Form of Amended & Restated Employment Agreement- Sam L. Susser




 Exhibit 10.4 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 AGREEMENT, dated as of
                    , 2006 by and between Susser Holdings Corporation, a Delaware corporation (the “Company”), and Sam L. Susser
(“Executive”). 
 WHEREAS, Executive is currently employed as the Chief Executive Officer of Stripes Holdings LLC (“Stripes
Holdings”); 
 WHEREAS, pursuant to the closing of the transactions (the “Closing”) described in the Agreement and Plan of
Merger, dated as of November 4, 2005, by and among Susser Holdings, L.L.C. (“Susser Holdings”), Stripes Acquisition LLC and Stripes Holdings (the “Merger Agreement”), Stripes Holdings acquired all of the outstanding
membership interests of Susser Holdings; 
 WHEREAS, upon the Closing, Stripes Holdings entered into an employment agreement with the
Executive to serve as the Chief Executive Officer of the Company (the “Prior Employment Agreement”); and 
 WHEREAS, in connection
with the reorganization of Stripes Holdings and the public offering of shares of the Company’s common stock (the “IPO Transaction”), the Company desires that Executive serve as the Chief Executive Officer of the Company and to amend
and restate the Prior Employment Agreement to reflect the IPO Transaction, on the terms and conditions set forth herein. 
 NOW THEREFORE, in
consideration of the premises and the mutual covenants set forth below, the Prior Employment Agreement is hereby amended and restated as follows: 
 1. Employment. Effective as of the closing of the IPO Transaction (the “Effective Date”), the Company hereby agrees to employ Executive as the President and Chief Executive Officer of the Company (the “CEO”), and
Executive hereby accepts such employment on the terms and conditions hereinafter set forth. Subject to Sections 6 and 8, Executive’s employment with the Company is “at will” and the Company may terminate Executive’s employment,
with or without Cause and Executive may terminate his employment for any reason after providing any required notice. Should the IPO Transaction not occur for any reason, this Agreement shall be null and void and of no force and effect and the Prior
Employment Agreement shall continue in effect. 
 2. Position and Duties. Executive shall serve as CEO, and shall report solely and
directly to the Company’s Board of Directors (the “Board”). Executive shall have those powers and duties normally associated with the position of CEO of entities comparable to the Company and such other powers and duties as may be
prescribed by the Company; provided that, such other powers and duties are consistent with Executive’s position as CEO of the Company. Executive shall devote his full working time, attention and energies (other than absences due
to illness or vacation) to the business and affairs of the Company and its subsidiaries. Notwithstanding the above, Executive shall be permitted, to the extent such activities do not interfere with the performance by Executive of his duties and
responsibilities hereunder to (i) manage Executive’s personal, financial and legal affairs and (ii) to serve on civic or charitable boards or committees (it being expressly agreed that Executive may continue to serve on the board
and/or committees set forth on Exhibit A, at the level set forth on Exhibit A, and such service shall not be deemed to interfere with the performance by Executive of his duties and responsibilities under this Agreement). 








 3. Term. The term of employment of the Executive under this Agreement (the “Term”) shall
commence on the Effective Date and shall continue in full force and effect through December 21, 2008; provided, however, that unless the Board or the Executive provides the other with written notice of termination of this
Agreement at least ninety (90) days’ prior to any date on which this Agreement would otherwise expire, the term of employment hereunder shall be automatically extended for additional periods of one (1) year from each such date.

 4. Board Participation. The Executive shall be a member of the Board of Directors of the Company (the “Board”). The
Executive may also be appointed to serve, and agrees to serve, as an officer and/or director of one or more subsidiaries and/or affiliates of the Company. 
 5. Place of Performance. The principal place of employment of Executive shall be in Corpus Christi, Texas. 
 6. Compensation and Related Matters. 
 (a) Base Salary. For performance of services under this Agreement, Executive
shall receive from SSP Partners, a Texas general partnership, (“SSP Partners”) a base salary of $500,000 per year (“Base Salary”). Executive’s Base Salary shall be paid in approximately equal installments in accordance with
SSP Partners’ customary payroll practices. The Compensation Committee of the Board of Directors of the Company (“Committee”) shall review Executive’s Base Salary no less frequently than annually and consistent with the
compensation practices and guidelines of the Company and may increase (but not decrease) such salary during the Term of this Agreement. If Executive’s Base Salary is increased, such increased Base Salary shall then constitute the Base Salary
for all purposes of this Agreement. 
 (b) Annual Bonus. In addition to Base Salary, starting in Fiscal 2006, Executive will be
eligible to receive from SSP Partners an annual bonus with a target amount of 40% of Base Salary upon the achievement of annually established performance targets. Such performance targets shall be established by the Committee in consultation with
the Executive. Notwithstanding the foregoing, Executive shall be entitled to any bonus earned during Fiscal 2005, consistent with past practice and payable in the ordinary course of business and at the same time other senior executives are paid such
bonus; provided, however, that in no event shall Executive receive a bonus of less than $250,000 for Fiscal 2005. The Board shall have the discretion to increase that amount if they feel it is merited. The bonuses described in this section shall be
paid as soon as practicable following the end of the fiscal year to which they relate, and in no event later than the 15th day of the third month of such following fiscal year. 
 (c) Expenses. SSP Partners shall promptly, but no later than 21 business days after the receipt of reasonably itemized statements, reimburse
Executive for all reasonable business expenses upon the presentation of such statements of such expenses in accordance with the Company’s or SSP Partners’ policies and procedures now in force or as such policies and procedures may be
modified with respect to all senior executive officers of the Company. This specifically includes any reimbursement by the Company for the business use of the aircraft owned by the Executive at a rate equal to $1,700 per hour of flight time plus
pilot per diem costs but in no event shall such reimbursements exceed the rates charges by bone fide third party private aircraft operators for comparable services. 
 (d) Benefit Plans and Perquisites. Executive (and his spouse and dependents to the extent provided therein) shall be entitled to participate in and be covered under all employee benefit plans or programs
maintained by SSP Partners or the Company from time to time for the benefit of its senior executives including, without limitation, 401(k), deferred compensation, vacation, all medical, hospitalization, dental, disability, accidental death and
dismemberment and travel accident insurance plans and programs. 
  

 2 









 (e) Long-Term Compensation. Under the Prior Employment Agreement, the Executive received a grant
of a profits interest award entitling him to share in the appreciation of the equity value of Stripes Holdings, and representing one-quarter of the total of the appreciation awards granted to all “Management Team” members (including
Executive). In connection with the IPO Transaction, (i) Executive’s profits interest in Stripes Holdings has been converted into restricted shares of common stock of the Company and (ii) Executive has received certain stock options to
purchase shares of the common stock of the Company. The terms of the Executive’s restricted stock (i.e., vesting) are substantially the same as the terms and conditions applicable to the profits interest award and are set forth in a grant
agreement mutually acceptable to the Company and the Executive. The stock options have been granted on terms and conditions set forth in the Company 2006 Equity Incentive Plan and an award agreement (which agreement includes a reference to this
Section 5(e)). 
 7. Termination. Executive’s employment hereunder will terminate upon the following events: 
 (a) Death. Executive’s employment hereunder shall terminate upon his death. 
 (b) Disability. Executive’s employment may be terminated by the Company if, as a result of Executive’s incapacity due to physical or
mental illness, Executive is unable to perform his duties for six (6) consecutives months and within thirty (30) days after a Notice of Termination is given to Executive, Executive has not returned to work. 
 (c) Cause. The Company shall have the right to terminate Executive’s employment for Cause. Cause shall mean: 
 (i) Executive’s conviction of, or plea of guilty or nolo contendere to, a felony, or Executive’s commission of an act of fraud
or embezzlement against the Company or any of its subsidiaries or affiliates; 
 (ii) Executive’s willful and material
breach of the Agreement by Executive which is economically harmful to the Company or any of its subsidiaries; 
 (iii)
Executive’s willful misconduct that is economically injurious to the Company or any of its subsidiaries; or 
 (iv)
Executive’s willful failure to follow the lawful directives of the Board of Directors of the Company; or 
 (v)
Executive’s material failure or neglect to carry out his job functions (other than by reason of a physical or mental impairment), that continues after the Executive has been provided with specific notice of such failure or neglect, and a
reasonable opportunity to correct the same. 
 For purposes of this Section 7(c), no act, or failure to act, by Executive shall be considered
“willful” unless committed in bad faith and without a reasonable belief that the act or omission was in the best interests of the Company or its subsidiaries. No termination for Cause shall be effective unless such determination is made by
a majority of the Board of Directors of the Company, at a meeting of the Board of Directors of the Company held for such purpose, where Executive and his counsel had an opportunity on at least fifteen (15) days’ notice to be heard before
the Board of Directors of the Company. 
  

 3 









 (d) Good Reason. Executive may terminate his employment for “Good Reason” within thirty
(30) days after Executive has actual knowledge of the occurrence (or, with respect to an event described in clause (vii) below, within thirty (30) days following the six-month anniversary of such event), without the written consent of
Executive, of one of the following events: 
 (i) the failure of Executive to be appointed to the positions set forth above
or the hiring or retention of any officer of the Company to serve in a capacity senior to Executive; 
 (ii) the assignment
to Executive of duties inconsistent with Executive’s status as CEO or an adverse alteration in the nature of Executive’s duties and/or responsibilities, reporting obligations, titles or authority; 
 (iii) a reduction by the Company in Executive’s Base Salary or target bonus percentage; 
 (iv) the relocation of Executive’s own principal office location to a location outside of Corpus Christi, Texas; 
 (v) the Company’s or SSP Partners’, as applicable, failure to provide any employee benefits due to be provided to Executive;

 (vi) any material breach of this Agreement by the Company or SSP Partners, as applicable; 
 (vii) the acquisition by any financial buyer of 51% or more of the outstanding equity interests of the Company; or 
 (viii) the acquisition by any strategic buyer of 51% or more of the outstanding equity interests of the Company, provided, however, in
such event, the Executive shall negotiate with the Company to provide continued transition services to the Company for a reasonable period, not to exceed 90 days from the date the Executive notifies the Company of the occurrence of Good Reason.

 The Executive shall provide the Company with notice of any event or occurrence which he believes constitutes Good Reason. For purposes of the definition
of Good Reason, an isolated, insubstantial and inadvertent action taken in good faith, or an act or omission which is remedied by the Company or SSP Partners, as applicable, within thirty (30) days after receipt of notice thereof given by
Executive shall not constitute Good Reason. Executive’s continued employment shall not constitute consent to, or a waiver of rights with respect to, any event or condition constituting Good Reason. 
 (e) Without Cause. The Company shall have the right to terminate Executive’s employment hereunder without Cause by providing Executive with
a Notice of Termination at least thirty (30) days prior to such termination. 
 (f) Without Good Reason. Executive shall have
the right to terminate his employment hereunder without Good Reason by providing the Company with a Notice of Termination at least thirty (30) days prior to such termination. 
  

 4 









 8. Termination Procedure. 
 (a) Notice of Termination. Any termination of Executive’s employment by the Company or by Executive (other than termination by reason of
death) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 15. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific
termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated. 
 (b) Date of Termination. “Date of Termination” shall mean (i) if Executive’s employment is terminated by his death, the date
of his death, (ii) if Executive’s employment is terminated pursuant to Section 7(b), thirty (30) days after Notice of Termination, and (iii) if Executive’s employment is terminated for any other reason, the date on
which a Notice of Termination is given or any later date (within thirty (30) days after the giving of such notice) set forth in such Notice of Termination. 
 9. Compensation Upon Termination. In the event Executive’s employment terminates due to death or disability or terminates during the Term for reasons other than death or disability, SSP Partners or the
Company, as applicable, shall provide Executive with the payments and benefits set forth below. Executive acknowledges and agrees that the payments set forth in this Section 9 constitute liquidated damages for termination of his employment
during the Term. 
 (a) Termination upon Executive’s death. If the Executive’s employment terminates during the Term due to
the Executive’s death, then: 
 (i) SSP Partners shall pay Executive’s beneficiary, in a lump sum as soon as
practicable following the Date of Termination, (A) Executive’s accrued but unpaid Base Salary and bonus through the Date of Termination, (B) Executive’s accrued vacation pay through the Date of Termination and (C) a pro-rata
portion of Executive’s target bonus for the year in which the termination of employment occurs; 
 (ii) SSP Partners or
the Company shall provide Executive’s spouse and dependents with continued health benefits under the SSP Partners or Company benefit plans, as applicable, for a period of one (1) year following the Date of Termination; and 
 (iii) notwithstanding any provision in any equity incentive plan or equity award agreement to the contrary, all restricted stock and
stock options described in Section 6(e) and held by Executive immediately prior to the Date of Termination shall vest. 
 (b)
Termination upon Executive’s disability. If Executive’s employment is terminated by reason of disability, then: 
 (i) SSP Partners shall pay Executive, in a lump sum as soon as practicable following the Date of Termination, (A) his accrued but unpaid Base Salary and bonus through the Date of Termination, (B) accrued vacation pay through the
Date of Termination and (C) a pro-rata portion of his target bonus for the year in which the termination of employment occurs; and 
 (ii) notwithstanding any provision in any equity incentive plan or equity award agreement to the contrary, all restricted stock and stock options described in Section 6(e) and held by Executive immediately prior
to the Date of Termination shall vest. 
  

 5 









 (c) Termination By Company without Cause or By Executive for Good Reason. If Executive’s
employment is terminated by the Company without Cause or by Executive for Good Reason and subject to Executive’s execution and effectiveness of a General Release of Claims in the form attached hereto as Exhibit B (the “Release”) and
his compliance with Section 11, then: 
 (i) SSP Partners shall pay Executive (A) in five (5) cash
installments $1,500,000 as follows: a first installment of $750,000 paid within five (5) business days following his termination of employment, the second (2nd) through fifth (5th) installments in equal amounts of $187,500, with the
second installment payable on the first anniversary of the date of termination and the third (3rd) through fifth (5th) installments payable in 4 month intervals thereafter ending on the second anniversary of the date of termination.;
(B) in a lump sum within five (5) business days following his termination (i) any earned and accrued but unpaid bonus, and (ii) any accrued vacation pay through the Date of Termination; provided, however, if Executive is a
“specified employee” as defined in Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and the payments do not satisfy any applicable exemptions, the first installment payment described above
shall not be paid prior to the first day following the six-month period beginning on the date of termination of employment if such payment would otherwise violate Code Section 409A, Department of Treasury regulations and other interpretive
guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date. The second through fifth installments shall continue to be paid in accordance with the schedule set forth in
this Section 9(c)(i) of the Agreement; 
 (ii) Executive, his spouse and his dependents shall be eligible for continued
health insurance benefits for a period of twenty-four (24) months following the Date of Termination; provided that such continuation of health insurance benefits shall be in addition to and not concurrent with any health continuation rights
required by Section 4980B of the Code; 
 (iii) SSP Partners shall reimburse Executive pursuant to Section 6 for
reasonable expenses incurred, but not paid prior to such termination of employment; and 
 (iv) Executive shall be entitled
to any other rights, compensation and/or benefits as may be due to Executive in accordance with the terms and provisions of any agreements, plans or programs of SSP Partners or the Company, excluding, however, any benefits under any severance plan
maintained by SSP Partners or the Company. 
 (d) Termination By Company For Cause or By Executive Without Good Reason. If
Executive’s employment is terminated by the Company for Cause or by Executive other than for Good Reason then: 
 (i)
SSP Partners shall pay Executive his accrued but unpaid Base Salary and to the extent permitted by the Company’s vacation policy, his accrued vacation pay through the Date of Termination, as soon as practicable following the Date of
Termination; 
 (ii) SSP Partners shall reimburse Executive pursuant to Section 6 for reasonable expenses incurred, but
not paid prior to such termination of employment; and 
 (iii) Executive shall be entitled to any other rights, compensation
and/or benefits as may be due to Executive in accordance with the terms and provisions of any agreements, plans or programs of SSP Partners or the Company. 
  

 6 









 (e) Additional Payments. 
 (i) Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any payment, award, benefit or
distribution (or any acceleration of any payment, award, benefit or distribution) to or for the benefit of Executive (the “Payments”) would be subject to the excise tax imposed by Section 4999 of the Code, or any interest or penalties
are incurred by Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then SSP Partners shall pay to Executive an
additional payment (a “Gross-Up Payment”) in an amount such that after payment by Executive of all taxes (including any Excise Tax) imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment equal to the sum of
(x) the Excise Tax imposed upon the Payments and (y) the product of any deductions disallowed because of the inclusion of the Gross-Up Payment in Executive’s adjusted gross income and the highest applicable marginal rate of federal
income taxation for the calendar year in which the Gross-Up Payment is to be made. For purposes of determining the amount of the Gross-Up Payment, Executive shall be deemed to (A) pay federal income taxes at the highest marginal rates of
federal income taxes at the highest marginal rate of taxation for the calendar year in which the Gross-Up Payment is to be made, (B) pay applicable state and local income taxes at the highest marginal rate of taxation for the calendar year in
which the Gross-Up Payment is to be made, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes, and (C) have otherwise allowable deductions for federal income tax purposes at
least equal to those which could be disallowed because of the inclusion of the Gross-Up Payment in Executive’s adjusted gross income. 
 (ii) Subject to the provisions of Section 9(e)(i), all determinations required to be made under this Section 9(e), including whether and when a Gross-Up Payment is required, the amount of such Gross-Up
Payment, and the assumptions to be utilized in arriving at such determinations, shall be made by a nationally recognized public accounting firm that is retained by the Company (the “Accounting Firm”). In the event that the Accounting Firm
is serving as accountant or auditor for the individual, entity or group effecting the change in ownership or control giving rise to the Excise Tax, Executive may appoint another nationally recognized public accounting firm to make the determinations
required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). The Accounting Firm shall provide detailed supporting calculations both to the Company and Executive within fifteen (15) business days of the
receipt of notice from the Company or the Executive that there has been a Payment, or such earlier time as is requested by the Company (collectively, the “Determination”). All fees and expenses of the Accounting Firm shall be borne solely
by SSP Partners or the Company and the Company shall enter into any agreement requested by the Accounting Firm in connection with the performance of the services hereunder. The Gross-up Payment under this Section 9(e) with respect to any
Payments shall be made no later than thirty (30) days following such Payment. If the Accounting Firm determines that no Excise Tax is payable by Executive, it shall furnish Executive with a written opinion to such effect. 
 (iii) As a result of the uncertainty in the application of Section 4999 of the Code at the time of the Determination, it is possible
that Gross-Up Payments which will not have been made by SSP Partners should have been made (“Underpayment”) or Gross-Up Payments are made by SSP Partners which should not have been made (“Overpayment”), consistent with the
calculations required to be made hereunder. In the event that the Executive thereafter is required to make payment of any Excise Tax or additional Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and
any such Underpayment (together with interest at the rate provided in Section 1274(b)(2)(B) of the Code) shall be promptly paid by SSP Partners to or for the benefit of Executive. In the event the amount 
  

 7 









 of the Gross-up Payment exceeds the amount necessary to reimburse the Executive for his Excise Tax, the
Accounting Firm shall determine the amount of the Overpayment that has been made and any such Overpayment (together with interest at the rate provided in Section 1274(b)(2) of the Code) shall be promptly paid by Executive to or for the benefit
of the Company. Executive shall cooperate, to the extent his expenses are reimbursed by SSP Partners, with any reasonable requests by SSP Partners or the Company in connection with any contests or disputes with the Internal Revenue Service in
connection with the Excise Tax. 
 (iv) This section 9(e) will apply only in the event that, immediately prior to the change
in ownership or control giving rise to Excise Tax, the Company has stock that is “readily tradeable on an established securities market” as defined in regulations issues under Section 280G of the Code. 
 10. Mitigation. Executive shall not be required to mitigate amounts payable under this Agreement by seeking other employment or otherwise, and
there shall be no offset against amounts due Executive under this Agreement on account of subsequent employment except as specifically provided herein. Additionally, amounts owed to Executive under this Agreement shall not be offset by any claims
the Company may have against the Executive 
 11. Restrictive Covenants. 
 (a) Non-Competition. Executive hereby agrees, in consideration of his employment hereunder and in view of the confidential position to be held by
Executive hereunder, he will not, except as a passive investor owning less than a 2% interest in a publicly held company, at any time during the Restricted Period, acting alone or in conjunction with others, directly or indirectly engage in, or own
or control any interest in, or act as a director, officer or employee of, or consultant to, or otherwise be employed by any business engaged in the operation of convenience stores or any other business conducted by the Company or any of its
subsidiaries or affiliates in any county in which the Company operates as of the date of Executive’s termination of employment. This non-competition provision excludes (i) the passive ownership by Executive of real estate properties that
may be leased to convenience store operators, or (ii) any business which has a total of less than 50 company operated convenience stores in the counties in which the Company operates as of the date of Executive’s termination of employment.
For purposes hereof, the “Restricted Period” means the period from the Effective Date through the second anniversary of the Executive’s termination of employment with the Company for any reason. 
 (b) Non-Solicitation. Without the consent in writing of the Board of Directors of the Company, Executive will not, at any time during the
Restricted Period, acting alone or in conjunction with others, directly or indirectly induce, or attempt to influence, any employee of the Company or any of its affiliates to terminate employment. 
 (c) Non-Disclosure; Ownership of Work. Executive shall not, at any time during the Term and thereafter (including following Executive’s
termination of employment for any reason), disclose, use, transfer, or sell, except in the course of employment with or other service to the Company, any proprietary information, secrets, organizational or employee information, or other confidential
information belonging or relating to the Company and its affiliates and customers so long as such information has not otherwise been disclosed or is not otherwise in the public domain, except as required by law or with the Company’s consent. In
addition, upon termination of employment for any reason, Executive will return to the Company or its affiliates all documents and other media containing information belonging or relating to the Company or its affiliates. Executive will promptly
disclose in writing to the Company all inventions, discoveries, developments, improvements and innovations (collectively referred to as “Inventions”) that Executive has conceived or made during the Term; 
  

 8 









 provided, however, that in this context “Inventions” are limited to those which (i) relate in any manner
to the existing or contemplated business or research activities of the Company and its affiliates; (ii) are suggested by or result from Executive’s work at the Company; or (iii) result from the use of the time, materials or facilities
of the Company and its affiliates. All Inventions will be the Company’s property rather than Executive’s. Should the Company request it, Executive agrees to sign any document that the Company may reasonably require to establish ownership
in any Invention. 
 (d) Blue Pencil. The parties hereby acknowledge that the restrictions in this Section 11 have been
specifically negotiated and agreed to by the parties hereto and are limited only to those restrictions necessary to protect the Company and its subsidiaries from unfair competition. The parties hereby agree that if the scope or enforceability of any
provision, paragraph or subparagraph of this Section 11 is in any way disputed at any time, and should a court find that such restrictions are overly broad, the court may modify and enforce the covenant to the extent that it believes to be
reasonable under the circumstances. Each provision, paragraph and subparagraph of this Section 11 is separable from every other provision, paragraph, and subparagraph and constitutes a separate and distinct covenant. 
 (e) Remedies. Executive hereby expressly acknowledges that any breach or threatened breach by Executive of any of the terms set forth in
Section 11 of this Agreement may result in significant and continuing injury to the Company, the monetary value of which would be impossible to establish. Therefore, Executive agrees that the Company shall be entitled to apply for injunctive
relief in a court of appropriate jurisdiction. 
 (f) Survival. The provisions of this Section 11 shall survive expiration of
the Term. 
 12. Indemnification. Executive shall be entitled to such indemnification under the terms of the Company’s charter
documents, and such other liability insurance as the Company may purchase for its Board of Directors members and senior officers from time to time. The Company shall be required to maintain directors and officers’ liability insurance as long as
the Executive continues to be employed by the Company or a member of the Board of Directors of the Company and for a period of six (6) years thereafter. 
 13. Arbitration; Expenses; Legal Fees. 
 (a) Except as provided for in Section 11 of this
Agreement, if any contest or dispute arises between the parties with respect to this Agreement, such contest or dispute shall be submitted to binding arbitration for resolution in Dallas, Texas in accordance with the rules and procedures of the
Employment Dispute Resolution Rules of the American Arbitration Association then in effect. The decision of the arbitrator shall be final and binding on both parties, and any court of competent jurisdiction may enter judgment upon the award.

 (b) If the Arbitrator determines that the Executive is the prevailing party with respect to a majority of his material claims to enforce
the terms of this Agreement (after exhaustion of all available judicial remedies), then SSP Partners shall reimburse the Executive for his reasonable legal or other fees and expenses incurred in such arbitration subject to and within ten days after
his request for reimbursement accompanied by evidence that the fees and expenses were incurred. 
 14. Successors; Binding Agreement.

 (a) Company’s Successors. The Company will require any successor (whether direct or indirect, by purchase, merger,
consolidation, reorganization or otherwise) to the business or assets of the Company, to assume and agree to perform this Agreement in the same manner 
  

 9 









 and to the same extent the Company would be required to perform if no such succession had taken place; provided that no
such express agreement should be required to the extent such obligation continues with the Company or its successor by operation of law; provided further that should the Company fail to require any such successor to so assume and agree to perform
this Agreement, the sole remedy of the Executive shall be to terminate his employment pursuant to 7(d)(v) and (vi) 
 (b) As used in this
Agreement, “Company” shall mean the Company as herein before defined and any successor to its business and/or assets (by merger, purchase or otherwise) or which otherwise becomes bound by all the terms and provisions of this Agreement by
operation of law. 
 (c) Executive’s Successors. No rights or obligations of Executive under this Agreement may be assigned or
transferred by Executive other than his rights to payments or benefits hereunder, which may be transferred only by will or the laws of descent and distribution. Upon Executive’s death, this Agreement and all rights of Executive hereunder shall
inure to the benefit of and be enforceable by Executive’s beneficiary or beneficiaries, personal or legal representatives, or estate, to the extent any such person succeeds to Executive’s interests under this Agreement. Executive shall be
entitled to select and change a beneficiary or beneficiaries to receive any benefit or compensation payable hereunder following Executive’s death by giving the Company written notice thereof. In the event of Executive’s death or a judicial
determination of his incompetence, reference in this Agreement to Executive shall be deemed, where appropriate, to refer to his beneficiary(ies), estate or other legal representative(s). If Executive should die following his Date of Termination
while any amounts would still be payable to him hereunder if he had continued to live, all such amounts unless otherwise provided herein shall be paid in accordance with the terms of this Agreement to such person or persons so appointed in writing
by Executive, or otherwise to his legal representatives or estate. 
 15. Notice. For the purposes of this Agreement, notices, demands
and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered either personally or by United States certified or registered mail, return receipt requested, postage prepaid,
addressed as follows: 
 If to Executive: 
 Mr. Sam L. Susser 
 P.O. Box 9036 
 Corpus Christi, Texas 78469 
 If to the
Company: 
 Wellspring Capital Partners III, L.P. 
 Lever House 
 390 Park Avenue 
 New York, New York 10022-4608 
 Attn: William Dawson 
 Telecopy No.: (212) 318-9810 
  

 10 









 and 
 Andrew Gaines, Esq. 
 Weil Gotshal & Manges, LLP 
 767 Fifth Avenue 
 New York, N.Y. 10153

 or to such other address as any party may have furnished to the others in writing in accordance herewith, except that notices of change of address shall
be effective only upon receipt. 
 16. Miscellaneous. No provisions of this Agreement may be amended, modified, or waived unless such
amendment or modification is agreed to in writing signed by Executive and by a duly authorized officer of the Company, and such waiver is set forth in writing and signed by the party to be charged. No waiver by either party hereto at any time of any
breach by the other party hereto of any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No
agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement. The respective rights and obligations of the parties
hereunder of this Agreement shall survive Executive’s termination of employment and the termination of this Agreement to the extent necessary for the intended preservation of such rights and obligations. The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of the State of Texas without regard to its conflicts of law principles. 
 17. Validity. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in
full force and effect. 
 18. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed
to be an original but all of which together will constitute one and the same instrument. 
 19. Entire Agreement. Except as otherwise
provided herein and as further set forth in the grant agreement of any equity awards, this Agreement sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes all prior agreements,
promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or representative of any party hereto in respect of such subject matter, including, without limitation, the Prior
Employment Agreement. Except as other provided herein, any prior agreement of the parties hereto, or between the Executive and Stripes Holdings, Susser Holdings or any affiliate of Stripes Holdings or Susser Holdings in respect of the subject matter
contained herein is hereby terminated and cancelled. The Executive acknowledges that as of the Effective Date, he has no claims against the Company or its affiliates in respect of any amounts that may be owing to him from Stripes Holdings or its
affiliates. 
 20. Withholding. All payments hereunder shall be subject to any required withholding of Federal, state and local taxes
pursuant to any applicable law or regulation. 
 21. Noncontravention. The Company represents that the Company is not prevented from
entering into, or performing this Agreement by the terms of any law, order, rule or regulation, its by-laws or declaration of trust, or any agreement to which it is a party, other than which would not have a material adverse effect on the
Company’s ability to enter into or perform this Agreement. 
  

 11 









 22. Section Headings. The section headings in this Agreement are for convenience of reference
only, and they form no part of this Agreement and shall not affect its interpretation. 
 23. Section 409A Compliance. To the
extent applicable, this Agreement shall be interpreted in accordance with Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance
that may be issued after the date hereof (“409A Guidance”). Notwithstanding any provision of the Agreement to the contrary, (i) if, at the time of Executive’s termination of employment with the Company, Executive is a
“specified employee” as defined in 409A Guidance and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or
additional tax under 409A Guidance, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Executive) until the date
that is six months following Executive’s termination of employment with the Company (or the earliest date as is permitted under Section 409A) and (ii) if any other payments of money or other benefits due to Executive hereunder could
cause the application of an accelerated or additional tax under Section 409A, the Company may (a) adopt such amendments to the Agreement, including amendments with retroactive effect, that the Company determines necessary or appropriate to
preserve the intended tax treatment of the benefits provided by the Agreement and/or (b) take such other actions as the Company determines necessary or appropriate to comply with the requirements of 409A Guidance. The Company shall consult with
Executive in good faith regarding the implementation of this Section 14; provided that none of the Company, any of its affiliates, or any of its employees or representatives shall have any liability to Executive with respect thereto.

  

 12 









 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written.

  

							
	SUSSER HOLDINGS CORPORATION	 		 	EXECUTIVE
				
	By:	 	  
	 		 	  

	Name:	 		 		 	Sam L. Susser
	Title:	 		 		 	

 For Purposes of Sections 6, 9 and 13 of this Agreement only: 
  

			
	SSP PARTNERS
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 13 









 EXHIBIT A 
 List of current Boards and Committees 
  

	 	•	 	USS Lexington Museum 

  

	 	•	 	Executive and Finance Committees 

  

	 	•	 	Past President 

  

	 	•	 	Texas State Aquarium 

  

	 	•	 	Congregation Beth Israel 

  

	 	•	 	Executive Committee 

  

	 	•	 	Dues Committee 

  

	 	•	 	Treasurer 

  

	 	•	 	Driscoll Foundation 

  

	 	•	 	Chairman of Finance Committee 

  

	 	•	 	Investment and Retirement Committee 

  

	 	•	 	Texas A&M University 

  

	 	•	 	Texas A&M University-Corpus Christi College of Business, Advisory Council 

  

	 	•	 	[Other civic and political committees] 

  

 14 









 EXHIBIT B  
 GENERAL RELEASE OF CLAIMS 
 A general release is required as a condition for receiving the severance
benefits described in Section 9(c) of the Employment Agreement dated [                    ], 2006, (the “Employment
Agreement”), Thus, by executing this “General Release” (“General Release”), you have advised us that you hold no claims against Susser Holdings Corporation (“Company”) or its subsidiaries, or any of their
predecessors, successors or assigns, affiliates, shareholders or members and their respective officers, directors, agents and employees (collectively, the “Releasees”), and by execution of this General Release you agree to waive and
release any such claims, except relating to any compensation, severance pay and benefits described in the Employment Agreement. 
 You
understand and agree that this General Release will extend to all claims, demands, liabilities and causes of action of every kind, nature and description whatsoever, whether known, unknown or suspected to exist, which you ever had or may now have
against the Releasees, including, without limitation, any claims, demands, liabilities and causes of action arising from your employment with the Releasees and the termination of that employment, including any claims for severance or vacation pay,
business expenses, and/or pursuant to any federal, state, county, or local employment laws, regulations, executive orders, or other requirements, including, but not limited to, Title VII of the 1964 Civil Rights Act, the 1866 Civil Rights Act,
the Age Discrimination in Employment Act as amended by the Older Workers Benefit Protection Act, the Americans with Disabilities Act, the Civil Rights Act of 1991, the Workers Adjustment and Retraining Notification Act and any other local, state or
federal fair employment laws, and any contract or tort claims. 
 It is further understood and agreed that you are waiving any right to
initiate an action in state or federal court by you or on your behalf alleging discrimination on the basis of race, sex, religion, national origin, age, disability, marital status, or any other protected status or involving any contract or tort
claims based on your termination from the Company. It is also acknowledged that your termination is not in any way related to any work related injury. 
 Based on executing this General Release, it is further understood and agreed that you covenant not to sue to challenge the enforceability of this General Release. It also is understood and agreed that the remedy at
law for breach of the Employment Agreement and/or General Release shall be inadequate, and the Company shall be entitled to injunctive relief. 
 The ability to receive compensation and benefits under the terms of the Employment Agreement will remain open for a forty-five (45) (45 days if part of a layoff of two or more individuals) or twenty-one (21) (21 days if
a single termination) day period after your termination of employment with the Company to give you an opportunity to consider the effect of this General Release. At your option, you may elect to execute this General Release on an earlier date.
Additionally, you have seven (7) days after the date you execute this General Release to revoke it. As a result, this General Release will not be effective until eight (8) days after you execute it. We also want to advise you of your right
to consult with legal counsel prior to executing a copy of this General Release. 
  

 15 









 Finally, this is to expressly acknowledge: 
  

	 	•	 	You have received a list of the ages and job descriptions of the individuals who are eligible to receive severance payments conditioned upon the signing of a similar General
Release. (This bullet point only applies if the termination is part of a termination of layoff of a group. Otherwise the Company is not required to give a list of such ages and job descriptions.) 

  

	 	•	 	You understand that you are not waiving any claims or rights that may arise after the date you execute this General Release. 

  

	 	•	 	You understand and agree that the compensation and benefits described in the Employment Agreement offer you consideration greater than that to which you would otherwise be entitled.


 I hereby state that I have carefully read this General Release and that I am signing this General Release knowingly and
voluntarily with the full intent of releasing the Releasees from any and all claims, except as set forth herein. Further, if signed prior to the completion of the forty-five (45) or twenty-one (21) day review period, this is to
acknowledge that I knowingly and voluntarily signed this General Release on an earlier date. 
  

			
	  
	  	  

	Date	  	Name

  

 16