Napa Auto Parts 2010 Annual Report Download - page 103

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the Bonus deferral for the 2011 calendar year (i.e., the bonus that ordinarily would be paid in early 2012).
(b) Commencement of Payment from Salary Deferral Accounts . Payment of Plan benefits from each calendar year’s Salary Deferral Account shall
commence to be distributed on the date elected by the Participant on the Election Form for such Salary Deferral Account and consistent with the
provisions of Section 4.04(c). The election must be made at the same time the Participant completes or is deemed to complete the Election Form for
such Salary deferral. Again, the Participant may elect a different commencement date for each calendar year’s Salary Deferral Account.
(c) Available Payment Dates for Salary Deferral Accounts and for 2011 and later Bonus Deferral Accounts . A Participant may elect one of the following
dates to commence payment of the Participant’s Salary Deferral Account and to commence payment of the Participant’s 2011 or later Bonus Deferral
Account. A separate election may be made for each calendar year’s deferral election. In addition, one election can be made for the distribution of a
Participant’s Salary Deferral Account and a different election for the distribution of a Participant’s Bonus Deferral Account even though both relate to
the same calendar year. For example, the Participant could elect to commence payment of the Participant’s 2012 Salary in accordance with
Section 4.04(c)(1) and elect payment of the Participant’s 2012 Bonus in accordance with Section 4.04(c)(2).
(1) The Participant’s Termination of Service. If this commencement date is elected, actual payment of the Participant’s Salary Deferral Account
and Bonus Deferral Account will not commence until first day of the seventh month following the Participant’s Termination of Service with the
Company. For example, if a Participant has a Termination of Service on January 12, payment of plan benefits shall commence on August 1
(the first day of the seventh month following January 12.
(2) A specific future date elected by the Participant on the Election Form based on a specific future calendar date or the attainment of a specific age.
The specific future date or age must be at least two years in the future from the first day of the calendar year for which the deferral relates. For
example, if a Participant made a Salary deferral election for the 2012 calendar year, the earliest payment would be January 1, 2014 (two years
from January 1, 2012).
(3) The Participant’s election to commence payment of his or her Account shall be irrevocable.”
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