Big Lots 2013 Annual Report Download - page 132

B-8
(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.
(v) Distribution upon Termination of Employment. UponExcept as provided in
clause (vi) below, upon Termination of a Participant’s employment for any
reason, the Participant, or his/her Beneficiary in the event of his/her death, shall
be entitled to payment of the entire Deferred Bonus Account in one lump-sum
payment payable on the date of the first regular payroll after the thirtieth day
following the date of Termination of employment, or in ten (10) substantially
equal annual installment payments payable as set forth below, as elected by
the Participant at the time the Participant elects to defer all or part of his or her
Bonus pursuant to Section 6.04(b). Installment Except as provided in clause
(vi) below, installment payments shall be payable beginning on the thirtieth day
following the date of Termination and, thereafter, on the first regular payroll
date of each succeeding Fiscal Year following the year during which the first
anniversary of the date of Termination of employment occurs.
(vi) Six-Month Distribution Delay. Notwithstanding any other provision of the
Plan, if the Participant is a “specified employee” (within the meaning of IRC
section 409A and the Treasury Regulations promulgated thereunder and as
determined under the Company’s policy for determining specified employees)
on the date of the Participant’s Termination, and the Participant is entitled
to a distribution under the Plan that is required to be delayed pursuant to
IRC section 409A(a)(2), then such distribution shall not be paid or provided
(or begin to be paid or provided) until the first business day of the seventh
month following the Participant’s date of Termination (or, if earlier, the
Participant’s death).
(vii) Distribution in Event of Financial Emergency. If requested by a Participant
while in the employ of the Company or an Affiliate and if the Committee
(or in the case of Participants who are not Covered Associates, its designee)
determines that an Unforeseeable Financial Emergency has occurred with
respect to a Participant, all or a portion of the Deferred Bonus Account of the
Participant may be distributed at the sole discretion of the Committee (or its
designee, as applicable) in an amount no greater than the amount reasonably
necessary to satisfy the emergency need (including amounts necessary to
pay any Federal, state or local income taxes reasonably anticipated to result
from such distribution). The Participant must supply written evidence of the
Unforeseeable Financial Emergency and must declare, under penalty of perjury,
that the Participant has no other resources available to meet the emergency,
including the resources of the Participant’s spouse and minor children that
are reasonably available to the Participant. The Participant must also declare
that the need cannot be met by reimbursement or compensation by insurance
or otherwise, or by reasonable liquidation of the Participant’s assets (or the
assets of the spouse or minor children of the Participant) to the extent such