Exhibit 10.29

 

SPLIT-DOLLAR AND DEFERRED COMPENSATION

REPLACEMENT BENEFIT AGREEMENT

 

THIS SPLIT-DOLLAR AND DEFERRED COMPENSATION REPLACEMENT BENEFIT AGREEMENT (the
“Agreement”) is made and entered into as of the 5th day of December, 2003, and
shall be effective as of December 27, 2003 (the “Effective Date”), by and
between COCA-COLA BOTTLING CO. CONSOLIDATED, a Delaware corporation (the
“Corporation”), and «First_MI» «Last_Name» (the “Executive” and together with
the Corporation, the “Parties”).

 

Statement of Purpose

 

The Corporation and Executive are parties to one or more Split-Dollar Life
Insurance Agreements (each a “Split-Dollar Agreement”), relating to the
insurance policy(ies) listed on Schedule A attached hereto insuring the life of
Executive (each a “Policy”), one or more Assignments of Life Insurance Policy as
Collateral by Executive in favor of the Corporation (each a “Collateral
Assignment”), and a Deferred Compensation Agreement (the “Deferred Compensation
Agreement”), each of which is more particularly described on Schedule A attached
hereto. Pursuant to a Split Dollar and Deferred Compensation Termination
Agreement entered into between the Parties dated December 5, 2003, each
Split-Dollar Agreement, each Collateral Assignment, and the Deferred
Compensation Agreement are being terminated and Executive has agreed to assign
each Policy to the Corporation.

 

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

 

1. Replacement Benefit.

 

(a) Initial Replacement Benefit. As of the Effective Date, Executive’s
replacement benefit is the amount indicated on Schedule B.

 

(b) Amount of Replacement Benefit Upon Termination of Employment. Upon the
termination of Executive’s employment with the Corporation (as defined in
Paragraph 1(e)), regardless of the date, cause or manner of such termination,
the Corporation shall pay to Executive (or, in the event such termination is the
result of Executive’s death, his beneficiary designated pursuant to Paragraph 2)
a replacement benefit equal to the amount indicated on Schedule B as of the end
of the Corporation’s fiscal year immediately preceding such termination,
increased on an interpolated basis through the last day of the calendar month
immediately preceding such termination.

 

(c) Method of Payment of Replacement Benefit. Executive may elect from time to
time to have the replacement benefit payable under Paragraph 1(b) paid in
accordance with one of the following methods of payment:

 

(i) single lump sum payment;

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(ii) five annual installments; or

 

(iii) ten annual installments.

 

A method of payment election under this Paragraph 1(c) may be made at any time
and from time to time after the date of this Agreement. Any such election shall
be made on such form and pursuant to such procedures as are adopted by the
Corporation for such purpose. An election made within 30 days of the date of
this Agreement shall become effective immediately. An election made more than 30
days after the date of this Agreement, including any change in an election,
shall not become effective until the first anniversary of the date the new
election is made. In the event no method of payment election is in effect under
this Paragraph 1(c) as of the date of the termination of Executive’s employment
with the Corporation, payment of Executive’s replacement benefit shall be paid
in a single sum payment.

 

(d) Timing of Payment; Amount of Installment Payments. Payment of Executive’s
replacement benefit payable under Paragraph 1(b) shall commence within 60 days
following the termination of Executive’s employment with the Corporation. In the
event Executive’s replacement benefit is paid in the form of a single sum
payment, the amount of such payment shall be equal to the replacement benefit
provided in Paragraph 1(b). The amount of each annual installment payment
payable under Paragraph 1(c) shall be the amount necessary to amortize the
replacement benefit in equal annual installments over the selected period using
an interest rate equal to 8% compounded annually. Following termination of
Executive’s employment with the Corporation, the amount of the replacement
benefit will not change.

 

(e) “Termination of Employment with the Corporation” Defined. For purposes of
this Paragraph 1, the “termination of Executive’s employment with the
Corporation” means the termination of Executive’s employment not only with the
Corporation, but also with any other entity (including a subsidiary of the
Corporation) while such entity is considered part of the group that includes the
Corporation by application of the rules of sections 414(b) and (c) of the
Internal Revenue Code of 1986, as amended, as in effect on the date of this
Agreement (a “Related Company”). Therefore, Executive shall not have a
“termination of Executive’s employment with the Corporation” until such time as
Executive is no longer in the employ of the Corporation or any Related Company.

 

2. Designation of Beneficiary. Executive may designate a beneficiary to receive
payments payable hereunder after his death by filing with the Corporation a
beneficiary designation on a form approved by the Corporation, bearing the name,
address and relationship of the beneficiary and shall be in such other form and
shall contain such other information as shall be satisfactory to the
Corporation. The beneficiary may be changed by Executive at any time by filing a
new beneficiary designation form with the Corporation, said new beneficiary
designation form to comply with the provisions of this Paragraph 2. If Executive
shall not be survived by the beneficiary designated in accordance with this
Paragraph 2 or Executive shall have failed to designate a beneficiary in
accordance with this Paragraph 2, then upon Executive’s death, any and all
payments provided for herein shall be made to Executive’s surviving spouse or,
if none, to his estate. If Executive shall be survived by the beneficiary
designated as provided herein, and such

 

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beneficiary shall die prior to receiving all amounts payable hereunder to such
deceased beneficiary if such beneficiary had lived, then all remaining amounts
that would have been paid to such deceased beneficiary if living shall be paid
to the estate of such deceased beneficiary. In any case where payments hereunder
are to be made to an estate (either the estate of Executive or the estate of a
deceased beneficiary), the Corporation, in its sole discretion, may make all
remaining payments due said estate in one lump sum payment without discount.

 

3. No Assignment by Executive. Neither Executive, his beneficiary designated
pursuant to Paragraph 2, his heirs, his estate, his executors, his
administrators, other personal representatives, nor any other person claiming
by, through or under him, shall have any right to commute, encumber, mortgage,
hypothecate, pledge, assign, give or dispose of the right to receive any payment
or payments hereunder, all of which payments and the right thereto are expressly
declared to be non-assignable.

 

4. No Funding of Replacement Benefit. The Corporation shall be under no
obligation whatever to purchase or maintain any contract, policy or other asset
to provide the benefits under this Agreement. Further, any contract, policy or
other asset which the Corporation may utilize to assure itself of the funds to
provide the replacement benefit hereunder shall not serve in any way as security
to Executive for the performance of the Corporation’s obligations under this
Agreement. The rights accruing to Executive or any beneficiary hereunder shall
be solely those of an unsecured creditor of the Corporation.

 

5. Withholding Taxes. To the extent the Corporation is required to withhold
federal, state, local or foreign income or other taxes in connection with any
payment made or benefit realized by Executive or other person under this
Agreement, and the amount available to the Corporation for such withholding are
insufficient, it shall be a condition to the receipt of such payment or the
realization of such benefit that Executive or such other person make
arrangements satisfactory to the Corporation for payment of the balance of such
taxes required to be withheld, which arrangements (in the discretion of the
Board) may include relinquishment of a portion of such benefit. The Corporation
and Executive or such other person may also make similar arrangements with
respect to the payment of any taxes with respect to which withholding is not
required.

 

6. ERISA Information. The following provisions are part of this Agreement and
are intended to meet the requirements of the Employee Retirement Income Security
Act of 1974, as amended:

 

(a) The named fiduciary under this Agreement is the Corporation.

 

(b) The funding policy under this Agreement is that the replacement benefit
shall be paid from the general assets of the Corporation when due.

 

(c) For claims procedure purposes, the “Claims Manager” shall be the
Compensation Committee of the Board of Directors of the Corporation or its
delegee.

 

(i) If for any reason a claim for benefits under this Agreement is denied by the
Corporation, the Claims Manager shall deliver to the claimant a

 

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written explanation setting forth the specific reasons for the denial, specific
references to the pertinent Agreement provisions on which the denial is based,
such other data as may be pertinent and information on the procedures to be
followed by the claimant in obtaining a review of his claim, all written in a
manner calculated to be understood by the claimant. For this purpose:

 

(A) The claimant’s claim shall be deemed filed when presented orally or in
writing to the Claims Manager.

 

(B) The Claims Manager’s explanation shall be in writing delivered to the
claimant within ninety (90) days of the date the claim is filed.

 

(ii) The claimant shall have sixty (60) days following the claimant’s receipt of
the denial of the claim to file with the Claims Manager a written request for
review of the denial. For such review, the claimant or the claimant’s
representative may submit pertinent documents and written issues and comments.

 

(iii) The Claims Manager shall decide the issue on review and furnish the
claimant with a copy within sixty (60) days of receipt of the claimant’s request
for review of his claim. The decision on review shall be in writing and shall
include specific reasons for the decision, written in a manner calculated to be
understood by the claimant, as well as specific references to the pertinent
Agreement provisions on which the decision is based. If a copy of the decision
is not so furnished to the claimant within such sixty (60) days, the claim shall
be deemed denied on review.

 

7. Miscellaneous.

 

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

 

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

 

(c) This Agreement and the rights of the parties hereunder shall be governed by
and construed in accordance with the laws of the State of North Carolina except
to the extent (if any) superceded by the laws of the United States.

 

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

 

(e) All notices and other communications hereunder must be in writing and shall
be deemed to have been duly given when either personally delivered or placed in
the United States

 

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mails by Certified Mail, return receipt requested, postage prepaid, addressed to
the party to whom such notice is being given as follows:

 

As to the Corporation:  

Coca-Cola Bottling Co. Consolidated

   

4100 Coca-Cola Plaza

   

Charlotte, North Carolina 28211

    Attention: Executive Compensation and Benefits Department As to Executive:  

«First_MI» «Last_Name»

   

«Street»

   

«City», «ST» «Zip»

 

Either party may change its address (or the name of the person to whose
attention communications hereunder shall be directed) from time to time by
serving notice thereof upon the other party as provided herein.

 

[Signature page follows on next page]

 

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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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«First_MI» «Last_Name»

Address:

«Street»

«City», «ST» «Zip»

“Corporation”

COCA-COLA BOTTLING CO. CONSOLIDATED

By:

 

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Name:

 

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Title:

 

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Schedule A

 

Insurance Policy(ies)

 

Insurer

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Policy Number

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Policy Date

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[Intentionally Omitted]

 

 

Split-Dollar Agreement(s)

 

[Intentionally Omitted]

 

 

Collateral Assignment Agreement(s)

 

[Intentionally Omitted]

 

 

Deferred Compensation Agreement

 

[Intentionally Omitted]

 

 

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Schedule B

 

Replacement Benefit Amount

 

[Intentionally Omitted - See Annex A.]

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Annex A      

Exhibit 10.29

 

Schedule to Form of Split-Dollar

and Deferred Compensation Replacement

Benefit Agreement

 

Name

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Position

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   Initial
Replacement
Benefit

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William B. Elmore

  

President and Chief Operating Officer

   $ 217,774

Robert D. Pettus, Jr

  

Executive Vice President and Assistant to the Chairman

     350,200

David V. Singer

  

Executive Vice President and Chief Financial Officer

     294,492

C. Ray Mayhall, Jr.

  

Senior Vice President, Sales

     138,386

Clifford M. Deal, III

  

Vice President, Treasurer

     12,049

Norman C. George

  

Senior Vice President, Chief Marketing and Customer Officer

     96,502

Ronald J. Hammond

  

Vice President, Supply Chain

     24,683

Kevin A. Henry

  

Vice President, Human Resources

     15,238

Umesh M. Kasbekar

  

Vice President, Planning and Administration

     147,281

Lauren C. Steele

  

Vice President, Corporate Affairs

     78,371

Steven D. Westphal

  

Vice President, Controller

     85,361

Jolanta T. Zwirek

  

Vice President, Chief Information Officer

     26,805