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Title: |
Annual Incentive Bonus Plan |
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Date: |
2003 |
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Price: |
$42 |
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ID: |
#313722 |
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KMART HOLDING CORPORATION
ANNUAL INCENTIVE BONUS PLAN
1. PURPOSES; CONSTRUCTION.
The purposes of the Kmart Holding Corporation Annual Incentive Bonus Plan
(the "Plan") are to attract and retain highly-qualified management associates by
providing appropriate performance-based short-term incentive awards, to align
management and stockholder interests by creating a direct link between
management compensation and stockholder return, and to provide incentives to
managers to contribute to the success of the Company. An additional purpose of
the Plan is to serve as a qualified performance-based compensation program under
Section 162(m) of the Internal Revenue Code of 1986, as amended, in order to
preserve the Company's tax deduction for compensation paid under the Plan to
Covered Employees.
2. DEFINITIONS.
As used in this Plan, the following words and phrases shall have the
following meanings:
(a) "Board" shall mean the Board of Directors of the Company.
(b) "Bonus" shall mean any annual incentive bonus award granted
pursuant to this Plan; the payment of any such award shall be contingent upon
the attainment of Performance Goals with respect to a Plan Year.
(c) "Code" shall mean the Internal Revenue Code of 1986, as amended
from time to time.
(d) "Committee" shall mean the Compensation and Incentives Committee of
the Board.
(e) "Company" shall mean Kmart Holding Corporation, a corporation
organized under the laws of the State of Delaware, or any successor corporation.
(f) "Covered Employee" shall have the meaning set forth in Section
162(m)(3) of the Code (or any successor provision).
(g) "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended from time to time, and as now or hereafter construed, interpreted and
applied by regulations, rulings and cases.
(h) "Participant" shall mean an employee of the Company or one of its
Subsidiaries who is eligible to participate herein pursuant to Article 3 hereof
and for whom a target Bonus is established with respect to the relevant Plan
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