Pep Boys 2012 Annual Report Download - page 31

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27
(a) Based upon the closing price of a share of Pep Boys Stock on February 1, 2013($11.01).
(b) Such options became exercisable on March 30, 2013.
(c) One-half of such options became/become exercisable on each of March 29, 2013 and 2014.
(d) One-third of such options become exercisable on each of September 12, 2013, 2014and 2015.
(e) Such RSUs expired without vesting on February 2, 2013.
(f) Such RSUs will vest on February 1, 2014 if the Company achieves certain predetermined performance
criteria.
(g) Such RSUs will vest on September 12, 2015 if the Company achieves certain predetermined performance
criteria.
(h) One-third of such RSUs will vest on each of September 10, 2013, 2014 and 2015.
(i) One-third of such RSUs will vest on each of August 6, 2013, 2014 and 2015.
Option Exercises and Stock Vested Table
During fiscal 2012, no named executive officer exercised any stock options nor had any stock awards vest.
Pension Plans
Qualified Defined Benefit Pension Plan. We have a qualified defined benefit pension plan for all employees
hired prior to February 2, 1992. Future benefit accruals on behalf of all participants were frozen under this plan as of
December 31, 1996. Benefits payable under this plan are calculated based on the participant’ s compensation (base
salary plus accrued bonus) over the last five years of the participant’ s employment by Pep Boys and the number of
years of participation in the plan. Benefits payable under this plan are not subject to deduction for Social Security
or other offset amounts. The maximum annual benefit for any employee under this plan is $20,000. Mr. Cirelli is the
only named executive officer that participated in the qualified defined benefit pension plan in fiscal 2011. His
accrued annualized benefit thereunder, at normal retirement age, is $19,162.
Nonqualified Defined Contribution and Other Nonqualified Deferred Compensation Plans
As explained in our Compensation Discussion and Analysis, set forth below is information regarding benefits
under our non-qualified defined contribution plan (our Account Plan) and Deferred Compensation Plan for our
named executive officers. The Account Plan is a retirement plan pursuant to which we make annual contributions
based upon a named executive officer’ s age and then current compensation. In order to further assist our named
executive officers with their retirement savings, the Deferred Compensation Plan allows participants to defer up to
20% of their annual salary and 100% of their annual bonus. In order to further encourage share ownership and more
directly align the interests of named executive officers with that of our shareholders, the first 20% of an executive’ s
bonus deferred into Pep Boys Stock is matched by the Company on a one-for-one basis with Pep Boys Stock that
vests over three years.