Big Lots 2015 Annual Report Download - page 64

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The New Employment Agreement would also entitle Mr. Campisi to these payments and benefits in the
event he terminates his employment with us for “good reason.”
Termination due to Disability or Death
If a named executive officer is terminated as a result of his or her disability or death:
• the Severance Plan would entitle the named executive officer to a cash payment equal to a
prorated portion of the annual incentive award that the named executive officer would have
earned for the fiscal year in which the termination occurred had such termination not
occurred;
• unvested restricted stock awards granted under the 2005 LTIP and 2012 LTIP would vest in
increments of 20% for each consecutive year of employment completed since the grant date if
the first trigger is met while employed;
• unvested stock options granted under the 2005 LTIP and 2012 LTIP in and after our fiscal
2009 would vest on the date of termination, provided that the date of termination occurs at
least six months following the grant date;
• a prorated portion of the unvested PSUs granted under the 2012 LTIP that the named
executive officer would have earned had the named executive officer remained employed for
the entire performance period would vest upon the certification of the applicable performance
condition; and
• a prorated portion of the unvested RSUs granted under the 2012 LTIP would vest on the
termination date.
In addition, under the New Employment Agreement, if Mr. Campisi’s employment is terminated as a
result of his disability or death, all of Mr. Campisi’s unvested, outstanding service-based equity grants
and awards and RSUs granted after February 1, 2014 would become fully vested upon termination.
Termination Upon Retirement
If a named executive officer is terminated as a result of his or her retirement (as defined in the
applicable award agreement):
• a prorated portion of the unvested PSUs granted under the 2012 LTIP that the named
executive officer would have earned had the named executive officer remained employed for
the entire performance period would vest upon the certification of the applicable performance
condition; and
• if the performance condition is satisfied before the third anniversary of the grant date, a
prorated portion of the unvested RSUs granted under the 2012 LTIP would vest on the
termination date.
In addition, under the New Employment Agreement, if Mr. Campisi’s employment is terminated as a
result of his retirement after May 3, 2020:
• Mr. Campisi would be eligible (based on our achievement of at least the threshold
performance goal) to receive a prorated annual incentive award for the fiscal year in which his
termination is effective;
• all of Mr. Campisi’s unvested, outstanding service-based equity grants and awards and RSUs
granted after February 1, 2014 for which the performance condition has been satisfied would
continue to vest for 24 months after the date of termination and any such awards and units
that vest more than 24 months after the date of termination will be forfeited; and
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