Amendment 2012-2 to The Pep Boys Savings Plan
This amendment, adopted by the Benefits Plan Committee of The Pep Boys – Manny, Moe & Jack, updates the company's Savings Plan. Effective January 1, 2012, if a participant or former participant does not select an investment option for certain accounts, their funds will automatically be invested in the age-appropriate Fidelity Freedom Fund. The amendment also clarifies that all earnings and expenses from investments will be credited or charged to the individual's account. The amendment was executed on April 26, 2012.
Exhibit 10.21
AMENDMENT 2012-2
TO
THE PEP BOYS SAVINGS PLAN
Pursuant to the authority previously delegated to it by the Board of Directors of The Pep Boys Manny, Moe & Jack (the Company), the Benefits Plan Committee of the Company hereby amends The Pep Boys Savings Plan (the Plan) as follows:
1. Section 7.2(b) of the Plan is hereby amended in its entirety to read as follows:
(b) Notwithstanding Sections 5.2(a) and 8.4, all earnings and expenses, including commissions and transfer taxes, realized or incurred in connection with any investments pursuant to a Participants or Former Participants directions shall be credited or charged to the Participants or Former Participants Account for which the investment is made. Effective as of January 1, 2012, a Participant or Former Participant who fails to designate an investment option for his Pre-Tax Contribution Account, Rollover Account and Matching Contribution Account, shall be deemed to have elected to have such Accounts invested in the age-appropriate Fidelity Freedom Fund.
IN WITNESS WHEREOF, and as evidence of the adoption of this amendment set forth herein, the Committee has caused this instrument to be executed this 26th day of April, 2012.
Attest: |
| COMMITTEE FOR | |
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| THE PEP BOYS SAVINGS PLAN | |
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/s/ Brian D. Zuckerman |
| By: | /s/ Bernard K. McElroy |
Brian D. Zuckerman |
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| Bernard K. McElroy |
Senior Vice President |
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| Vice President Finance & Treasurer |
General Counsel & Secretary |
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