Napa Auto Parts 2010 Annual Report Download - page 100

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and deliver the Election Form to the Committee no later than December 31, 2010 (or such earlier date as the Committee determines).
(B) A Participant who first becomes eligible to participate in the Plan (or any other plan aggregated with the Plan under Code Section 409A)
during a calendar year may file an initial election to defer Salary earned during the remaining calendar year subsequent to making his or
her election. Such election must be made no later than 30 calendar days after the earlier of (I) the date the Participant first becomes eligible
to participate in the Plan or (II) the date the Participant first became eligible to participate in a plan that is aggregated with the Plan under
Code Section 409A.
(C) An Election Form shall be irrevocable on the December 31 deadline described in Section 3.01(b)(3)(A) or the date the election is made in
Section 3.01(b)(3)(B) as applicable.
(D) Unlike a Bonus Deferral, an election made in this Section 3.01(b)(3) shall remain in effect for the subsequent calendar year unless the
Participant revokes his or her election to defer Salary prior to the December 31 deadline (or earlier deadline established by the Committee).
The effective date of the revocation shall be the next January 1 that follows the Participant’s revocation of the Salary deferral election.
A Participant makes a timely election to defer 50% of the Participant’s 2012 Bonus and a timely election to defer 10% of the Participant’s
2012 Salary. If the Participant fails to execute a new Election Form prior to the deadline for making a 2013 deferral election for Bonuses,
the Participant will be deemed to have no deferral election in place for the 2013 Bonus. On the other hand, if the Participant fails to
execute a new Election Form prior to the deadline for making a 2013 deferral election for Salary, the Participant will be deemed to have
made a timely election to defer 10% of the Participant’s 2013 Salary. If the Participant later elects to revoke his or her Salary deferral
election during 2013, the effective date of such revocation will be January 1, 2014.”
Subsection 3.01(f) is renumbered as 3.01(c) and new Subsection 3.01(c) is deleted in its entirety and replaced with the following:
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