Famous Footwear 2003 Annual Report Download - page 39

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previously made. Such subsequent Election must be filed at such time as designated by the Committee, but in no event later than 15 days
preceding the first day of the Plan Year to which such subsequent Election relates. If a specific election has not been made with respect to any
Plan Year, the Participant shall be deemed to have elected not to have Deferred Compensation credited to his or her Account for such Plan
Year. An effective Election may not be revoked or modified except as otherwise determined by the Committee or as stated in the Plan.
3
Newly employed Employees who are eligible to participate in the Plan may elect to participate for the current Plan Year within the first 30
days after commencing employment. Such election shall be effective on the first day of the month following the end of such 30-day period.
Elections for subsequent Plan Years shall be made in accordance with the preceding paragraph.
6.2 Investment Alternatives For Existing Balances.
A Participant may elect to change an existing selection as to the investment alternatives in effect with respect to existing amounts in his
or her Account (in increments prescribed by the Committee) as often, and with such restrictions, as determined by the Committee.
6.3 Vesting.
A Participant's Deferred Compensation shall be immediately one-hundred percent (100%) nonforfeitable upon being credited to such
Participant's Account.
7. DISTRIBUTION
7.1 In General.
The Participant's Account shall be distributed at the time and in the manner elected by the Participant in his or her Election, subject to
any limitations or conditions as determined by the Committee. If no Election is made by a Participant as to the timing of distribution or form
of payment of his or her Account, such Account shall be paid in a single lump sum upon Termination.
7.2 Death.
In the event of the Participant's death, the Company shall pay all amounts in such Participant's Account to the Participant's Beneficiary
in a single lump sum.
7.3 Form of Distribution.
Distribution of a Participant's Account shall be made in cash.
8. FINANCIAL HARDSHIP
Upon the written request of a Participant or a Participant's legal representative and a finding that continued deferral will result in an
unforeseeable financial emergency to the Participant, the Committee (in its sole discretion) may authorize (a) the payment of all or a part of a
Participant's Account in a single lump sum prior to his or her ceasing to be a Participant, or (b) a Participant to cease contributing Deferred
Compensation to the Plan during a Plan Year. It is intended that the Committee's determinations as to whether the Participant has suffered
an "unforeseeable financial emergency" shall be made consistent with the requirements under Section 457(d) of the Internal Revenue Code
of 1986, as amended. The Committee may adopt procedures for determining when a hardship situation exists, including the use of
independent advisors to make such determinations.
4
Any Participant receiving a hardship distribution may have no further amounts deferred under this Plan for a period of one year from the
date of such distribution. The Participant shall not repay to the Company amounts distributed pursuant to this Section 8.
9. BENEFICIARY DESIGNATION
A Participant may designate one or more persons (including a trust) to whom or to which payments are to be made if the Participant dies
before receiving distribution of all amounts due under the Plan. A Participant may, at any time, elect to change the designation of a
Beneficiary. A designation of Beneficiary will be effective only after the signed designation of Beneficiary is filed with the Committee or its
designee while the Participant is alive and will cancel all designations of Beneficiary signed and filed earlier. If the Participant fails to
designate a Beneficiary as provided above or if all of a Participant's Beneficiaries predecease him or her and he or she fails to designate a new
Beneficiary, the remaining unpaid amounts shall be paid in one lump sum to the estate of such Participant. If all Beneficiaries of the
Participant die after the Participant but before complete payment of all amounts due hereunder, the remaining unpaid amounts shall be paid
in one lump sum to the estate of the last to die of such Beneficiaries.
10. UNSECURED GENERAL CREDITOR STATUS OF EMPLOYEE
The payments to Participants and their Beneficiaries hereunder shall be made from the general corporate assets of the Company. No
person shall have any interest in any such assets by virtue of the provisions of this Plan. The Company's obligation hereunder shall be an
unfunded and unsecured promise to pay money in the future. To the extent that any person acquires a right to receive payments from the