Saks Fifth Avenue 2008 Annual Report Download - page 171

(b) attainment of age 55 while actively employed by one or more of the Participating Companies and completion of at least 5
years of service with the Participating Companies.
2.32 “Retirement Class Share” means a Class Share used to account for amounts to be distributed pursuant to the Participant’s
Retirement.
2.33 “Separation from Service” means the Participant’s ceasing to be employed by the Participating Companies on account of a
termination of employment or Retirement. A Separation from Service will not be deemed to have occurred if the Participant
continues to perform services as a consultant or an Employee in excess of any amount of time permitted herein.
(a) Leave of absence. The employment relationship is treated as continuing in effect while the Participant is on military leave,
sick leave, or other bona fide leave of absence, as long as the period of leave does not exceed six months, or, if longer, as
long as the Participant’s right to reemployment with the Participating Companies is provided either by statute or contract.
Otherwise, after a six-month leave of absence, the employment relationship is deemed terminated.
(b) Part-time status. Whether or not a termination of employment occurs is determined based on all the facts and
circumstances. Notwithstanding the foregoing, if the Participant is providing services to the Participating Companies at a
rate that is equal to 20% or less of the services rendered during the immediately preceding three calendar years of
employment (or a lesser period, if relevant), Separation from Service will be presumed to have occurred. Where the
Participant continues to provide services, a Separation from Service will not be presumed to have occurred if the
Participant is providing services at an annual level that is more than 50% of the services rendered during the immediately
preceding three calendar years.
(c) Same Desk Rule. If, as part of an asset sale, one or more Employees of the seller retains the same job at the buyer, the
seller and buyer can specify in the asset sale agreement (or other agreement prior to closing) whether or not such
Employees who continue “at the same desk” with the buyer will be treated as Separated from Service with the seller for
purposes of the Plan, provided that all Employees who continue at the buyer are treated consistently and the asset sale
results from bona fide arm’s-length negotiations.
2.34 “S
p
ecified Em
p
lo
y
ee” means a “key employee” as defined in Code section 416(i) (without regard to subparagraph (5) thereof).
2.35 “Stock Grant” means a grant of common stock of the Corporation made by the Participating Companies to a Participant, or that
would be made to such Participant but for the fact that the Participant deferred the grant into the Plan.
2.36 “Stock Grant Account” means the account established by the Participating Companies pursuant to Article 4 of this Plan for
each Participant to which shall be credited (added) the Participant’s Stock Grant Deferral Amounts and Investment Credits
thereon and from which any distributions and any in-service withdrawals shall be subtracted.
2.37 “Stock Grant Deferral Amounts” means amounts credited by a Participating Company to a Participant’s Stock Grant Account
pursuant to Section 4.01(b).
12/14/2008
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