X0202 4 2006-03-17 0000006885 STAGE STORES INC SSI 0001300418 Murray Cynthia 10201 S. MAIN STREET HOUSTON TX 77025 0 1 0 0 EVP, Div CMO Stock Appreciation Rights (SARs) 28.77 2006-03-17 4 A 0 15000 28.77 A 2007-03-17 2013-03-17 Common Stock 15000 113277 D Includes all derivative securities currently owned by the reporting person including those previously reported and options to purchase 32,759 shares of the issuer's common stock received by the reporting person on August 19, 2005 as a result of the three-for-two split of the issuer's common stock payable as a stock dividend to all holders of record of the issuer's common stock at the close of business on August 4, 2005 and the antidilution provisions of the issuer's Amended and Restated 2001 Equity Incentive Plan as approved by the issuer's shareholders on June 3, 2004. On March 17, 2006, Ms. Murray was granted Stock Appreciation Rights (SARs) with respect to a total of 15,000 shares of common stock. The grant price for the SARs is $28.77 per share of common stock. The SARs will vest at the rate of 25% per year on the first four anniversary dates from the date of grant. They will expire on the earlier of (i) sixty days after Ms. Murray is no longer an officer of Stage Stores Inc. or (ii) seven years from the date of grant. /s/ Richard Stasyszen, Attorney in Fact for Cynthia Murray 2006-03-21