersisscheduledtobeheldonSaturday,May15,2021.

IfastockholderintendstosubmitaproposaltobeincludedintheCompany’sproxystatementandformofproxyrelatingtotheCompany’s2021AnnualMeetingofStockholdersinaccordancewithSECRule14a-8,theproposalmustbereceivedbytheCompanyatitsprincipalexecutiveofficesnotlaterthanDecember4,2020.SuchproposalmustmeettherequirementssetforthintherulesandregulationsoftheSECinordertobeeligibleforinclusionintheproxystatementandrelatedformofproxyforthe2021AnnualMeetingofStockholders.

UndertheCompany’sby-laws,ifastockholderintendstosubmitaproposalatthe2021AnnualMeetingofStockholders,andsuchproposalisnotintendedtobeincludedintheCompany’sproxystatementandformofproxyrelatingtosuchmeetingpursuanttoSECRule14a-8,thestockholder’snoticeofsuchproposal(includingcertaininformationspecifiedintheby-laws)mustbedeliveredtotheCompany’sCorporateSecretaryattheprincipalexecutiveofficesoftheCompanynoearlierthanthecloseofbusinessonJanuary16,2021andnolaterthanthecloseofbusinessonFebruary15,2021.Ifastockholderfailstosubmittheproposalwithinsuchtimeperiod,theproposalwillbeuntimelyandwillnotbeconsideredatthe2021AnnualMeetingofStockholders.

UndertheCompany’sby-lawsandassumingthe2021AnnualMeetingofStockholdersisheldasscheduledonMay15,2021,ifastockholderintendstonominateanindividualforelectiontotheBoardatthe2021AnnualMeetingofStockholders,thestockholder’snoticeofsuchnominationmustbereceivedbytheCompany’sCorporateSecretaryattheprincipalexecutiveofficesoftheCompanynoearlierthanFebruary14,2021andnolaterthanMarch16,2021.

GENERAL

TheCompany’sannualreportforthefiscalyearendedFebruary1,2020isbeingdistributedormadeavailable,asthecasemaybe,withthisproxystatementbutisnottobeconsideredasaparthereof.Thesematerialsarealsoavailableathttps://investor.dillards.com/financial-information/annual-report-and-proxy/default.aspx.

TheCompanyhasadoptedaprocedureapprovedbytheSECcalled“householding.”Underthisprocedure,theCompanyisdeliveringasinglecopyoftheproxymaterialsortheNoticeofInternetAvailabilityofProxyMaterials,asapplicable,tomultiplestockholderswhosharethesameaddressunlesstheCompanyhasreceivedcontraryinstructionsfromoneormoreofthestockholders.Stockholderswhoparticipateinhouseholdingwillcontinuetoreceiveseparateproxycards.Uponwrittenororalrequest,the

CompanywillpromptlydeliveraseparatecopyoftheproxymaterialstoanystockholderatasharedaddresstowhichtheCompanydeliveredasinglecopyofanyofthesedocuments.

IfyouarearegisteredholderofCommonStockandaresubjecttohouseholdingasdescribedaboveandwouldliketorevokeyourconsenttohouseholdingandinthefuturereceiveyourownsetofproxymaterialsorNoticeofInternetAvailabilityofProxyMaterials,youmaydosobycontactingBroadridgeHouseholdingDepartmentbymailat51MercedesWay,Edgewood,NY11717orbycalling1-866-540-7095.Alternatively,ifyouareeligibleforhouseholdingbutyouandotherstockholdersofrecordwithwhomyoushareanaddresscurrentlyreceivemultiplecopiesofthisNoticeofAnnualMeetingandProxyStatementandaccompanyingdocuments,pleasecontactBroadridgeasindicatedabove.

StockholderswhoownCommonStockinstreetnamethroughabrokerorothernomineeshouldcontacttheirbrokersornomineesiftheyhavequestions,orwisheithertogiveinstructionstohouseholdortorevoketheirdecisiontohousehold.

Thematerialinthisproxystatementunderthecaptions“CompensationCommitteeReport”and“AuditCommitteeReport”shallnotbedeemedsolicitingmaterial,shallnotbedeemedtobefiledandshallnotbedeemedtobeincorporatedbyanygeneralstatementofincorporationbyreferenceinanyfilingsmadeundertheSecuritiesActof1933ortheExchangeAct.

ACOPYOFTHECOMPANY’SANNUALREPORTONFORM10-K,INCLUDINGTHEFINANCIALSTATEMENTSANDSCHEDULESTHERETO,REQUIREDTOBEFILEDWITHTHESECURITIESANDEXCHANGECOMMISSION,MAYBEOBTAINEDWITHOUTCHARGEBYANYSTOCKHOLDERWHOSEPROXYISSOLICITED,UPONWRITTENREQUESTTO:

DILLARD’S, INC. 1600CantrellRoad

LittleRock,Arkansas72201Attention:PhillipR.Watts,SeniorVicePresident,

Co-PrincipalFinancialOfficerandPrincipalAccountingOfficer

ByOrderoftheBoardofDirectorsDEANL.WORLEYVice President, General Counsel,Corporate Secretary

dillard’s inc.€¦ · dillard’s stock fund portion of the dillard’s, inc. investment &...

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