Elizabeth E. Dreyer - Mar 14, 2024 Form 4 Insider Report for ADVANCE AUTO PARTS INC (AAP)

Role: SVP, Controller and CAO
Signature: /s/ Amanda L. Keister, as Attorney-in-Fact for Elizabeth E. Dreyer
Stock symbol: AAP
Transactions as of: Mar 14, 2024
Transactions value $: $87,483
Form type: 4
Date filed: 3/18/2024, 04:36 PM
Previous filing: Jan 17, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AAP	Common Stock	Award	$87.5K	+1.1K	+26.97%	$79.53	5.18K	Mar 14, 2024	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	AAP	Stock Option (right to buy)	Award	$0	+2.72K		$0.00	2.72K	Mar 14, 2024	Common Stock	2.72K	$79.53	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The reported amount of time-based restricted stock units (RSUs) along with performance-based RSUs not reported on this Form 4, collectively, represent 25% and 50% portions, respectively, of a target equity award. The time-based RSUs are subject to time vesting in three approximately equal annual installments beginning one year from the grant date. The performance-based RSUs may vest on the third anniversary of the grant date, if the registrant achieves certain pre-determined financial performance targets, subject to certification by the registrant's Compensation Committee. In addition, if the registrant's financial performance exceeds the target levels, the reporting person may receive additional shares up to a maximum of 200% of the target level grant of performance-based RSUs.
F2	The option vests in three equal annual installments beginning on March 14, 2025.

Content

The reported amount of time-based restricted stock units (RSUs) along with performance-based RSUs not reported on this Form 4, collectively, represent 25% and 50% portions, respectively, of a target equity award. The time-based RSUs are subject to time vesting in three approximately equal annual installments beginning one year from the grant date. The performance-based RSUs may vest on the third anniversary of the grant date, if the registrant achieves certain pre-determined financial performance targets, subject to certification by the registrant's Compensation Committee. In addition, if the registrant's financial performance exceeds the target levels, the reporting person may receive additional shares up to a maximum of 200% of the target level grant of performance-based RSUs.

The option vests in three equal annual installments beginning on March 14, 2025.