Big Lots 2013 Annual Report Download - page 133

B-9
liquidation will not itself cause severe financial hardship. Any such distribution
shall be paid within 7 days of the determination by the Committee that an
Unforeseeable Financial Emergency exists.
(viii) Cash Outs. Notwithstanding the provisions in Sections 6.04(b)(v) and (vii), but
subject to clause (vi) above, once distributions of the Deferred Bonus Account
begin, if the amount remaining in a Participant’s Deferred Bonus Account
at any time is less than $5,000, the Committee shall pay the balance in the
Participant’s Deferred Bonus Account in a lump sum. within thirty (30) days;
provided, however, that the payment results in the termination and liquidation
of the Participant’s interest under the Plan and all other plans or arrangements
that, along with the Plan, would be treated as a single nonqualified deferred
compensation plan under IRC section 409A.
(ix) Beneficiary Designation.
 (1) A Participant may designate a Beneficiary who is to receive, upon
his/her death, the distributions that otherwise would have been paid
to him/her. All designations shall be in writing and shall be effective
only if and when delivered to the Secretary of the Company during
the lifetime of the Participant. If a Participant designates a Beneficiary
without providing in the designation that the Beneficiary must be
living at the time of each distribution, the designation shall vest in
the Beneficiary all of the distribution whether payable before or after
the Beneficiary’s death, and any distributions remaining upon the
Beneficiary’s death shall be made to the Beneficiary’s estate.
 (2) A Participant may from time to time during his lifetime change his
Beneficiary by a written instrument delivered to the Secretary of the
Company. In the event a Participant shall not designate a Beneficiary
as aforesaid, or if for any reasons such designation shall be ineffective,
in whole or in part, the distribution that otherwise would have been
paid to such Participant shall be paid to his estate and in such event the
term “Beneficiary” shall include his estate.
(x) Corporate Changes.
(1) Dissolution or Liquidation of Company. The Company shall cause
the dollar balance of a Deferred Bonus Account (adjusted to the
end of the month immediately preceding the date of dissolution or
liquidation) to be paid out in cash in a lump sum to the Participants, or
their Beneficiaries as the case may be, 60 days following the date of a
corporate dissolution of the Company taxed under IRC section 331 in
accordance with Treasury Regulation §1.409A-3(j)(4)(ix)(A); provided
that the amounts in the Deferred Bonus Accounts are included in the
Participants’ gross incomes in accordance with Treasury Regulation
§1.409A-3(j)(4)(ix)(A).
(2) Change of Control of Company. In the event of a Change of Control
of the Company, the Company may, within thirty days preceding or
twelve months following the Change of Control event, irrevocably
elect to terminate the Plan and to distribute all Deferred Bonus
Accounts under the Plan in accordance with Treasury Regulation
§1.409A-3(j)(4)(ix)(B); provided that all agreements, methods,
programs and other arrangements sponsored by the Company and
all Affiliates immediately after the time of a Change of Control with