Pep Boys 2010 Annual Report Download - page 54

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(iv) The foregoing procedures shall apply to all shares purchased by the Participant under the Plan,
whether or not the Participant continues in employee status.
9 ACCRUAL LIMITATIONS
(a) Dollar Limitation. Notwithstanding anything in the Plan to the contrary, no Participant shall be
entitled to accrue rights to acquire Common Stock pursuant to any purchase right outstanding under this Plan if and
to the extent that such accrual, when aggregated with (i) rights to purchase Common Stock accrued under any other
purchase right granted under this Plan and (ii) similar rights accrued under other employee stock purchase plans
(within the meaning of Code section 423) of the Company or any Company Affiliate, would otherwise permit the
Participant to purchase more than twenty-five thousand dollars ($25,000) worth of stock of the Company or any
Company Affiliate (determined on the basis of the Fair Market Value per share on the date or dates such rights are
granted) for each calendar year in which such rights are at any time outstanding.
(b) Application of Dollar Limitation. For purposes of applying such accrual limitations to the purchase
rights granted under the Plan, the following provisions shall apply:
(i) The right to acquire Common Stock under each outstanding purchase right shall accrue on each
Purchase Date on which such right remains outstanding.
(ii) No right to acquire Common Stock under any outstanding purchase right shall accrue to the
extent the Participant has already accrued in the same calendar year the right to acquire Common Stock under
one or more other purchase rights at a rate equal to twenty-five thousand dollars ($25,000) worth of Common
Stock (determined on the basis of the Fair Market Value per share on the date or dates of grant) for each
calendar year in which such rights were at any time outstanding.
(iii) If a purchase right is outstanding in more than one calendar year, then Common Stock
purchased pursuant to the exercise of such purchase right shall be applied first, to the extent allowable under
this Article, against the $25,000 limitation for the earliest year in which the purchase right was outstanding,
then against the $25,000 limitation for each succeeding year, in order.
(c) Refund. If by reason of such accrual limitations, any purchase right of a Participant does not accrue
for a particular Offering Period, then the payroll deductions that the Participant made during that Offering Period
with respect to such purchase right shall be promptly refunded.
(d) Conflict. In the event there is any conflict between the provisions of this Article and one or more
provisions of the Plan or any instrument issued thereunder, the provisions of this Article shall be controlling.
10. EFFECTIVE DATE AND TERM OF THE PLAN
(a) Effective Date. The Plan was adopted by the Board on March 29, 2011, and shall become effective at
the Effective Date, provided that no purchase rights granted under the Plan shall be exercised, and no shares of
Common Stock shall be purchased hereunder, until (i) the Plan shall have been approved by the shareholders of the
Company and (ii) the Company shall have complied with all applicable requirements of the 1933 Act (including the
registration of the shares of Common Stock issuable under the Plan on a Form S-8 registration statement filed with
the Securities and Exchange Commission), all applicable listing requirements of any Stock Exchange on which the
Common Stock is listed for trading and all other applicable requirements established by law or regulation have been
met. In the event such stockholder approval is not obtained at the 2011 Annual Shareholders Meeting, or such
compliance is not effected, the Plan shall terminate and have no further force or effect.
(b) Term. Unless sooner terminated by the Board, the Plan shall terminate upon the first to occur of (i)
the date on which all shares available for issuance under the Plan shall have been sold pursuant to purchase rights
exercised under the Plan or (ii) the date on which all purchase rights are exercised in connection with a Change of