Exhibit 10.35

 

SETTLEMENT, RELEASE AND ACKNOWLEDGEMENT AGREEMENT

 

THIS SETTLEMENT, RELEASE AND ACKNOWLEDGEMENT 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                                  (the “Executive” and together with the
Corporation, the “Parties”).

 

Statement of Purpose

 

Executive participates in the Corporation’s Supplemental Savings Incentive Plan,
(the “SSIP”), a non-qualified deferred compensation plan providing benefits to
certain key employees of the Corporation. Executive has been previously
designated as an Insurable Participant by the Committee for purposes of the
SSIP. The Corporation has amended and restated the SSIP effective as of December
28, 2003. The amended and restated SSIP amends Section 4.4 of the SSIP to delete
the death benefit previously provided by the Fixed Benefit Option for Insurable
Participants who die before Normal Retirement Age (the “Amendment”). In exchange
for Executive acknowledging and consenting to the Amendment and releasing the
Corporation from any and all liability relating thereto, the Corporation has
agreed to pay Executive a single sum amount as provided below.

 

NOW, THEREFORE, in consideration of the foregoing Statement of Purpose, the
mutual covenants and promises contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Parties hereto hereby agree as follows:

 

1. Terminology. Capitalized terms not otherwise defined herein shall have the
same meanings ascribed to them in the SSIP.

 

2. Consent to the Amendment; Settlement Payment. Executive hereby acknowledges
that Executive has received and reviewed a copy of: (i) the SSIP as amended and
restated effective as of December 28, 2003 and (ii) the Plan Summary for the
SSIP as amended and restated effective as of December 28, 2003. Executive hereby
consents to the Amendment as set forth in the amended and restated SSIP. In
consideration for such consent and for Executive’s release provided in Paragraph
3 below, the Corporation shall pay to Executive a single sum cash payment of
[                            ] (the “Payment”) by January 31, 2004, subject to
the withholding of income taxes and all other taxes as required by applicable
law.

 

3. Release. In consideration of the Payment, Executive, for himself or herself
and his or her heirs, beneficiaries, legal representatives, successors and
assigns (the “Releasing Party”), does hereby release, acquit and forever
discharge the Corporation and each and every one of its present or former
stockholders, directors, officers, owners, affiliates, subsidiaries,
predecessors, successors, assigns, representatives and agents (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

 

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against the Released Party for, upon or by reason of any matter, cause or thing
whatsoever with respect to or arising out of the Amendment (including, without
limitation, any claims for any amounts that any Releasing Party would have been
entitled to under the SSIP had the Amendment not been made). With respect to
this release, Executive represents to the Corporation that Executive is aware,
understands and agrees that (i) Executive voluntarily entered into this
Agreement, (ii) Executive had and has the right to consult with an attorney
regarding this Agreement before signing it, and (iii) Executive has carefully
read this Agreement and fully understands each and every term herein.

 

4. Successors and Assigns. This Agreement shall be binding upon and shall inure
to the benefit of the parties hereto and their respective successors, assigns,
heirs and executors.

 

5. Further Assurances. Executive and the Corporation shall execute all such
further and additional documents, if any, and take such further and additional
actions, if any, as shall be reasonable and appropriate to carry out the
provisions of this Agreement.

 

6. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of North Carolina, without regard to the
conflict of laws provisions thereof.

 

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

 

“Executive”

 

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Address:

     

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“Corporation”

COCA-COLA BOTTLING CO. CONSOLIDATED

By:        

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Name:

       

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Title:

       

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2

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Annex A      

Exhibit 10.35

 

Schedule to Form of SSIP Settlement, Release

and Acknowledgement Agreement

 

Name

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Position

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   Cash Payment upon
SSIP Settlement,
Release and
Acknowledgement

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J. Frank Harrison, III

  

Chairman and Chief Executive Officer

   $ 28,272

William B. Elmore

  

President and Chief Operating Officer

     62,810

Robert D. Pettus, Jr.

  

Executive Vice President and Assistant to the Chairman

     1,963

David V. Singer

  

Executive Vice President and Chief Financial Officer

     81,573

C. Ray Mayhall, Jr.

  

Senior Vice President, Sales

     6,944

Clifford M. Deal, III

  

Vice President, Treasurer

     5,106

Norman C. George

  

Senior Vice President, Chief Marketing and Customer Officer

     26,737

Ronald J. Hammond

  

Vice President, Supply Chain

     4,228

Kevin A. Henry

  

Vice President, Human Resources

     7,623

Umesh M. Kasbekar

  

Vice President, Planning and Administration

     35,977

Lauren C. Steele

  

Vice President, Corporate Affairs

     20,361

Steven D. Westphal

  

Vice President, Controller

     16,690

Jolanta T. Zwirek

  

Vice President, Chief Information Officer

     23,300