Big Lots 2009 Annual Report Download - page 103

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6.04 Deferred Payment.
(a) Highly Compensated Employees. If a Participant in this Plan is a highly compensated employee
who participates in the Big Lots, Inc. Amended and Restated Supplemental Savings Plan (the
“Top Hat Plan”), as it may be amended and restated from time to time, elections to defer Bonus,
elections as to the form of distribution of the deferred amount, establishment of a deferred
account, distributions from the deferred accounts, and all other terms governing the deferred
payment of a Bonus shall be governed by the terms of the Top Hat Plan. Any election to defer the
Bonus of a Participant who participates in the Top Hat Plan will result in an account administered
under the Top Hat Plan.
(b) Other Employees. The terms governing the deferral of a Bonus for Participants who do not
participate in the Top Hat Plan are set forth below.
(i) Elections.
(1) Performance Periods. Except as provided in Section 6.04(b)(i)(2), a Participant may
irrevocably elect in writing to have all or a part of a Bonus (but not less than $5,000)
deferred on or before December 31 of the calendar year preceding the calendar year in
which the Performance Period begins. At the same time, the Participant also shall elect
the form of distribution from the Deferred Bonus Account from among the choices set
forth in Section 6.04(b)(v) of the Plan.
(2) Fiscal Year Bonus. Notwithstanding the foregoing, a Participant may irrevocably
elect in writing to have all or a part of a Fiscal Year Bonus (but not less than $5,000)
deferred before the first day of the applicable Fiscal Year. At the same time, the
Participant shall also elect the form of distribution from the Deferred Bonus Account
from among the choices set forth in Section 6.04(b)(v) of the Plan.
Such deferred payment shall be credited to a bookkeeping reserve account which
shall be established for the Participant and set up on the books of the Company or an
Affiliate and known as his/her “Deferred Bonus Account”.
(ii) Credits to Deferred Bonus Account. When a Participant has elected to have a part or all of
his/her Bonus credited to a Deferred Bonus Account, the unpaid balance in such account
shall be credited with a simple annual interest equivalent, as follows: As of the May 1 next
following the Fiscal Year for which the deferred Bonus was paid, such Bonus shall become
part of the unpaid balance of such Deferred Bonus Account. Such Deferred Bonus Account
shall be credited on April 30 of each year with an amount equal to interest on the unpaid
balance of such account from time to time outstanding during the year ending on such April
30 at the rate determined by adding together the Three--month Treasury Bill rate on the last
banking day prior to the beginning of such year and the Three--month Treasury Bill rate
in effect on the last banking days of each of the calendar months of April through March
of such year and dividing such total by 12. In the event that the Deferred Bonus Account
shall be terminated for any reason prior to April 30 of any year, such account shall upon
such termination date be credited with an amount equal to interest at the average Three-
month Treasury Bill rate determined as aforesaid on the unpaid balance from time to time
outstanding during that portion of such year prior to the date of termination.
(iii) Alternate Deferral Plans. The Committee, at its discretion, may provide alternate deferral
arrangements of which Bonuses under this Plan may be included; provided that such deferral
arrangements conform with the requirements imposed by IRC section 409A.
(iv) Trust Deposits. The Committee, at its discretion, may establish an irrevocable trust in which
the assets of the trust are subject to the general creditors of the Company and/or the Affiliate
as the case may be. Such trust may upon the occurrence of certain events, as determined
by the Committee, receive assets equal to the value of all Participants’ Deferred Bonus
Accounts on the date of the event.