Best Buy 2003 Annual Report Download - page 115

less than $10,000, the Committee, at its discretion, may allow the Retirement Benefit to be paid in a lump sum. The Participant may
annually change his or her election to an allowable alternative payout period by submitting a new Election Form and Plan Agreement
to the Committee, provided that any such Election Form and Plan Agreement is submitted at least 3 years prior to the Participant’s
Retirement and is accepted by the Committee in its sole discretion. The Election Form and Plan Agreement most recently accepted by
the Committee shall govern the payout of the Retirement Benefit. If a Participant does not make any election with respect to the
payment of the Retirement Benefit, then such benefit shall be payable in a lump sum. The lump sum payment shall be made, or
installment payments shall commence, no later than sixty (60) days after the last day of the Plan Year in which the Participant Retires.
Any payment made shall be subject to the Deduction Limitation.
5.3 Death Prior to Completion of Retirement Benefit. If a Participant dies after Retirement but before the Retirement Benefit
is paid in full, the Participant’s unpaid Retirement Benefit payments shall continue and shall be paid to the Participant’s Beneficiary
(i) over the remaining number of quarters and in the same amounts as that benefit would have been paid to the Participant had the
Participant survived, or (ii) in a lump sum, if requested by the Beneficiary and allowed in the sole discretion of the Committee, that is
equal to the Participant’s unpaid remaining Account Balance.
ARTICLE 6
Pre−Retirement Survivor Benefit
6.1 Pre−Retirement Survivor Benefit. Subject to the Deduction Limitation, the Participant’s Beneficiary shall receive a
Pre−Retirement Survivor Benefit equal to the Participant’s Account Balance if the Participant dies before he or she Retires,
experiences a Termination of Employment or suffers a Disability.
6.2 Payment of Pre−Retirement Survivor Benefit. A Participant, in connection with his or her commencement of
participation in the Plan, shall elect on an Election Form and Plan
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Agreement whether the Pre−Retirement Survivor Benefit shall be received by his or her Beneficiary in a lump sum or pursuant to a
Quarterly Installment Method of twenty (20) or forty (40) quarters. The Participant may annually change this election to an allowable
alternative payout period by submitting a new Election Form and Plan Agreement to the Committee, which form must be accepted by
the Committee in its sole discretion. The Election Form and Plan Agreement most recently accepted by the Committee prior to the
Participant’s death shall govern the payout of the Participant’s Pre−Retirement Survivor Benefit. If a Participant does not make any
election with respect to the payment of the Pre−Retirement Survivor Benefit, then such benefit shall be paid in a lump sum. Despite
the foregoing, if the Participant’s Account Balance at the time of his or her death is less than $25,000, payment of the Pre−Retirement
Survivor Benefit may be made, in the sole discretion of the Committee, in a lump sum or pursuant to a Quarterly Installment Method
of not more than twenty (20) quarters. The lump sum payment shall be made, or installment payments shall commence, no later than
sixty (60) days after the last day of the Plan Year in which the Committee is provided with proof that is satisfactory to the Committee
of the Participant’s death. Any payment made shall be subject to the Deduction Limitation.
ARTICLE 7
Termination Benefit
7.1 Termination Benefit. Subject to the Deduction Limitation, the Participant shall receive a Termination Benefit, which shall
be equal to the Participant’s vested Account Balance (with vesting determined as of the date of the Participant’s Termination of
Employment), if a Participant experiences a Termination of Employment prior to his or her Retirement, death or Disability.
7.2 Payment of Termination Benefit. If the Participant’s Account Balance at the time of his or her Termination of
Employment is less than $25,000, payment of his or her Termination Benefit shall be paid in a lump sum. If his or her Account
Balance at such time is equal to or greater than that amount, the Participant may request and the Committee, in its sole discretion, may
allow the Termination Benefit to be paid in a lump sum or pursuant to a Quarterly Installment Method of twenty (20) quarters. The
lump sum payment shall be made, or installment payments shall commence, no later than sixty (60) days after the last day of the Plan
Year in which the Participant experiences the Termination of Employment. Any payment made shall be subject to the Deduction
Limitation.
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ARTICLE 8
Disability Waiver and Benefit
8.1 Disability Waiver.