Document:

Exhibit 10.40

    Exhibit
      10.40

    
 

    ADVANCE
      AUTO PARTS,
      Inc.

    2007
      SARS AWARD

    (STOCK
      SETTLED)

    

    Award
      Number:        

    

    
      	
              Award
                Date

            	 	
              Number
                of Shares

            	 	
              Grant
                Price

            	 	
              Expiration
                Date

            	 
	 	 	 	 	 	 	 	 

    

    

    THIS
      CERTIFIES THAT Advance Auto Parts, Inc. (the “Company”) has on the Award Date
      specified above granted to

    «Name»

    (“Participant”)
      Stock Appreciation Rights (the “SARs”) with respect to the number of shares of
      Advance Auto Parts, Inc. Common Stock, $.0001 par value per share (“Stock”),
      indicated above in the box labeled “Number of Shares” (the “Shares”). The
      initial value of each Share is indicated above in the box labeled “Grant Price.”
The SARs that this Certificate represents shall vest and become exercisable
      in
      accordance with the vesting schedule, all as set forth in Section 2 below,
      and
      upon vesting shall be fully exercisable until the Expiration Date. This Award
      is
      subject to the terms and conditions set forth below and in the Advance Auto
      Parts, Inc. 2004 Long-Term Incentive Plan (the “Plan”). A copy of the Plan is
      available upon request. In the event of any conflict between the terms of the
      Plan and this Award, the terms of the Plan shall govern. Any terms not defined
      herein shall have the meaning set forth in the Plan.

    

    *
      * *
      * *

    

    1. Duration
      of SAR.
      Subject to the following sentence, this
      SAR shall
      expire on the Expiration Date. However, if
      your
employment
      or other association with the Company and
      its Affiliates ends
      before that date,
      this SAR shall
      expire on Expiration
      Date or, if earlier, the date specified in
      whichever of the following applies:

     

    (a) If
      the termination
      of your employment
      or other association is on account of retirement or disability, ninety (90)
      days
      after the date on which your SAR becomes exercisable as to all of the Shares
      or,
      if your SAR had become exercisable as to all of the Shares prior to such
      termination, ninety (90) days after the date your employment or other
      association ends on account of retirement or disability. For all purposes of
      this Award, “disability” means having become disabled within the meaning of
      Section 22(e)(3) of the Internal Revenue Code and “retirement” means termination
      of employment or other association upon the attainment of at least age 55 and
      at
      least 10 years of service, of which the last three must be consecutive years
      with the Company. 

     

    (b) If
      the termination
      of your employment
      or other association is on account of death, or you die within ninety (90)
      days
      of the termination of your employment or other association (other than when
      terminated for cause), the date which is twelve (12) months after your
      employment or other association ends. 

     

    (c) If
      the termination
      of your employment
      or other association is for cause, as determined in good faith by the Committee,
      the date your employment ends.

     

    (d) In
      all other cases, ninety (90) days after your employment or other association
      ends.

     

    Notwithstanding
      any contrary provision of this Award, as to any SARs which have not then become
      exercisable, the Company may cancel this SAR at any time and without prior
      notice, and as to SARs which are then exercisable the Company may cancel this
      SAR at any time on ninety (90) days prior notice to you, in response to
      actions taken by you that could be considered detrimental to the Company or
      any
      of its Affiliates. Whether any of your actions could be considered detrimental
      will be determined by the Compensation
      Committee of the Board of Directors (the “Committee”) in its sole discretion and
      may include, but will not be limited to the following: your employment by or
      other association with a direct competitor of the Company or an Affiliate;
      your
      establishment of a business which competes with the Company or an Affiliate;
      or
      your unauthorized release of confidential information of the Company or an
      Affiliate.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2. Exercise
      of SARs. 

     

    (a) Subject
      to the provisions of this Section 2, until these SARs expire, you may exercise
      them as to the number of SARs identified in the table below, in full or in
      part,
      at any time on or after the applicable Exercise Date or dates identified in
      the
      following table.

     

    
      	
              Number
                of Shares

              in
                Each Installment

            	
              Initial
                Exercise Date

              for
                Shares in Installment

            
	
              «M_1st_yr_Vest»

            	
              «M_1st_yr_date»

            
	
              «M_2nd_yr_Vest»

            	
              «M_2nd_yr_date»

            
	
              «M_3rd_yr_vest»

            	
              «M_3rd_yr_date»

            

    

    

    (b) 
      No shares of Common Stock shall be issued to Participant prior to the date
      on
      which the SARs are exercised in accordance with this Section 2. Upon
      exercise of the Stock Appreciation Rights, the Participant shall be entitled
      to
      receive a number of Issued Shares for each share with respect to which the
      Stock
      Appreciation Rights are exercised equal to (i) the excess of the Fair
      Market Value of one share on the date of exercise over the Grant Price, divided
      by (ii) the Fair Market Value of one share on the date of exercise. The
      Issued Shares shall be issued in book-entry form, registered in Participant’s
      name or in the name of Participant’s legal representatives, beneficiaries or
      heirs, as the case may be. The Company will not deliver any fractional share
      of
      Common Stock but will pay, in lieu thereof, cash equal to the Fair Market Value
      of such fractional share.

    

    (c) During
      any period that this SAR remains outstanding after your employment or other
      association with the Company and its Affiliates ends, you may exercise it only
      to the extent it was exercisable immediately prior to the end of your employment
      or other association except in the following circumstances. If your employment
      or other association ends on account of retirement or disability, this SAR
      shall
      nevertheless continue to become exercisable in accordance with the table above.
      If your employment or other association ends on account of your death, or you
      die within ninety (90) days after your employment or other association ends,
      this SAR shall become exercisable upon the date of your death for all of the
      SARs if not then exercisable in full. In no event may this SAR be exercised
      after it expires as determined in accordance with this Section
      2.

     

    (d) At
      any time, you may exercise this SAR by delivery to the Company at its principal
      executive offices (the date such delivery occurs is hereinafter referred to
      as,
      the “Exercise Date”) a notice which shall state that Participant elects to
      exercise the SAR as to the number of shares specified in the notice as of the
      date specified in the notice. Such notice should be made to the stock
      administrator at the Company headquarters or its designee. All notices will
      be
      acknowledged and validated by the Company prior to actual exercise of a SAR.
      

     

    3. Transfer
      of SAR.
      You
      may not transfer this SAR except
      by will or the laws of descent and distribution, and, during your lifetime,
      only
      you (or in the event of your disability, your legal guardian or representative)
      may exercise this SAR. Any attempt to sell, pledge, assign, hypothecate,
      transfer or otherwise dispose of the SAR granted by this Award in contravention
      of this Award or the Plan shall be void.

     

    4. No
      Rights as a Stockholder.
      You
      shall have no rights as a stockholder of any Stock covered by this SAR until
      the
      Exercise Date and entry evidencing such ownership is made in the stock transfer
      books of the Company. Except as may be provided under Section 4(c) of the
      Plan, the Company will make no adjustment for dividends (ordinary or
      extraordinary whether in cash, securities or other property) or distributions
      or
      other rights for which the record date is prior to the Exercise
      Date.

     

    5. Notices.
      Except as otherwise provided herein, all notices, requests, demands and other
      communications under this Award shall be in writing, and if by telecopy, shall
      be deemed to have been validly served, given or delivered when sent, or if
      by
      personal delivery or messenger or courier service, shall be deemed to have
      been
      validly served, given or delivered upon actual delivery (but in no event may
      notice be given by deposit in the United States mail), at the following
      addresses, telephone and facsimile numbers (or such other address(es), telephone
      and facsimile numbers a party may designate for itself by like
      notice):

     

    If
      to
      the Company: Advance Auto Parts, Inc. located at 5008 Airport Road, Roanoke,
      Virginia, 24012, Attention: General Counsel or by Telephone at (540) 561-3225
      or
      Telecopy at (540) 561-1448;

    

    With
      copy to: Advance Auto Parts, Inc. located at 5008 Airport Road, Roanoke,
      Virginia, 24012, Attention: Senior Vice President, Human Resources or by
      Telephone at (540) 561-6841 or Telecopy at (540) 561-6918;

    

    If
      to
      you, the Participant, to your home address on record at Advance Auto Parts
      or
      your business address at Advance Auto Parts.

     

    

    6. Miscellaneous.
      

     

    (a) This
      Award is made under the provisions of the Plan and shall be interpreted in
      a
      manner consistent with it. To the extent that any provision in this Award is
      inconsistent with the Plan, the provisions of the Plan shall control. The
      interpretation of the Committee of any provision of the Plan, the SAR or this
      Award, and any determination with respect thereto or hereto by the Committee,
      shall be binding on all parties.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) Nothing
      contained in this Agreement shall confer, intend to confer or imply any rights
      to an employment relationship or rights to a continued employment relationship
      with the Company or any Affiliate in your favor or limit the ability of the
      Company or an Affiliate, as the case may be, to terminate, with or without
      cause, in its sole and absolute discretion, your employment relationship with
      the Company or such Affiliate, subject to the terms of any written employment
      agreement to which your are a party.

    

    (c) 
      Neither the Plan nor this Award shall create or be construed to create a trust
      or separate fund of any kind or a fiduciary relationship between the Company
      or
      any Affiliate and Participant or any other Person. To the extent that any Person
      acquires a right to receive payments form the Company or any Affiliate pursuant
      to an Award, such right shall be no greater than the right of any unsecured
      creditor of the Company or any Affiliate.

    

    (d)  The
      Company shall not be required to deliver any shares of Common Stock upon
      exercise of any Stock Appreciation Rights until the requirements of any federal
      or state securities laws, rules or regulations or other laws or rules (including
      the rules of any securities exchange) as may be determined by the Company to
      be
      applicable are satisfied.

    

    (e)  An
      original record of this Award and all the terms hereof, executed by the Company,
      is held on file by the Company. To the extent there is any conflict between
      the
      terms contained in this Award and the terms contained in the original held
      by
      the Company, the terms of the original held by the Company shall
      control.

    

    (f) Capitalized
      terms used but not defined herein shall have the meaning assigned under the
      Plan.

    

     

    7. Income
      Tax Matters.
      The
      Company makes no representation or warranty as to the tax treatment of your
      receipt or exercise of this SAR or upon your sale or other disposition of the
      shares acquired through the exercise of the SARs. You should rely on your own
      tax advisors for such advice. In order to comply with all applicable federal
      or
      state income tax laws or regulations, the Company may take such action as it
      deems appropriate to ensure that all applicable federal or state payroll,
      withholding, income or other taxes, which are your sole and absolute
      responsibility, are withheld or collected from you at the time of your exercise
      of the SARs.
      The
      Company will inform you of alternative methods to settle any applicable taxes
      due prior to the first vesting date of your Award.

     

    In
      Witness Whereof,
      this Award has been executed by the Company as of the date first above
      written.

     

    ADVANCE
      AUTO PARTS, INC.

    

     

     

    By: ___________________________Exhibit 10.1 Amendment to Employment Agreement dated February 20, 2007 by and
      between the Company and Bryan Bedford

     

     

    
      	
               Exhibit
                10.1

            

    

     

    AMENDMENT
      NO. 2 TO

     

    SECOND
      AMENDED AND RESTATED 

     

    EMPLOYMENT
      AGREEMENT

     

    THIS
      AMENDMENT NO 2. TO SECOND AMENDED AND RESTATED AGREEMENT, dated as of February
      20, 2007 (the “Amendment”), amends the Second Amended and Restated Agreement,
      made and entered into as of July 1, 2003, and, amended as of December 27, 2004
      (the “Agreement”), by and between REPUBLIC AIRWAYS HOLDINGS INC. (the
“Company”), a Delaware corporation, and BRYAN K. BEDFORD (the
“Executive”).

     

    R
      E C I T A L S

     

    WHEREAS,
      the Company and the Executive entered into the Agreement; and

     

    WHEREAS,
      the Company and the Executive desire to amend the Agreement as and to the extent
      provided for herein,

     

    NOW,
      THEREFORE, in consideration of the foregoing and the mutual covenants
      hereinafter set forth and other good and valuable consideration, the receipt
      and
      sufficiency of which is hereby acknowledged, and intending to be legally bound,
      the parties hereto agree as follows:

     

    1.  Dates.
      All
      references in the Agreement to the 2007 calendar year shall be references to
      the
      2008 calendar year. All references in the Agreement to January 1, 2007 shall
      be
      references to January 1, 2008. All references in the Agreement to June 30,
      2007
      shall be references to June 30, 2008. 

     

    2.  Base
      Salary.
      The
      reference in Section 3(a) of the Agreement to $340,000 shall be a reference
      to
      $450,000 for the period from July 1, 2007 to June 30, 2008.

     

    3.  Annual
      Deferred Compensation.
      The
      reference in Section 3(b) of the Agreement to $170,000 shall be a reference
      to
      $337,500. 

     

    4.  Severance
      Compensation.
      The
      Severance Compensation shall be on the same terms and conditions as in the
      Agreement, except that the amount of such Severance Compensation shall equal
      the
      Base Salary which would have been paid to the Executive for the remainder of
      the
      Term had he continued to be employed by the Company, but not less than $337,500.
      The Severance Compensation shall be paid in a lump sum as soon as practicable
      following a qualifying termination as set forth in Section 4.

     

    5.  Defined
      Terms.
      All
      capitalized terms used herein shall have the respective meanings ascribed to
      such terms in the Agreement unless otherwise defined herein.

     

    6.  Counterparts.
      This
      Amendment may be executed in counterparts, each of which shall be deemed an
      original but all of which together shall constitute one and the same
      instrument.

     

    7.  Miscellaneous.
      Except
      as amended herein, the Agreement shall remain in full force and effect.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    IN
      WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
      date
      first above written.

     

    
      	 	 	 
	 	REPUBLIC
              AIRWAYS HOLDINGS, INC.
	 
 	 
 	 
 
	Date:
              February 20, 2007 	By:  	/s/ Robert
              H.
              Cooper
	 	
              
Name:
              Robert H. Cooper
	 	Title: Executive Vice
              President and Chief Financial
              Officer 

    

     

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	Date: February
              20, 2007	By:  	/s/ Bryan
              K.
              Bedford

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