e.g. some SID's require to fly 220kt, but the GD could be as high as 235kt. If you leave the speed managed, what will the aircraft fly?
If you leave Flap 1 out (as someone already advised), then it will fly 220 knots in managed speed (if the 220 is a speed constraint in the SID).
Accelerating through 210, the flaps will auto retract and only the slats will be remain out (change from conf 1+F to conf 1).