Big Lots 2007 Annual Report Download - page 46

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Grants of Plan-Based Awards
The following table sets forth each award made to the named executive officers in fiscal 2007 under the 2006
Bonus Plan and the 2005 Incentive Plan.
Name
(a)
Grant
Date
(1)
(b)
Award
Date
(2)
-
Estimated Possible Payouts
Under Non-Equity Incentive
Plan Awards
(3)
Estimated Future Payouts
Under Equity Incentive Plan
Awards
(4)
All
Other
Stock
Awards:
Number
of
Shares
of Stock
or Units
(#)
(i)
All Other
Option
Awards:
Number of
Securities
Underlying
Options
(#)(5)
(j)
Exercise
or Base
Price of
Option
Awards
($/Sh.) (6)
(k)
Closing
Market
Price of
Option
Awards on
Grant Date
($/Sh.)
-
Grant
Date Fair
Value
of Stock
and
Option
Awards
($)
(l)
Threshold
($)
(c)
Target
($)
(d)
Maximum
($)
(e)
Threshold
(#)
(f)
Target
(#)
(g)
Maximum
(#)
(h)
Mr. Fishman — — 512,500 1,025,000 2,050,000 — — — — — — — —
3/13/07 3/9/2007 — — — — 125,000 — — — — — 3,591,250
3/13/07 3/9/2007 — — — — — — — 250,000 28.73 28.29 2,885,000
Mr. Cooper — — 100,000 200,000 400,000 — — — — — — — —
3/13/07 3/9/2007 — — — — 12,500 — — — — — 359,125
3/13/07 3/9/2007 — — — — — — — 37,500 28.73 28.29 432,750
Mr. Waite — — 200,625 401,250 802,500 — — — — — — — —
3/13/07 3/9/2007 — — — — 12,500 — — — — — 359,125
3/13/07 3/9/2007 — — — — — — — 37,500 28.73 28.29 432,750
Mr. Martin — — 150,000 300,000 600,000 — — — — — — — —
3/13/07 3/9/2007 — — — — 10,000 — — — — — 287,300
3/13/07 3/9/2007 — — — — — — — 30,000 28.73 28.29 346,200
Ms. Bachmann — — 103,750 207,500 415,000 — — — — — — — —
3/13/07 3/9/2007 — — — — 12,500 — — — — — 359,125
3/13/07 3/9/2007 — — — — — — — 37,500 28.73 28.29 432,750
(1) As discussed in the “Our Executive Compensation Program for Fiscal 2007 – Equity Grant Timing” section of the
CD&A, in fiscal 2007, the Board set as the grant date of these equity awards the second day following our release
of results from our last completed fiscal year. This future date was established in order to allow the market to
absorb and react to our release of material non-public information, and in order to avoid even the appearance that
the Board, the Compensation Committee or any employee manipulated the terms of the equity awards.
(2) The Award Date represents the date on which the Board authorized the equity-based award and set the grant date.
(3) The amounts in columns (c), (d) and (e) represent the named executive officers’ floor, target and stretch bonus
levels, respectively, for fiscal 2007 pursuant to the 2006 Bonus Plan which bonus levels are further described in the
“Our Executive Compensation Program for Fiscal 2007 – Bonus for Fiscal 2007” section of the CD&A. For fiscal
2007, the named executive officers earned the amounts shown in column (g) of the Summary Compensation Table.
(4) The amounts in column (g) represent restricted stock awarded pursuant to the 2005 Incentive Plan, which
awards are described in the narrative preceding this table and the “Our Executive Compensation Program
for Fiscal 2007 – Equity for Fiscal 2007” section of the CD&A. Because we met the first trigger (but not the
second trigger) as a result of fiscal 2007 corporate performance, the restricted stock granted to the named
executive officers in fiscal 2007 has not vested. The restricted stock granted in fiscal 2007 is expected to vest
upon the earlier of the achievement of the second trigger, the beginning of our trading window first following
the fifth anniversary of the grant date, or the death or disability of the named executive officer.
(5) The amounts in column (j) represent NQSOs awarded pursuant to the 2005 Incentive Plan, which awards are
described in the narrative preceding this table and the “Our Executive Compensation Program for Fiscal 2007
– Equity for Fiscal 2007” section of the CD&A.
(6) Pursuant to the terms of the 2005 Incentive Plan, the exercise price of a stock option may not be less than
100% of the volume-weighted average trading price of our common shares on the grant date or, if the grant
date occurs on a day other than a trading day, on the next trading day. We believe this method is preferable to
using the closing market price as it is less vulnerable to market activity that may have only an instantaneous
effect, positively or negatively, on the price of our common shares.