SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
NEEL C WARREN DR
(Last) (First) (Middle)
2413 CRAIG COVE ROAD
(Street)
KNOXVILLE TN 37919
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
SAKS INC [ SKS ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
12/05/2006
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 12/05/2006 M 22,355 A $8.834 58,394 D
Common Stock 12/05/2006 M 25,823 A $11 84,217 D
Common Stock 12/05/2006 M 12,009 A $8.834 96,226 D
Common Stock 12/05/2006 M 9,405 A $6.4618 105,631 D
Common Stock 12/05/2006 M 1,033 A $6.1353 106,664 D
Common Stock 12/05/2006 M 1,056 A $8.834 107,720 D
Common Stock 12/05/2006 M 5,509 A $5.4228 113,229 D
Common Stock 12/05/2006 M 5,164 A $15.8257 118,393 D
Common Stock 12/05/2006 M 5,164 A $6.5751 123,557 D
Common Stock 12/05/2006 M 5,164 A $7.7078 128,721 D
Common Stock 12/05/2006 M 3,444 A $12.2706 132,165 D
Common Stock 12/05/2006 M 2,870 A $8.834 135,035 D
Common Stock 12/05/2006 S 98,996 D $17.0974 36,039 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option Right to Buy $8.834 12/05/2006 M 22,355 (1) 09/09/2008 Common Stock 22,355 $0 0 D
Employee Stock Option Right to Buy $11 12/05/2006 M 25,823 (2) 10/02/2008 Common Stock 25,823 $0 0 D
Employee Stock Option Right to Buy $8.834 12/05/2006 M 12,009 (1) 09/09/2008 Common Stock 12,009 $0 0 D
Employee Stock Option Right to Buy $6.4618 12/05/2006 M 9,405 (3) 02/18/2010 Common Stock 9,405 $0 0 D
Employee Stock Option Right to Buy $6.1353 12/05/2006 M 1,033 (4) 06/21/2010 Common Stock 1,033 $0 0 D
Employee Stock Option Right to Buy $8.834 12/05/2006 M 1,056 (1) 09/09/2008 Common Stock 1,056 $0 0 D
Employee Stock Option Right to Buy $5.4228 12/05/2006 M 5,509 (5) 06/11/2010 Common Stock 5,509 $0 1,377 D
Employee Stock Option Right to Buy $15.8257 12/05/2006 M 5,164 (6) 06/16/2009 Common Stock 5,164 $0 0 D
Employee Stock Option Right to Buy $6.5751 12/05/2006 M 5,164 (7) 06/13/2011 Common Stock 5,164 $0 0 D
Employee Stock Option Right to Buy $7.7078 12/05/2006 M 5,164 (8) 06/19/2012 Common Stock 5,164 $0 0 D
Employee Stock Option Right to Buy $12.2706 12/05/2006 M 3,444 (9) 06/19/2007 Common Stock 3,444 $0 0 D
Employee Stock Option Right to Buy $8.834 12/05/2006 M 2,870 (1) 09/09/2008 Common Stock 2,870 $0 0 D
Explanation of Responses:
1. Option vested as follows: 100% 6 months from grant date (reload options).
2. Option vested as follows: 20% on 4/2/1999; 20% on 10/2/1999; 20% on 10/2/2000; 20% on 10/2/2001; and 20% on 10/2/2002.
3. Option vested as follows: 25% 8/18/01, 25% 6/18/02, 25% 4/18/03, and 25% 2/18/04.
4. Option vested as follows: 20% on 12/21/2000; 20% on 6/21/2001; 20% on 6/21/2002; 20% on 6/21/2003; and 20% on 6/21/2004.
5. Option vests as follows: 20% on 12/11/2003; 20% on 6/11/2004; 20% on 6/11/2005; 20% on 6/11/2006; and 20% on 6/11/2007.
6. Option vested as follows: 20% on 12/16/1999; 20% on 6/16/2000; 20% on 6/16/2001; 20% on 6/16/2002; and 20% on 6/16/2003.
7. Option vested as follows: 20% on 12/13/2001; 20% on 6/13/2002; 20% on 6/13/2003; 20% on 6/13/2004 and 20% on 6/13/2005.
8. Option vested as follows: 20% on 12/19/2002; 20% on 6/19/2003; 20% on 6/19/2004; 20% on 6/19/2005; and 20% on 6/19/2006.
9. Option vested as follows: 20% on 12/19/1997; 20% on 6/19/1998; 20% on 6/19/1999; 20% on 6/19/2000; and 20% on 6/19/2001.
Remarks:
C. Warren Neel 12/06/2006
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.