<PAGE>

                                                                  EXHIBIT 10.27

                               NASH FINCH COMPANY
                    SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN










































                                           As Adopted Effective January 1, 2000

<PAGE>

                               NASH FINCH COMPANY
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                 Page
                                                                                 ----
<S>                                                                              <C>
ARTICLE 1 Description.............................................................1
   1.1   Plan Name................................................................1
   1.2   Plan Purpose.............................................................1
   1.3   Plan Type................................................................1
ARTICLE 2 Participation...........................................................2
   2.1   Eligibility..............................................................2
   2.2   Condition of Participation...............................................2
   2.3   Termination of Participation.............................................2
ARTICLE 3 Benefits................................................................3
   3.1   Participant Accounts.....................................................3
   3.2   Compensation Credits.....................................................3
   3.3   Executive Incentive Bonus and Deferred Compensation Plan Interest........3
   3.4   Earnings Credits.........................................................4
   3.5   Vesting..................................................................4
ARTICLE 4 Distribution............................................................6
   4.1   Distribution to Participant..............................................6
   4.2   Distribution to Beneficiary..............................................8
   4.3   Payment in Event of Incapacity...........................................9
ARTICLE 5 Source of Payments; Nature of Interest.................................10
   5.1   Establishment of Trust..................................................10
   5.2   Source of Payments......................................................10
   5.3   Status of Plan..........................................................10
   5.4   Non-assignability of Benefits...........................................11
ARTICLE 6 Adoption, Amendment, Termination.......................................12
   6.1   Adoption................................................................12
   6.2   Amendment...............................................................12
   6.3   Termination of Participation............................................12
   6.4   Termination.............................................................13
ARTICLE 7 Definitions, Construction and Interpretation...........................14
   7.1   Account.................................................................14
   7.2   Active Participant......................................................14
   7.3   Administrator...........................................................14
   7.4   Affiliate...............................................................14
   7.5   Base Salary.............................................................14
   7.6   Beneficiary.............................................................14
   7.7   Board...................................................................14
   7.8   Change in Control.......................................................14
   7.9   Code....................................................................16
   7.10  Company.................................................................16
   7.11  Cross Reference.........................................................16


                                       i
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   7.12  Disabled................................................................16
   7.13  ERISA...................................................................16
   7.14  Governing Law...........................................................16
   7.15  Headings................................................................16
   7.16  Number and Gender.......................................................16
   7.17  Participant.............................................................17
   7.18  Participating Employer..................................................17
   7.19  Plan....................................................................17
   7.20  Plan Rules..............................................................17
   7.21  Plan Year...............................................................17
   7.22  Termination of Employment...............................................17
   7.23  Trust...................................................................17
   7.24  Trustee.................................................................17
   7.25  Year of Participation...................................................17
ARTICLE 8 Administration.........................................................19
   8.1   Administrator...........................................................19
   8.2   Plan Rules..............................................................19
   8.3   Administrator's Discretion..............................................19
   8.4   Specialist's Assistance.................................................19
   8.5   Indemnification.........................................................19
   8.6   Benefit Claim Procedure.................................................19
   8.7   Limitations on Certain Actions..........................................20
ARTICLE 9 Miscellaneous..........................................................21
   9.1   Withholding and Offsets.................................................21
   9.2   Other Benefits..........................................................21
   9.3   No Warranties Regarding Tax Treatment...................................21
   9.4   No Employment Rights Created............................................21
   9.5   Successors..............................................................21
</TABLE>


                                       ii
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                               NASH FINCH COMPANY
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                                    ARTICLE 1
                                   DESCRIPTION

1.1      PLAN NAME.  The name of the Plan is the "Nash Finch Company
         Supplemental Executive Retirement Plan."

1.2      PLAN PURPOSE. The purpose of the Plan is to provide retirement income
         to Participants to supplement amounts available from other sources.

1.3      PLAN TYPE. The Plan is an unfunded plan maintained primarily for the
         purpose of providing deferred compensation for a select group of
         management or highly compensated employees and, as such, is intended to
         be exempt from the provisions of Parts 2, 3 and 4 of Subtitle B of
         Title I of ERISA by operation of ERISA sections 201(2), 301(a)(3) and
         401(a)(4), respectively. The Plan is also intended to be unfunded for
         tax purposes. The Plan will be construed and administered in a manner
         that is consistent with and gives effect to the foregoing.


                                       1
<PAGE>

                                    ARTICLE 2
                                  PARTICIPATION

2.1      ELIGIBILITY.

          (A)  To be eligible to have credits made to his or her Account
               pursuant to Section 3.2 for a Plan Year, an individual must

               (1)  be a member of a select group of management or highly
                    compensated employees as determined by the Administrator and

               (2)  be selected by the Administrator for the Plan Year.

               An individual's selection pursuant to clause (2) for a Plan Year
               must be evidenced by a written notice from the Administrator to
               the individual.

          (B)  The fact that an individual has been eligible to have credits
               made to his or her Account pursuant to Section 3.2 with respect
               to any particular Plan Year does not give the individual any
               right to have such credits made to his or her Account with
               respect to any other Plan Year.

2.2      CONDITION OF PARTICIPATION. As a condition of participation, each
         Participant is bound by all the terms and conditions of the Plan and
         the Plan Rules, and must furnish to the Administrator such pertinent
         information, and execute such forms and other instruments, as the
         Administrator or Plan Rules may require by such dates as the
         Administrator or Plan Rules may establish.

2.3      TERMINATION OF PARTICIPATION. A Participant will cease to be a
         Participant as of the later of the date on which (a) he or she ceases
         to be an Active Participant or (b) his or her entire Account balance
         has been distributed or forfeited.


                                       2
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                                   ARTICLE 3
                                    BENEFITS

3.1      PARTICIPANT ACCOUNTS.

          (A)  The Administrator will establish and maintain an Account for each
               Participant to evidence amounts credited with respect to the
               Participant pursuant to Section 3.2 and related earnings credits
               pursuant to Section 3.4.

          (B)  For each Participant for whom a credit is made pursuant to
               Section 3.3, the Administrator will establish and maintain a
               separate Account to evidence the amount credited pursuant to
               Section 3.3 and related earnings credits pursuant to Section 3.4.

3.2      COMPENSATION CREDITS.

          (A)  As of the close of the last day of each Plan Year, after the
               earnings credit for the calendar quarter then ending pursuant to
               Section 3.4, the Account of an Active Participant who satisfies
               the conditions described in Subsection (B) for the Plan Year will
               be credited with an amount equal to 20 percent of his or her Base
               Salary for the Plan Year.

          (B)  To be eligible to have a credit made on his or her behalf for a
               Plan Year, an Active Participant must be actively employed by, or
               on an approved leave of absence from, an Affiliate on the last
               day of the Plan Year. For this purpose, an Active Participant's
               status as an employee of an Affiliate on the last day of the Plan
               Year will be based on the Affiliate's classification on that day
               without regard to any subsequent retroactive reclassification.

3.3      EXECUTIVE INCENTIVE BONUS AND DEFERRED COMPENSATION PLAN INTEREST.

          (A)  An Active Participant on January 1, 2000 may elect to have the
               total share equivalents contingently credited to the Active
               Participant as of December 31, 1999 under the Nash Finch Company
               Executive Incentive Bonus and Deferred Compensation Plan (the
               "Deferred Compensation Plan") converted to a cash equivalent and
               credited to his or her Account as of January 1, 2000. The amount
               credited to the Active Participant's Account pursuant to this
               section will be the greater of (1) the amount at which the
               Participant's total share equivalents as of December 31, 1999
               were contingently credited to the Participant under the Deferred
               Compensation Plan and (2) an amount equal to the product of (a)
               the total share equivalents contingently credited to the
               Participant under the Deferred Compensation Plan as of December
               31, 1999 multiplied by (b) the average, rounded to the nearest
               one-tenth of a cent ($.001), of the closing sales price per share
               of common stock of the Company reported by the NASDAQ National
               Market System, for the calendar quarter ending on December 31,
               1999. For purposes of applying clause (b) of the prior sentence,
               the closing sales price for any trading day for which there are
               no reported sales of common stock of the Company will be deemed
               to be the last previously reported closing sales price.


                                       3
<PAGE>

          (B)     An Active Participant's election pursuant to Subsection (A)
                  must be (1) in writing on a form provided by the Administrator
                  and (2) received by the Administrator not later than a due
                  date specified by the Administrator. The election may be
                  revoked on or before the due date specified by the
                  Administrator but may not be revoked after the due date.

          (C)     An Active Participant whose Account is credited pursuant to
                  this section will cease to have any interest arising under or
                  in connection with the Deferred Compensation Plan effective as
                  of January 1, 2000 and the Participant's rights with respect
                  to his or her Account will, on and after January 1, 2000, be
                  determined solely in accordance with the terms of this Plan.

3.4      EARNINGS CREDITS. As of the last day of each calendar quarter, the
         Administrator will, in accordance with Plan Rules, credit a
         Participant's Account, including the undistributed portion of an
         Account being distributed in the form of installment payments, with
         earnings in an amount equal to the "applicable percentage" of the
         average daily balance of the Account for the quarter. The applicable
         percentage for a given calendar quarter is the quarterly equivalent of
         the average of the annual yield set forth for each month during the
         quarter in the MOODY'S BOND RECORD, published by Moody's Investor's
         Service, Inc. (or any successor thereto) under the heading of "Moody's
         Corporate Bond Yield Averages - Av. Corp." or, if such yield is no
         longer available, a substantially similar average selected by the
         Administrator.

3.5      VESTING.

          (A)  Subject to Section 4.1(D)(3), (1) a Participant will acquire a
               fully vested, nonforfeitable interest in his or her Account
               established and maintained pursuant to Section 3.1(A) upon
               attaining age 65 while he or she is an employee of an Affiliate
               or upon becoming an Active Participant after he or she attains
               age 65 and (2) a Participant will acquire a fully vested,
               nonforfeitable interest in his or her Account established and
               maintained pursuant to Section 3.1(B) upon attaining age 60 while
               he or she is an employee of an Affiliate.

          (B)  A Participant will acquire a fully vested, nonforfeitable
               interest in his or her Account if he or she dies or becomes
               Disabled while he or she is an employee of an Affiliate.

          (C)  Subject to Section 4.1(D)(3), a Participant whose employment
               terminates prior to his or her attainment of age 65 in the case
               of the Account established and maintained pursuant to Section
               3.1(A), or prior to his or her attainment of age 60 in the case
               of the Account established and maintained pursuant to Section
               3.1(B), other than by reason of his or her death or becoming
               Disabled will acquire a vested, nonforfeitable interest in his or
               her Account to the extent provided in the following schedule:


                                       4
<PAGE>

<TABLE>
<CAPTION>
                       YEARS OF PARTICIPATION                PERCENTAGE VESTED
                       ----------------------                -----------------
                    <S>                                       <C>
                    Less Than Five Years                               0%
                    Five Years                                        50%
                    Six Years                                         60%
                    Seven Years                                       70%
                    Eight Years                                       80%
                    Nine Years                                        90%
                    Ten or More Years                                100%
</TABLE>

               Notwithstanding the foregoing provisions of this subsection,
               subject to Section 4.1(D)(3), in no case will a
               Participant's vested, nonforfeitable interest in his or her
               Account established and maintained pursuant to Section 3.1(B)
               be less than 50 percent.

          (D)  A Participant will acquire a fully vested nonforfeitable interest
               in his or her Account upon the occurrence of a Change in Control.

          (E)  The Administrator may at any time accelerate the vesting of all
               or any part of the nonvested portion of a Participant's Account.

          (F)  The nonvested portion of a Participant's Account will be
               permanently forfeited as of the beginning of the day on which
               he or she terminates employment.

          (G)  For purposes of this section, a Participant's status as an
               employee of an Affiliate on a given date will be based on the
               Affiliate's classification on that date without regard to any
               subsequent retroactive reclassification.


                                       5
<PAGE>

                                   ARTICLE 4
                                  DISTRIBUTION

4.1      DISTRIBUTION TO PARTICIPANT.

          (A)  FORM. Distribution to a Participant will be made in the form of
               120 monthly payments.

          (B)  TIME. Distribution to a Participant will begin during the first
               month of the Plan Year next following the Plan Year during which
               the Participant terminates employment.

          (C)  AMOUNT. The amount of each monthly installment payment will be
               determined by dividing the Participant's vested Account balance
               as of the last day of the calendar quarter immediately preceding
               the payment date, reduced by the amount of any subsequent
               installment payments, by the total number of remaining payments
               (including the payment in question).

          (D)  SPECIAL RULES. The provisions of this subsection apply
               notwithstanding Subsection (A), (B) or (C) to the contrary.

               (1)  ALTERNATIVE FORM. Prior to the date on which a Participant's
                    distribution commences in accordance with Subsection (B),
                    the Administrator, in its sole discretion, may elect to make
                    the distribution in any alternative form and at such time or
                    times as the Administrator determines; provided, that,
                    subject to clause (3), in any case the Participant's entire
                    vested Account balance must be distributed not later than
                    the last day of the tenth Plan Year that starts after the
                    Plan Year during which the Participant terminates
                    employment. In determining the amount of any distribution
                    pursuant to this clause, the following rules apply:

                    (a)  If the distribution is made in the form of a single
                         lump sum payment, the amount of the payment will be
                         equal to the Participant's vested Account balance as of
                         the last day of the calendar quarter immediately
                         preceding the payment;

                    (b)  If the distribution is made in the form of periodic
                         payments (other than installment payments made at
                         regular intervals), the amount of each payment except
                         the final payment will be determined by the
                         Administrator and the amount of the final payment will
                         be equal to the Participant's vested Account balance as
                         of the last day of the calendar quarter immediately
                         preceding the payment reduced by the amount of any
                         subsequent payments; and

                    (c)  If the distribution is made in the form of installment
                         payments made at regular intervals, the amount of each
                         payment will be determined in accordance with
                         Subsection (C).


                                       6
<PAGE>

               (2)  DIVESTITURES.

                    (a)  If some or all of the assets of a Participating
                         Employer are sold or otherwise disposed of to an
                         acquirer that is not an Affiliate, the Administrator
                         may, but is not required to, cause to be distributed
                         the vested Account balance of any Participant whose
                         employment with all Affiliates is terminated in
                         connection with the sale or disposition unless the
                         acquirer adopts a successor plan which is substantially
                         similar to the Plan in all material respects and
                         expressly assumes the Participating Employer's
                         obligation to provide benefits to the Participant, in
                         which case the Participating Employer will cease to
                         have any obligation to provide benefits to the
                         Participant pursuant to the Plan as of the effective
                         date of the assumption. Any such distribution will be
                         made in the form of a lump sum payment as soon as
                         administratively practicable after the date of the sale
                         or disposition. The amount of the payment will be
                         determined in accordance with clause (1)(a).

                    (b)  If a Participating Employer ceases to be an Affiliate,
                         unless otherwise provided in an agreement between an
                         Affiliate and the Participating Employer or an
                         Affiliate and an acquirer that is not an Affiliate,

                         (i)  a Participant who is employed with the
                              Participating Employer, or

                         (ii) a Participant who is not employed with the
                              Participating Employer but has an Account balance
                               attributable to the Participating Employer

                         will not become entitled to his or her Account balance
                         attributable to the Participating Employer solely as a
                         result of the cessation and the Participating Employer
                         will, after the date on which it ceases to be an
                         Affiliated Organization, continue to be solely
                         responsible to provide benefits to the Participant at
                         least equal to the balance of the Account as of the
                         effective date of the cessation and as thereafter
                         increased by credits pursuant to Section 3.2 relating
                         to the period before the effective date and earnings
                         credits pursuant to Section 3.4.

               (3)  CERTAIN FORFEITURES. The entire balance of a Participant's
                    Account will be permanently forfeited if, without the prior
                    written consent of the Company, the Participant, at any time
                    prior to his or her termination of employment or during the
                    period during which he or she is receiving distributions
                    pursuant to the Plan, actively participates or engages in
                    any business in competition with any Affiliate or fails to
                    make himself or herself available for consultation, or if
                    the Participant's employment is


                                       7
<PAGE>

                    terminated at any time prior to age 65 because of evidence
                    of dishonesty or mistrust in his or her employment or
                    because of his or her involvement in a crime or misdemeanor
                    against any Affiliate or any employee of an Affiliate for
                    which the Participant is convicted or which the Participant
                    has confessed in writing to the Company or any law
                    enforcement agency.


          (E)  REDUCTION OF ACCOUNT BALANCE. The balance of the Account from
               which a distribution is made will be reduced by the amount of the
               distribution as of the beginning of the date of the distribution.

4.2      DISTRIBUTION TO BENEFICIARY.

          (A)  FORM. In the event of a Participant's death, the balance of the
               Participant's Account will be distributed to the Participant's
               Beneficiary in a lump sum payment whether or not payments had
               commenced to the Participant in the form of installments prior to
               his or her death.

          (B)  TIME. Distribution to a Beneficiary will be made within 60 days
               after the date on which the Administrator receives notice of the
               Participant's death.

          (C)  AMOUNT. The amount of the payment will be determined in
               accordance with Section 4.1(D)(1)(a).

          (D)  REDUCTION OF ACCOUNT BALANCE. The balance of the Account from
               which a distribution is made will be reduced by the amount of the
               distribution as of the beginning of the date of the distribution.

          (E)  BENEFICIARY DESIGNATION.

               (1)  A Participant may designate, on a form furnished by the
                    Administrator, one or more primary Beneficiaries or
                    alternative Beneficiaries to receive all or a specified part
                    of his or her Account after his or her death, and the
                    Participant may change or revoke any such designation from
                    time to time. No such designation, change or revocation is
                    effective unless executed by the Participant and received by
                    the Administrator during the Participant's lifetime. No
                    designation of a Beneficiary other than the Participant's
                    spouse is effective unless the spouse consents to the
                    designation or the Administrator determines that spousal
                    consent cannot be obtained because the spouse cannot
                    reasonably be located or is legally incapable of consenting.
                    The consent must be in writing, must acknowledge the effect
                    of the election and must be witnessed by a notary public.
                    The consent is effective only with respect to the
                    Beneficiary or class of Beneficiaries so designated and only
                    with respect to the spouse who so consented.

               (2)  If a Participant -

                    (a)  fails to designate a Beneficiary, or


                                       8
<PAGE>

                    (b)  revokes a Beneficiary designation without naming
                         another Beneficiary, or

                    (c)  designates one or more Beneficiaries none of whom
                         survives the Participant or exists at the time in
                         question, for all or any portion of his or her Account,
                         such Account or portion will be paid to the
                         Participant's surviving spouse or, if the Participant
                         is not survived by a spouse, to the representative of
                         the Participant's estate.

               (3)  The automatic Beneficiaries specified above and, unless the
                    designation otherwise specifies, the Beneficiaries
                    designated by the Participant, become fixed as of the
                    Participant's death so that, if a Beneficiary survives the
                    Participant but dies before the receipt of the payment due
                    such Beneficiary, the payment will be made to the
                    representative of such Beneficiary's estate. Any designation
                    of a Beneficiary by name that is accompanied by a
                    description of relationship or only by statement of
                    relationship to the Participant is effective only to
                    designate the person or persons standing in such
                    relationship to the Participant at the Participant's death.

     4.3  PAYMENT IN EVENT OF INCAPACITY. If any individual entitled to receive
          any payment under the Plan is, in the judgment of the Administrator,
          physically, mentally or legally incapable of receiving or
          acknowledging receipt of the payment, and no legal representative has
          been appointed for the individual, the Administrator may (but is not
          required to) cause the payment to be made to any one or more of the
          following as may be chosen by the Administrator: the Beneficiary (in
          the case of the incapacity of a Participant); the institution
          maintaining the individual; a custodian for the individual under the
          Uniform Transfers to Minors Act of any state; or the individual's
          spouse, children, parents, or other relatives by blood or marriage.
          The Administrator is not required to see to the proper application of
          any such payment and the payment completely discharges all claims
          under the Plan against the Participating Employer, the Plan and Trust
          to the extent of the payment.


                                       9
<PAGE>

                                   ARTICLE 5
                     SOURCE OF PAYMENTS; NATURE OF INTEREST

5.1      ESTABLISHMENT OF TRUST.

          (A)  A Participating Employer may establish a Trust, or may be covered
               by a Trust established by another Participating Employer, with an
               independent corporate trustee. The Trust must (1) be a grantor
               trust with respect to which the Participating Employer is treated
               as the grantor for purposes of Code section 677, (2) not cause
               the Plan to be funded for purposes of Title I of ERISA and (3)
               provide that the Trust assets will, upon the insolvency of a
               Participating Employer, be used to satisfy claims of the
               Participating Employer's general creditors. The Participating
               Employers may from time to time transfer to the Trust cash,
               marketable securities or other property acceptable to the Trustee
               in accordance with the terms of the Trust.

          (B)  Notwithstanding Subsection (A), not later than the effective date
               of a Change in Control, each Participating Employer must transfer
               to the Trust an amount not less than the amount by which (1) 125
               percent of the aggregate balance of all Participants' Accounts
               attributable to the Participating Employer as of the last day of
               the month immediately preceding the effective date of the Change
               in Control exceeds (2) the value of the Trust assets attributable
               to amounts previously contributed by the Participating Employer
               as of the most recent date as of which such value was determined.

5.2      SOURCE OF PAYMENTS.

          (A)  Each Participating Employer will pay, from its general assets,
               the portion of any benefit pursuant to Article 4 or Section 6.3
               or 6.4 attributable to a Participant's Account with respect to
               that Participating Employer, and all costs, charges and expenses
               relating thereto.

          (B)  The Trustee will make distributions to Participants and
               Beneficiaries from the Trust in satisfaction of a Participating
               Employer's obligations under the Plan in accordance with the
               terms of the Trust. The Participating Employer is responsible for
               paying any benefits attributable to a Participant's Account with
               respect to that Participating Employer that are not paid by the
               Trust.

5.3      STATUS OF PLAN. Nothing contained in the Plan or Trust is to be
         construed as providing for assets to be held for the benefit of any
         Participant or any other person or persons to whom benefits are to be
         paid pursuant to the terms of this Plan, the Participant's or other
         person's only interest under the Plan being the right to receive the
         benefits set forth herein. The Trust is established only for the
         convenience of the Participating Employers and no Participant has any
         interest in the assets of the Trust. To the extent the Participant or
         any other person acquires a right to receive benefits under this Plan,
         such right is no greater than the right of any unsecured general
         creditor of the Participating Employer.


                                       10
<PAGE>

5.4      NON-ASSIGNABILITY OF BENEFITS. The benefits payable under the Plan and
         the right to receive future benefits under the Plan may not be
         anticipated, alienated, sold, transferred, assigned, pledged,
         encumbered, or subjected to any charge or legal process.


                                       11
<PAGE>

                                   ARTICLE 6
                        ADOPTION, AMENDMENT, TERMINATION

6.1      ADOPTION. With the prior approval of the Administrator, an Affiliate
         may, by action of its Board, adopt the Plan and become a Participating
         Employer.

6.2      AMENDMENT.

          (A)  The Company reserves the right to amend the Plan at any time to
               any extent that it may deem advisable. To be effective, an
               amendment must be stated in a written instrument approved in
               advance or ratified by the Company's Board and executed in the
               name of the Company by its President or a Vice President and
               attested by the Secretary or an Assistant Secretary.

          (B)  An amendment adopted in accordance with Subsection (A) is binding
               on all interested parties as of the effective date stated in the
               amendment; provided, however, that (1) no amendment may adversely
               affect a benefit to which a Participant, or the Beneficiary of a
               deceased Participant, is entitled under the terms of the Plan as
               of the later of the adoption date or effective date of the
               amendment and (2) no attempted amendment to Section 3.5(D),
               5.1(B), this clause (2) or Section 7.8 will be effective with
               respect to any Change in Control, as defined in Section 7.8
               without regard to the attempted amendment, occurring within 12
               months after the date on which the attempted amendment is
               approved by the Company's Board unless each Participant provides
               his or her written consent to the amendment. Notwithstanding the
               foregoing, the Company may amend the Plan at any time to change
               the method for determining the earnings credit pursuant to
               Section 3.4 for the period after the later of the adoption date
               or effective date of the amendment, and such amendment may be
               applied both to future credits to Participants' Accounts pursuant
               to Section 3.2 and to existing Account balances (but the
               amendment may not reduce the balance of any Account as of the
               later of the adoption date or effective date of the amendment).

          (C)  The provisions of the Plan in effect at the termination of a
               Participant's employment will, except as otherwise expressly
               provided by a subsequent amendment, continue to apply to such
               Participant.

6.3      TERMINATION OF PARTICIPATION. Notwithstanding any other provision of
         the Plan to the contrary, if determined by the Administrator to be
         necessary to ensure that the Plan is exempt from ERISA to the extent
         contemplated by Section 1.3, or upon the Administrator's determination
         that a Participant's interest in the Plan has been or is likely to be
         includable in the Participant's gross income for federal income tax
         purposes prior to the actual payment of benefits pursuant to the Plan,
         the Administrator may take any or all of the following steps:

               (a)  terminate the Participant's future participation in the
                    Plan;


                                       12
<PAGE>

               (b)  cause the Participant's vested Account balance to be
                    distributed to the Participant in the form of an immediate
                    lump sum in an amount determined in accordance with Section
                    4.1(D)(1)(a); and/or

               (c)  transfer the benefits that would otherwise be payable
                    pursuant to the Plan for all or any of the Participants to a
                    new plan that is similar in all material respects (other
                    than those which require the action in question to be
                    taken.)

6.4      TERMINATION. The Company reserves the right to terminate the Plan in
         its entirety at any time. Each Participating Employer reserves the
         right to cease its participation in the Plan at any time. The Plan will
         terminate in its entirety or with respect to a particular Participating
         Employer as of the date specified by the Company or such Participating
         Employer in a written instrument by its authorized officers to the
         Administrator, adopted in the manner of an amendment. Upon the
         termination of the Plan in its entirety or with respect to any
         Participating Employer, the Company or Participating Employer, as the
         case may be, will either cause (a) any benefits to which Participants
         have become entitled prior to the effective date of the termination to
         continue to be paid in accordance with the provisions of Article 4 or
         (b) the entire vested Account balance of any or all Participants, or
         the Beneficiaries of any or all deceased Participants, to be
         distributed in the form of an immediate lump sum payment in an amount
         determined in accordance with Section 4.1(D)(1)(a).


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<PAGE>

                                   ARTICLE 7
                  DEFINITIONS, CONSTRUCTION AND INTERPRETATION

The definitions and rules of construction and interpretation set forth in this
article apply in construing the Plan unless the context otherwise indicates.

7.1      ACCOUNT. "Account" means either or both of the bookkeeping accounts
         maintained with respect to a Participant pursuant to Section 3.1, as
         the context requires.

7.2      ACTIVE PARTICIPANT. "Active Participant" with respect to a Plan Year is
         an individual who the Administrator has determined pursuant to Section
         2.1 is eligible to have credits made to his or her Account pursuant to
         Section 3.2 for the Plan Year.

7.3      ADMINISTRATOR. The "Administrator" of the Plan is the Compensation
         Committee of the Company's Board or the person to whom administrative
         duties are delegated pursuant to the provisions of Section 8.1, as the
         context requires.

7.4      AFFILIATE. An "Affiliate" is (a) the Company, (b) any corporation that
         is a member of a controlled group of corporations, within the meaning
         of Code section 414(b), that includes the Company and (c) any other
         entity in which the Company has a direct or indirect ownership interest
         and which is identified by the Administrator as an Affiliate.

7.5      BASE SALARY. The "Base Salary" of an Active Participant for any Plan
         Year is his or her base salary paid by his or her Participating
         Employer during the Plan Year. Base Salary includes only regular cash
         salary and is determined before any reduction or deduction of any kind.

7.6      BENEFICIARY. "Beneficiary" with respect to a Participant is the person
         designated or otherwise determined under the provisions of Section
         4.2(E) as the distributee of benefits payable after the Participant's
         death. A person designated or otherwise determined to be a Beneficiary
         under the terms of the Plan has no interest in or right under the Plan
         until the Participant in question has died. A Beneficiary will cease to
         be such on the day on which all benefits to which he, she or it is
         entitled under the Plan have been distributed.

7.7      BOARD. "Board" means the board of directors of the Affiliate in
         question. When the Plan provides for an action to be taken by the
         Board, the action may be taken by any committee or individual
         authorized to take such action pursuant to a proper delegation by the
         board of directors in question.

7.8      CHANGE IN CONTROL.

          (A)  "Change in Control" is any of the following:

               (1)  the sale, lease, exchange or other transfer, directly or
                    indirectly, of all or substantially all of the assets of the
                    Company, in one transaction or in a series of related
                    transactions, to any person;


                                       14
<PAGE>

               (2)  the approval by the stockholders of the Company of any plan
                    or proposal for the liquidation or dissolution of the
                    Company;

               (3)  any person is or becomes the beneficial owner (as defined in
                    Rule 13d-3 under the Exchange Act), directly or indirectly,
                    of (a) 20 percent or more, but not more than 50 percent, of
                    the combined voting power of the Company's outstanding
                    securities ordinarily having the right to vote at elections
                    of directors, unless the transaction resulting in such
                    ownership has been approved in advance by the continuity
                    directors or (b) more than 50 percent of the combined voting
                    power of the Company's outstanding securities ordinarily
                    having the right to vote at elections of directors
                    (regardless of any approval by the continuity directors);

               (4)  a merger or consolidation to which the Company is a party if
                    the stockholders of the Company immediately prior to the
                    effective date of such merger or consolidation have
                    beneficial ownership (as defined in Rule 13d-3 under the
                    Exchange Act) immediately following the effective date of
                    such merger or consolidation of securities of the surviving
                    company representing (a) 50 percent or more, but not more
                    than 80 percent, of the combined voting power of the
                    surviving corporation's then outstanding securities
                    ordinarily having the right to vote at elections of
                    directors, unless such merger or consolidation has been
                    approved in advance by the continuity directors, or (b) less
                    than 50 percent of the combined voting power of the
                    surviving corporation's then outstanding securities
                    ordinarily having the right to vote at elections of
                    directors (regardless of any approval by the continuity
                    directors);

               (5)  the continuity directors cease for any reason to constitute
                    at least a majority of the Company's board of directors; or

               (6)  a change in control of the Company of a nature that would be
                    required to be reported pursuant to section 13 or 15(d) of
                    the Exchange Act, whether or not the Company is then subject
                    to such reporting requirement.

(B) For purposes of this section:

               (1)  a "continuity director" means any individual who is a member
                    of the Company's board of directors on the Effective Date
                    while he or she is a member of the board, and any individual
                    who subsequently becomes a member of the Company's board of
                    directors whose election or nomination for election by the
                    Company's stockholders was approved by a vote of at least a
                    majority of the directors who are continuity directors
                    (either by a specific vote or by approval of the proxy
                    statement of the Company in which such individual is named
                    as a nominee for director without objection to such
                    nomination);


                                       15
<PAGE>

               (2)  "Exchange Act" is the Securities Exchange Act of 1934, as
                    amended from time to time; and

               (3)  "person" includes any individual, corporation, partnership,
                    group, association or other "person," as such term is
                    defined in section 14(d) of the Exchange Act, other than (i)
                    the Company; (ii) any corporation at least a majority of
                    whose securities having ordinary voting power for the
                    election of directors is owned, directly or indirectly, by
                    the Company; (iii) any other entity in which the Company, by
                    virtue of a direct or indirect ownership interest, has the
                    right to elect a majority of the members of the entity's
                    governing body; or (iv) any benefit plan sponsored by the
                    Company, a corporation described in clause (ii) or an entity
                    described in clause (iii).

7.9      CODE. "Code" means the Internal Revenue Code of 1986, as amended. Any
         reference to a specific provision of the Code includes a reference to
         that provision as it may be amended from time to time and to any
         successor provision.

7.10     COMPANY.  "Company" means Nash Finch Company.

7.11     CROSS REFERENCE. References within a section of the Plan to a
         particular subsection refer to that subsection within the same section
         and references within a section or subsection to a particular clause
         refer to that clause within the same section or subsection, as the case
         may be.

7.12     DISABLED. A Participant will be considered to be "Disabled" only if the
         Administrator determines that he or she is absent from active
         employment with all Affiliates because of his or her illness, injury or
         disease that is likely to be of long or indefinite duration or result
         in death.

7.13     ERISA. "ERISA" means the Employee Retirement Income Security Act of
         1974, as amended. Any reference to a specific provision of ERISA
         includes a reference to that provision as it may be amended from time
         to time and to any successor provision.

7.14     GOVERNING LAW. To the extent that state law is not preempted by the
         provisions of ERISA, or any other laws of the United States, all
         questions pertaining to the construction, validity, effect and
         enforcement of the Plan will be determined in accordance with the
         internal, substantive laws of the State of Minnesota without regard to
         the conflict of law principles of the State of Minnesota or any other
         jurisdiction.

7.15     HEADINGS. The headings of articles and sections are included solely for
         convenience of reference; if there exists any conflict between such
         headings and the text of the Plan, the text will control.

7.16     NUMBER AND GENDER. Wherever appropriate, the singular may be read as
         the plural, the plural may be read as the singular and one gender may
         be read as the other gender.


                                       16
<PAGE>

7.17     PARTICIPANT. "Participant" is a current or former Active Participant to
         whose Account amounts have been credited pursuant to Article 3 and who
         has not ceased to be a Participant pursuant to Section 2.3.

7.18     PARTICIPATING EMPLOYER. "Participating Employer" is the Company and any
         other Affiliate that has adopted the Plan, or all of them collectively,
         as the context requires. An Affiliate will cease to be a Participating
         Employer upon a termination of the Plan as to its Employees and the
         satisfaction in full of all of its obligations under the Plan or upon
         its ceasing to be an Affiliate.

7.19     PLAN. "Plan" means the Nash Finch Company Supplemental Executive
         Retirement Plan, as from time to time amended or restated.

7.20     PLAN RULES. "Plan Rules" are rules, policies, practices or procedures
         adopted by the Administrator pursuant to Section 8.2.

7.21     PLAN YEAR.  "Plan Year" means the calendar year.

7.22     TERMINATION OF EMPLOYMENT. An individual will be deemed to have
         terminated employment for purposes of the Plan only if he or she has
         completely severed his or her employment relationship with all
         Affiliates.

7.23     TRUST. "Trust" means any trust or trusts established by a
         Participating Employer pursuant to Section 5.1.

7.24     TRUSTEE. "Trustee" means the independent corporate trustee or trustees
         that at the relevant time has or have been appointed to act as Trustee
         of the Trust.

7.25     YEAR OF PARTICIPATION.

          (A)  A Participant will be credited with one "Year of Participation"
               for each Plan Year if, at any time during the Plan Year, he or
               she is either (1) an Active Participant or (2) an employee of an
               Affiliate (as classified by the Affiliate at the time services
               are performed without regard to any subsequent retroactive
               reclassification) with an Account balance under the Plan.

          (B)  No Participant will be credited with a Year of Participation for
               any Plan Year ending before January 1, 2000.

          (C)  If a Participant terminates employment with all Affiliates and is
               subsequently rehired by an Affiliate:

               (1)  his or her service completed after he or she is rehired will
                    not increase his or her vested interest in his or her
                    Account balance attributable to participation before the
                    termination of employment and

               (2)  his or her Years of Participation completed before his or
                    her initial termination of employment will be disregarded in
                    determining his or her


                                       17
<PAGE>

                    vested interest in his or her Account attributable to
                    participation after he or she is rehired.


                                       18
<PAGE>

                                   ARTICLE 8
                                 ADMINISTRATION

8.1      ADMINISTRATOR. The general administration of the Plan and the duty to
         carry out its provisions is vested in the Compensation Committee of the
         Company's Board. Such Committee may delegate any nondiscretionary,
         ministerial duty or any portion thereof to a named person and may from
         time to time revoke such authority and delegate it to another person.

8.2      PLAN RULES. The Administrator has the discretionary power and authority
         to make such Plan Rules as the Administrator determines to be
         consistent with the terms, and necessary or advisable in connection
         with the administration, of the Plan and to modify or rescind any such
         Plan Rules.

8.3      ADMINISTRATOR'S DISCRETION. The Administrator has the discretionary
         power and authority to make all determinations necessary for
         administration of the Plan, except those determinations that the Plan
         requires others to make, and to construe, interpret, apply and enforce
         the provisions of the Plan and Plan Rules whenever necessary to carry
         out its intent and purpose and to facilitate its administration,
         including, without limitation, the discretionary power and authority to
         remedy ambiguities, inconsistencies, omissions and erroneous benefit
         calculations. In the exercise of its discretionary power and authority,
         the Administrator will treat all similarly situated persons uniformly.

8.4      SPECIALIST'S ASSISTANCE. The Administrator may retain such actuarial,
         accounting, legal, clerical and other services as may reasonably be
         required in the administration of the Plan, and may pay reasonable
         compensation for such services. All costs of administering the Plan
         will be paid by the Participating Employers.

8.5      INDEMNIFICATION. The Participating Employers jointly and severally
         agree to indemnify and hold harmless, to the extent permitted by law,
         each director, officer, and employee of any Affiliate against any and
         all liabilities, losses, costs and expenses (including legal fees) of
         every kind and nature that may be imposed on, incurred by, or asserted
         against such person at any time by reason of such person's services in
         connection with the Plan, but only if such person did not act
         dishonestly or in bad faith or in willful violation of the law or
         regulations under which such liability, loss, cost or expense arises.
         The Participating Employers have the right, but not the obligation, to
         select counsel and control the defense and settlement of any action for
         which a person may be entitled to indemnification under this provision.

8.6      BENEFIT CLAIM PROCEDURE.

          (A)  If a request for a benefit by a Participant or Beneficiary of a
               deceased Participant is denied in whole or in part, he or she
               may, not later than 30 days after the denial, file with the
               Administrator a written claim objecting to the denial.

          (B)  The Administrator, not later than 90 days after receipt of such
               claim, will render a written decision to the claimant on the
               claim. If the claim is denied, in whole or in part, such decision
               will include the reason or reasons for the denial; a reference


                                       19
<PAGE>

               to the Plan provisions on which the denial is based; a
               description of any additional material or information, if any,
               necessary for the claimant to perfect his or her claim; an
               explanation as to why such information or material is necessary;
               and an explanation of the Plan's claim procedure.

          (C)  The claimant may file with the Administrator, not later than 60
               days after receiving the Administrator's written decision, a
               written notice of request for review of the Administrator's
               decision, and the claimant or his or her representative may
               thereafter review relevant Plan documents which relate to the
               claim and may submit written comments to the Administrator.

          (D)  Not later than 60 days after receipt of such review request, the
               Administrator will render a written decision on the claim, which
               decision will include the specific reasons for the decision,
               including a reference to the Plan's specific provisions where
               appropriate.

          (E)  The foregoing 90 and 60-day periods during which the
               Administrator must respond to the claimant may be extended by up
               to an additional 90 or 60 days, respectively, if special
               circumstances beyond the Administrator's control so require and
               notice of such extension is given to the claimant prior to the
               expiration of such initial 90 or 60-day period, as the case may
               be.

          (F)  A Participant or Beneficiary must exhaust the procedure described
               in this section before making any claim of entitlement to
               benefits pursuant to the Plan in any court or other proceeding.

8.7      LIMITATIONS ON CERTAIN ACTIONS. A Participant or Beneficiary may not
         commence a civil action pursuant to ERISA section 502(a)(1) with
         respect to a benefit under the Plan after the earlier of (a) six years
         after the occurrence of the facts or circumstances that give rise to or
         form the basis for such action and (b) two years after the date the
         Participant or Beneficiary had knowledge of the facts or circumstances
         that give rise to or form the basis for the action.


                                       20
<PAGE>

                                   ARTICLE 9
                                  MISCELLANEOUS

9.1      WITHHOLDING AND OFFSETS. The Participating Employers and the Trustee
         retain the right to withhold from any compensation or benefit payment
         pursuant to the Plan, any and all income, employment, excise and other
         tax as the Participating Employers or Trustee deems necessary and the
         Participating Employers may offset against amounts then payable to a
         Participant or Beneficiary under the Plan any amounts then owing to the
         Participating Employers by such Participant or Beneficiary.

9.2      OTHER BENEFITS. Neither amounts deferred nor amounts paid pursuant to
         the Plan constitute salary or compensation for the purpose of computing
         benefits under any other benefit plan, practice, policy or procedure of
         a Participating Employer unless otherwise expressly provided
         thereunder.

9.3      NO WARRANTIES REGARDING TAX TREATMENT. The Participating Employers make
         no warranties regarding the tax treatment to any person of any credits
         or payments made pursuant to the Plan and each Participant will hold
         the Administrator and the Participating Employers and their officers,
         directors, employees, agents and advisors harmless from any liability
         resulting from any tax position taken in good faith in connection with
         the Plan.

9.4      NO EMPLOYMENT RIGHTS CREATED. Neither the establishment of or
         participation in the Plan gives any Employee the right to continued
         employment or limits the right of the Participating Employer to
         discharge, transfer, demote, modify terms and conditions of employment
         or otherwise deal with any employee without regard to the effect which
         such action might have on him or her with respect to the Plan.

9.5      SUCCESSORS. Except as otherwise expressly provided in the Plan, all
         obligations of the Participating Employers under the Plan are binding
         on any successor to the Participating Employer whether the existence of
         such successor is the result of a direct or indirect purchase, merger,
         consolidation or otherwise of all or substantially all of the business
         and/or assets of the Participating Employer.


                                       21