Exhibit 10.36

 

SPLIT-DOLLAR TERMINATION AGREEMENT

 

This SPLIT-DOLLAR TERMINATION AGREEMENT (the “Agreement”) is made and entered
into as of the 5th day of December, 2003, and shall be effective as of the 27th
day of December, 2003 (the “Effective Date”), by and between COCA-COLA BOTTLING
CO. CONSOLIDATED, a Delaware corporation (the “Corporation”), and Jan M.
Harrison, Trustee under the Irrevocable Trust Agreement of J. Frank Harrison,
III, dated January 19, 1990 (the “Trustee” and together with the Corporation,
the “Parties”).

 

Statement of Purpose

 

The Corporation and Trustee are parties to that certain Split-Dollar Agreement
dated March 2, 1990 (the “Split-Dollar Agreement”), relating to insurance
policies insuring the life of J. Frank Harrison, III, specifically policies
7-715-353 and 7-715-361 issued by Massachusetts Mutual Life Insurance Co. (each
a “Policy”). The Corporation and Trustee are also parties to that certain
Assignment of Split-Dollar Policy as Collateral by Trustee in favor of the
Corporation dated March 2, 1990 (the “Collateral Assignment”). The Corporation
and Trustee now desire to terminate the Split-Dollar Agreement and the
Collateral Assignment, all in accordance with the terms and conditions set forth
herein.

 

NOW, THEREFORE, in consideration of the mutual promises and agreements set forth
herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby expressly acknowledged, the Parties hereby agree
as follows:

 

1. Termination of Agreements. The Corporation shall be repaid its Policy
Interest (as defined in the Split-Dollar Agreement) in each Policy as of the
Effective Date, at which time the Split-Dollar Agreement and the Collateral
Assignment shall be deemed terminated and all obligations of the Parties
thereunder extinguished. The Parties shall execute and deliver all necessary
documents and take all such other actions as the other party may request to
effect the transactions contemplated herein.

 

2. Mutual Release. Each Party for itself and its heirs, beneficiaries, legal
representatives, successors and assigns, as applicable (the “Releasing Party”),
does hereby release, acquit and forever discharge the other Party and its heirs,
beneficiaries, legal representatives, officers, directors, agents, successors
and assigns, as applicable (the “Released Party”), from any and all claims,
demands, actions, causes of action, suits, liabilities and disputes of any
nature whatsoever, at law, in equity, or otherwise that the Releasing Party ever
had, now has or hereafter may have against the Released Party arising out of the
Split-Dollar Agreement and the Collateral Assignment, except that this provision
shall not relieve either Party of any of its obligations under this Agreement.
With respect to this release, Trustee represents to the Corporation that Trustee
is aware, understands and agrees that (i) Trustee voluntarily entered into this
Agreement, (ii) Trustee had and has the right to consult with an attorney
regarding this Agreement before signing it, and (iii) Trustee has carefully read
this Agreement and fully understands each and every term herein.

 

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4. Miscellaneous.

 

(a) Each of the Parties hereto agrees to execute and deliver such other
documents or agreements and to take such other action as may be reasonably
necessary or desirable for the implementation of this Agreement and the
consummation of the transactions contemplated hereby.

 

(b) This Agreement shall be binding upon and shall inure to the benefit of the
Parties and their respective legal representatives, heirs, successors and
assigns.

 

(c) This Agreement shall be governed by and construed in accordance with the
laws of the State of North Carolina, without regard to the conflicts of laws
provisions thereof.

 

(d) Headings in this Agreement are provided for purposes of convenience only and
shall not affect the interpretation of the terms hereof.

 

(e) This Agreement may not be amended, altered, modified or terminated except by
a written instrument signed by the Parties or their respective successors or
assigns.

 

[Signature page follows on next page]

 

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IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the
5th day of December, 2003 to be effective as of the Effective Date, as defined
above.

 

“Trustee”

/s/ Jan M. Harrison

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Jan M. Harrison, as Trustee under the Irrevocable Trust Agreement of J. Frank
Harrison, III dated January 19, 1990

 

“Corporation”

COCA-COLA BOTTLING CO. CONSOLIDATED

By:

  /s/ Robert D. Pettus, Jr.    

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Name:

  Robert D. Pettus, Jr.

Title:

  Executive V.P. & Asst. to the Chairman

 

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SPLIT-DOLLAR TERMINATION AGREEMENT

 

This SPLIT-DOLLAR TERMINATION AGREEMENT (the “Agreement”) is made and entered
into as of the 5th day of December, 2003, and shall be effective as of the 27th
day of December, 2003 (the “Effective Date”), by and between COCA-COLA BOTTLING
CO. CONSOLIDATED, a Delaware corporation (the “Corporation”), and Jan M.
Harrison, Trustee under the Irrevocable Trust Agreement of J. Frank Harrison,
III, dated June 13, 1994 (the “Trustee” and together with the Corporation, the
“Parties”).

 

Statement of Purpose

 

The Corporation and Trustee are parties to that certain Insurance Agreement
dated June 13, 1994 (the “Split-Dollar Agreement”), relating to insurance
policies insuring the life of J. Frank Harrison, III (the “Executive”),
specifically policy 12-979-942 issued by The Northwestern Mutual Life Insurance
Co. (the “Northwestern Policy”) and policy 3768296 issued by The Guardian Life
Insurance Co. of America (the “Guardian Policy” and with the Northwestern
Policy, each a “Policy”). The Corporation and Trustee are also parties to that
certain Assignment of Split-Dollar Policy as Collateral by Trustee in favor of
the Corporation dated June 13, 1994 relating to the Guardian Policy and that
certain Assignment of Split-Dollar Policy as Collateral by Trustee in favor of
the Corporation dated June 13, 1994 relating to the Northwestern Policy (each a
“Collateral Assignment”). The Corporation and Trustee now desire to terminate
the Split-Dollar Agreement and the Collateral Assignment, all in accordance with
the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the mutual promises and agreements set forth
herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby expressly acknowledged, the Parties hereby agree
as follows:

 

1. Termination of Agreements. The Corporation shall be repaid its Policy
Interest (as defined in the Split-Dollar Agreement) in the Northwestern Policy
and the Guardian Policy as of the Effective Date, at which time the Split-Dollar
Agreement and each Collateral Assignment shall be deemed terminated and all
obligations of the Parties thereunder extinguished. The Parties shall execute
and deliver all necessary documents and take all such other actions as the other
party may request to effect the transactions contemplated herein.

 

2. Mutual Release. Each Party for itself and its heirs, beneficiaries, legal
representatives, successors and assigns, as applicable (the “Releasing Party”),
does hereby release, acquit and forever discharge the other Party and its heirs,
beneficiaries, legal representatives, officers, directors, agents, successors
and assigns, as applicable (the “Released Party”), from any and all claims,
demands, actions, causes of action, suits, liabilities and disputes of any
nature whatsoever, at law, in equity, or otherwise that the Releasing Party ever
had, now has or hereafter may have against the Released Party arising out of the
Split-Dollar Agreement and each Collateral Assignment, except that this
provision shall not relieve either Party of any of its obligations under this
Agreement. With respect to this release, Trustee represents to the

 

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Corporation that Trustee is aware, understands and agrees that (i) Trustee
voluntarily entered into this Agreement, (ii) Trustee had and has the right to
consult with an attorney regarding this Agreement before signing it, and (iii)
Trustee has carefully read this Agreement and fully understands each and every
term herein.

 

3. Miscellaneous.

 

(a) Each of the Parties hereto agrees to execute and deliver such other
documents or agreements and to take such other action as may be reasonably
necessary or desirable for the implementation of this Agreement and the
consummation of the transactions contemplated hereby.

 

(b) This Agreement shall be binding upon and shall inure to the benefit of the
Parties and their respective legal representatives heirs, successors and
assigns.

 

(c) This Agreement shall be governed by and construed in accordance with the
laws of the State of North Carolina, without regard to the conflicts of laws
provisions thereof.

 

(d) Headings in this Agreement are provided for purposes of convenience only and
shall not affect the interpretation of the terms hereof.

 

(e) This Agreement may not be amended, altered, modified or terminated except by
a written instrument signed by the Parties or their respective successors or
assigns.

 

[Signature page follows on next page]

 

2

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IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the
5th day of December, 2003 to be effective as of the Effective Date, as defined
above.

 

“Trustee”

/s/ Jan M. Harrison

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Jan M. Harrison, as Trustee under the Irrevocable Trust Agreement of J. Frank
Harrison, III dated June 13, 1994

 

“Corporation”

COCA-COLA BOTTLING CO. CONSOLIDATED

By:  

/s/ Robert D. Pettus, Jr.

   

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Name:

 

Robert D. Pettus, Jr.

Title:

 

Executive V.P. & Asst. to the Chairman

 

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