Foot Locker, Inc. Executive Medical Expense Allowance Program Summary
Foot Locker, Inc. has established a medical expense allowance program for its senior executives, including corporate officers, division presidents, and other approved executives. The program reimburses participants for out-of-pocket medical expenses up to a maximum annual amount set by the Compensation Committee. Reimbursements are subject to IRS Section 409A rules, ensuring payments are not exchangeable for other benefits and are made within a specified timeframe after expenses are incurred.
Exhibit 10.27
EXECUTIVE MEDICAL ALLOWANCE PROGRAM
SUMMARY
| Participants: | Corporate Officers and Division Presidents and other executives 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”) | |
| Allowable Expenses: | Out-of-pocket medical expenses up to a set maximum annual dollar amount, as may be determined from time to time by the Compensation Committee. | |
| Section 409A: | 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 participant’s taxable year following the taxable year in which the expense was incurred. |
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