Attached files
file | filename |
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10-Q - FORM 10-Q - BELK INC | g27074e10vq.htm |
EX-32.1 - EX-32.1 - BELK INC | g27074exv32w1.htm |
EX-32.2 - EX-32.2 - BELK INC | g27074exv32w2.htm |
EX-31.1 - EX-31.1 - BELK INC | g27074exv31w1.htm |
EX-31.2 - EX-31.2 - BELK INC | g27074exv31w2.htm |
Exhibit 10.1
BELK, INC.
AMENDED AND RESTATED ANNUAL INCENTIVE PLAN
AMENDED AND RESTATED ANNUAL INCENTIVE PLAN
The Belk, Inc. (Company) Amended and Restated Annual Incentive Plan (Annual Incentive
Plan) is set forth in this document and is administered taking into account the bonus eligible
associate compensation guidelines for a fiscal year maintained in the Companys records. This
Annual Incentive Plan is effective beginning with the fiscal year ending January 2012.
§ 1
Administration
The Annual Incentive Plan shall be administered by the Compensation Committee of the Board of
Directors (Compensation Committee), each member of which is an outside director within the
meaning of section 162(m) of the Internal Revenue Code.
§ 2
Eligibility
Employees who are deemed to be key employees by the Compensation Committee in its sole
discretion shall be eligible to be participants in the Annual Incentive Plan for any fiscal year.
§ 3
Performance Goals
The Compensation Committee shall establish performance goals for each participant for a fiscal
year no later than 90 days after the beginning of such year. The performance goals for each
participant may be different and, further, each participants performance goals may be based on
different business criteria, as referenced in the bonus eligible associate compensation guidelines.
However, all performance goals for a participant who is a covered employee (within the meaning of
Section 162(m) of the Internal Revenue Code) shall be based on one or both of the following
business criteria as applied to the Company or any division, department or other part of the
Company: (1) sales and (2) normalized earnings before interest and taxes.
The Compensation Committee no later than 90 days after the beginning of each fiscal year shall
establish objective rules for determining whether each participants performance goals for such
fiscal year have been satisfied. Further, in determining whether the performance goals have been
satisfied, the Compensation Committee may look at the performance of the Company as constituted on
the first day of the fiscal year, the last day of the fiscal year, or either such date if there is
an acquisition, disposition, or other corporate transaction involving the Company during such
fiscal year.
A bonus shall be paid to a participant under the Annual Incentive Plan for a fiscal year only
to the extent the participant satisfies his or her performance goals for the bonus for such fiscal
year and the Compensation Committee shall certify the extent, if any, to which a participant has
satisfied his or her performance goals for a fiscal year. Finally, the Compensation Committee
shall have the discretion to reduce (but not to increase) the bonus payable under the Annual
Incentive Plan to any participant if the Compensation Committee for any reason deems such reduction
appropriate under the circumstances. To the extent a participant is entitled to a bonus for a
fiscal year, such bonus shall be paid in a lump sum cash payment no later than 90 days following
the end of such fiscal year.
§ 4
Maximum Bonus Account
The maximum annual bonus payable under the Annual Incentive Plan to any participant for any
fiscal year is $2,500,000.
§ 5
Internal Revenue Code § 162(m)
The Compensation Committee intends for the bonus payable under the Annual Incentive Plan to a
participant who is a covered employee within the meaning of Section 162(m) of the Internal
Revenue Code to be deductible under such section and for these Administrative Rules to be construed
to effect such intent.
§ 6
Amendment and Termination
The Compensation Committee has the power to amend the Annual Incentive Plan from time to time
as the Compensation Committee deems necessary or appropriate and to terminate the plan if the
Compensation Committee deems such termination is in our best interest.
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