Kohl's 2008 Annual Report Download - page 64

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2. BENEFITS TO EXECUTIVE. Subject to and conditional upon Executive executing this Agreement and not revoking his
acceptance hereof within the timeframes specified below, Company agrees to provide Executive with the following benefits:
A. Salary Payments; Accrued Vacation. Company shall continue to pay Executive’s current salary through the Termination
Date on a semi-monthly basis in accordance with Company’s current payroll practices. These payments shall be paid
directly into Executive’s designated bank account in accordance with Company’s standard direct deposit procedures.
Additionally, Company shall promptly pay Executive his accrued but unpaid vacation pay, which is the equivalent of
eleven (11) days of paid time.
B. Stock Options / Restricted Stock.
2
(i)
Stock Options. The Termination Date shall be Executive’s last day of employment for purposes of vesting of stock
options granted under the Company
’
s Long-Term Incentive Plans. All of Executive
’
s outstanding option grants shall
cease to vest after the Termination Date. For a period of ninety (90) days following the Termination Date, Executive
shall retain the right to exercise all non-expired stock options in which Executive is vested as of the Termination
Date. All of Executive’s stock options shall be terminated, cancelled, null, void and of no further force and effect
upon the ninety (90) day anniversary of the Termination Date.
(ii) Executive’s restricted stock shall continue to vest through the Termination Date. All of Executive’s unvested
restricted stock shall be terminated, cancelled, null, void and of no further force and effect upon the Termination
Date.
(iii) Company shall award no additional stock options or restricted stock to Executive from or after the date of this
Agreement.
C. Savings Plan. Company maintains the Kohl’s Savings Plan (the 401(k) Plan) for the benefit of eligible employees. The 401
(k) Plan is composed of two (2)