Home » Saks Fifth Avenue Annual Reports » 2008 Annual Report - page 256

Saks Fifth Avenue 2008 Annual Report Download - page 256

Download and view the complete annual report

Please find page 256 of the 2008 Saks Fifth Avenue annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

the amount of any annual cash bonus earned by the Executive for the fiscal year in which the Employment

Termination Date occurs, determined following the end of such fiscal year, with the entire amount of such bonus

being determined in accordance with the applicable formula or the achievement of the corporate objectives

applicable to the Executive and his direct reports, which bonus amount shall be (1) multiplied by a fraction the

numerator of which is the number of days that have elapsed during the fiscal year in which the Employment

Termination Date occurs to and including the Employment Termination Date and the denominator of which is 365,

and (2) paid to the Executive by the Company at the time that bonuses for such fiscal year are paid to the other

senior executives of the Company; but if the Employment Termination Date occurs during the first six months of the

Company’s fiscal year, no bonus amount shall be payable for such fiscal year;

(D) the Executive’s unexercisable stock options, unvested shares of restricted stock and unvested performance

shares shall vest as follows:

(1) performance shares that have been fully earned but are subject to restrictions on vesting based on time

shall vest immediately;

(2) performance shares that have not been earned and are subject to restrictions on vesting based on the

achievement of performance goals shall vest based on the achievement of such performance goals, such

achievement to be determined following the end of the performance period, with the number of such

performance shares determined to have vested being multiplied by a fraction, the numerator of which is the

number of days between the date of grant of such performance shares and the Employment Termination Date

and the denominator of which is the number of days between the date of grant of such performance shares and

the date of the end of the performance period, which performance shares shall be paid to the Executive by the

Company at the time that performance shares for such performance period are paid to the other senior

executives of the Company;

(3) unvested shares of restricted stock and unexercisable stock options that are subject to cliff vesting

shall vest prorata, with the number of such unvested shares of restricted stock or shares subject to such

unexercisable stock options being multiplied by a fraction, the numerator of which is the number of days

between the date of grant of such award and the Employment Termination Date and denominator of which is

the number of days between the date of grant of such award and the date on which shares of restricted stock or

stock options are scheduled to cliff vest;