Napa Auto Parts 2010 Annual Report Download - page 102

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percentage. In no event shall a Participant be entitled to defer more than 100% of his or her Salary. For bookkeeping purposes, each calendar year the
amount of Salary which the Key Employee elects to defer pursuant to this Plan shall be transferred to and held in the Participant’s Salary Deferral
Account for such calendar year.”
As noted earlier, old Section 4.02 (investments) is renumbered as Section 4.03. In addition, the following changes are made to new Section 4.03:
In new Section 4.03(d), the reference to Section 4.02(a) is changed to Section 4.03(a).
In new Section 4.03(e), the phrase “that, in the Trustee’s determination, best preserves the principal amount of the Participant’s Account” is hereby deleted
and replaced with “determined by the Committee”.
Former Section 4.03 (Form of Payment) is hereby deleted and is replaced with Section 4.04 (Commencement of Payment) and Section 4.05 (Form of
Payment) as follows:
“4.04 Commencement of Payment.
(a) Commencement of Payment from Bonus Deferral Accounts . Payment of Plan benefits from the Participant’s Bonus Deferral Account shall be made
as follows.
(1) Payment of Plan benefits from the Participant’s Pre-2011 Bonus Deferral Account (see definition of Bonus Deferral Account) shall commence
to be distributed on the first day of the seventh month following the Participant’s Termination of Service with the Company. For example, if a
Participant has a Termination of Service on January 12, payment of plan benefits from the Participant’s Pre-2011 Bonus Deferral Account
shall commence on August 1 (the first day of the seventh month following January 12).
(2) Payment of Plan benefits from the Participant’s Bonus Deferral Account other than from the Pre-2011 Bonus Deferral Account (e.g., the 2011
Bonus Deferral Account, the 2012 Bonus Deferral Account and so on) shall commence to be distributed on the date elected by the Participant
on the Election Form for such Bonus Deferral Account and consistent with the provisions of Section 4.04(c). The election must be made at the
same time the Participant completes the Election Form for such Bonus deferral. Again, the Participant may elect a different commencement date
for each calendar year’s Bonus Deferral Account beginning with
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