Exhibit 10.9

BELK, INC. 2010 INCENTIVE STOCK PLAN

2014 - 2016 Stretch Incentive Plan

CERTIFICATE

This CERTIFICATE and the attached Exhibits A and B set forth the terms and
conditions under which Belk will issue shares of Belk, Inc. Class B common stock
(“Stock”) to Executive based on the extent to which Belk meets or exceeds the
Performance Goals for the Performance Period of the 2014 - 2016 Stretch
Incentive Plan (“SIP”), all as defined in this Certificate and Exhibits A and B.
All of the terms used in this CERTIFICATE and in Exhibits A and B that begin
with a capital letter are either defined in this CERTIFICATE, in Exhibit A or B,
or in the Belk Inc. 2010 Incentive Stock Plan, which is incorporated by
reference.

Executive:

Performance Period                             February 3, 2013 - January 30,
2016

Target % of Base Salary

Target $ Value

Months in Plan

Performance Goals

Cumulative Total Sales Goal ($ in mil)*

EBIT Goal ($ in mil)*

Signature Required:

 

 

 

  Date                     

Issued: April 2, 2013

--------------------------------------------------------------------------------

EXHIBIT A

Terms and Conditions

§ 1. Executive. The term “Executive” means the Belk executive who has been
selected within the first 90 days of the Performance Period by the Committee in
its discretion to participate in the SIP for the Performance Period.

§ 2. Target Award. The term “Target Award” means the dollar amount shown
opposite such term on the CERTIFICATE. Although the Target Award is expressed as
a dollar amount, any amounts owed pursuant to the SIP will be satisfied solely
through the issuance of shares of Stock under the Belk Inc. 2010 Incentive Stock
Plan.

§ 3. Definitions.

3.1 Business Criteria. The term “Business Criteria” for purposes of this Program
means (1) Belk’s cumulative sales, and (2) Belk’s cumulative normalized earnings
before interest and taxes.

3.2 Committee. The term “Committee” means the Compensation Committee of the
Board of Directors of Belk, or, if all the members of such Committee fail to
satisfy the requirements to be an “outside director” under § 162(m) of the Code,
a sub-committee of such committee which consists solely of members who satisfy
such requirements.

3.3 Delayed Issuance Date. The term “Delayed Issuance Date” means the last day
of Belk’s fiscal year that immediately follows the Performance Period.

3.4 Performance Period. The term “Performance Period” means the period of twelve
consecutive Belk fiscal quarters that begins on the first day of Belk’s fiscal
year 2014 and ends on the last day of Belk’s fiscal year 2016.

 

-2-

--------------------------------------------------------------------------------

§ 4. Performance Goals.

4.1 General. The Committee shall set forth in writing the Performance Goals for
each Participant for the Performance Period no later than 90 days after the
beginning of the Performance Period based on such Business Criteria as the
Committee deems appropriate under the circumstances. The Committee shall have
the right to use different Business Criteria for different Participants, and the
Committee shall have the right to set different Performance Goals for
Participants whose goals look to the same Business Criteria. The Business
Criteria for each Participant may be based on company-wide performance,
division-specific performance, department-specific performance, personal
performance or on any combination of such criteria. No later than 90 days after
the beginning of the Performance Period, the Committee shall establish the
general, objective rules which the Committee will use to determine the extent,
if any, that a Participant’s Performance Goals have been met and the specific,
objective rules, if any, regarding any exceptions to the use of such general
rules. Further, in determining whether the Performance Goals for the Performance
Period have been satisfied, the Committee may look at the performance of Belk on
the first day of the Performance Period, the last day of the Performance Period,
or either such date if there is an acquisition, disposition, or other corporate
transaction involving Belk during the Performance Period.

4.2 Specific Performance Goals. The Performance Goals for the Performance Period
shall be based on a Cumulative Sales Goal and/or a Cumulative EBIT Goal.

 

-3-

--------------------------------------------------------------------------------

4.3 Cumulative Sales Goal.

(a) Goal and Goal Adjustments. The term “Cumulative Sales Goal” means the
cumulative total sales (including leased department sales) goal for Belk for the
Performance Period.

(b) Target Award Subject to Goal. Fifty percent (50%) of the Target Award shall
be subject to the Cumulative Sales Goal, and no portion of the Target Award
shall be issuable to Executive for the Performance Period under this § 4.3 if
Belk’s cumulative total sales (including leased department sales) for the
Performance Period are less than or equal to 95% of the Cumulative Sales Goal
for such period.

(c) Percentage of Target Award to be Issued. If Belk’s cumulative total sales
(including leased department sales) for the Performance Period exceed 95% of the
Cumulative Sales Goal for such period, then the percentage of the Target Award
issuable (subject to § 5 and § 6) under this § 4.3 to Executive shall be based
on the percentage of the Cumulative Sales Goal which Belk reaches as outlined in
Exhibit B — Sales Scale.

4.4 EBIT Goal.

(a) Goal and Goal Adjustments. The term “EBIT Goal” means the earnings before
interest and taxes goal for Belk for the Performance Period.

(b) Target Award Subject to Goal. Fifty percent (50%) of the Target Award shall
be subject to the EBIT Goal, and no portion of the Target Award shall be
issuable to Executive for the Performance Period under this § 4.4 if Belk’s
earnings before interest and taxes for the Performance Period is less than 77%
of the EBIT Goal for such period.

 

-4-

--------------------------------------------------------------------------------

(c) Percentage of Target Award to be Issued. If Belk’s earnings before interest
and taxes for the Performance Period equals or exceeds 77% of the EBIT Goal for
such period, then the percentage of the Target Award issuable (subject to § 5
and § 6) under this § 4.4 to Executive shall be based on the percentage of the
EBIT Goal as outlined in Exhibit B — EBIT Scale.

4.5 Rounding and Interpolation. All percentage figures computed under this § 4
shall be rounded down to the nearest one tenth (1/10th) of a percent, all dollar
figures computed under this § 4 shall be rounded to the nearest dollar, the
number of shares of Stock issuable under § 4.6 shall be rounded up to the
nearest whole share and the Committee shall (wherever the Committee deems
appropriate) interpolate between the percentages shown in § 4.3 and § 4.4 to
determine the amount of the Target Award to be issued to Executive.

4.6 Certification. As soon as practical (and in any event within 75 days) after
the end of the Performance Period, the Committee shall certify the extent, if
any, to which the Performance Goals set for each Participant for the Performance
Period have been met and shall determine the percentage of the Target Award, if
any, issuable to a Participant based on the extent, if any, to which he or she
met his or her Performance Goals. However, the Committee shall have the right to
reduce (but not to increase) the percentage of the Target Award determined under
this § 4 to the extent that the Committee acting in its discretion determines
that the Performance Goals set for a Participant for the Performance Period no
longer were appropriate for such Participant at the end of such Performance
Period. If the Committee certifies that a percentage of the Target Award is
issuable to a Participant for any Performance Period, the Committee shall
determine the dollar amount represented by such percentage. The Committee will
then convert such dollar amount into a number of whole shares of Stock by
dividing such dollar amount by the Fair Market Value of a share of Stock on the
date such shares are issued. Such shares of Stock shall be issued under the Belk
Inc. 2010 Incentive Stock Plan with fifty percent of such shares of Stock to be
issued as soon as practical after such certification has been made and in any
event no later than 2 1/2 months after the end of the calendar year which
includes the last day of the Performance Period, provided the employment

 

-5-

--------------------------------------------------------------------------------

requirement under § 5 is satisfied. The remaining fifty percent of the number of
shares of Stock issuable for the Performance Period shall be issued under the
Belk Inc. 2010 Incentive Stock Plan as soon as practical after the Delayed
Issuance Date and in any event no later than 2 1/2 months after the Delayed
Issuance Date, provided the employment requirement in § 5 is satisfied.

4.7 Maximum Shares of Stock. The maximum number of Shares of Stock issuable in
any calendar year under this § 4 to Executive for the Performance Period shall
be equal to the maximum number of shares permitted to be issued pursuant to a
Stock Grant under § 6 of the Belk, Inc. 2010 Incentive Stock Plan for such
calendar year.

§ 5. Employment Requirement.

5.1 General Rule. Executive shall forfeit Executive’s right to the issuance of
any shares of Stock pursuant to § 4.3 or § 4.4 if Executive fails for any reason
whatsoever to remain employed by Belk, a Belk Affiliate or a Belk Subsidiary
from the start of the Performance Period through the date such shares are
issued, except to the extent provided in § 5.2.

5.2 Exceptions.

(a) Employed After Performance Period Started. If Executive is employed by Belk,
a Belk Affiliate or a Belk Subsidiary after the start of the Performance Period
and remains so employed through the date the shares are issued, Executive will
(subject to 5.2(e)(1)) be treated as employed from the start of the Performance
Period through the date such shares are issued for purposes of § 5.1, but the
number of shares of Stock issuable to Executive, if any, shall be determined
under § 5.2(e).

(b) Death. No forfeiture shall be effected under § 5.1 if Executive’s employment
by Belk, a Belk Affiliate or a Belk Subsidiary terminates after the start of the
Performance Period and before the date shares are issued as a result of
Executive’s death but, if the Executive’s termination occurs during the
Performance Period, the number of shares of Stock issuable on behalf of
Executive, if any, shall be determined under § 5.2(e). Such shares shall be
issued to Executive’s estate.

 

-6-

--------------------------------------------------------------------------------

(c) Disability. No forfeiture shall be effected under § 5.1 if Executive’s
employment by Belk, a Belk Affiliate or a Belk Subsidiary is terminated after
the start of the Performance Period and before the date shares are issued
because the Board deems that Executive is no longer able even with reasonable
accommodation to perform the essential functions of Executive’s job as a result
of a physical or mental impairment but, if Executive’s termination occurs during
the Performance Period, the number of shares of Stock issuable to Executive, if
any, shall be determined under § 5.2(e).

(d) Retirement. No forfeiture shall be effected under § 5.1 if Executive with
the consent of the Board or the Committee retires or otherwise separates from
employment under circumstances which the Board or Committee determines should be
treated as the equivalent of retirement after the start of the Performance
Period and before the date shares are issued and Executive for the remainder of
the period refrains from engaging in any employment related activities which the
Board or Committee deems inconsistent with Executive’s status as a retired
employee of Belk, a Belk Affiliate or a Belk Subsidiary. However, if such
retirement or other separation from employment occurs during the Performance
Period, the number of shares of Stock issuable to Executive, if any, shall be
determined under § 5.2(e).

(e) Two Year Minimum and Pro-Ration Rules.

(1) Executive shall forfeit Executive’s right to the issuance of any shares of
Stock pursuant to § 4.3, § 4.4 and this § 5.2(e) unless Executive was employed
by Belk, a Belk Affiliate or a Belk Subsidiary for at least two full years in
the Performance Period.

 

-7-

--------------------------------------------------------------------------------

(2) If Executive was employed by Belk, a Belk Affiliate or a Belk Subsidiary for
at least two full years in the Performance Period but not for the full
Performance Period, the number of shares of Stock otherwise issuable to or on
behalf of Executive shall be reduced by the Committee pursuant to this § 5.2(e)
to reflect the fact that Executive was so employed for less than the full
Performance Period. The Committee shall determine the reduced number of shares
of Stock to be issued under the Plan to Executive by multiplying the number of
shares of Stock otherwise issuable to Executive pursuant to § 4 by a fraction,
the numerator of which shall be the number of full fiscal months (rounding down
to the nearest fiscal month) that Executive was employed by Belk, a Belk
Affiliate or a Belk Subsidiary in such Performance Period and the denominator of
which shall be thirty six (36), and then rounding up to the nearest whole share
of Stock.

§ 6. Stock Issuance and Minimum Tax Withholding. The Committee shall determine
the number of whole shares of Stock, if any, to be issued to Executive, the
minimum income tax withholding due on such shares and Executive’s deadline for
making a payment to Belk equal to such minimum income tax withholding. If
Executive fails to make such payment by such deadline, Belk shall reduce the
total number of whole shares of Stock to be issued to or on behalf of Executive
by a number sufficient for Belk to pay the minimum income tax withholding due on
all such shares of Stock based on the value assigned by Belk to such shares of
Stock and shall then issue the reduced number of shares of Stock to or on behalf
of Executive. If Executive makes such payment, there will be no reduction in the
total number of shares of Stock issued to Executive pursuant to this § 6, and
the total number of shares of Stock due shall be issued to or on behalf of
Executive.

 

-8-

--------------------------------------------------------------------------------

§ 7. 2010 Incentive Stock Plan. Any Shares of Stock issued to or on behalf of
Executive pursuant to the CERTIFICATE and this Exhibit A shall be issued subject
to the terms and conditions set forth in the Belk, Inc. 2010 Incentive Stock
Plan.

§ 8. Reference. Unless otherwise specified, all references in this Exhibit A or
the Certificate to sections (§) shall be to sections (§) of this Exhibit A.

§ 9. Administration, Amendment and Termination. The Committee shall have the
power to interpret and administer this SIP as the Committee in its absolute
discretion deems in the best interest of Belk and the Committee to the extent
practicable shall do so to protect Belk’s right to deduct, in light of § 162(m)
of the Internal Revenue Code, any shares of Stock issuable under the SIP to any
participant who is Belk’s chief executive officer or one of its four other
executive officers who are treated under § 162(m) of the Internal Revenue Code
as a “covered employee”. The Committee shall have the power to amend this SIP
from time to time as the Committee deems necessary or appropriate and to
terminate this SIP if the Committee deems such termination in the best interest
of Belk.

 

-9-

--------------------------------------------------------------------------------

EXHIBIT B

Belk Stretch Incentive Plan (SIP)

Total Sales Scale:

 

% of Pln   % of     % of Pln   % of     % of Pln   % of     % of Pln   % of  

Attained

  Payout     Attained   Payout     Attained   Payout     Attained   Payout  
95.0     0.0 %              95.1     1.0 %    97.1     21.0 %    99.1     41.0
%    101.1     59.2 %  95.2     2.0 %    97.2     22.0 %    99.2     42.0 %   
101.2     60.0 %  95.3     3.0 %    97.3     23.0 %    99.3     43.0 %    101.3
    60.8 %  95.4     4.0 %    97.4     24.0 %    99.4     44.0 %    101.4    
61.7 %  95.5     5.0 %    97.5     25.0 %    99.5     45.0 %    101.5     62.5
%  95.6     6.0 %    97.6     26.0 %    99.6     46.0 %    101.6     63.3 % 
95.7     7.0 %    97.7     27.0 %    99.7     47.0 %    101.7     64.2 %  95.8  
  8.0 %    97.8     28.0 %    99.8     48.0 %    101.8     65.0 %  95.9     9.0
%    97.9     29.0 %    99.9     49.0 %    101.9     65.8 %  96.0     10.0 %   
98.0     30.0 %    100.0     50.0 %    102.0     66.7 %  96.1     11.0 %    98.1
    31.0 %    100.1     50.8 %    102.1     67.5 %  96.2     12.0 %    98.2    
32.0 %    100.2     51.7 %    102.2     68.3 %  96.3     13.0 %    98.3     33.0
%    100.3     52.5 %    102.3     69.2 %  96.4     14.0 %    98.4     34.0 %   
100.4     53.3 %    102.4     70.0 %  96.5     15.0 %    98.5     35.0 %   
100.5     54.2 %    102.5     70.8 %  96.6     16.0 %    98.6     36.0 %   
100.6     55.0 %    102.6     71.7 %  96.7     17.0 %    98.7     37.0 %   
100.7     55.8 %    102.7     72.5 %  96.8     18.0 %    98.8     38.0 %   
100.8     56.7 %    102.8     73.3 %  96.9     19.0 %    98.9     39.0 %   
100.9     57.5 %    102.9     74.2 %  97.0     20.0 %    99.0     40.0 %   
101.0     58.3 %    103.0     75.0 % 

 

-10-

--------------------------------------------------------------------------------

EBIT $ Scale

 

% of Pln
Attained

  % of
Payout     % of Pln
Attained   % of
Payout     % of Pln
Attained   % of
Payout     % of Pln
Attained   % of
Payout     % of Pln
Attained   % of
Payout     % of Pln
Attained   % of
Payout     % of Pln
Attained   % of
Payout   77.0     20.0 %                          77.1     20.1 %    82.1    
26.7 %    87.1     33.2 %    92.1     39.7 %    97.1     46.2 %    102.1    
55.2 %    107.1     67.7 %  77.2     20.3 %    82.2     26.8 %    87.2     33.3
%    92.2     39.8 %    97.2     46.3 %    102.2     55.5 %    107.2     68.0 % 
77.3     20.4 %    82.3     26.9 %    87.3     33.4 %    92.3     40.0 %    97.3
    46.5 %    102.3     55.7 %    107.3     68.2 %  77.4     20.5 %    82.4    
27.0 %    87.4     33.6 %    92.4     40.1 %    97.4     46.6 %    102.4    
56.0 %    107.4     68.5 %  77.5     20.7 %    82.5     27.2 %    87.5     33.7
%    92.5     40.2 %    97.5     46.7 %    102.5     56.2 %    107.5     68.7 % 
77.6     20.8 %    82.6     27.3 %    87.6     33.8 %    92.6     40.3 %    97.6
    46.9 %    102.6     56.5 %    107.6     69.0 %  77.7     20.9 %    82.7    
27.4 %    87.7     34.0 %    92.7     40.5 %    97.7     47.0 %    102.7    
56.7 %    107.7     69.2 %  77.8     21.0 %    82.8     27.6 %    87.8     34.1
%    92.8     40.6 %    97.8     47.1 %    102.8     57.0 %    107.8     69.5 % 
77.9     21.2 %    82.9     27.7 %    87.9     34.2 %    92.9     40.7 %    97.9
    47.3 %    102.9     57.2 %    107.9     69.7 %  78.0     21.3 %    83.0    
27.8 %    88.0     34.3 %    93.0     40.9 %    98.0     47.4 %    103.0    
57.5 %    108.0     70.0 %  78.1     21.4 %    83.1     28.0 %    88.1     34.5
%    93.1     41.0 %    98.1     47.5 %    103.1     57.7 %    108.1     70.2 % 
78.2     21.6 %    83.2     28.1 %    88.2     34.6 %    93.2     41.1 %    98.2
    47.7 %    103.2     58.0 %    108.2     70.5 %  78.3     21.7 %    83.3    
28.2 %    88.3     34.7 %    93.3     41.3 %    98.3     47.8 %    103.3    
58.2 %    108.3     70.7 %  78.4     21.8 %    83.4     28.3 %    88.4     34.9
%    93.4     41.4 %    98.4     47.9 %    103.4     58.5 %    108.4     71.0 % 
78.5     22.0 %    83.5     28.5 %    88.5     35.0 %    93.5     41.5 %    98.5
    48.0 %    103.5     58.7 %    108.5     71.2 %  78.6     22.1 %    83.6    
28.6 %    88.6     35.1 %    93.6     41.7 %    98.6     48.2 %    103.6    
59.0 %    108.6     71.5 %  78.7     22.2 %    83.7     28.7 %    88.7     35.3
%    93.7     41.8 %    98.7     48.3 %    103.7     59.2 %    108.7     71.7 % 
78.8     22.3 %    83.8     28.9 %    88.8     35.4 %    93.8     41.9 %    98.8
    48.4 %    103.8     59.5 %    108.8     72.0 %  78.9     22.5 %    83.9    
29.0 %    88.9     35.5 %    93.9     42.0 %    98.9     48.6 %    103.9    
59.7 %    108.9     72.2 %  79.0     22.6 %    84.0     29.1 %    89.0     35.7
%    94.0     42.2 %    99.0     48.7 %    104.0     60.0 %    109.0     72.5 % 
79.1     22.7 %    84.1     29.3 %    89.1     35.8 %    94.1     42.3 %    99.1
    48.8 %    104.1     60.2 %    109.1     72.7 %  79.2     22.9 %    84.2    
29.4 %    89.2     35.9 %    94.2     42.4 %    99.2     49.0 %    104.2    
60.5 %    109.2     73.0 %  79.3     23.0 %    84.3     29.5 %    89.3     36.0
%    94.3     42.6 %    99.3     49.1 %    104.3     60.7 %    109.3     73.2 % 
79.4     23.1 %    84.4     29.7 %    89.4     36.2 %    94.4     42.7 %    99.4
    49.2 %    104.4     61.0 %    109.4     73.5 %  79.5     23.3 %    84.5    
29.8 %    89.5     36.3 %    94.5     42.8 %    99.5     49.3 %    104.5    
61.2 %    109.5     73.7 %  79.6     23.4 %    84.6     29.9 %    89.6     36.4
%    94.6     43.0 %    99.6     49.5 %    104.6     61.5 %    109.6     74.0 % 
79.7     23.5 %    84.7     30.0 %    89.7     36.6 %    94.7     43.1 %    99.7
    49.6 %    104.7     61.7 %    109.7     74.2 %  79.8     23.7 %    84.8    
30.2 %    89.8     36.7 %    94.8     43.2 %    99.8     49.7 %    104.8    
62.0 %    109.8     74.5 %  79.9     23.8 %    84.9     30.3 %    89.9     36.8
%    94.9     43.3 %    99.9     49.9 %    104.9     62.2 %    109.9     74.7 % 
80.0     23.9 %    85.0     30.4 %    90.0     37.0 %    95.0     43.5 %   
100.0     50.0 %    105.0     62.5 %    110.0     75.0 %  80.1     24.0 %   
85.1     30.6 %    90.1     37.1 %    95.1     43.6 %    100.1     50.3 %   
105.1     62.7 %      80.2     24.2 %    85.2     30.7 %    90.2     37.2 %   
95.2     43.7 %    100.2     50.5 %    105.2     63.0 %      80.3     24.3 %   
85.3     30.8 %    90.3     37.3 %    95.3     43.9 %    100.3     50.8 %   
105.3     63.2 %      80.4     24.4 %    85.4     31.0 %    90.4     37.5 %   
95.4     44.0 %    100.4     51.0 %    105.4     63.5 %      80.5     24.6 %   
85.5     31.1 %    90.5     37.6 %    95.5     44.1 %    100.5     51.3 %   
105.5     63.7 %      80.6     24.7 %    85.6     31.2 %    90.6     37.7 %   
95.6     44.3 %    100.6     51.5 %    105.6     64.0 %      80.7     24.8 %   
85.7     31.3 %    90.7     37.9 %    95.7     44.4 %    100.7     51.8 %   
105.7     64.2 %      80.8     25.0 %    85.8     31.5 %    90.8     38.0 %   
95.8     44.5 %    100.8     52.0 %    105.8     64.5 %      80.9     25.1 %   
85.9     31.6 %    90.9     38.1 %    95.9     44.7 %    100.9     52.3 %   
105.9     64.7 %      81.0     25.2 %    86.0     31.7 %    91.0     38.3 %   
96.0     44.8 %    101.0     52.5 %    106.0     65.0 %      81.1     25.3 %   
86.1     31.9 %    91.1     38.4 %    96.1     44.9 %    101.1     52.7 %   
106.1     65.2 %      81.2     25.5 %    86.2     32.0 %    91.2     38.5 %   
96.2     45.0 %    101.2     53.0 %    106.2     65.5 %      81.3     25.6 %   
86.3     32.1 %    91.3     38.7 %    96.3     45.2 %    101.3     53.2 %   
106.3     65.7 %      81.4     25.7 %    86.4     32.3 %    91.4     38.8 %   
96.4     45.3 %    101.4     53.5 %    106.4     66.0 %      81.5     25.9 %   
86.5     32.4 %    91.5     38.9 %    96.5     45.4 %    101.5     53.7 %   
106.5     66.2 %      81.6     26.0 %    86.6     32.5 %    91.6     39.0 %   
96.6     45.6 %    101.6     54.0 %    106.6     66.5 %      81.7     26.1 %   
86.7     32.7 %    91.7     39.2 %    96.7     45.7 %    101.7     54.2 %   
106.7     66.7 %      81.8     26.3 %    86.8     32.8 %    91.8     39.3 %   
96.8     45.8 %    101.8     54.5 %    106.8     67.0 %      81.9     26.4 %   
86.9     32.9 %    91.9     39.4 %    96.9     46.0 %    101.9     54.7 %   
106.9     67.2 %      82.0     26.5 %    87.0     33.0 %    92.0     39.6 %   
97.0     46.1 %    102.0     55.0 %    107.0     67.5 %     

 

-11-