Document:

coke-ex1046_424.htm

Exhibit 10.46

 

THIRD AMENDMENT TO MANAGEMENT AGREEMENT

 

This THIRD Amendment to Management Agreement (this “Amendment”) is dated December 18, 2018, by and among Coca-Cola Bottling Co. Consolidated, a Delaware corporation, Piedmont Coca-Cola Bottling Partnership (formerly known as Carolina Coca-Cola Bottling Partnership), a Delaware general partnership (the “Partnership”), CCBC of Wilmington, Inc., a Delaware corporation, Carolina Coca-Cola Bottling Investments, Inc. (as successor to Piedmont Partnership Holding Company), a Delaware corporation, and Coca-Cola Ventures, Inc. (successor in interest to Palmetto Bottling Company), a Delaware corporation.

 

Statement of Purpose

 

WHEREAS, the parties hereto are parties to that certain Management Agreement, dated as of July 2, 1993, which was amended by that certain First Amendment to Management Agreement, effective as of January 1, 2001, and that certain Master Amendment, dated as of January 2, 2002 (as amended, the “Management Agreement”), which provides for the operational management of the Partnership; and

 

WHEREAS, the parties hereto now desire to amend the Management Agreement to extend the term thereof as described below in this Amendment.

 

NOW, THEREFORE, in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

1.Amendment of Section 7.02.  Section 7.02 of the Management Agreement is hereby deleted and the following paragraph is hereby substituted in lieu thereof:

 

“7.02.  Duration.  Unless terminated pursuant to Section 7.03 below, this Agreement shall expire or terminate concurrently with the expiration or termination of the Partnership Agreement.”

 

2.Miscellaneous.  The Management Agreement, as amended by this Amendment, shall remain in full force and effect, and this Amendment shall be deemed to be incorporated into the Management Agreement and made a part thereof.  This Amendment may be executed by facsimile or PDF and in counterparts, each of which, when so executed, shall be deemed an original, and all such counterparts together shall constitute one and the same instrument.  This Amendment is executed in the State of North Carolina and shall be governed by and interpreted in accordance with the laws of the State of North Carolina, without reference to its conflict of laws provisions.

 

[Signature page follows on next page.]

 

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be executed on its behalf by its duly authorized representative effective as of the date first written above.

 

 

	
 
	
COCA-COLA BOTTLING CO. CONSOLIDATED

	
 
	
 
	
 
	
 

	
 
	
By:
	
 
	
/s/ E. Beauregarde Fisher III

	
 
	
 
	
 
	
Name: E. Beauregarde Fisher III

	
 
	
 
	
 
	
Title:   Executive Vice President and General Counsel

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
Piedmont Coca-Cola Bottling Partnership

	
 
	
 
	
 
	
 

	
 
	
By:
	
 
	
Coca-Cola Bottling Co. Consolidated, its manager

	
 
	
 
	
 
	
 

	
 
	
By:
	
 
	
/s/ E. Beauregarde Fisher III

	
 
	
 
	
 
	
Name: E. Beauregarde Fisher III

	
 
	
 
	
 
	
Title:   Executive Vice President

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
CCBC OF WILMINGTON, INC.

	
 
	
 
	
 
	
 

	
 
	
By:
	
 
	
/s/ E. Beauregarde Fisher III

	
 
	
 
	
 
	
Name: E. Beauregarde Fisher III

	
 
	
 
	
 
	
Title:   Vice President

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
CAROLINA COCA-COLA BOTTLING INVESTMENTS, INC.

	
 
	
 
	
 
	
 

	
 
	
By:
	
 
	
/s/ Brent Hastie

	
 
	
 
	
 
	
Name: Brent Hastie

	
 
	
 
	
 
	
Title:   VP Special Projects

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
COCA-COLA VENTURES, INC.

	
 
	
 
	
 
	
 

	
 
	
By:
	
 
	
/s/ E. Beauregarde Fisher III

	
 
	
 
	
 
	
Name: E. Beauregarde Fisher III

	
 
	
 
	
 
	
Title:   Vice Presidentcoke-ex1056_423.htm

Exhibit 10.56

Amendment No. 1

to the

Coca-Cola Bottling Co. Consolidated

Supplemental Savings Incentive Plan

(As Amended and Restated Effective November 1, 2011)

 

THIS AMENDMENT NO. 1 to the Coca-Cola Bottling Co. Consolidated Supplemental Savings Incentive Plan (as amended and restated effective November 1, 2011) (the “Plan”) is adopted by the Committee.

 

WHEREAS, Coca-Cola Bottling Co. Consolidated (the “Company”) has adopted and maintained the Plan to provide benefits to selected key employees;

 

WHEREAS, the Plan authorizes the Committee to make amendments to the Plan; and

 

WHEREAS, the Committee desires to amend the Plan to include greater flexibility in the amount of the Matching Contribution provided under the Plan.

 

NOW THEREFORE, effective as of January 1, 2013 a new Subsection (c) is added to Section 3.1 of the Plan to read as follows:

 

	
 
	
 “(c)
	
Post-2012 Matching Contributions:  The Plan Administrator, in his or her sole and absolute discretion, may change the amount of the Matching Contribution described in Subsection (b) of this Section for any Plan Year beginning after the 2012 Plan Year, from time to time with respect to payroll periods subsequent to the adoption of such change; provided, however, that any such change may not cause an increase to the Matching Contribution described in Subsection (b) of this Section.”

 

The Coca-Cola Bottling Co. Consolidated Supplemental Savings Incentive Plan (as amended and restated effective November 1, 2011), as amended by this Amendment No. 1, is hereby ratified and confirmed in all respects.

 

	
 
	
Compensation Committee of the Board of

	
 
	
Directors of Coca-Cola Bottling Co.

Consolidated

	
 
	
 
	
 
	
 

	
 
	
By:
	
 
	
/s/ Umesh Kasbekar

	
 
	
 
	
 
	
Umesh Kasbekar

 

Date: May 31, 2013coke-ex1058_422.htm

Exhibit 10.58

AMENDMENT NO. 1

TO THE

COCA-COLA BOTTLING CO. CONSOLIDATED

DIRECTOR DEFERRAL PLAN

(AS AMENDED AND RESTATED EFFECTIVE AS OF JANUARY 1, 2014)

 

THIS AMENDMENT NO. 1 to the Coca-Cola Bottling Co. Consolidated Director Deferral Plan (as amended and restated effective as of January 1, 2014) (the “Plan”) is adopted by the Committee.

 

WHEREAS, Coca-Cola Bottling Co. Consolidated (the “Company”) has adopted and maintained the Plan to permit non-employee directors to defer payment of director fees;

 

WHEREAS, the Plan authorizes the Committee to make amendments to the Plan; and

 

WHEREAS, the Committee desires to amend the Plan to increase the age at which Plan benefits must be distributed.

 

NOW THEREFORE, the Plan shall be amended effective as of January 1, 2014 to delete Section 5.2 in its entirety and replace it with the following:

 

	
 
	
“5.2
	
Payment Elections.  
	
 

(a)Class Year Payment Elections.  For each Plan Year beginning after 2013, a Participant shall make a payment election from among the available forms and timing of payment set forth in Section 5.2(b) that shall apply to the Class Year Deferral for such Plan Year.  

(b)Forms and Timing of Payment.  A Participant shall elect from among the following forms of payment for each Class Year Deferral.  The Participant may elect one form of payment to apply if payment is made on account of the Participant’s Termination of Service and a different form of payment to apply if payment is made on account of reaching a designated date in accordance with the following:

(i)Lump Sum Payment Due to Termination of Service.  The balance of the applicable Class Year Deferral shall be payable on account of the Participant’s Termination of Service to the Participant (or Beneficiary in case of death) in a single lump sum payment as soon as practicable (but no later than 60 days) after such Termination of Service.  Notwithstanding the preceding sentence, if the Participant attains age 79 before the Participant’s Termination of Service, such lump sum payment shall be paid in the calendar quarter next following the calendar quarter in which the Participant attains age 79.

(ii)Lump Sum Payment as of a Designated Date.  The balance of the applicable Class Year Deferral shall be payable, on account of reaching a date designated by the Participant, in a single lump sum payment as of such designated date; provided, however, that such designated date may not be earlier than the beginning of the second Plan Year following the Plan Year to which the Class Year Deferral applies or later than the calendar year in which the 

Participant attains age 79.  Notwithstanding the preceding sentence, if the Participant has a Termination of Service before the date designated by the Participant, payment shall be made in the form elected by the Participant pursuant to Section 5.2(b) to apply upon Termination of Service.

(iii)Monthly Installments Due to Termination of Service.  The balance of the applicable Class Year Deferral shall be payable on account of the Participant’s Termination of Service to the Participant (or Beneficiary in case of death) in monthly installments over a period of 5, 10 or 15 years commencing as soon as practicable (but no later than 60 days) after such Termination of Service.  Notwithstanding the preceding sentence, if the Participant attains age 79 before the Participant’s Termination of Service, such monthly installments shall commence to be paid in the calendar quarter next following the calendar quarter in which the Participant attains age 79.

(iv)Monthly Installments as of a Designated Date.  The balance of the applicable Class Year Deferral shall be payable, on account of reaching a date designated by the Participant, in monthly installments over a period of 5, 10 or 15 years commencing as of such designated date; provided, however, that such designated date shall not be earlier than the beginning of the second Plan Year following the Plan Year to which the Class Year Deferral applies or later than the calendar year in which the Participant attains age 79.  Notwithstanding the preceding sentence, if the Participant has a Termination of Service before the date designated by the Participant, payment shall be made in the form elected by the Participant pursuant to Section 5.2(b) to apply upon Termination of Service.

(v)Default Election.  If a Participant described in Section 5.2(a) fails to make a class year payment election for a Class Year Deferral in accordance with the provisions of this Section, the Participant shall be deemed to have elected for such Class Year Deferral a lump sum payment commencing at Termination of Service as described in Section 5.2(b)(i).

(c)Subsequent Changes to Payment Elections.  A Participant may change the form or timing of the payment elected under Section 5.2(b), or the form or timing of payment subsequently elected under this Section 5.2(c), with respect to a Class Year Deferral only if (i) such election is made at least 12 months prior to the date the payment of the Class Year Deferral would have otherwise commenced, and (ii) the effect of such election is to defer commencement of such payments by at least 5 years.  Notwithstanding any other provision of this Subsection, no election may be made under this Subsection if the effect of such election would be to commence payment of the Participant’s Class Year Deferral after the Participant’s attainment of age 79.”

The Coca-Cola Bottling Co. Consolidated Director Deferral Plan (as amended and restated effective January 1, 2014), as amended by this Amendment No. 1, is hereby ratified and confirmed in all respects.

 

	
 
	
Plan Administrator of the plan

	
 
	
 
	
 
	
 

	
 
	
By:
	
 
	
/s/ Clifford M. Deal, III

	
 
	
 
	
 
	
Clifford M. Deal, III

 

Date:  December 10, 2013

2

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