Big Lots 2015 Annual Report Download - page 59

Mr. Schlonsky, a PSU award in fiscal 2015 and fiscal 2014 (each at the target amount) and
restricted stock awards in fiscal 2013, fiscal 2012, and fiscal 2011.
All awards were made pursuant to the 2005 LTIP or 2012 LTIP. The first trigger for the fiscal
2013, fiscal 2012 and fiscal 2011 restricted stock awards is EPS of $1.50 and the second trigger
for the fiscal 2013 award is EPS of $3.98, the second trigger for the fiscal 2012 restricted stock
awards is EPS of $3.95 and the second trigger for the fiscal 2011 restricted stock awards is EPS
of $3.52. The fiscal 2011 restricted stock awards vested on March 8, 2016. The PSU award to
Mr. Campisi in fiscal 2013 vests in one-third increments if the market price of our common shares
appreciates, for a period of 20 consecutive trading days, to prices that are 110%, 120% and
130% of the grant date market value of $37.13 The first two tranches of Mr. Campisi’s 2013 PSU
award vested in fiscal 2014. The actual number of PSUs awarded to each named executive
officer in fiscal 2014 and fiscal 2015 that will vest and be earned (if any) by each named
executive officer is determined after the three-year performance period based: (1) 50% on our
average EPS performance, excluding plan-defined items, for each of the three service periods
during the performance period; (2) 50% on our average ROIC performance (net operating profit
after-tax divided by invested capital for the fiscal year), excluding plan-defined items, for each of
the three service periods during the performance period; and (3) on the named executive officer’s
continued employment through the end of the performance period (except in the case of death,
disability or retirement). For additional information regarding the fiscal 2015 PSU awards,
including the vesting terms, see the narrative discussion preceding the Grants of Plan-Based
Awards in Fiscal 2015 table and the “Our Executive Compensation Program for Fiscal 2015 –
Equity for Fiscal 2015” section of the CD&A.
(4) The market value was computed by multiplying the number of units or shares by $38.78, the
closing price of our common shares on January 30, 2016.
Option Exercises and Stock Vested in Fiscal 2015
The following table reflects all stock option exercises and the vesting of restricted stock held by each of
our named executive officers during fiscal 2015.
Option Awards Stock Awards
Name
Number of Shares
Acquired on Exercise
(#)
Value Realized
on Exercise
($)
Number of Shares
Acquired on Vesting
(#)
Value Realized
on Vesting
($)
(a) (b) (c) (d) (e)
Mr. Campisi 30,475 401,711 22,973 1,147,501
Mr. Johnson 1,875 40,350 5,061 252,797
Ms. Bachmann 36,563 1,180,348 6,730 336,164
Mr. Schlonsky - - 3,140 156,843
Mr. Stein - - 2,948 147,253
Mr. Chene - - 10,536 503,043
Pension Benefits
Pension Plan and Supplemental Pension Plan
The Pension Plan is maintained only for certain employees hired before April 1, 1994. Effective
January 1, 1996, the benefits accrued under the Pension Plan for certain highly compensated
individuals were frozen at the then current levels. The Supplemental Pension Plan is maintained only
for those executives whose benefits were frozen under the Pension Plan on or after January 1, 1996.
On December 31, 2015, we froze the accrual of benefits under the Pension Plan and terminated the
Supplemental Pension Plan, and we terminated the Pension Plan on January 31, 2016. Based on their
respective dates of hire, Mr. Schlonsky is the only named executive officer eligible to participate in
these plans.
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