Saks Fifth Avenue 2010 Annual Report Download - page 101

Download and view the complete annual report

Please find page 101 of the 2010 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.

Page out of 133

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133

2
then in effect, that would be greater than the Severance Payment, then only in that circumstance the Executive shall receive
the severance payable pursuant to the 2000 Plan (the “2000 Plan Severance Payment”). If the Executive is entitled to the
2000 Plan Severance Payment pursuant to this paragraph (i) of subsection (c), then the Executive will not be entitled to
receive the Severance Pa
y
ment and this A
g
reement will not constitute an Existin
g
Pro
g
ram as defined in the 2000 Plan.
(ii) SKS’s obligation to pay, and otherwise make available, to the Executive, the 2000 Plan Severance Payment pursuant to
paragraph (i) of this subsection (c), is subject to SKS’s receipt of the Release, executed and delivered by the Executive.
SKS will pay the 2000 Plan Severance Payment in a lump sum on the sixtieth (60) day after the date of termination.
Notwithstanding any provision of this Agreement to the contrary, the Executive must deliver the executed Release to the
Company no later than fifty (50) days following the Executive’s date of termination or the 2000 Plan Severance Payment
shall be forfeited.”
3. Section 5(f) of the Em
p
lo
y
ment A
g
reement is deleted in its entiret
y
and the followin
g
shall be substituted in its
p
lace:
“(f)
D
isability.
(i) The date on which the Executive shall be deemed to be disabled for purposes of this subsection (f) shall be the date on
which either (a) the Executive is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment that can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months or (b) the Executive is, by reason of any medically determinable physical or
mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than
12 months, receiving income replacement benefits for a period of not less than three months under an accident and health
plan covering employees of the service provider’s employer (a “Disability”). Disputes regarding the existence of the
Executive’s disability will be resolved by the determination of a physician selected by SKS’s Board of Directors who is
reasonably acceptable to the Executive. The Executive will submit to appropriate medical examinations for purposes of
determinin
g
disabilit
y
.
(ii) If at any time prior to the termination of this Agreement the Executive becomes disabled, this Agreement and the
Executive’s employment will continue for twelve months from the date on which the Executive becomes disabled. During
the twelve-month period following a Disability, the Executive shall continue to receive all payments and benefits provided
by this Agreement, including without limitation the benefits described in sections 3 and 4 of this Agreement, and the
Executive shall remain eligible to receive, in accordance with their respective terms, the severance and/or benefits that
would be payable upon termination of the Executive’s employment as described in paragraphs (a) through (g) of section 5
and in sections 6 and 7 of this Agreement, less all disability payments received pursuant to SKS’s short-term disability/sick
pay plan or its Group Long-Term Disability Insurance Policy. Notwithstanding the foregoing, during the 12 month period
following a Disability, the Base Salary payable pursuant to Section 3(a) of this Agreement shall be paid in monthly
installments, and an
y
bonus
p
a
y
able