Napa Auto Parts 2010 Annual Report Download - page 101

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“(c) Automatic Termination of Election Form. The Participant’s Election Form for both Bonus deferrals and Salary deferrals will automatically terminate
at the earliest of (i) the Participant’s Termination of Service, (ii) Participant’s hardship distribution pursuant to Treas. Reg. Section 1.401(k)-1(d)(3),
or (iii) the termination of the Plan in accordance with Code Section 409A (See Treas. Reg. Section 1.409A-3(j)(4)(ix).
For example, if a Participant receives a hardship distribution under the terms of the Genuine Partnership Plan (a plan subject to Code
Section 401(k)), the Participant’s Election Form for both Salary deferral and Bonus deferral applicable to the calendar year in which the hardship
occurred shall automatically terminate. Following such a hardship, a Participant may not make a new Election Form under this Plan for six months
following the hardship distribution. Accordingly, a hardship distribution received on April 1, 2012 would terminate the 2012 Election Form and a
new Election Form could not be made until October 1, 2012 (for the 2013 calendar year).”
Subsection 3.01(g) is renumbered as 3.01(d) as follows:
“(d) Nothing contained in the Plan shall be deemed to give any Key Employee the right to be retained as an employee of the Company.”
4.
Effective January 1, 2011, Article 4 is hereby amended as follows:
The phrase “any whole” is added immediately following the phrase “any dollar amount or” to the first sentence of Section 4.01.
The phrase “individual Accounts” found at the end of the second sentence of Section 4.01 is hereby deleted and replaced with “the Participant’s Bonus
Deferral Account”.
Former Section 4.02 (Investments) is renumbered as Section 4.03 and a new Section 4.02 is hereby added as follows:
“4.02 Deferred Salary. A Key Employee may elect to defer any dollar amount of his or her Salary in accordance with the terms of the Plan and the Election
Form. If permitted by the Committee and communicated to Participants, a Key Employee may elect to defer any whole percentage of his or her Salary in
accordance with the terms of the Plan and the Election Form. The Committee shall determine if the Key Employee can elect to defer only a specific dollar
amount, to defer only a specific whole percentage or to defer either a specific dollar amount or a whole
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