Document:

exv10w3

Exhibit 10.3

NONQUALIFIED

DEFERRED COMPENSATION PLAN

ADOPTION AGREEMENT

(Including Code §409A provisions)

 

 

Nonqualified Deferred Compensation Plan

Adoption Agreement

NONQUALIFIED

DEFERRED COMPENSATION PLAN

ADOPTION AGREEMENT

     The undersigned Motorcar Parts of America, Inc. (“Employer”) by execution of this
Adoption Agreement hereby establishes this Nonqualified Deferred Compensation Plan (“Plan”)
consisting of the Basic Plan Document, this Adoption Agreement and all other Exhibits and documents
to which they refer. The Employer makes the following elections concerning this Plan. All
capitalized terms used in the Adoption Agreement have the same meaning given in the Basic Plan
Document. References to “Section” followed by a number in this Adoption Agreement are references to
the Basic Plan Document.

PREAMBLE

ERISA/Code Plan Type: The Employer establishes this Plan as (choose one of (a) or (b)):

	þ	 	(a) Nonqualified Deferred Compensation Plan. An unfunded
nonqualified deferred compensation plan which is (choose only
one of (i), (ii), (iii) or (iv)):

	 	o	 	(i)Excess benefit plan. An “excess benefit plan” under
ERISA§3(36) and exempt from Title I of ERISA.
	 
	 	þ	 	(ii)Top-hat plan. A “SERP” or other plan primarily for a
“select group of management or highly compensated employees”
under ERISA and partially exempt from Title I of ERISA.
	 
	 	o	 	(iii)Contractors only. A plan benefiting only Contractors
(non-Employees) and exempt from Title I of ERISA.
	 
	 	o	 	(iv) Church plan. A church plan as described in Code §414(e)
and ERISA §3(33) and maintained by a church or church
controlled organization under Code §3121(w)(3).

	o	 	(b) Ineligible 457 Plan. An ineligible 457 Plan subject to Code
§457(f). The Employer is (choose only one of (i), (ii) or
(iii)):

	 	o	 	(i)Governmental Plan. A State.
	 
	 	o	 	(ii)Tax-Exempt Plan. A Tax-Exempt Organization. The Plan is
intended to be a “top-hat” plan or an excess benefit plan as
described in (a)(ii) and (a)(ii) above or the Plan benefits
only Contractors.
	 
	 	o	 	(iii) Church plan. A church plan as described in Code §414(e)
and ERISA §3(33) but which is not maintained by a church or
church controlled organization under Code §3121(w)(3).

Note: If the Employer elects (a)(i), the Plan benefits only Employees. If the Employer elects
(a)(ii), the Plan generally may not benefit Contractors based on the “primarily” requirement. If
the Employer elects (a)(iii), the Plan benefits only Contractors. If the Employer elects (a)(iv),
(b)(i), or (b)(iii) the Plan may benefit Employees and Contractors. If the Employer elects (b)(ii),
the plan is either a top-hat plan, an excess benefit plan or benefits only Contractors.

409A Plan Type: The Employer establishes this Plan (choose one of (a) or (b)):

þ (a) Account Balance Plan. As the following type(s) of Account Balance Plan(s) under
Section 1.02 (choose one of (i), (ii) or (iii)):

	 	o	 	(i) Elective Deferral Account Balance Plan. See Section 2.02.
	 
	 	o	 	(ii) Employer Contribution Account Balance Plan. See Sections 2.03 and 2.04.

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     þ (iii) Both. Both an Elective Deferral Account Balance Plan and an Employer Contribution
Account Balance Plan.

Note: For purposes of aggregation under Section 1.05, a Separation Pay Plan based only on Voluntary
Separation from Service is treated as an Account Balance Plan. Nevertheless, if the Employer
maintains this Plan as any type of Separation Pay Plan, the Employer should elect (b) below.

o (b) Separation Pay Plan. As the following type(s) of Separation Pay Plan(s) under Section
1.42 (choose one of (i) through (iv)):

	 	o	 	(i) Involuntary Separation.
	 
	 	o	 	(ii) Window Program.
	 
	 	o	 	(iii) Voluntary Separation.
	 
	 	o	 	(iv) Combination:                                                             (specify)

Note: Under a Separation Pay Plan, the Employer must limit its payment election to Separation from
Service or death. Electing death as a separate payment event would permit a different payment
election for death versus any other Separation from Service. Separation from Service may also
result from Disability.

Uniformity or Nonuniformity: The nonuniformity provisions described in the Preamble to the Basic
Plan Document (choose one of (a) or (b)):

	þ	 	(a) Do not apply. All Adoption Agreement elections and Plan provisions apply to all
Participants.
	 
	o	 	(b) Apply. See Exhibit A to the Adoption Agreement.

ARTICLE I

DEFINITIONS

     1.11 Change in Control. Change in Control means (choose (a) or choose one of (b), (c) or (d)):

	o	 	(a) Not applicable. Change in Control does not apply for purposes of this Plan.
	 
	þ	 	(b) All events. Change in Control means all events under Section 1.11.
	 
	o	 	(c) Limited events. Change in Control means only the following events under Section 1.11 (choose one or two of (i), (ii) and (iii)):

	 	o	 	(i)Change in ownership of the Employer.
	 
	 	o	 	(ii)Change in the effective control of the Employer.
	 
	 	o	 	(iii)Change in the ownership of a substantial portion of the Employer’s assets.

	o	 	(d) (Specify):                
                   
                   
                   
        .

Note: The Employer may not use the blank in (d) to specify events not described in Treas. Reg.
§1.409A-3(i)(5). However, the Employer may increase the percentages required to trigger a Change in
Control under one or all three of the listed events.

     1.15 Compensation. The Employer makes the following modifications to the “gross W-2”
definition of Compensation (choose (a) or at least one of (b) — (e)):

	þ	 	(a) No modifications.

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	o	 	(b) Net Compensation. Exclude all elective deferrals to other plans of the Employer described in Section 1.15.
	 
	o	 	(c) Base Salary only. Exclude all Compensation other than Base Salary.
	 
	o	 	(d) Bonus only. Exclude all Compensation other than Bonus.
	 
	o	 	(e) (Specify):               
                   
                   
                   
        .

Note: See Section 1.15(B) as to Contractor Compensation.

     1.17 Disability. Disability means (choose one of (a) or (b))):

	þ	 	(a) All impairments. All impairments constituting Disability.
	 
	o	 	(b) Limited. Only the following impairments constituting Disability:                                                             .

     1.20 Effective Date. The effective date of the Plan is (choose one of (a) or (b)):

	o	 	(a) New Plan. This Plan is a new Plan and is effective                                                             .

			
	Note:	 	The effective date should be no earlier than January 1, 2008.

	þ	 	(b) Restated Plan. This Plan is a restated Plan and is restated effective as of January 1,
2008. The Plan is restated to comply with Code §409A. The Plan was originally effective
July 1, 2001.

			
	Note:	 	If the Plan (whether or not in written form) was in effect before January 1, 2008, the Plan
is a restated Plan.

1.38 Plan Name. The name of the Plan as adopted by the Employer is: Motorcar Parts of America
Inc. Executive Deferred Compensation Plan.

     1.39 Retirement Age. A Participant’s Retirement Age under the Plan is (choose only one of
(a)-(d)):

	þ	 	(a) Not applicable. Retirement Age does not apply for purposes of this Plan.
	 
	o	 	(b) Age. The Participant’s attainment of age:___.
	 
	o	 	(c) Age and service. The Participant’s attainment
of age ___ with ___ Years of Service (defined under 1.57) with the Employer.
	 
	o	 	(d) (Specify):               
                   
                   
                   
        .

     1.40 Separation from Service. In determining whether a Participant has incurred a Separation
from Service under the Plan (choose one or both or (a) and (b)):

	þ	 	(a) Determination of “Employer.” In determining the “Employer” under Section
1.40(E) and Code §§414(b) and (c), apply the following percentage: 50% (specify percentage).

	 	 	Note: The specified percentage may not be more than 80% and may not be less than 20%. If the
percentage is less than 50%, there must be

	 	 	legitimate business
criteria.

	o	 	(b) Collectively Bargained Multiple Employer Plan. Under Section 1.40(H), the
following reasonable definition of Separation from Service applies:
                                                            (specify).

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	 	1.44	 	Specified Employees-Elections. The Employer makes the following elections relating to
the determination of Specified Employees (choose (a) or choose one or more of (b)-(e)):

	o	 	(a) Not applicable. The Employer does not have any Specified Employees or none which
benefit under the Plan.

	o	 	(b) Alternative Code §415 Compensation. The Employer elects the following
alternative definition of Code §415 Compensation:
                                                            (specify).

	o	 	(c) Alternative Specified Employee identification date. The Employer elects the
following alternative Specified Employee identification date:
                                                            (specify).

	o	 	(d) Alternative Specified Employee effective date. The Employer elects the following
alternative Specified Employee effective date:
                                                            (specify).

	o	 	(e) Other elections. The Employer makes the following other elections relating to
Specified Employees:                                         (specify).

			
	Note:	 	See Treas. Reg. 1.409A-1(i)(8) as to uniformity requirements affecting the above Specified
Employee elections.

     1.51 Unforeseeable Emergency. Unforeseeable Emergency means (choose (a) or choose one of (b)

or (c)):

	o	 	(a) Not applicable. Unforeseeable Emergency does not apply for purposes of this Plan.
	 
	þ	 	(b) All events. All events constituting Unforeseeable Emergency.
	 
	o	 	(c) Limited. Only the following events constituting
Unforeseeable Emergency:                                                            .

     1.56 Wraparound Election. The Plan (choose one of (a) or (b)) :

	o	 	(a) Permits. Permits Participants who participate in a 401(k) plan of the Employer
to make Wraparound Elections.
	 
	þ	 	(b) Not permitted. Does not permit Wraparound Elections (or the Employer does not
maintain a 401(k) plan covering any Participants).

     1.57 Year of Service. The following apply in determining credit for a Year of Service under
the Plan (choose (a) or choose one or more of (b) — (e)):

	þ	 	(a) Not applicable. Year of Service does not apply for purposes of this Plan.
	 
	o	 	(b) Year of continuous service. To receive credit for one Year of Service, the
Participant must remain in continuous employment with the Employer (or render
contract service to the Employer) for the Participant’s entire Taxable Year.
	 
	o	 	(c) Service on any day. To receive credit for one Year of Service, the Participant
only need be employed by the Employer (or render contract service to the
Employer) on any day of the Participant’s Taxable Year.
	 
	o	 	(d) Pre-Plan service. The Employer will treat service before the Plan’s Effective
Date for determining Years of Service as follows (choose one of (i) or (ii)):

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	 	o	 	(i) Include.
	 
	 	o	 	(ii) Disregard.

	o	 	(e) (Specify):                                                                                .

ARTICLE II

PARTICIPATION

     2.01 Participant Designation. The Employer designates the following Employees or Contractors
as Participants in the Plan (choose one of (a), (b) or (c)):

	o	 	(a) All top-hat Employees. All Employees whom the Employer from
time to time designates in writing as part of a select
group of management or highly compensated employees.
	 
	o	 	(b) All Employees with maximum qualified plan additions or
benefits. All Employees who have reached or will reach
their limit under Code §§415(b) or (c) in the Employer’s
qualified plan for the Taxable Year or for the 415
limitation year ending in the Taxable Year.
	 
	þ	 	(c) Specified Employees/Contractors by name, job title or
classification: List of Covered Employees. (e.g., Joe
Smith, Executive Vice Presidents or those
Employees/Contractors specified in Exhibit B).

Note: An Employer might elect (c) and reference Exhibit B to maintain confidentiality within the
workforce as to the identity of some or all Participants.

     2.02 Elective Deferrals. Elective Deferrals by Participants are (choose one of (a), (b) or (c)):

	þ	 	(a) Permitted. Participants may make Elective Deferrals.
	 
	o	 	(b) Not permitted. Participants may not make Elective Deferrals.
	 
	o	 	(c) Frozen Elective Deferrals. The Plan does not permit Elective Deferrals as of:                                        .

     2.02(A) Amount limitation/conditions. A Participant’s Elective Deferrals for a Taxable Year
are subject to the following amount limitation(s) or other conditions (choose (a) or choose at
least one of
(b) — (d)):

	o	 	(a) No limitation.

	 
	þ 	 	(b) Maximum Elective Deferral amount: 100% of Compensation.
	 
	þ	 	(c) Minimum Elective Deferral amount: $4,000.
	 
	o	 	(d) (Specify):                                                                              .

     2.02(B) Election timing. A Participant must provide the Elective Deferral election under
Section 2.02 to the Employer (choose one of (a) or (b)):

	þ	 	(a) By the deadline. No later than the applicable election deadline under Section 2.02(B).
	 
	o	 	(b) Specified date. No later than 15 days before the applicable election deadline under Section 2.02(B).

     2.02(B)(6) Final payroll period. The Plan treats final payroll period Compensation under
Section 2.02(B)(6) as (choose one of (a) or (b)):

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	þ	 	(a) Current Year. As Compensation for the current Taxable Year
in which the payroll period commenced.
	 
	o	 	(b) Subsequent Year. As Compensation for the subsequent Taxable
Year in which the Employer pays the Compensation.

     2.02(C) Election changes/Irrevocability. A Participant who makes an Elective Deferral
election before the applicable deadline under Section 2.02(B) (choose one of (a) or (b)):

	þ	 	(a) May change. May change the election until the applicable election deadline.
	 
	o	 	(b) May not change. May not change the election as to the first Taxable Year to which the election applies.

Note: A payment election under Section 4.02(A) or (B) is a separate election which is not
controlled by this Section 2.02(C). See Section 4.06(B).

     2.02(D) Election duration. A Participant’s Elective Deferral election (choose one of (a) or
(b)):

	o	 	(a) Taxable Year only. Applies only to the Participant’s
Compensation for the Taxable Year for which the Participant
makes the election.
	 
	þ	 	(b) Continuing. Applies to the Participant’s Compensation for
all Taxable Years, commencing with the Taxable Year for
which the Participant makes the election, unless the
Participant makes a new election or revokes or modifies an
existing election.

     2.03 Nonelective Contributions. During each Taxable Year the Employer will contribute a
Nonelective Contribution for each Participant equal to (choose (a) or (f) or choose one or more of
(b) — (e)):

	o	 	(a) None. The Employer will not make Nonelective Contributions to the Plan.
	 
	o	 	(b) Fixed percentage.                                         % of the Participant’s Compensation.
	 
	o	 	(c) Fixed dollar amount. $                                        per Participant.
	 
	þ	 	(d) Discretionary. Such Nonelective Contributions (or additional Nonelective Contributions) as the Employer may
elect, including zero.
	 
	o	 	(e) (Specify):
                                                                               .
	 
	o	 	(f) Frozen Nonelective Contributions. The Employer
will not make any Nonelective Contributions as of:                             .

     2.04 Matching Contributions. During each Taxable Year, the Employer will contribute a Matching
Contribution equal to (choose (a) or (i) or choose one or more of (b) — (h)):

	o	 	(a) None. The Employer will not make Matching Contributions to the Plan.
	 
	þ	 	(b) Fixed match-flat. An amount equal to 25 % of each Participant’s Elective
Deferrals for each Taxable Year.
	 
	o	 	(c) Fixed match-tiered. An amount equal to the following percentages for each
specified level of a Participant’s Elective Deferrals or Years of Service
for each Taxable Year:

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	Elective Deferrals	 	Matching Percentage
	                    
	 	                    %
	                    
	 	                    %
	                    
	 	                    %
	                    
	 	                    %

Note: Specify Elective Deferrals subject to match as a percentage of Compensation or a dollar
amount.

	 	 	 
	Years of Service	 	Matching Percentage
	                    
	 	                    %
	                    
	 	                    %
	                    
	 	                    %
	                    
	 	                    %

	o	 	(d) No other caps. The Employer in applying the Matching Contribution formula under 2.04(b) or (c) above will not limit the Participant’s Elective Deferrals taken into account (except as indicated above) and otherwise will not limit the amount of
the match.
	 
	o	 	(e) Limit on Elective Deferrals matched. The Employer in making Matching Contributions will disregard a Participant’s Elective Deferrals exceeding                                          (specify percentage or dollar amount of Compensation)
for the Taxable Year.
	 
	o	 	(f) Limit on matching amount. The Matching Contribution for any Participant for a Taxable Year may not exceed:                                          (specify percentage or dollar amount of Compensation).
	 
	o	 	(g) Discretionary. Such Matching Contributions as the Employer may elect, including zero.
	 
	o	 	(h) (Specify):                                                                                .
	 
	o	 	(i) Frozen Matching Contributions. The Employer will not make any Matching Contributions as of:                                        .

     2.05 Actual or Notional Contribution. The Employer’s Contributions will be (choose one of (a)
or (b) and choose (c) as applicable):

	þ	 	(a) Actual. Made in cash or property to Participant Accounts or to the Trust.
	 
	o	 	(b) Notional. Credited to Participant Accounts only as a bookkeeping entry.
	 
	o	 	(c) (Specify):                                                                                .

     2.06 Allocation Conditions. To receive an allocation of Employer Contributions, a Participant
must satisfy the following conditions during the Taxable Year (choose (a) or choose one or both of
(b) and (c)):

	þ	 	(a) No allocation conditions.
	 
	o	 	(b) Year of continuous service. The
Participant must remain in
continuous employment with the
Employer (or render contract
service to the Employer) for the
entire Taxable Year.
	 
	o	 	(c) (Specify):                                                                               .

ARTICLE III

VESTING AND SUBSTANTIAL RISK OF FORFEITURE

     3.01 Vesting Schedule/Other Substantial Risk of Forfeiture. The following vesting schedule or
other Substantial Risk of Forfeiture applies to a Participant’s Accrued Benefit (choose (a) or
choose one or more of (b) — (f)):

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o (a) Not applicable. The Plan does not apply a vesting schedule or other Substantial Risk of
Forfeiture.

	þ	 	(b)Immediate vesting. 100% Vested at all times with respect to the entire Accrued Benefit.
	 
	o	 	(c)Immediate vesting (Elective Deferrals)/vesting schedule (Employer Contributions). A Participant’s
Elective Deferral Account is 100% Vested at all times. A Participant’s Nonelective Contributions Account
and Matching Contributions Account are subject to the following vesting schedule:

	 	 	 
	Years of Service	 	Vesting %
	                                or less
	 	                    0%
	                    
	 	                    %
	                    
	 	                    %
	                    
	 	                    %
	                                   or more
	 	               100%

	o	 	(d)Vesting schedule — entire Accrued Benefit. The Participant’s entire Accrued Benefit is subject to the
following vesting schedule:

	 	 	 
	Years of Service	 	Vesting %
	                               or less
	 	                    0%
	                    
	 	                    %
	                    
	 	                    %
	                    
	 	                    %
	                    
	 	                    %
	                    
	 	                    %
	                                  or more
	 	              100%

o (e) Vesting schedule — class year or all years. The Plan’s vesting schedule applies as
follows (Choose one of (i) or (ii)):

	 	o	 	(i) Class year. Apply the vesting schedule separately to the Deferred
Compensation for each Taxable Year.
	 
	 	o	 	(ii) All years. Apply the vesting schedule to all Deferred Compensation based
on all Years of Service.

	o	 	(f) Other Substantial Risk of Forfeiture. (Specify):       
                                                                                                                              .

Note: An Employer may elect both a vesting schedule and an additional Substantial Risk of
Forfeiture. In such event, a Participant failing to satisfy the conditions resulting in a
Substantial Risk of Forfeiture will forfeit his/her Account, even if 100% Vested under any vesting
schedule. If the Plan is an Ineligible 457 Plan, the Employer must specify a Substantial Risk of
Forfeiture, which may be a vesting schedule provided that under any “graded” vesting schedule, an
Ineligible 457 Plan Participant will be taxed as and when each portion of his/her Deferred
Compensation vests.

     3.02 Immediate Vesting upon Specified Events. A Participant’s entire Accrued Benefit is 100%
Vested without regard to Years of Service if the Participant’s Separation from Service with the
Employer on or following or as a result of (choose (a) or choose one or more of (b) — (e)):

	þ	 	(a) Not Applicable.
	 
	o	 	(b) Retirement Age. On or following Retirement Age.

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	o	 	(c) Death. As a result of death.
	 
	o	 	(d) Disability. As a result of Disability.
	 
	o	 	(e) (Specify):                                                                                                                                                                             .

Note: An early vesting provision generally does not result in prohibited acceleration of benefits
under Code §409A. See Section 4.03(C).

     3.03 Application of Forfeitures. The Employer will (choose only one of (a) — (d)):

	þ	 	(a) Not Applicable. Not apply any provision regarding allocation of forfeitures since there are no Plan forfeitures.
	 
	o	 	(b) Retain. Keep all forfeitures for the Employer’s account.
	 
	o	 	(c) Allocate. Allocate (in the year in which the forfeiture occurs) any forfeiture to the Accounts of the remaining
(nonforfeiting) Participants, in accordance with one of the following methods (choose only one):

	 	o	 	(i) Per Compensation. In the same ratio each Participant’s Compensation for the
Taxable Year bears to the total Compensation of all Participants sharing in the
forfeiture allocation for the Taxable Year.
	 
	 	o	 	(ii) Per Account balances. In the same ratio each Participant’s Account balance
at the beginning of the Taxable Year bears to the total Account balances of all
Participants sharing in the forfeiture allocation for the Taxable Year.

o (d) (Specify):  
                    
                    
                                                                                                       .

     Note: If the Employer elects to create the Trust under Section 5.03, the Employer should
coordinate its forfeiture application elections with the provisions of the Trust.

ARTICLE IV

BENEFIT PAYMENTS

     4.01 Payment Events/Elections. The Plan payment events are (choose one or more of (a) through
(i) as applicable):

Note: The Employer must elect the Plan permitted payment events. The Employer may elect all of the
409A permitted events or limit the payment events, but the Employer must elect at least one payment
event. If the Plan permits initial payment elections, change payment elections, or both, as to any
or all of the Plan permitted payment events, the Employer should elect 4.01(d)(iv), (e)(ii) and (i)
as applicable. The Employer also should elect under 4.02(A) and 4.02(B) as to who has election
rights and to specify any limitations on such rights. If the Plan will not offer any initial or
change payment elections, the Employer should not elect 4.01(d)(iv), (e)(ii) or (i). If the Plan
will not offer any initial payment elections the Employer also should elect 4.02(A)(a). If the Plan
will not offer change payment elections, the Employer also should elect 4.02(B)(a).

þ (a) Separation from Service.

þ (b) Death.

þ (c) Disability.

þ (d) Specified Time. The Plan permits payment to a Participant at a Specified Time (choose one
of (i)- (iv)):

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	 	o	 	(i) Forfeiture Lapse. At the time that the Deferred Compensation no
longer is subject to a Substantial Risk of Forfeiture.
	 
	 	o	 	(ii) Stated Age. Upon attainment of age:                     (specify age).
	 
	 	o	 	(iii) (Specify): On:
                                         (e.g., January 1, 2015).
	 
	 	þ	 	(iv) Election. In accordance with a Participant or Employer election
under 4.02(A) or (B).

Note: The Employer must approve any Participant payment election. See Section 4.06. Payment at a
Specified Time will be a lump-sum payment.

þ (e) Fixed Schedule. The Plan Permits payment to a Participant in accordance with the following
Fixed Schedule (choose one of (i) or (ii)):

	 	o	 	(i) Schedule:                                                                                                        .
	 
	 	þ	 	(ii) Election. In accordance with a Participant or Employer
election under 4.02(A) or (B).

Note: The Employer must approve any Participant payment election. See Section 4.06. Payment
pursuant to a Fixed Schedule will be installments or an annuity commencing at a specific time.

þ (f) Change in Control. The Plan permits payment to a Participant based on a Change in Control.

þ (g) Unforeseeable Emergency. The Plan permits payment to a Participant who has an Unforeseeable
Emergency.

o
(h) (Specify):                                                              (e.
g., based on Unforeseeable Emergency, but only as the Elective Deferral
Accounts).

Note: The Employer in (h) may modify any of (a)-(g) but only if such modifications are consistent
with Code §409A.

	 	o	 	(i) Election. As to 4.01 (a), (b), (c), (f), (g) and/or (h), in accordance
with a Participant or Employer election under 4.02(A) or (B).

Note: The Employer must approve any Participant payment election. See Section 4.06.

     4.01(E) Contractor deemed Separation from Service. In making any payment to a Contractor based
on Separation from Service, the Plan (choose (a) or choose one of (b) or (c)):

	þ	 	(a) Not applicable. \ Only Employees are Participants in the Plan.
	 
	o	 	(b) Applies deemed Separation from Service. Applies the deemed Separation from Service
provisions of Section 4.01(E).
	 
	o	 	(c) Does not apply. Does not apply the deemed Separation from Service provisions of Section
4.01(E).

     4.02 Timing, Form and Medium of Payment/Elections. The Plan will pay a Participant’s Vested
Accrued Benefit as follows (complete (a), (b) and (c)):

     (a) Timing. Payment will commence or be made (choose only one of (i) — (vi)):

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	 	o	 	(i) 30 days. On a date which is 30 days following the payment event, unless
otherwise made at a Specified Time or in accordance with a Fixed Schedule.
	 
	 	o	 	(ii) 90 days. On a date which is within 90 days following the payment
event, unless otherwise made at a Specified Time or in accordance with a Fixed Schedule.

     Note: A Participant may not designate the Taxable Year of Payment under (a)(ii).

	 	o	 	(iii) 6 months. On a date that is 6 months following the
payment event, unless otherwise made at a Specified Time
or in accordance with a Fixed Schedule.
	 
	 	o	 	(iv) Specified Time/Fixed Schedule. At the Specified Time
under Section 4.01(d) or pursuant to the Fixed Schedule
under Section 4.01(e).
	 
	 	o	 	(v) (Specify):                                                                                                                                   .
	 
	 	þ	 	(vi) Election. In accordance with a Participant or Employer
election under Sections 4.02(A) or (B).

Note: The Employer must approve any Participant payment election. See Section 4.06(C).

Note: See Section 4.01(D) as to restrictions on timing of payments to Specified Employees.

	 	(b)	 	Form. The Plan will make payment in the form of (choose one or more of (i) — (v)):
	 
	 	þ	 	(i) Lump-sum. A single payment.
	 
	 	þ	 	(ii) Installments. In installments as follows:_Not more than 2 annual payments.
	 
	 	þ	 	(iii) Annuity. An immediate annuity contract.
	 
	 	o	 	(iv) (Specify):                                                                                                                                   .
	 
	 	þ	 	(v) Election. In accordance with a Participant or Employer election under Sections 4.02(A)
or (B).

Note: The Employer must approve any Participant payment election. See Section 4.06.

	 	(c)	 	Medium. The form of payment will be (choose only one of (i) — (iv)):
	 
	 	o	 	(i) Cash only.
	 
	 	o	 	(ii) Property only.
	 
	 	þ	 	(iii) Property or cash (or both).
	 
	 	o	 	(iv) Election. In accordance with a Participant or
Employer election under 4.02(A) or (B).

Note: The Employer must approve all Participant payment elections. See Section 4.06.

Note: A choice between cash or property is not subject to Code §409A. See Treas. Reg.
§1.409A-2(a)(1).
The Plan treats this election as not being subject to the timing rules applicable to payment
elections.

	 	4.02(A) 	 	Initial payment elections. The Plan (choose only one of (a) — (d)):

© Copyright 2007 SunGard

11

 

Nonqualified Deferred Compensation Plan

Adoption Agreement

	o	 	(a) No initial payment elections. The Plan and Adoption Agreement specify the payment events and the timing, form
and medium of payment. If there are multiple payment events, the Plan will make payment based on the earliest
event to occur except as follows:
                                                             (indicate
no exceptions or specify sequencing).
	 
	þ	 	(b) Participant initial payment election. Permits a Participant initially to elect the payment event and the
timing, form and medium of payment of his/her Deferred Compensation in accordance with Section 4.02(A) (choose
only one of (i) or (ii)):

	 	þ	 	(i) All Accounts. The Plan applies a Participant’s elections to all of the Participant’s
Accounts under the Plan.
	 
	 	o	 	(ii) Elective Deferral Account. The Plan applies a Participant’s elections only to the
Participant’s Elective Deferral Account. The Employer will make all payment
elections as to Nonelective and Matching Contribution Accounts.

Note: A Participant must elect a payment event from those which the Employer has elected under 4.01
above, unless the Employer has permitted a Participant to elect the 409A permissible payment
events. A Participant in his/her election form may limit the payment election to Compensation
Deferred at the time of the election or also may apply the payment election to all future Deferred
Compensation.

	o	 	(c) Employer initial payment election. Permits the Employer
(and not the Participant) initially to elect the payment
events and the timing, form and medium of payment of all
Participant Accounts in accordance with Section 4.02(A).
	 
	o	 	(d) (Specify):                                                              (e.g., the Participant may make
an election only as to the
Participant’s Grandfathered
Amounts).

			
	Note:	 	If a Participant or the Employer does not make an initial payment election, see Sections
4.01(B) and 4.02(A)(5).

     4.02(B) Change payment elections. The Plan (choose only one of (a) or (b); choose (c) if (b)
applies and choose (d) if applicable):

Note: Even if the Employer under 4.02(A)(a) elects not to permit any Participant or Employer
initial payment elections, the Plan under Section 4.02(A)(1)treats a Plan designation of the
payment events and of the timing, form and medium of payment as an initial election for purposes of
applying any change election the Plan permits.

	þ	 	(a) Change payment elections not permitted. Does not permit a Participant, a Beneficiary or the Employer to make a
change payment election in accordance with Section 4.02(B).
	 
	o	 	(b) Permits change payment elections. Permits changes payment elections or changes to a change payment elections
in accordance with Section 4.02(B) and as follows (choose one or more of (i) -(iv) ):

	 	o	 	(i)Participant election. Permits a Participant to make change payment elections.
	 
	 	o	 	(ii)Employer election. Permits the Employer to make change payment elections.
	 
	 	o	 	(iii)Beneficiary election. Permits a Beneficiary following the Participant’s death to make change payment
elections.
	 
	 	o	 	(iv)(Specify):                                                             (e.g., a Beneficiary may
make a change payment election only if the Participant had the right to do so, OR a Participant may make a
change payment election only after attaining age 60).

12

 

Nonqualified Deferred Compensation Plan

Adoption Agreement

	o	 	(c) Limit on number of change payment elections. The number of change payment elections (as to any initial payment
election) that a Participant, a Beneficiary or the Employer (as applicable) may make is (choose one of (i) or
(ii)):

	 	o	 	(i) Unlimited. Not limited except as required under Section 4.02(B).
	 
	 	o	 	(ii) Limited. Limited to:                      (specify number).

	o	 	(d) (Specify):                                                              (e.g., permits change payment elections only as to Elective
Deferral Account).

     4.02(B)(3)(b) Installment payments. The Plan under Section 4.03(B)(3)(b) for purposes of
application of the change payment election provisions treats an installment payment as a (choose
one of (a), (b) or (c)):

	þ	 	(a) Single payment.
	 
	o	 	(b) Series of payments.
	 
	o	 	(c) Treatment for 2005 through 2007. For the period spanning
2005 through 2007, treat installments as (choose one of (i)
or (ii)):

	 	o	 	(i) Single payment.
	 
	 	o	 	(ii) Series of payments.

Note: If the Plan is a restated Plan, and the Employer otherwise before January 1, 2008, did not
make a written designation regarding the treatment of installment payments, the Employer in (c) may
elect to apply a different election for the period spanning 2005 through 2007, than applies after
2007 under (a) or (b). See Treas. Reg. 1.409A-2(b)(2)(iv).

	o	 	(d) Not applicable. The Plan does not permit installment payments.

     4.06(B) Election changes/Irrevocability. A Participant who makes an initial payment election
or a change payment election which the Employer has accepted (complete (a) and (b)):

(a) Initial payment elections. (choose one of (i), (ii) or (iii)):

o (i) May change. May change the initial payment election as to the Deferred
Compensation to which the election applies, until the applicable election deadline under
4.02(A)(2)(a). Any change to an initial payment election made after the initial payment
election becomes irrevocable is a change payment election.

þ (ii) May not change. May not change the initial election as to the Deferred
Compensation to which the election applies.

o (iii) Not applicable. As elected above, a Participant may not make an initial
payment election.

(b) Change payment elections. (choose one of (i), (ii) or (iii)):

o (i) May change. May change the change payment election as to the Deferred
Compensation to which the election applies. Where the payment event is a Specified Time or a
Fixed Schedule, the Participant may change the election until the applicable deadline under
Section 4.02(B)(1)(a). Where the change payment election relates to any other payment event
(not a Specified Time or a Fixed Schedule), the Participant must make the change within 30
days following the Participant’s making of the change payment election which the Participant
seeks to change. Any change to a change payment election made after the change payment
election becomes irrevocable is a new change payment election.

© Copyright 2007 SunGard

13

 

Nonqualified Deferred Compensation Plan

Adoption Agreement

	 	þ	 	(ii) May not change. May not change the change payment election as to the Deferred
Compensation to which the election applies.
	 
	 	o	 	(iii) Not applicable. As elected above, a Participant may not make a change
payment election.

Note: An Elective Deferral election under Section 2.02(C) is a separate election which is not
controlled by this election 4.06(B).

ARTICLE V

TRUST ELECTION AND INVESTMENTS

     5.02 No Trust. The Employer by electing (a) or (b) below does not create the Trust described
in Section 5.03. Section 5.02 applies. The Employer will credit each Participant’s Account with
(choose one or both of (a) or (b)):

	 	þ	 	(a) Actual Earnings (choose only one of (i) through (iv)):

	 	o	 	(i) Employer direction. As a result of the Employer’s directed investment of the
Account.
	 
	 	þ	 	(ii) Participant direction. As a result of the Participant’s
directed investment of his/her own Account.
	 
	 	o	 	(iii) Participant direction over Elective Deferrals. As a result of
the Participant’s directed investment of his/her own Elective Deferral Account, and
the Employer’s directed investment of the balance of the Participant’s Account.
	 
	 	o	 	(iv) (Specify):                                                                                .

	 	o	 	(b) Notional Earnings. (choose one or both of (i) or (ii)):

     o
(i) Fixed/floating interest. Interest at the rate of                                          and applied to (choose only one
of (A), (B) or (C)):

Note: use blank to specify rate, fixed or floating with index, time interval, simple or compounded
interest, etc.

	 	o	 	(A) Total Account. The Participant’s entire Account.
	 
	 	o	 	(B) Deferrals only. The Participant’s Elective Deferral Account, with the
balance of the Account being subject to actual investment as specified in 5.02(a).
	 
	 	o	 	(C) Employer Contribution only. The Participant’s Employer Contribution
Accounts with the balance of the Account being subject to actual investment as
specified in 5.02(a).

	 	o	 	(ii) (Specify):                                                                                .

14

 

Nonqualified Deferred Compensation Plan

Adoption Agreement

     5.03 Trust. The Employer by electing (a) or (b) below will establish the Trust described in
Section 5.03 and designated as Exhibit C. The Trust will be identical in form to the Model Rabbi
Trust issued by the Internal Revenue Service under Rev. Proc. 92-64 or any successor thereto. The
Employer also may modify the Trust if necessary to comply with Applicable Guidance. The Employer
will select among the optional and alternative features available under the Trust, and the Employer
will not establish or adopt any other trust under the Plan. The version of the Trust the Employer
adopts is (choose one of (a) or (b)):

	o	 	(a) Individually designed version.
	 
	o	 	(b) Adoption agreement version.

© Copyright 2007 SunGard

15

 

Nonqualified Deferred Compensation Plan

Adoption Agreement

EMPLOYER SIGNATURE

     The Employer hereby agrees to the provisions of this Plan, and in witness of its agreement,
the Employer, by its duly authorized officer, has executed this Adoption Agreement on May 14,
2008.

	 	 	 	 	 
	 	 	Name of Employer: Motorcar Parts of America, Inc.
	 
	 	 	 	 
	 	 	Employer’s EIN: 11-2153962
	 
	 	 	 	 
	 

	 	Signed:
	 	/s/ Ricardo Moreno
	 

	 	 	 	 
	 

	 	 	 	Ricardo Moreno, Vice President of Human Resources

16exv10w1

Exhibit 10.1

EXECUTION VERSION

FIRST AMENDMENT TO

THIRD AMENDED AND RESTATED

RECEIVABLES PURCHASE AGREEMENT

FIRST AMENDMENT, dated as of March 13, 2008 (this “Amendment”), to that certain Third
Amended and Restated Receivables Purchase Agreement, dated as of September 4, 2007 (the
“Receivables Purchase Agreement”), by and among LOL SPV, LLC, a Delaware limited liability
company, as Seller (“Seller”), LAND O’LAKES, INC., a Minnesota cooperative corporation
(“LOL”), as initial Servicer (“Servicer”), COBANK, ACB, a federally chartered
instrumentality of the United States (“CoBank”), and any other Persons that may, from time to time,
be party hereto as Purchasers (each, a “Purchaser”), and CoBank as administrator for the Purchasers
(in such capacity, “Administrator”).

WITNESSETH:

     WHEREAS, the parties to the Receivables Purchase Agreement desire to amend the Receivables
Purchase Agreement to increase the Facility Limit and to make certain other changes as set forth
herein;

     NOW, THEREFORE, the parties hereto hereby agree as follows:

     1. Defined Terms. Terms defined in the Receivables Purchase Agreement and used herein
shall have the meanings given to them in the Receivables Purchase Agreement (as the same may be
amended hereby).

     2. Amendment to Section 1.1. of the Receivables Purchase Agreement.
Effective as of the Amendment Effective Date (as defined in Section 6 below), each of the parties
hereto agrees to amend Section 1.1 of the Receivables Purchase Agreement by deleting the dollar
amount $300,000,000 in clause (y) thereof and inserting in lieu thereof the dollar amount
$400,000,000.

     3. Amendment to Section 4.1(a) of the Receivables Purchase Agreement.
Effective as of the Amendment Effective Date, each of the parties hereto agrees to amend Section 4.1(a) of the Receivables Purchase Agreement by deleting the date July 27, 2007 in Section 4.1(a)
and inserting in lieu thereof the date February 15, 2008.

     4. Amendment to Schedule 1 to the Receivables Purchase Agreement.
Effective as of the Amendment Effective Date, each of the parties hereto agrees to amend Schedule 1
of the Receivables Purchase Agreement by deleting the existing Schedule 1 and replacing it in its
entirety with the new Schedule 1 attached hereto as Amendment Exhibit A.

     5. Amendment to Schedule 12.3(b) to the Receivables Purchase Agreement.
Effective as of the Amendment Effective Date, each of the parties hereto agrees to
amend

 

 

Schedule 12.3(b) of the Receivables Purchase Agreement by deleting the existing
Schedule 12.3(b) and replacing it in its entirety with the new Schedule 12.3(b) attached
hereto as Amendment Exhibit B.

     6. Conditions to Effectiveness. This Amendment shall become effective on the date (the
“Amendment Effective Date”) on which the following conditions have been satisfied:

          (a) each of the signatories to this document shall have delivered, and the Administrator shall
have received, an executed copy of this Amendment;

          (b) the Administrator shall have received good standing (and foreign qualification, as
applicable) certificates for Seller and each Originator issued by the Secretaries of State of the
jurisdictions of their incorporation or formation and their respective principal places of
business;

          (c) the Administrator shall have received a certificate of the Secretaries of Seller and each
Originator in form and substance reasonably satisfactory to the Administrator certifying (i) a copy
of the resolutions of its Board of Directors or Board of Managers, as applicable, approving this
Amendment and the transactions contemplated hereby; (ii) the names and true signatures of the
officers authorized on its behalf to sign this Amendment (on which certificate the Administrator
and the Purchasers may conclusively rely until such time as the Administrator shall receive from
Seller or any Originator, as the case may be, a revised certificate meeting the requirements of
this Section 6(c)); (iii) a copy of its by-laws, operating agreement or equivalent organizational
document(s); and (iv) all documents evidencing other necessary corporate action and governmental
approvals, if any, with respect to this Amendment;

          (d) the Administrator shall have received the Certificate of Formation or the Certificate of
Incorporation, as applicable, of Seller and each Originator, duly certified by the Secretary of
State of the jurisdiction of its formation, as of a recent date reasonably acceptable to
Administrator;

          (e) the Administrator shall have received favorable opinions of (i) in-house counsel to each
of Servicer, Winfield and Seller as to corporate authority and (ii) Lindquist and Vennum LLP,
special counsel to Seller and the Originators as to all other legal matters, in form and substance
reasonably satisfactory to the Administrator and its counsel;

          (f) Lindquist and Vennum LLP, special counsel to each of the Originators and Seller, shall
have confirmed in writing, in form and substance reasonable satisfactory to the Administrator and
its counsel, that the that the execution, delivery and performance of this Amendment by the parties
thereto do not adversely affect the conclusions reached in their True Sale/Capital Contribution
Opinion dated September 4, 2007;

          (g) the Administrator shall have received evidence of payment by the Seller of all accrued and
unpaid Fees (including those contemplated by the Fee Letter),

2

 

all of the costs and expenses of
this transaction accrued or received
prior to the date hereof, including, without limitation, attorneys’ fees of the Administrator,
plus such additional amounts of attorneys’ fees as shall constitute the Administrator’s reasonable
estimate of attorneys’ fees incurred or to be incurred by it through the closing proceedings,
including any such costs, fees and expenses payable in accordance with Section 14.5; and

          (h) the Administrator shall be satisfied that the representations and warranties set forth in
Section 7 hereof are true and correct on and as of the Amendment Effective Date.

     7. Representations and Warranties. To induce the Purchasers to enter into this
Amendment, by its signature below, each of LOL and Seller hereby represents and warrants to each of
the Purchasers that:

          (a) This Amendment has been duly executed and delivered by Seller and LOL. The execution and
delivery by Seller and LOL of this Amendment has been duly authorized by proper proceedings, and
this Amendment constitutes the legal, valid and binding obligation of Seller and LOL, enforceable
against Seller and LOL in accordance with its terms.

          (b) The execution and delivery by Seller and LOL of this Amendment and the performance by
Seller and LOL of this Amendment and the Receivables Purchase Agreement as amended hereby (i) are
within the corporate or other legal authority of such Person, (ii) have been duly authorized by all
necessary corporate or other proceedings and (iii) do not and will not conflict with or result in
any breach or contravention of any Applicable Law or any Contractual Obligation or operating
agreement or other governing document of Seller or LOL.

          (c) After giving effect to this Amendment, each of the representations and warranties of each
of Seller and LOL contained in Article VI of the Receivables Purchase Agreement or in any
certificate or report delivered pursuant to or in connection with the Receivables Purchase
Agreement was true in all respects as of the date as of which it was made and is true in all
respects on the date hereof (except to the extent that such representations and warranties relate
expressly to an earlier date).

          (d) After giving effect to this Amendment, no Unmatured Termination Event or Termination Event
has occurred and is continuing.

          (e) Each of Seller’s and LOL’s obligations and liabilities to the Purchasers and the
Administrator, as evidenced by or otherwise arising under the Receivables Purchase Agreement or the
Transaction Documents, are hereby ratified and confirmed in all respects.

     8. Severability; Headings. Any provision of this Amendment which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall

3

 

not invalidate or render
unenforceable such provision in any other jurisdiction. The section and subjection headings used
in this Amendment are for convenience of reference only and are not to affect the construction
hereof or to be taken into consideration in the interpretation hereof.

     9. Continuing Effect of Other Documents. This Amendment shall not constitute an
amendment or waiver of any other provision of the Receivables Purchase Agreement not expressly
referred to herein and shall not be construed as a waiver or consent to any further or future
action on the part of any that would require a waiver or consent of the Purchasers. Except as
expressly amended, modified and supplemented hereby, the provisions of the Receivables Purchase
Agreement are and shall remain in full force and effect.

     10. GOVERNING LAW. THIS AMENDMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES
HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF
COLORADO (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF).

     11. Miscellaneous. From and after the date hereof, each reference to the Receivables
Purchase Agreement in the Receivables Purchase Agreement and the other Transaction Documents shall
be deemed to be a reference to the Receivables Purchase Agreement as modified by this Amendment.
This Amendment may be executed in any number of counterparts, but all of such counterparts shall
together constitute but one and the same agreement. Delivery of an executed counterpart of a
signature page by facsimile transmission shall be effective as delivery of a manually executed
counterpart of this Amendment. In making proof of this Amendment, it shall not be necessary to
produce or account for more than one such counterpart.

[The remainder of this page is intentionally left blank.]

4

 

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written.

	 	 	 	 	 
	 	LOL SPV, LLC, 
as
Seller

 	 
	 	By:  	/s/ Daniel Knutson
 	 
	 	 	Name Printed:  	Daniel Knutson 	 
	 	 	Title:  	Senior VP & Chief Financial Officer 	 
	 
	 	LAND O’LAKES, INC., 
as
Servicer

 	 
	 	By:  	/s/ Daniel Knutson
 	 
	 	 	Name Printed:  	Daniel Knutson 	 
	 	 	Title:  	Senior VP & Chief Financial Officer 	 
	 
	 	COBANK, ACB, as a Purchaser and as

Administrator

 	 
	 	By:  	 	 
	 	 	Name Printed:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to First Amendment to Third Amended and Restated RPA]

 

 

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written.

	 	 	 	 	 
	 	LOL SPV, LLC, 
as
Seller

 	 
	 	By:  	 	 
	 	 	Name Printed:  	 	 
	 	 	Title:  	 	 
	 
	 	LAND O’LAKES, INC., 
as Servicer

 	 
	 	By:  	 	 
	 	 	Name Printed:  	 	 
	 	 	Title:  	 	 
	 
	 	COBANK, ACB, as a Purchaser and as
Administrator

 	 
	 	By:  	/s/ Michael Tousignant
 	 
	 	 	Name Printed:  	Michael Tousignant 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to First Amendment to Third Amended and Restated RPA]

 

 

Amendment Exhibit A

Schedule 1 

Purchasers and Pro Rata Shares 

	 	 	 	 	 	 	 	 	 
	Purchaser	 	Pro Rata Share	 	Facility Limit
	CoBank, ACB
	 	 	100	%	 	$	400,000,000	 
	TOTAL
	 	 	100	%	 	$	400,000,000	 

6

 

Amendment Exhibit B

Schedule 12.3(b) 

Participants 

	 	 	 	 	 
	Participant	 	Amount of Participation
	CoBank
	 	$	145,000,000	 
	US AgBank
	 	$	40,000,000	 
	FCB Texas
	 	$	35,000,000	 
	FCS WNY
	 	$	25,000,000	 
	NWFCS
	 	$	25,000,000	 
	Commercial Finance Group
	 	$	25,000,000	 
	AgFirst
	 	$	22,500,000	 
	First Pioneer
	 	$	15,000,000	 
	Greenstone
	 	$	15,000,000	 
	Mid-Atlantic
	 	$	15,000,000	 
	FCS Financial
	 	$	12,500,000	 
	AgStar
	 	$	10,000,000	 
	FCSA
	 	$	10,000,000	 
	FC Maine
	 	$	5,000,000	 
	 
	 	 	 	 
	Total
	 	$	400,000,000	 

7

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