Napa Auto Parts 2010 Annual Report Download - page 96

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Exhibit 10.27
AMENDMENT NUMBER SEVEN TO THE
GENUINE PARTS COMPANY
TAX-DEFERRED SAVINGS PLAN
This Amendment to the Genuine Parts Company Tax-Deferred Savings Plan is adopted by Genuine Parts Company (the “Company”), effective as of the
date set forth herein.
W I T N E S S E T H:
WHEREAS, the Company maintains The Genuine Parts Company Tax-Deferred Savings Plan (the “Plan”), and such Plan is currently in effect;
WHEREAS, the Company desires to amend the Plan; and
WHEREAS, pursuant to Section 7.01 of the Plan, the Company has reserved the right to amend the Plan through action of the Committee:
NOW, THEREFORE, BE IT RESOLVED that the Plan is hereby amended as follows:
1.
Effective January 1, 2011, Article 1, Section 1.01 is hereby amended as follows:
The phrase “Genuine Parts Company hereby establishes, as of January 1, 1993, a deferred compensation plan known as” is deleted from the first line of
Section 1.01 and replaced with the phrase “Effective January 1, 1993, Genuine Parts Company adopted and established”.
The phrase “purpose of the Plan is to help the Company retain employees of outstanding ability” is replaced with the following “plan was amended from
time to time thereafter (the “Plan”). The Plan allowed Participants to defer all or a portion of their Bonus pursuant to the terms of the Plan. In addition to a
deferral election with respect to Bonuses, effective January 1, 2011, a Participant may elect to defer some or all of the Participant’s Salary.”
2.
Effective January 1, 2011, Article 2 is hereby amended as follows:
The definition of the term “Account” is deleted and replaced with “The term used to define both a Participant’s Bonus Deferral Account and Salary Deferral
Account.”