Napa Auto Parts 2010 Annual Report Download - page 93

Download and view the complete annual report

Please find page 93 of the 2010 Napa Auto Parts annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 115

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115

“(a) For some Key Employees or Key Participants, Credited Service under the Pension Plan has been frozen. Furthermore, some Key Participants did not
participate in the Pension Plan and have no Credited Service under the Pension Plan Regardless, for purposes of this Plan, all Key Employees and
Key Participants shall continue to earn (or begin earning) Credited Service under this Plan using the definition of Credited Service as defined by the
Pension Plan assuming Credited Service had not been frozen. Furthermore, all Credited Service shall count including Credited Service earned prior to
a Key Employee or Key Participant commencing participation in this Plan.
(b) No Credited Service shall be earned if an Employee ceases to be a Key Employee or Key Participant or if the Key Employee or Key Participant is not
entitled to accrue a benefit under this Plan (see Section 2.03).”
A new Section 13.03(c) is added as follows:
“(c) Example.
Assume a Key Participant earned ten years of Credited Service under the Pension Plan before the Pension Plan was frozen on December 31, 2008.
Beginning January 1, 2011, the Key Participant is selected to participate in the Plan. Assume the Key Participant has a Separation from Service on
December 31, 2019. Using the definition of Credited Service in the Pension Plan and assuming such Credited Service was not frozen, the Participant
earns eleven additional years of Credited Service (2009 –2019) before the Key Participant’s Separation from Service. Thus, for purposes of Section
7.01(a)(2)(A) and Section 7.01(b)(2)(A) the participant has 21 years of Credited Service. On the other hand, for purposes of Section 7.01(a)(2)(B) or
Section 7.01(b)(2)(B), the Participant’s actual benefit from the Pension Plan is based on ten years of Credited Service (actual Credited Service in the
Pension Plan).”
A new Section 13.04 is added, as follows:
“13.04 Index.
(a) Actuarial Equivalent. Shall have the same definition as set forth in the Pension Plan.
(b) Additional Retirement Income. See Section 7.01(a).
(c) Company or Genuine Parts. See Section 1.01
(d) Committee. See Section 2.01.
- 26 -