Big Lots 2013 Annual Report Download - page 80

- 68 -
• As noted in the “Non-Equity Incentive Plan Compensation” row in the tables below, the amounts
payable under the 2006 Bonus Plan upon termination: (1) without cause or due to death or disability are
based on the annual incentive award actually earned by the applicable named executive officer for fiscal
2013 performance (which amounts would be prorated if the executive was terminated prior to the end of
the fiscal year for which the annual incentive award was earned); and (2) in connection with a change in
control are equal to two times the named executive officer’s maximum annual incentive award.
• We have not taken into account the possibility that a named executive officer may be eligible to receive
healthcare benefits from another source following his or her termination. Therefore, the amounts shown
in the “Healthcare Coverage” row in the tables below reflect, consistent with the assumptions that would
be used to estimate the cost of these benefits for financial reporting purposes under generally accepted
accounting principles, the current monthly cost to provide continued healthcare coverage under the
Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) applied to each month these
benefits would be provided to the named executive officer if terminated involuntarily without cause or
in connection with a change in control. Included in the amounts shown in the “Healthcare Coverage”
row in the tables below are the related Tax Gross-Up Amounts.. The amounts shown in the “Long-Term
Disability Benefit” row in the tables below represent 67% of the named executive officer’s monthly
salary, up to a maximum of $25,000 per month in accordance with the long-term disability insurance
we maintain for our named executive officers. This benefit is payable until the named executive officer
is no longer disabled or age 65, whichever occurs earlier. Due to the speculative nature of estimating
the period of time during which a named executive officer may be disabled, we have presented only one
month of disability benefits in the tables below.
• The amounts in the “Accelerated Equity Awards” row under the “Termination upon Disability” and
“Termination upon Death” columns in the tables below represent the value (as of the final trading day
on the NYSE during fiscal 2013) of (1) 40% of the unvested restricted stock awarded to each named
executive officer in March of 2011, (2) 20% of the unvested restricted stock awarded to each named
executive officer in March of 2012, (3) the Retention Awards and (4) all of the unvested stock options
awarded to our named executive officers in fiscal 2009 and after. As discussed in the prior section,
if termination of employment resulted from death or disability, then unvested restricted stock awards
made under the 2005 LTIP and 2012 LTIP will vest in increments of 20% for each consecutive year of
employment completed since the grant date if the first trigger is met while employed. The first trigger
for the restricted stock awarded to the named executive officers in March of 2011 and March of 2012
was met as a result of our performance in fiscal 2011 and fiscal 2012. Accordingly, 40% of the March
2011 restricted stock award and 20% of the March 2012 restricted stock award awarded to each those
named executive officers would have vested at the end of fiscal 2013 had the executive’s employment
terminated on such date as a result of his death or disability. As discussed in the prior section, if a
named executive officer dies or becomes disabled before the last scheduled vesting date of a stock
option awarded in fiscal 2009 or after, the then-remaining unvested portion of that stock option award
will vest on the day such event occurred, provided such event occurred at least six months following the
grant date. The Retention Award for Mr. Haubiel’s and Mr. Martin’s restricted stock award granted in
fiscal 2011 vested in fiscal 2013.
• The amounts in the “Accelerated Equity Awards” row under the “Termination in Connection with a
Change in Control” and “Change in Control (without termination)” columns in the tables below include
the value of all unvested stock options that were in-the-money at the end of fiscal 2013 (minus the
aggregate stock option exercise prices) and all unvested restricted stock that would have vested on an
accelerated basis had a change in control occurred as of the end of fiscal 2013. These amounts do not
reflect any equity awards that have vested or have been granted in fiscal 2013.
• The closing market price of our common shares on the final trading day on the NYSE during fiscal 2013
was $26.79 per share.