401(k) Plan - My Lowe's Life

Distributions from thePlan∗Approximately four weeks after your employment ends, youwill be notified in a letter mailed to your home address of youreligibility to take a distribution of your Plan account.Beginning thirty (30) days after your last day of employmentwith Lowe’s, you may request a distribution of your accountbalance in a lump sum payment (see “Lump Sum Distribution”below), or you may rollover your distribution to an IRA oranother employer’s qualified plan (see “Rollover” below). If,however, your employment ends because you are relocating toanother country to work for a subsidiary or affiliate of Lowe’sthat does not participate in the 401(k) Plan, you will not beeligible to take a distribution of your account at that time.Except as provided below (see “Age 59 ½ Distributions,” “20-Year – One-Time Withdrawal from ESOP Account,” and“Hardship Withdrawals”), you will not be eligible to take adistribution of your account until you are no longer employedby any subsidiary or affiliate of Lowe’s. While you areworking for a non-participating Lowe’s subsidiary or affiliateoutside the United States (such as Lowe’s Companies Canada,ULC), you will be free to change your investment allocations atany time, but your account will be frozen against contributionsand distributions.Your decision regarding the handling of your distribution mayhave adverse tax consequences and you should considerseeking the advice of a certified financial planner, taxaccountant, or other investment professional before makingyour decision.To request a distribution, visit the Plan’s web site atwww.mykplan.com or call 1-877-236-5693 and speak with aPlan representative. Representatives are available to assist youMonday through Friday, 9 a.m. to 5 p.m., Eastern time, on daysthe stock market is open. When calling, you will need yourSocial Security number and PIN (provided initially to you in aletter to your home about 90 days prior to your eligibility toparticipate). If you have lost or misplaced your PIN, you maycall 1-877-236-5693 to request that your PIN be mailed to yourhome address.∗Specific portions of this document, designated with an asterisk (*), constitutepart of a prospectus covering securities that have been registered under theSecurities Act of 1933Distributions will be based on the value of the funds or Lowe’sstock held in your account on the day your distribution isprocessed.If your account balance exceeds $5,000 when you terminateemployment, your distribution will be deferred until you reachage 62, unless you ask for an earlier distribution. If youraccount balance does not exceed $5,000 but is greater than$1,000 when you terminate employment, the total amount ofyour account will be rolled over to an Individual RetirementAccount (IRA) as soon as administratively feasible after youterminate employment, unless you elect otherwise. Unless youelect to take a lump sum distribution or you elect to rolloveryour account balance to another employer’s qualified plan or anIRA, an IRA will be established in your name withE*TRADESecurities, LLC. If your account balance is $1,000 or less yourtotal account balance will be paid to you as soon asadministratively possible after your termination date.All distributions will be in cash. However, if some or all ofyour account is invested in Lowe’s stock , you may request toreceive that portion of your distribution in stock (you will notreceive actual stock certificates, but instead your stockownership will be reflected in a book entry). This type ofdistribution is called an “in-kind distribution.” If you do notspecifically request Lowe’s stock or an “in-kind distribution,”your distribution will be in cash. In addition, if yourdistribution is made within the first six months after yourtermination date, you will not be eligible for Lowe’sreemployment for six months after your termination date.ForfeituresIf, following your termination of employment, theAdministrative Committee (or its designee) is unable to locateyou after making reasonable efforts to do so, theAdministrative Committee may declare your account balance tobe forfeited. Forfeited amounts will be applied to reduceEmployer Matching Contributions. If the AdministrativeCommittee is able to locate you at a later date, your accountbalance will be restored.Age 59 1 ⁄ 2Distributions*If you are in active service after you have reached age 59 1 ⁄ 2, youmay elect to withdraw your entire account balance in the Plan.This is a one-time, in-service distribution option. At any timeafter you have reached age 59 1 ⁄ 2, visit the Plan’s web site,accessible through the employee portal atwww.myloweslife.com (My Wealth > Wealth Related QuickLinks > 401(k) > 401(k) at ADP) or directly at10