FL » Topics » EXECUTIVE SUPPLEMENTAL LONG-TERM DISABILITY PROGRAM SUMMARY
These excerpts taken from the FL 10-K filed Mar 30, 2009.
EXECUTIVE SUPPLEMENTAL LONG-TERM
DISABILITY PROGRAM SUMMARY
Participants:
Corporate Officers
and Division Presidents and other executives who participate in the basic
long-term disability plan, as may from time to time be approved for
participation by the Compensation and Management Resources Committee of
the Board of Directors of Foot Locker, Inc. (the Compensation
Committee).
Benefit:
Participants are eligible to
receive a percentage of salary up to $25,000 per month for a certain
period of time, as may be determined by the insurer. Any benefit paid
under this program shall be reduced by the amount of any benefit paid to
the participants under the basic long-term disability
plan.
Section
409A:
With regard to any provision of
the program that provides for the reimbursement of expenses or in-kind
benefits, except as permitted by Section 409A of the Internal Revenue Code
(the Code) and regulations issued thereunder, the right to reimbursement
(i) shall not be subject to liquidation or exchange for another benefit,
(ii) the amount of expenses eligible for reimbursement during any taxable
year shall not affect the expenses eligible for reimbursement in any other
taxable year, provided that the foregoing clause (ii) shall not be
violated with regard to expenses reimbursed under any arrangement covered
by Section 105(b) of the Code solely because such expenses are subject to
a limit related to the period the arrangement is in effect, and (iii) such
reimbursements payments shall be made on or before the last day of the
participants taxable year following the taxable year in which the expense
was incurred.