Pep Boys 2013 Annual Report Download - page 36

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31
Nonqualified Deferred Compensation Plan
Name
Executive
Contributions
in Last FY
($)
Registrant
Contributions
in Last FY
($)
Aggregate
Earnings in
Last FY
($)
Aggregate
Withdrawals/
Distributions
($)
Aggregate
Forfeitures
($)
Aggregate
Balance at
Last FYE
($)
Michael R. Odell -- -- 58,647 -- -- 972,710
David R. Stern -- -- 2,360 -- -- 49,700
Thomas J. Carey -- -- 415 -- -- 31,311
Scott A. Webb -- -- (3,254) -- -- 67,803
Employment Agreements with Named Executive Officers
Change of Control Agreements. We have agreements with each named executive officer that provide each
named executive officer with a payment equal to two times the value of their annual salary, target bonus and welfare
benefits (but not retirement benefits or auto allowances) and the vesting of all equity awards if such officer is
terminated within two years following a change of control. A trust agreement has been established to better assure
the named executive officers of the satisfaction of Pep Boys’ obligations under their employment agreements
following a change of control. For the purposes of these agreements, a change of control shall be deemed to have
taken place if:
•incumbent directors (those in place on, or approved by two-thirds of those in place on, the date of the
execution of the agreements) cease to constitute a majority of our Board;
•any person becomes the beneficial owner of 35% or more of our voting securities;
•the consummation of business combination transaction, unless immediately thereafter (1) more than 50% of
the voting power of the resulting entity is represented by our shareholders immediately prior to such
transaction, (2) no person is the beneficial owner of more than 20% of the resulting entity’s voting securities
and (3) at least a majority of the directors of the resulting entity were incumbent directors;
•a sale of all or substantially all of our assets; or
•the approval of a complete liquidation or dissolution of Pep Boys.
Non-Competition Agreements. In exchange for a severance payment equal to one year’s base salary upon the
termination of their employment without cause, each of our named executive officers has agreed to customary
covenants regarding, competition and confidentiality during their employment and for one year thereafter.