Additional Terms Agreement between Advance Auto Parts, Inc. and Michael A. Norona

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines additional employment terms between Advance Auto Parts, Inc. and Michael A. Norona. The Company will pay Mr. Norona a one-time cash bonus, estimated between $150,000 and $180,000, to compensate for a lost bonus from his previous employer, with payment expected around May 1, 2008. During his employment, Mr. Norona will also receive an annual company-paid executive physical at the Mayo Clinic. All other obligations from the original offer letter have either been fulfilled or included in this agreement.

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EX-10.35 5 ex10-35.htm EXHIBIT 10.35 ex10-35.htm

Exhibit 10.35

EXHIBIT C


Additional Terms—Michael A. Norona (the “Executive”)

The Executive and the Company agree that the following terms of the Company’s letter offering employment to the Executive, dated January 20, 2008, and executed by the Executive on January 30, 2008, shall continue in effect following the execution of the Agreement:

One Time Cash Bonus

The Company agrees to provide the Executive with a one time cash bonus to replace the bonus the Executive lost as a result of leaving his former employer. Payment will based on the Executive’s actual earned bonus and is expected to be in the range of $150,000 to $180,000 and will be paid on about May 1, 2008.

Annual Executive Physical

The Company agrees that during the Employment Term the employee benefits provided by the Company to the Executive shall include one Company-paid annual executive physical per year at the Mayo Clinic.

The Executive and the Company agree that, as of the date of this Agreement, the remaining obligations of the Company pursuant to the offer letter have been performed by the Company or have been incorporated into the Agreement.


IN WITNESS WHEREOF, the Company and the Executive have executed this Exhibit as of the effective date of the Agreement.

 
Advance Auto Parts, Inc.      Executive   
                   
By:    (SEAL)    Print Name: Michael A. Norona   
                   
Print Name:        Signature:     
                   
Title:        Address:     
                   
Address: 
5008 Airport Road
  Roanoke, VA 24012