Exhibit 10.1

 

 

AMENDMENT NO. 1
TO THE
RUDDICK CORPORATION FLEXIBLE DEFERRAL PLAN
(Amended and Restated July 1, 2009)

WITNESSETH:

WHEREAS, Ruddick Corporation ("Ruddick") sponsors the Ruddick Corporation
Flexible Deferral Plan ("FDP"), an unfunded nonqualified deferred compensation
plan for designated key employees; and

  

WHEREAS, in Section 9.1 of the FDP, Ruddick reserved the right to amend the FDP
at any time in whole or in part;

  

WHEREAS, in Section 9.1 of the FDP, the Administrative Committee is granted the
right, in its sole discretion, to amend the FDP unless such amendment results in
significantly increased FDP expenses;

  

WHEREAS, the Chairman of the Board, President and Chief Executive Officer of
Ruddick suspended the matching contributions and any related true up
contributions for participants of the Ruddick Retirement and Savings Plan
employed by American & Efird, Inc. effective for the first payroll paid on or
after April 1, 2009; and

  

WHEREAS, Ruddick desires to amend the Plan to provide for certain pro rata
matching contributions.

  

NOW THEREFORE, in order to effect the foregoing, the FDP is hereby amended as
follows effective as of April 1, 2010 as follows:

  

Section 3.5, "Matching Contributions" is amended by adding the following to the
end of Section 3.5:

  

Notwithstanding the above, each Participant who was eligible for a matching
contribution under the Ruddick Savings Plan and was also an employee of American
& Efird, Inc. for the period of January 1, 2009 through March 31, 2009, shall
receive a Matching Contribution under this Plan during 2010 equal to 25% of the
amount determined under the formula in paragraph one of this Section 3.5 as if
the matching contribution under the Ruddick Savings Plan was applicable for the
entire Plan Year. For each Plan Year beginning on or after January 1, 2010, if a
Participant is entitled to a matching contribution under the Retirement Savings
Plan for less than the entire Plan Year due to the employer's suspension of the
matching contribution, the Participant shall receive a Matching Contribution
under this Plan for such Plan Year determined by multiplying (1) the amount
determined under the formula in paragraph one of this Section 3.5 as if the
matching contribution under the Ruddick Savings Plan were applicable for the
entire Plan Year, times (2) a fraction equal to the number of full calendar
months for which the matching contribution applied during such Plan Year under
the Ruddick Savings Plan divided by 12.

 

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Except as expressly or by necessary implication amended hereby, the FDP shall
continue in full force and effect.

 

IN WITNESS WHEREOF, Ruddick has caused this instrument to be executed this 30th
day of March, 2010, by its duly authorized officer effective as provided herein.

 

                                                                              ADMINISTRATIVE
COMMITTEE

                                                                      
             __________________________________________________
                                                                      
      Thomas W. Dickson, Chairman

                                                                      
            __________________________________________________
                                                                             C.
Douglas Rhodes

                                                                      
            __________________________________________________
                                                                      
      Jeff D. Sherman

                                                                      
            __________________________________________________
                                                                      
      Craig G. Stover

                                                                      
            __________________________________________________
                                                                      
      Ronald H. Volger

                                                                      
            __________________________________________________
                                                                      
      John B. Woodlief

                                                                      
            __________________________________________________
                                                                      
      Douglas J. Yacenda

  

  

2

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