Napa Auto Parts 2010 Annual Report Download - page 105

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(c) Payment Form Election for Bonus Deferral Account (other than the Pre-2011 Bonus Deferral Account) .
(1) General Rule. For Bonuses to be earned during 2011 and later, A Participant may elect a different payment form described in Section 4.05(a)
for each calendar year’s Bonus Deferral Account. Such payment form must be elected on the Election Form applicable to such calendar year’s
Bonus Deferral Account.
(2) Irrevocable Election. A Participant’s election of a payment form for each 2011 or later Bonus Deferral Account is irrevocable and the Participant
may not modify or otherwise revoke the benefit payment form designated on an Election Form.
(d) Payment Form Election for Salary Deferrals .
(1) General Rule. A Participant may elect a different payment form described in Section 4.05(a) for each calendar year’s Salary Deferral Account.
Such payment form must be elected on the Election Form applicable to such calendar year’s Salary Deferral Account.
(2) Irrevocable Election. A Participant’s election of a payment form for each Salary Deferral Account is irrevocable and the Participant may not
modify or otherwise revoke the benefit payment form designated on an Election Form.
(e) Acceleration of Payment. The Committee may involuntarily cash out a Participant’s interest in this Plan in a single lump sum following the
Participant’s Termination of Service if the following criteria are satisfied:
(1) The Committee determines in writing to involuntarily cash out the Participant (such writing must be completed before the payment is
distributed).
(2) The payment results in the termination and liquidation of the Participant’s entire interest under this Plan as well as under any agreement,
program, or arrangement that is aggregated with this Plan under Treas. Reg. Section 1.409A-1(c)(2); and
(3) The lump sum payment is not greater than the applicable dollar amount under Code Section 402(g)(1)(B) (the maximum permissible 401(k)
contribution — not including catch-up contributions).
(f) Payment to Beneficiary. Upon the Participant’s death, all unpaid amounts held in the Participant’s Account shall be paid to the Participant’s
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