T hi s di s pos i t i on i s notappr opr i a t e f orpubl i c a t i on and i s notpr e c e de nt * e xc e pta s pr ovi de d by9th C i r . R . 36- 3.

T he pa ne l una ni m ous l yc onc l ude s thi s c a s e i s s ui t abl e f orde c i s i on ** w ith o u t o r a l a r g u m e n t. See F ed. R . A pp . P . 34 (a )( 2). NOT F OR P UB L I CAT I ON UN I TE D STATE S C OU RT OF APPE ALS FOR T HE NI NTH CI RC UI T MAR I A O . S E GO VI A, D e b to r- A p p e lla n t,

v . E . L YN N S C HO E NMAN N, T rust ee - A pp el l ee . N o. 09- 16146 D . C . N o . 4 : 0 8 -cv -0 3 0 7 5 -P JH ME MOR AN DU M *

A pp ea l fr om the U ni t ed S t at es D i stri ctC ou rt f o rth e N o rth e rn D is tr ic t o f C a lif o rn ia P hy l l i s J . H a m i l t on, D i s tr i c tJ udge , P r e s i di ng

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o rn ia B efo re: H U G , B E E Z E R , an dH A L L , C i rcu i tJu d g es. M a r i aS e govi aappe a l s pr o s e f r om the di s tr i c tc ourt ’ s de c i s i on a f f i rm i ng the bank rupt cycourt ’ s j ud gm ent . S egov i a a tt em pt ed t o cl ai m un exer ci se d st ock op t i on s und erher f

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# FI LED JAN 07 2 011 M OLLY C. DW Y ER, CLERK U . S. C O U R T OF APPE ALS2

e xe m ptpr ope rty . T he ba nkrupt c yc ourthe l d tha tthe s t oc k opt i ons w e r e not e x e m p t, m a k in g th e m p a rt o f th e b a n k ru p tc ye s ta te , a n dth e d is tr ic t c o u rt a f f irm e d . W e r evi ew the bank rupt cycourt ’ s c on cl usi on s of l aw de no vo and i t s f ac tual f i ndi ngs f orc l e a re rr or . I n r e P r i c e , 353 F . 3d 1135, 1138 ( 9th C i r . 2004) . W e ha ve j u r i s d i c t i o n u n d e r2 8 U . S. C. § 1 5 8 ( d ) , a n dw e a f f i rm. Th e f a c t s o f th i s c a s e a r e k n o w n t o th e p a rt i e s . W e d o n o tr e p e a tth e m.

I T he ba nkrupt c yc ourtdi d notm a ke a nyf i ndi ngs r e ga r di ng S e govi a ’ s da t e of r e t i r e m e nt . T he di s tr i c tc ourtthe r e f or e c ons i de r e d the f

a c tua l i s s ue de novo a nd co n cl u d ed th atS eg o v i a’ s d at e o f ret i rem en tw as o n M arch 3 , 2 0 0 7 . B ecau se S e govi ac ont i nue d t o r e c e i ve as a l a ryf r om he re m pl oy e runde ri t s c ont i nua t i on of l e a ve pl a n unt i l M a r c h 3, 2007, the di s tr i c tc ourtdi d notc l e a r l ye rri n de t e rm i ni ng th a t th is w a s th e d a te o f h e rr e tir e m e n t. II T he l on g-t erm i ncent i ve com pensat i on pl an i s nota r et i re m entpl an un der st at e or f eder al l aw , and i s there fore no texcl ud abl e f rom S egov i a’ s bankrup t cy e s ta te . See 1 1 U .S .C . § 5 4 1 ( c ) ( 2 ) ; O atw ay v. A m . Int ’l G roup , Inc. , 325 F . 3d 184, 1 8 8 - 8 9 ( 3 dC ir . 2 0 0 3 ) . U n d e rE R I S A , ar e tir e m e n t p la n is ap la n th a t is “e s tab lis h e do rm a in ta in e db ya n e m p lo y e r ” a n d“( i) p r o v id e s r e tir e m e n t in c o m e to3

e m pl oy e e s , or( i i ) r e s ul t s i n ade f e rr a l of i nc om e bye m pl oy e e s f orpe r i ods e x t e n d i n g t o th e t e rmi n a t i o n o f c o v e r e de mp l o y me n to rb e y o n d . ” 2 9 U . S. C. § 1 0 0 2 (2 )(A ). T h e l o n g -t erm i n cen t i v e co m p en sat i o n p l an d i dn ei th er o f th ese thi ng s. T he pl an’ s s t at ed pu rpose i s t o “ m ot i vat e keyem pl oyee s t o p rodu ce a superi or re turn” and “t o fac i l i t at e r ec rui t i ng and ret ai ni ng t al ent ed execut i ves. ” I t d idth is b yp r o v id in g e m p lo y e e s c u rr e n t a d d itio n a l in c o m e th r o u g h o u t th e ir c a r e e r s , n o t b yd e f

e rr in g th a t in c o m e u n til r e tir e m e n t. S i m i l a r l y , unde rC a l i f

orni al a w , r e t i r e m e ntpl a ns m us tbe “ de s i gne d a nd u s e df o rr e t i r e me n tp u rp o s e s . ” Ca l . Ci v . Pr o c . Co d e § 7 0 4 . 1 1 5 ( a ) ; s e e I n r e Bl o o m, 839 F . 2d 1376, 1378 ( 9th C i r . 1988) . H e r e , the l ong- t e rm i nc e nt i ve c om pe ns a t i on pl an i s not“ desi gn ed and u se d for re t i re m entpu rposes . ” A gai n, i tprov i ded curr ent , no tdefe rr ed, i ncom e. III S egov i a has w ai ved h erchal l enge t o the bank rupt cycourt ’ s app roval of a s tip u la tio n b e tw e e n S c h o e n m a n n a n dW e lls F a r g o a llo w in g S c h o e n m a n n to e x e r c is e S e g o v ia ’s s to c ko p tio n s b e c au s e s h e r a is e s it f o rth e f ir s t tim e o n ap p e a l. S ee In re F ocus M edi a, Inc. , 37 8 F . 3d 91 6, 92 4 n . 7 (9th C i r. 20 04 ). AF F I RME D.