Pep Boys 2008 Annual Report Download - page 61
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B -
5
12. Assignment and Alienation of Benefits.
(a) To the maximum extent permitted by law, a Participant's right or benefits under this Plan shall not
be subject to anticipation, alienation, sale, assignment, pledge, encumbrance or charge, and any attempt to
anticipate, alienate, sell, assign, pledge, encumber or charge the same shall be void. No right or benefit hereunder
shall in any manner be liable for or subject to the debts, contracts, liabilities or torts of the person entitled to such
benefit.
(b) If any Participant becomes bankrupt or attempts to anticipate, alienate, sell, assign, pledge,
encumber, or charge any rights to a benefit hereunder, then such right or benefit, in the discretion of the
Compensation Committee, may be terminated. In such event, the Company may hold or apply the same or any part
thereof for the benefit of the Participant, his or her spouse, children or dependents, or any of them, in such manner
and portion as the Compensation Committee may deem proper.
13. Miscellaneous.
(a) The establishment of this Plan shall not be construed as granting any Participant the right to remain in
the employ of the Company, nor shall this Plan be construed as limiting the right of the Company to discharge a
Participant from employment at any time for any reason whatsoever, with or without cause.
(b) The Company may withhold from any amounts payable under the Plan such Federal, state or local
taxes as may be required to be withheld pursuant to any applicable law or regulation.
(c) It is the intent of the Company that the Plan and any Bonuses that are designated as “qualified
performance-based compensation” under Code section 162(m) made under the Plan to a Participant comply with the
applicable provisions of Code section 162(m). To the extent that any legal requirement of Code section 162(m) as set
forth in the Plan ceases to be required under Code section 162(m), that Plan provision shall cease to apply.
(d) This Plan, and Bonuses payable hereunder, are intended to comply with the short-term deferral rule set
forth in the regulations under Code section 409A, in order to avoid application of Code section 409A to the Plan.
Notwithstanding the foregoing, if, and to the extent that any payment of a Bonus under this Plan constitutes deferred
compensation subject to the requirements of Code section 409A, all payments shall be made, and this Plan shall be
administered so that such payments are made, in accordance with the requirements of Code section 409A.
(e) The paragraph headings in this Plan are for convenience only; they form no part of the Plan and shall
not affect its interpretation.
(f) This Plan shall be governed by and construed in accordance with the laws of the Commonwealth
of Pennsylvania.