EX-10.7 AMENDMENT NO. 1 TO THE TAX DEFERRED SAVING



 






EXHIBIT 10.7




AMENDMENT NUMBER ONE 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; and



     WHEREAS, the Company desires that the Plan allow Participants to request the Trustee to
invest their Accounts in specified percentages among the various mutual funds selected by the
Company; and



     WHEREAS, the Company wishes to provide for daily valuation of Participants’ Accounts; and



     WHEREAS, the Company wishes to make other changes to the Plan;



     NOW, THEREFORE, BE IT RESOLVED that the Plan is hereby amended as follows:



1.




     Section 4.02 is deleted in its entirety and a new Section 4.02 is substituted in lieu
thereof to read as follows:



     “Section 4.02 Investment.




          (a) Each Participant may request the Trustee (following such procedures as may be
specified by the Committee) to allocate or reallocate such Participant’s Account among the
investment alternatives that are made available from time to time, in 10% increments;
provided that such increments shall always add up to 100%.




          (b) An investment request, if approved by the Trustee, shall be effective as soon as
administratively feasible following the date the investment request is delivered to the
Committee.




          (c) A Participant’s initial investment request shall allocate his entire Account,
together with all subsequent contributions to the Account, among the investment
alternatives, for so long as such election remains in effect.




          (d) Investment requests approved by the Trustee shall remain in effect until the
Trustee approves new investment requests. New requests may be made on any business day of
the year in the same manner as set forth in Section 4.02(a). New requests shall allocate
the Participant’s Account among the investment alternatives for existing Account balances,
future contributions, or both.




          (e) If a Participant fails to allocate or reallocate his Account balance among the
investment alternatives in an amount equal to 100%, then upon the Trustee’s approval of
the investment request, the Participant shall be deemed to have requested that his Account
(or



 









 






relevant portion thereof) shall be invested in the investment alternative that, in the
Trustee’s determination, best preserves the principal amount of the Participant’s Account.




          (f) The Committee shall select such investment alternatives as are deemed appropriate
and shall notify affected Participants of such investment alternatives. The Committee may
modify, eliminate, or select new investment alternatives from time to time and shall
notify affected Participants of such changes and solicit new investment requests, if
appropriate.




          (g) The Committee shall credit each Participant’s Account with earnings, losses and
changes in fair market value experienced by the investment alternatives on each business
day that Plan assets are traded on a national exchange, or such other day as selected by
the Committee.”



2.




     This Amendment shall be effective June 1, 1996. Except as amended herein, the Plan shall
remain in full force and effect.



     IN WITNESS WHEREOF, Genuine Parts Company has caused this Amendment to the Plan to be
executed on the date shown below, but effective as of the date indicated above.



	 	 	 	 	 	 	 
	 	 	GENUINE PARTS COMPANY  
	 
	 	 	 	 	 	 
	

	 	By:	 	 	 	 
	 	 	 
	 	 
	

	 	Date:	 	 	 	 
	 	 	 	 	 	 
	Attest: