Napa Auto Parts 2010 Annual Report Download - page 70

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2.
Effective January 1, 2011, Section 2.01 is amended as follows:
The words “for Key Employees (Part A Formula)” are added to the heading after the word “Eligibility”.
The first and second paragraphs are deleted in their entirety and replaced with the following:
“Employees who were approved by the Pension and Benefits Committee of Genuine Parts Company (the “Committee”) to participate in the Plan and who
commenced participation in the Plan before January 1, 2009 are known as “Key Employees”, Effective at midnight on December 31, 2008, no new Key
Employees may participate in this Plan. Except as provided in Section 2.03, a Key Employee who commenced participation in the Plan and who continues
thereafter to be designated as a Key Employee shall continue to participate in this Plan under the Part A Formula. See the terms of the Plan in effect prior to
January 1, 2011 for eligibility provisions applicable to Key Employees.”
3.
Effective January 1, 2011, Article Two is amended as follows:
In Section 2.02:
The heading “Additional Rules on Eligibility” is replaced with “Eligibility for Key Participants (Part B Formula)” and a new paragraph is added
immediately after such heading:
“Except as provided in Section 2.03, any employee of the Employer (i) who does not participate in the Plan as a Key Employee, (ii) who is employed in an
executive position and (iii) whose annual, regular Earnings are expected to be equal to or greater than the compensation limits of Code Section 401(a)(17) for
such year ($245,000 in 2010) is eligible to participate in this Plan (“Key Participant”). Upon becoming eligible to participate, the Key Participant is
required to complete and execute a Joinder Agreement in a form satisfactory to the Committee. Such Joinder Agreement is required to be completed no later
than January 30 following the calendar year in which the Key Participant first accrues a benefit under this Plan. If the Key Participant fails to timely
complete the Joinder Agreement, the Key Participant is prohibited from accruing a benefit under this Plan until the first day of the calendar year after the
completion of the Joinder Agreement.”
Subsection (a) of Section 2.02 has been deleted in its entirety.
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