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This excerpt taken from the BBBY DEF 14A filed Jun 1, 2009. Parachute Payments. In the event that the payment of any award
under the 2004 Plan is accelerated because of a change in ownership (as defined
in Code Section 280G(b)(2)) and such payment of an award, either alone or
together with any other payments made to the participant, constitutes parachute
payments under Section 280G of the Code, then, subject to certain exceptions, a
portion of such payments would be nondeductible to the Company and the
participant would be subject to a 20% excise tax on such portion.
THE AFFIRMATIVE VOTE OF THE HOLDERS OF A MAJORITY OF THE VOTES CAST BY OUR SHAREHOLDERS IN PERSON OR REPRESENTED BY PROXY AND ENTITLED TO VOTE ON THE RE-APPROVAL OF THE PERFORMANCE GOALS UNDER THE 2004 PLAN AT THE ANNUAL MEETING IS REQUIRED TO RE-APPROVE SUCH GOALS.
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