RESTRICTED STOCK UNIT AWARD AGREEMENT Non-transferable
EXHIBIT 10.34
Non-transferable
GRANT TO
GRANTEE
(“Grantee”)
(“Grantee”)
by Genuine Parts Company (the “Company”) of
1,500 Restricted Stock Units
convertible into shares of its Stock, par value $1.00 per share (the “Units”).
pursuant to and subject to the provisions of the Genuine Parts Company 2006 Long-Term Incentive
Plan (the “Plan”) and to the terms and conditions set forth on the following page (the “Terms and
Conditions”).
Unless accelerated in accordance with the Plan or in the discretion of the Committee or further
deferred by Grantee, the Units will be converted to shares of Stock on March 27, 2012.
IN WITNESS WHEREOF, Genuine Parts Company has caused this Agreement to be executed as of the Grant
Date, as indicated below.
| GENUINE PARTS COMPANY |
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| By: | ||||
| Xxxxx X. Xxxxxx | ||||
| Xx. Vice President -- Finance and Corporate Secretary Grant Date: March 27, 2007 Accepted by Grantee: |
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TERMS AND CONDITIONS
1. Grant of Units. Genuine Parts Company (the “Company”) hereby grants to the Grantee named
on page 1 hereof (“Grantee”), subject to the terms and conditions set forth in the Genuine Parts
Company 2006 Long-Term Incentive Plan (the “Plan”) and in this award agreement (this “Agreement”),
the number of restricted stock units (the “Units”) indicated on page 1 hereof which represent the
right to receive an equal number of shares of the Company’s $1.00 par value Stock (“Stock”) on the
terms set forth in this Agreement. Capitalized terms used herein and not otherwise defined shall
have the meanings assigned to such terms in the Plan.
2. Vesting of Units. The Units have been credited to a bookkeeping account on behalf of
Grantee. The Units are fully vested and non-forfeitable as of March 27, 2007.
3. Conversion to Stock. Unless the Units are forfeited prior to the Vesting Date as
provided in Paragraph 2 above or deferred pursuant to Paragraph 4 below, the Units will be
converted to actual shares of Stock on the earlier of the date set forth in Section 2(a) above or
the effective date of a “change in control event” as defined in §1.409A-3(i)(5) of the final
regulations under Code Section 409A (the “Conversion Date”). Stock certificates evidencing the
conversion of Units into shares of Stock will be registered on the books of the Company in
Grantee’s name as of the Conversion Date and delivered to Grantee as soon as practical thereafter.
4. Limitation of Rights. The Units do not confer to Grantee or Grantee’s beneficiary any
rights of a shareholder of the Company unless and until Shares are in fact issued to such person in
connection with the Units. Nothing in this Agreement shall interfere with or limit in any way the
right of the Company or any affiliate to terminate Grantee’s service at any time, nor confer upon
Grantee any right to continue in the service of the Company or any affiliate.
5. Dividend Equivalents. If any dividends or other distributions are paid with respect to
the Company’s Stock while the Units are outstanding, the dollar amount or fair market value of such
dividends or distributions with respect to the number of shares of Stock then underlying the Units
shall be converted into additional Units in Grantee’s name, based on the Fair Market Value of the
Stock as of the date such dividends or distributions were payable, and such additional Units shall
be subject to the same deferral terms as apply to the Units with respect to which they relate.
Upon conversion of the Units into shares of Stock at the Conversion Date or any applicable deferral
termination date, Grantee will obtain full voting and other rights as a shareholder of the Company.
6. Restrictions on Transfer. No right or interest of Grantee in the Units may be pledged,
encumbered, or hypothecated to or in favor of any party other than the Company or an affiliate, or
shall be subject to any lien, obligation, or liability of Grantee to any other party other than the
Company or an affiliate. The Units are not assignable or transferable by Grantee other than by
will or the laws of descent and distribution or pursuant to a domestic relations order that would
satisfy Section 414(p)(1)(A) of the Code; but the Committee may permit other transfers.
7. Amendment. The Committee may amend, modify or terminate this Agreement without approval
of Grantee; provided, however, that such amendment, modification or termination shall not, without
Grantee’s consent, reduce or diminish the value of this award determined as of the date of such
amendment or termination.
8. Plan Controls. The terms contained in the Plan are incorporated into and made a part of
this Agreement and this Agreement shall be governed by and construed in accordance with the Plan.
In the event of any actual or alleged conflict between the provisions of the Plan and the
provisions of this Agreement, the provisions of the Plan shall be controlling and determinative.
9. Successors. This Agreement shall be binding upon any successor of the Company, in
accordance with the terms of this Agreement and the Plan.
10. Severability. If any one or more of the provisions contained in this Agreement are
invalid, illegal or unenforceable, the other provisions of this Agreement will be construed and
enforced as if the invalid, illegal or unenforceable provision had never been included.
11. Notice. Notices and communications under this Agreement must be in writing and either
personally delivered or sent by registered or certified United States mail, return receipt
requested, postage prepaid. Notices to the Company must be addressed to:
or any other address designated by the Company in a written notice to Grantee. Notices to Grantee
will be directed to the address of Grantee then currently on file with the Company, or at any other
address given by Grantee in a written notice to the Company.
