Document:

Exhibit

Exhibit 10.52

ADVANCE AUTO PARTS, INC.
RESTRICTED STOCK UNIT AWARD AGREEMENT

	
			
	Award Date
	Time-based RSUs
	Last Vesting Date

	November 21, 2016
	11,984
	Second Anniversary of Award Date

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

Thomas Okray

(“Participant”) an award (the “Award”) of that number of Restricted Stock Units (the “RSUs”) representing the right to receive a like number of shares (“Shares”) of Advance Auto Parts, Inc. Common Stock, $.0001 par value per share (the “Common Stock”), indicated above in the box labeled “Time-based RSUs ,” subject to certain restrictions and on the terms and conditions contained in this Award and the Advance Auto Parts, Inc. 2014 Long-Term Incentive Plan (the “Plan”).  A copy of the Plan is available on the Company’s Intranet site or 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. Vesting. Subject to the remaining provisions of this Award, the Time-based RSUs shall vest in 70% the first anniversary of the Award Date and the remaining 30% on the second anniversary of the Award Date, commencing on the first anniversary of the Award Date and becoming fully vested on the second anniversary of the Award Date if you remain continuously employed by the Company until the respective vesting date.  

	
		
	Number of Time-based RSUs in Each Installment
	Vesting Dates for RSU 
Installments

	 Approximately 70 percent
	First anniversary of the Award Date

	Approximately 30 percent
	 Second anniversary of the Award Date

2. Duration.

(a) If, prior to vesting of the Time-based RSUs pursuant to Section 1 or this Section 2 of this Award, your employment or other association with the Company and its Affiliates ends for any reason (voluntary or involuntary), then your rights to unvested Time-based RSUs shall be immediately and irrevocably forfeited, except as follows:

i) If the termination of your employment or other association is on account of Retirement, then your rights with respect to the Time-based RSUs will continue under this Award.  For purposes of this Award, “on account of Retirement” means, except in the event of termination of employment for cause as provided in Section 2(a)(iv) below, termination of employment or other association following the attainment of at least 55 years of age and at least 10 years of service, of which the last three must be consecutive years with the Company, provided further that if you came to be employed by the Company in conjunction with or as a result of a merger with or acquisition by the Company, the last three consecutive years must occur following the effective date of such merger or acquisition.  If, however, after termination of your employment or other association with the Company on account of 

Retirement and prior to the third anniversary of the Award Date, you are employed by a competitor of the Company, defined for these purposes as AutoZone Inc., O'Reilly Automotive Inc., Pep Boys, Genuine Parts Company and/or NAPA Auto Parts, Fisher Auto Parts or Parts Depot Inc., any RSUs that have not vested as of the date of the commencement of such employment shall be immediately and irrevocably forfeited.

ii) If the termination of your employment or other association is on account of Disability, then any unvested Time-based RSUs will vest immediately.  For all purposes of this Award, “Disability” is defined as having become disabled within the meaning of Section 22(e) (3) of the Internal Revenue Code.

iii) If the termination of your employment or other association is on account of Death, then any unvested Time-based RSUs will vest immediately.  

iv) If the termination of your employment or other association is for cause, as determined in your employment agreement, all of your Time-based RSUs will expire on the date your employment or other association with the Company ends. 

(b) Upon a Change in Control, any remaining previously unvested Time-based RSUs  will vest immediately (i) upon the Change in Control in the event that the successor organization does not assume, convert, or replace the awards; or (ii) upon the termination of your employment or other association with the Company in the event that the successor organization assumes, converts or replaces the awards, and your employment or other association with the Company is terminated without cause within 24 months following the Change in Control.

(c) If within four months following the effective date of this Award you are determined to have unacceptable job performance based upon your performance evaluation for the fiscal year in which this Award was granted, the Company’s Chief Executive Officer and Senior Vice President who is responsible for Rewards may cancel this Award in its entirety.

Notwithstanding any contrary provision of this Award, the Company may cancel this Award 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 for Cause as defined in your employment agreement.

3. Transfer of Award. Until the Time-based RSUs vest pursuant to Section 2 of this Award, the Time-based RSUs may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of or encumbered, and no attempt to transfer unvested Time-based RSUs, whether voluntary or involuntary, by operation of law or otherwise, shall vest the transferee with any interest or right in or with respect to the Shares. Notwithstanding the foregoing, you may, in the manner established by the Committee, designate a beneficiary or beneficiaries to exercise your rights to receive any property distributable with respect to the Time-based RSUs upon your death.

4. No Rights as a Stockholder.  You shall have no rights of a shareholder of the Common Stock on and after the Award Date and until the date on which the Time-based RSUs vest and are converted to Shares and the restrictions with respect to the Time-based RSUs lapse in accordance with Section 1 or 2 of this Award, as described above. You will, however, receive dividends or dividend equivalents on the Time-based RSUs on or after the Award Date and until Shares are delivered on vesting of the Award, unless and until the Time-based RSUs are forfeited pursuant to Section 1 or 2 of this Award and to the extent that dividends are declared and paid on the Common Stock of the Company.  Except as may be provided under Section 8 of the Plan, the Company will make no adjustment for dividends (ordinary or extraordinary and whether in cash, securities or other property) or distributions of other rights for which the record date is prior to the Vesting Date of a Time-based RSU.

5. Issuing Shares.  On any of the Time-based RSUs vesting pursuant to Section 1 or 2 of this Award and payment of the applicable withholding taxes pursuant to Section 7 below, the Company shall cause the shares of Common Stock to be issued in book-entry form, registered in your name.

6. 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) 561-1173 or telecopy at (540) 561-1448;

With copy to: Advance Auto Parts, Inc. located at 5008 Airport Road, Roanoke, Virginia, 24012, Attention: Vice President, Rewards and HR Services or by telephone at (540) 561-6818 or telecopy at (540) 561-6998;

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

7. Income Tax Matters. 

(a)  The Company makes no representation or warranty as to the tax treatment of your receipt or vesting of the Time-based RSUs or upon your sale or other disposition of the Shares received upon vesting of your Time-based RSUs.  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 vesting. The Company will inform you of alternative methods to settle any applicable taxes due prior to the first vesting date of your Award.

(b)  For the purposes determining when Shares otherwise issuable on account of your termination of employment or other association with Company will be issued, “termination of employment” or words of similar import, as used in this Agreement, shall mean the date as of which the Company and you reasonably anticipate that no further services will be performed by you, and shall be construed as the date that you first incur a “separation from service” for purposes of Section 409A of the Code on or following termination of employment or other association with the Company. Furthermore, if you are a “specified employee” of a public company as determined pursuant to Section 409A as of your termination of employment or other association with the Company, any Shares otherwise issuable on account of your termination of employment or other association with the Company which constitute deferred compensation within the meaning of Section 409A of the Code and which are otherwise payable during the first six months following your termination of employment or other association with the Company shall be issued to you on the earlier of (1) the date of your death and (2) the first business day of the seventh calendar month immediately following the month in which your termination of employment or other association with the Company occurs.

8. 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 Time-based RSUs 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 you 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 You or any other Person. To the extent that any Person acquires a right to receive payments from 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 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) If any provision in this Agreement is determined to be invalid, void or unenforceable by the decision of any court of competent jurisdiction, which determination is not appealed or appealable for any reason whatsoever, the provision in question shall not be deemed to affect or impair the validity or enforceability of any other provision of this Agreement and such invalid or unenforceable provision or portion thereof shall be severed from the remainder of this Agreement.

(g)  This Award is intended to be consistent with your employment agreement with the Company in effect on the date first written above.  To the extent that any provision of this Award Agreement is inconsistent with the terms of your employment agreement with the Company in effect as of the date first written above, the provisions of this Award Agreement shall control with respect to this Award.

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

ADVANCE AUTO PARTS, INC.

By:                                                        
          Tammy M. Finley
Executive Vice President, Human Resources, General Counsel and Corporate Secretary

Accepted and agreed, including specifically but without limitation as to the treatment of this Award in accordance with the terms of the Plan and this Award notwithstanding any terms of an Employment/ Loyalty Agreement between the Company and the undersigned to the contrary:

By: ____________________________               _________________________________
 Electronic Signature                          Acceptance DateExhibit

Exhibit 10.53

ADVANCE AUTO PARTS, INC.
PERFORMANCE-BASED RSUs AWARD AGREEMENT
(STOCK SETTLED)

	
			
	Grant Date
	Performance-based RSUs (at Target Level)
	Vesting Date

	September 7, 2016
	2,525
	September 7, 2019

THIS CERTIFIES THAT Advance Auto Parts, Inc. (the “Company”) has on the Grant Date specified above granted to
Robert B. Cushing
Performance-based Restricted Stock Units (the “Performance-based RSUs”) 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 “Performance-based RSUs (at Target Level)” (the “Target Award”). The Performance-based RSUs subject to this Award Agreement shall vest in accordance with Section 1 and Section 2, and upon vesting shall be converted into shares of Stock, as provided in Section 1 and Section 2. This Award is subject to the terms and conditions set forth below and in the Advance Auto Parts, Inc. 2014 Long-Term Incentive Plan (the “Plan”). A copy of the Plan is available on the Company’s Intranet site or upon request. In the event of any conflict between the terms of the Plan and this Award Agreement, the terms of the Plan shall govern. Any capitalized terms not defined herein shall have the meaning set forth in the Plan.
* * * * *
		
	1.
	Vesting. Subject to the remaining provisions of this Award Agreement:

(a)Performance-based RSUs may vest in an amount up to the target level on the Vesting Date, subject to your continued employment or other association the Company until the Vesting Date, except as otherwise provided in Section 2. The precise number of Performance-based RSUs which may vest will be determined in accordance with the terms of this Award Agreement and are subject to certification by the Compensation Committee of the Company’s Board of Directors (the “Committee”) of the achievement of the performance goals. The achievement of the performance goals will be determined based on the Company’s Annual Enterprise Commercial Net Sales Growth (“AECNSG”) for each of the Company’s 2017 fiscal year (“Performance Period 1”) and the Company’s 2018 fiscal year (“Performance Period 2”) (each such fiscal year, a “Performance Period”), as compared with commercial sales growth for the overall automotive aftermarket industry (“Industry CSG”) as reported by the Auto Care Association or its successor organization, for the same or comparable time periods, according to the payout schedules described in Exhibit 1.
(b)The Company’s “Annual Enterprise Commercial Net Sales” shall be calculated using information as reported in the Company’s Form 10-K and in the Company’s internal financial statements. Annual Enterprise Commercial Net Sales shall be calculated by multiplying the Company’s consolidated “Net Sales” by “Total Commercial Sales, as a percent of Total Sales,” and reduced by the sum of the sales to independent customers, eService revenue, and miscellaneous warehouse sales, as reported in the Company’s internal financial statements. With respect to the calculation of Annual Enterprise Commercial Net Sales, the Committee shall make adjustments to exclude the impact of any material acquisition or material disposition, and/or discontinued operations, each as defined by generally accepted accounting principles and as identified in the Company’s financial statements, notes to the financial statements or management’s discussion and analysis, and any other unusual or non-recurring items as identified in the Company’s financial statements, notes to the financial statements, management’s discussion and analysis, or earnings releases.
(c)“Annual Enterprise Commercial Net Sales Growth” or AECNSG means the percentage increase on a fiscal year over immediately preceding fiscal year basis in Annual Enterprise Commercial Net Sales.
(d)The Target Award is the maximum number of Performance-based RSUs that you may receive under this Award Agreement.

		
	2.
	Duration.

(a)Except as provided in this Section 2, if, prior to vesting of the Performance-based RSUs pursuant to Section 1 or this Section 2, your employment or other association with the Company and its Affiliates ends for any reason (voluntary or involuntary), then your rights to Performance-based RSUs shall immediately and irrevocably forfeit.
(b)Change of Control.
(i)During Performance Period 1. Upon a Change of Control during Performance Period 1 while you are employed or associated with the Company and its Affiliates, the Committee will prorate the portion of the Target Award attributable to Performance Period 1 (as indicated on Exhibit 1) based on the percentage of Performance Period 1 you have worked. Your right to any remaining Performance-based RSUs shall immediately and irrevocably forfeit.
(ii)During Performance Period 2. Upon a Change of Control during Performance Period 2 while you are employed or associated with the Company and its Affiliates, the Committee will:
(x)    calculate the portion of the Target Award attributable to Performance Period 1 (as indicated on Exhibit 1) that was earned based on the achievement of the performance goals for Performance Period 1 according to the schedule in Exhibit 1, and
(y)    prorate the portion of the Target Award attributable to Performance Period 2 (as indicated on Exhibit 1) based on the percentage of Performance Period 2 you have worked.
Your right to any remaining Performance-based RSUs shall immediately and irrevocably forfeit.
(iii)After Performance Period 2. Upon a Change of Control that occurs after the completion of Performance Period 2 but prior to the Vesting Date while you are employed or associated with the Company and its Affiliates, the Committee will determine the number of shares that were earned based on the achievement of the performance goals for the completed Performance Periods according to the schedule in Exhibit 1. Your right to the remaining Performance-based RSUs shall immediately and irrevocably forfeit.
(iv)The number of earned Performance-based RSUs as determined by the Committee pursuant to subsections (i), (ii) or (iii) of this Section 2(b) will continue to vest, subject to your continued employment or other association with the Company and its Affiliates through the Vesting Date. Vesting of such Performance-based RSUs as determined pursuant to this Section 2(b) will accelerate:
 (x)     if the successor organization or one of its affiliates does not assume, convert, or replace this Award, then upon the occurrence of a Change of Control while you are employed or associated with the Company and its Affiliates; or 
(y)     if the successor organization or one of its affiliates assumes, converts or replaces this Award and the successor organization or one of its affiliates terminates your employment or other association other than for Due Cause or you terminate your employment or other association for Good Reason, as those terms are defined in the written employment agreement by and between you and the Company as in effect on the Grant Date (your “Employment Agreement”) within 24 months following the Change of Control, then upon termination of your employment or other association with the successor organization or one of its affiliates.
(c)If your employment or other association with the Company and its Affiliates is terminated after the completion of Performance Period 1 or Performance Period 2 and, in either case, prior to the Vesting Date on account of your Disability, death, or by the Company for any reason other than for Due Cause, or by you for Good Reason, as those terms are defined in your Employment Agreement, then your Performance-based RSUs will vest on the Vesting Date, in an amount based on the achievement of the performance goals for any entirely-completed Performance Period(s). There will be no vesting of Performance-based RSUs for any Performance Period for which you were not employed or otherwise associated with the Company and its Affiliates during the entirety of the applicable Performance Period.
(d)If the termination of your employment or other association with the Company and its Affiliates is voluntary without Good Reason, as defined in your Employment Agreement, or involuntary by the Company for Due Cause, as defined in your Employment Agreement, then all of your Performance-based RSUs, shall forfeit on the date your employment or other association ends.
(e)If within four (4) months following the Grant Date you are determined to have unacceptable job performance based upon your performance evaluation for the fiscal year in which this Award was granted, then the Company’s Chief Executive Officer and Senior Vice President who is responsible for Rewards may cancel this Award in its entirety.

(f)Notwithstanding any contrary provision of this Award Agreement, the Company may cancel this Award 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 Committee in its sole discretion.
		
	3.
	Transfer of Award. Until the Performance-based RSUs vest pursuant to Section 1 or Section 2, the Performance-based RSUs may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of or encumbered. No attempt to transfer unvested Performance-based RSUs, whether voluntary or involuntary, by operation of law or otherwise, shall vest the transferee with any interest or right in or with respect to the shares. Notwithstanding the foregoing, you may, in the manner established by the Committee, designate a beneficiary or beneficiaries to exercise your rights to receive any property distributable with respect to the Performance-based RSUs upon your death.

		
	4.
	No Rights as a Stockholder. You shall have no rights of a shareholder of the Stock on and after the Grant Date and until the date on which the Performance-based RSUs vest and are converted to shares in accordance with Section 1 or Section 2.

		
	5.
	Issuing shares. Subject to certification by the Committee and payment of the applicable withholding taxes pursuant to Section 7, the Company shall cause the shares of Stock to be issued in book-entry form, registered in your name, within sixty (60) days following the date on which any of the Performance-based RSUs vest pursuant to Section 1 or Section 2.

		
	6.
	Notices. Except as otherwise provided herein, all notices, requests, demands, and other communications under this Award Agreement 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 and facsimile numbers (or such other address(es) and facsimile numbers a party may designate for itself by like notice):

(a)If to the Company: Advance Auto Parts, Inc. located at 5008 Airport Road, Roanoke, Virginia, 24012, Attention: General Counsel or by telecopy at (540) 561-1448;
With copy to: Advance Auto Parts, Inc. located at 5008 Airport Road, Roanoke, Virginia, 24012, Attention: Vice President, Rewards and HR Services or by telecopy at (540) 561-6998;
(b)If to you, the Participant, to your home address on record with the Company or your business address at the Company.
		
	7.
	Income Tax Matters.

(a)The Company makes no representation or warranty as to the tax treatment of your receipt or vesting of the Performance-based RSUs or upon your sale or other disposition of the shares received following vesting of your Performance-based RSUs. You should rely on your own tax advisors for such advice. 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 vesting to comply with all applicable federal or state income tax laws or regulations. The Company will inform you of alternative methods to settle any applicable taxes due prior to the first vesting date of your Award.
(b)For the purpose of determining when shares otherwise issuable on account of your termination of employment or other association with Company will be issued, “termination of employment” or words of similar import, as used in this Award Agreement, shall mean the date as of which the Company and you reasonably anticipate that no further services will be performed by you, and shall be construed as the date that you first incur a “separation from service” for purposes of Section 409A of the Code on or following termination of employment or other association with the Company. Furthermore, if you are a “specified employee” of a public company as determined pursuant to Section 409A of the Code as of your termination of employment or other association with the Company, then any shares otherwise issuable on account of your termination of employment or other association with the Company that constitute deferred compensation within the meaning of Section 409A of the Code and that are otherwise payable during the first six months following your termination of employment or other association with the Company shall be issued to you on the earlier of (1) the date of your death and (2) the first business day of the seventh calendar month immediately following the month in which your termination of employment or other association with the Company occurs.
		
	8.
	Miscellaneous.

(a)This Award is made under the provisions of the Plan and shall be interpreted in a manner consistent with the Plan. To the extent that any provision in this Award Agreement is inconsistent with the Plan, the provisions of the Plan shall control. The interpretation of the Committee of any provision of the Plan, the Performance-based RSUs 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 Award Agreement shall confer, intends 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 you 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 you or any other person. To the extent that any person acquires a 

right to receive payments from 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 Stock 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 Agreement and the terms contained in the original held by the Company, the terms of the original held by the Company shall control.
(f)If any provision in this Award Agreement is determined to be invalid, void or unenforceable by the decision of any court of competent jurisdiction, which determination is not appealed or appealable for any reason whatsoever, the provision in question shall not be deemed to affect or impair the validity or enforceability of any other provision of this Award Agreement and such invalid or unenforceable provision or portion thereof shall be severed from the remainder of this Award Agreement.
(g)This Award is intended to be consistent with your Employment Agreement as in effect on the date first written above. However, to the extent that any provision of this Award Agreement is inconsistent with the terms of your Employment Agreement as in effect on the date first written above, the provisions of this Award Agreement shall control with respect to this Award.
In Witness Whereof, this Award Agreement has been executed by the Company as of the date first above written.
ADVANCE AUTO PARTS, INC.
By:  _____________________
Natalie Schechtman
Senior Vice President, Human Resources
Accepted and agreed, including specifically but without limitation as to the treatment of this Award in accordance with the terms of the Plan and this Award notwithstanding any terms of an Employment/ Loyalty Agreement between the Company and the undersigned to the contrary:
By: ________________________                _________________________    
Electronic Signature                Acceptance Date

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