Document:

EX-10.1

DISCRETIONARY INVESTMENT MANAGEMENT AGREEMENT

This DISCRETIONARY INVESTMENT MANAGEMENT AGREEMENT (the “Agreement”) is made as of the 14
day of May, 2008, and is between GOLDMAN SACHS ASSET MANAGEMENT L.P., a limited partnership
organized under the laws of the State of Delaware (the “Manager”), and ALLIED WORLD REINSURANCE
COMPANY, a New Jersey Company (the “Customer”).

WHEREAS, the Manager is engaged in the business of providing investment advisory and
management services;

WHEREAS, the Manager is headquartered in New York, New York and has significant assets and
employees in the United States in connection with providing investment advisory and management
services; and

WHEREAS, the Customer wishes to use the investment management services of the Manager in
respect of the Customer’s entire investment portfolio and the Manager is willing to provide such
services subject to the terms and conditions set forth below.

THE PARTIES AGREE THAT:

1. Appointment and Acceptance.

1.1 The Manager is hereby appointed as the investment manager of the Account (as defined in
Section 2) for the purpose of selecting and executing transactions which are in compliance with the
investment guidelines (as set out in Appendix A, the “Guidelines”) as agent of the Customer, and
the Manager hereby accepts such appointment. Notwithstanding anything in this Agreement to the
contrary, the Manager may, at its own discretion, delegate any or all of its discretionary
investment, advisory and other rights, powers, functions and obligations hereunder to any affiliate
of the Manager, without further consent of the Customer; provided that the Manager shall always
remain liable to the Customer for its obligations hereunder and for all actions of any such
affiliates to the same extent as the Manager is liable for its own actions hereunder. In such
event, references herein to the Manager shall be deemed to be references to the relevant affiliate
to which the Manager delegates responsibilities hereunder. The Manager is regulated by the
Securities and Exchange Commission in the conduct of its investment business in the United States.

1.2 The Customer may from time to time, upon at least 10 day’s written notice to the Manager,
amend the Guidelines; provided that the Customer may not amend the Guidelines to impose additional
monitoring, reporting or other material obligations on the Manager without the Manager’s consent.
In the event of an amendment to the Guidelines, the parties shall mutually agree to an appropriate
fee schedule for any additional asset class and if the parties cannot mutually agree in good faith
to an appropriate fee schedule within 10 days after the receipt of notice by the Manager, the
Customer shall have the right to select another investment manager for the applicable portion of
the Account, provided, however, that in such event the Customer shall provide the Manager with
written notice of the identity of, and fee arrangement with, such other investment manager and the
Manager shall have a right of first refusal to retain management of the assets hereunder under that
fee arrangement.

1.3 The Manager may in its sole discretion, in accordance with the Guidelines, invest the
Account in any investment company, unit trust or other collective investment fund, registered or
non-registered, for which the Manager or any of its affiliates serves as investment
adviser (“Affiliated Fund(s)”); provided, however, that any such Affiliated Fund shall be a money
market sweep vehicle or similar fund for the management of short-term cash balances in the
Account. In connection with such investments in an Affiliated Fund, the Customer will pay all
fees associated with investing in the Affiliated Fund, and any Affiliated Fund’s advisory or
administrative fee will not be offset against fees payable in accordance with the fee schedule
hereunder. The Customer acknowledges that the fees paid in connection with an Affiliated Fund may
be higher than fees for certain comparable, non-affiliated collective investment funds. Except as
permitted by the first sentence of this Section 1.3, the Manager shall not invest the Account in
any Affiliated Fund.

2. Account

2.1 The “Account” shall initially consist of the cash and other assets of the Customer listed
in the schedule of assets separately furnished in writing to the Manager by the Customer. Any
cash, securities or other assets delivered by the Customer to its Custodian (as defined in Section
5) or deposited by the Customer in its account designated for such purpose by notice to the
Manager, plus all investments, reinvestments and proceeds of the sale thereof, including, without
limitation, all interest, dividends and appreciation on investments shall also comprise part of the
“Account”. The Account may be divided into one or more “Sub-Accounts” with each subject to separate
fee schedules and Guidelines. The Customer shall notify the Manager of any additions made to , or
withdrawals made from, the Account; it being understood and agreed, that the Customer shall not
withdraw funds from the Account in order to invest such funds, including without limitation in any
other money market investment vehicle.

2.2 In the event that the Customer notifies the Manager of a pending addition to the Account
on a specified future date, the Manager shall have the authority to effect transactions on behalf
of the Customer for settlement on or after the specified date on the assumption that such assets
shall become part of the Account by such date and the Customer shall be responsible for all
transactions effected on the basis of such assumption.

3. Authority of Manager.

3.1 The Manager is hereby authorized to supervise and direct the investment and reinvestment
of the assets in the Account, with full authority and at its discretion, on the Customer’s behalf
and at the Customer’s risk, subject to the terms of this Agreement and the Guidelines.

3.2 Failure to comply with any specific guideline or restriction contained in the Guidelines
because of market fluctuation, changes in the capital structure of any Account company, rating
agency or credit rating changes, or withdrawals or other events outside of the Manager’s control
will not be deemed a breach of the Guidelines or this Agreement, provided that (i) the Manager
cures such failure to comply as soon as practicable after its discovery by the Manager, or (ii) the
Manager believes that such a cure would not be in the best interests of the Customer, the Manager
promptly notifies the Customer of such non-compliance and its belief with respect to cure, and the
Customer provides written notice instructing the Manager to allow the Account to remain outside the
Guidelines in respect of such non-compliance.

3.3 Subject to the Guidelines, the Manager’s authority shall include, without limitation, the
power to buy, sell, retain, exchange or otherwise deal in investments and effect transactions; and
to exercise all such other powers as the Manager in its sole discretion deems appropriate in
relation to investing and executing transactions for the Account.

3.4 Subject to any other written instructions of the Customer, the Manager is hereby appointed
the Customer’s agent and attorney-in-fact to exercise in its discretion all rights and perform all
duties which may be exercisable in relation to any assets in the Account, including, without
limitation, the right to vote, tender or exchange any securities in the Account, to execute
waivers, consents and other instruments with respect to such securities, to endorse, transfer or
deliver such securities and to participate in or consent to any, plan of reorganization, merger,
combination, consolidation, liquidation or similar plan with reference to such securities.
Notwithstanding the above, the Customer or its Custodian, and not the Manager, shall make any and
all filings in connection with any securities litigation or class action lawsuits involving
securities held or that were held in the Account. However, the Manager shall not incur
any liability to the Customer by reason of any exercise of, or failure to exercise, any such
discretion, and further, the Manager shall not incur any liability for any failure arising from an
act or omission of a person other than the Manager, in each case, subject to the Manager’s standard
of liability as set forth in Section 7.1 hereof. The Customer understands that the Manager may,
from time to time and at the Manager’s expense, establish guidelines for the voting of proxies
and employ the services of a proxy voting service in exercising proxy votes.

3.5 The Customer hereby authorizes the Manager to open accounts (for example with brokers and
other market counterparties) and execute documents, warranties, indemnities and representation
letters in the name of, binding against and on behalf of the Customer to the extent customary and
reasonably necessary or desirable in the Manager’s view to carry out the Manager’s activities under
this Agreement.

4. Account Transactions.

4.1 The Manager will place orders for the execution of transactions for the Account on behalf
of the Customer on a best execution basis and in accordance with Part II of the Manager’s Form ADV,
as may be amended from time to time. The Customer authorizes the Manager and its affiliates to
bunch and aggregate orders for the Account. The Manager is not required to aggregate orders. The
Manager hereby notifies the Customer that aggregation affiliates may work against as well as for
the Customer’s interest.

4.2 The Manager may not execute trades with or through itself or any of its affiliates acting
as agent or as principal. The Manager may execute transactions in which the Manager, its
affiliates and/or their personnel have interests as described in Sections 1.3 and 13 hereof. The
Manager is authorized to effect cross transactions between the Account and other accounts managed
by the Manager and its affiliates provided that remuneration paid by the Account for the execution
of such transactions shall be paid to broker-dealers unaffiliated with the Manager and provided,
further, that the terms of such cross transactions are, in the Manager’s reasonable view, fair and
equitable to for the Customer. Such cross transactions enable the Manager to purchase or sell a
block of securities for the Account at a set price and possibly avoid an unfavorable price movement
that may be created through entrance into the market with such purchase or sell order. The Manager
believes that such transactions can provide meaningful benefits for its clients. However, the
Customer should note that the Manager has a potentially conflicting division of loyalties and
responsibilities regarding both parties to such transactions.

4.3 The Manager may cause the Custodian to advance cash on the Customer’s behalf to facilitate
execution and settlement of transactions in the Account.

5. Custody.

The Account shall be held by a custodian (the “Custodian”) appointed by the Customer pursuant
to a separate custody agreement or by the Customer itself. The Manager and, except as may be
otherwise specifically provided by the separate custody agreement, its affiliates shall at no time
have custody or physical control of the assets and cash in the Account. The Customer shall
instruct the Custodian to provide the Manager with such periodic reports concerning the status of
the Account as the Manager may reasonably request from time to time. The Customer will not change
the Custodian without giving the Manager reasonable prior written notice of its intention to do so
together with the name and other relevant information with respect to the new Custodian. The
quarterly fee shall be billed in arrears for each calendar quarter and payable in U.S. dollars
within 30 days upon receipt of a reasonably detailed invoice. The Customer will arrange for the
Custodian to send to the Customer, no less than quarterly, a statement showing all amounts
disbursed from the Customer’s Custodian account to the Manager. Neither the Manager nor its
affiliates shall have any responsibilities for the selection, appointment or monitoring of the
Custodian and shall not be liable for any act or omission of the Custodian.

6. Representations and Warranties.

6.1 The Manager hereby represents and warrants to and agrees with the Customer that:

6.1.1. this Agreement has been duly authorized, executed and delivered by the Manager and
constitutes its legal, valid and binding obligation;

6.1.2. the execution and delivery of this Agreement, the incurrence of the obligations set
forth herein, the consummation of the transactions contemplated herein and the payment (or receipt,
as applicable) of the fees described herein shall not violate or conflict with any constitutive
document, agreement, instrument, law, rule, order or regulation binding on it;

6.1.3. the Manager has and will maintain in full force and effect with respect to itself and
its affiliates, all approvals, consents, registrations, filings and licenses required to enable it
to execute, deliver and perform its obligations under this Agreement.

6.2 The Customer hereby represents and warrants to and agrees with the Manager that:

6.2.1 the Customer is the sole beneficial owner of all assets in the Account, and that no
restrictions exist on the transfer, sale or other disposition of any of those assets and that no
option, lien, charge, security or encumbrance exists or will, due to any act or omission of the
Customer, exist over any of the said assets;

6.2.2 this Agreement has been duly authorized, executed and delivered by the Customer and
constitutes the Customer’s legal, valid and binding obligation;

6.2.3 the Customer shall provide in writing and update as necessary a list of companies in
which the Customer prohibits the Manager from investing, whether for regulatory or other reasons;

6.2.4 (i) all transactions in securities, futures, options, forwards and other instruments and
obligations of any kind relating thereto authorized by the Customer in the Guidelines (collectively
“Obligations”) are within the Customer’s power, are duly authorized by the Customer and, when duly
entered into with a counterparty, will be the legal, valid and binding Obligations of the Customer;
(ii) all transactions and agreements that the Customer has authorized under this Agreement and the
Guidelines which the Manager enters on behalf of the Customer will not violate the constituent
documents of, or any law, rule, regulation, order or judgment binding on the Customer, or any
contractual restriction binding on or affecting the Customer or its properties and no governmental
or other notice or consent is required in connection with the execution, delivery or performance of
this Agreement by the Customer or of any agreements governing or relating to Obligations, subject
to the Manager’s compliance with Section 6.2.3; and (iii) the Customer will give the Manager
reasonable notice of its intention to deal or authorize anyone other than the Manager to deal with
the Account. Furthermore, the Customer agrees to inform the Manager promptly in writing if any
representation, warranty or agreement made by the Customer in this Agreement is no longer true or
requires exception and/or modification to remain true; and

6.2.5. the Customer is a “Qualified Institutional Buyer” as defined under rule 144A under the
Securities Act of 1933.

7. Limitation of Liability; Indemnification.

7.1 The Manager shall not be liable for any expenses, losses, damages, liabilities, demands,
charges and claims of any kind or nature whatsoever (including, without limitation, any legal
expenses and costs and expenses relating to investigating or defending any demands, charges and
claims) (collectively “Losses”) by or with respect to the Account, except to the extent that such
Losses are the result of an act or omission taken or omitted by the Manager during the term of the
Agreement hereunder which constitutes gross negligence, bad faith or willful misconduct with
respect to the Manager’s obligations hereunder (including its obligations to select and execute
transactions in accordance with the Guidelines as described in Section 1 hereof or if the Manager
accepted instructions which do not correspond to terms of Section 8 of this Agreement), with
respect to which the Manager shall remain liable. Without limitation, the Manager shall not have
breached any obligation to the Customer and shall incur no liability for Losses resulting from (i)
the actions of the Customer or its Custodian or other agents, following directions of the Customer
or the Manager’s failure to follow unlawful or unreasonable directions of the Customer or (ii)
force majeure or other events beyond the control of the Manager, including, without limitation, any
failure, default or delay in performance resulting from computer failure, breakdown in
communications or market disruptions not reasonably within the control of the Manager. No warranty
is given by the Manager as to the performance or profitability of the Account or any part thereof
or that the investment objectives of the Account, including, without limitation, its risk control
or return objectives, will be successfully accomplished, and the Manager shall have no liability in
respect of any Losses arising as a result of a change in market conditions, unless resulting from
the Manager’s gross negligence, bad faith or willful misconduct (with respect to which the Manager
shall remain liable).

7.2 The Customer shall reimburse, indemnify and hold harmless the Manager, its affiliates and
their directors, officers and employees and any person controlled by or controlling the Manager
(collectively, the “indemnitees”) for, from and against any and all Losses (i) relating to this
Agreement or the Account arising out of any misrepresentation or act or omission or alleged act or
omission on the part of the Customer, the Custodian or any of their agents or (ii) arising or
relating to any demand, charge or claim in respect of an indemnitees’ acts, omissions,
transactions, duties, obligations or responsibilities arising pursuant to this Agreement, unless
such demand, charge or claim results from the Manager’s gross negligence, bad faith or willful
misconduct or such indemnitees shall have settled such demands, charges and claims without the
Customer’s consent.

7.3 Nothing in this Agreement shall exclude or restrict any duty or liability to the Customer
which the Manager may have under applicable laws, rules or regulations. Additionally, U.S. federal
and state securities laws impose liabilities under certain circumstances on persons who act in good
faith, and nothing in this Agreement shall constitute a waiver or limitation of any rights that the
Customer may have under any applicable U.S. federal or state securities laws.

8. Direction to the Manager

8.1 All directions to the Manager shall be in writing signed either by the Customer or by an
authorized agent of the Customer.

8.2 For this purpose, the term “in writing” shall include directions given by facsimile or
electronic mail. A list of persons authorized to give instructions to the Manager hereunder with
specimen signatures is set out in Appendix C to this Agreement that may be amended from time to
time. The Customer may revise the list of authorized persons from time to time by sending the
Manager a revised list which has been certified either by the Customer or by a duly authorized
agent of the Customer. The Manager shall be entitled to rely upon any direction from, or document
signed by, any person listed in Appendix C of this Agreement. The Manager shall have no liability
in respect of fax transmission errors or interceptions of email communications by unauthorized
persons. The Manager shall be under no duty to make any investigation or inquiry as to any
statement contained in any writing and may accept the same as conclusive evidence of the truth and
accuracy of the statements therein contained.

8.3 Directions given by the Customer to the Manager shall be effective only upon actual
receipt by the Manager and shall be acknowledged by the Manager through its actions, unless the
Customer is advised by the Manager otherwise or unless the Customer requests otherwise in the text
of its directions.

9. Reports and Valuation. The Manager shall provide the Customer with written reports
containing the valuations and status of the Account on a quarterly basis, or otherwise as the
Customer may from time to time reasonably request, except that written confirmations of brokerage
transactions shall be promptly sent solely to the Manager.

10. Non-Assignability. No assignment of this Agreement may be made by any party except
with the written consent of the Customer, provided that an assignment by operation of law shall not
require written consent unless required by applicable law. Subject to the foregoing, the
provisions of this Agreement shall be binding upon and shall inure to the benefit of and be
enforceable by each of the parties hereto and their respective successors and permitted assigns.
The Customer will be notified by the Manager of a change in general partners of the Manager within
a reasonable time thereafter.

11. Confidential Information. All proprietary client information of the Customer and
proprietary information and advice of the Manager (collectively, the “Information”) shall be
treated as confidential by the other party hereto and shall not be disclosed to the public by such
other party except (i) if such Information is or becomes available to the public or industry
sources other than as a result of disclosure by the receiving party or by someone known to such
party to have an obligation to keep such Information confidential; (ii) receiving party can
demonstrate that the Information was in its possession prior to the time of disclosure by the
disclosing party; (iii) the information is independently developed by or for the receiving party by
persons not having access to the Information hereunder; or (iv) the Information is, on the advice
of legal counsel, required to be disclosed by law or by legal process. Notwithstanding the
foregoing, if the receiving party receives a request to disclose all or any part of the Information
under a subpoena or other order issued by a court of competent jurisdiction or by a government
agency, the receiving party shall, if possible: (i) give the disclosing party prompt written
notice of such request; (ii) consult with the disclosing party on the advisability of taking
reasonable steps to resist or narrow that request and if disclosure of that Information is
required, furnish only such portion of the Information as the receiving party is advised by counsel
is legally required to be disclosed; and (iii) cooperate with the disclosing party, at the
disclosing party’s expense, in obtaining protective orders or undertakings that confidential
treatment will be afforded any of such Information so furnished. Notwithstanding the foregoing,
the Customer hereby consents to the disclosure by the Manager of the Customer’s name to brokers and
dealers (including, without limitation, any futures brokers and futures commission merchants if
futures are permitted by the Guidelines) whether executing or clearing, to carry out the Manager’s
activities on behalf of the Customer under this Agreement. Notwithstanding the foregoing, with the
prior written consent of the Customer, the Manager may disclose the Customer’s name to consultants
and prospective clients as part of a representative client list in connection with the compilation
of marketing materials.

The receiving party acknowledges and agrees that, in the event of any breach of this Agreement, the
disclosing party might be irreparably and immediately harmed and unable to be made whole by
monetary damages. It is accordingly agreed that the disclosing party, in addition to any other
remedy to which it may be entitled in law or equity, will be entitled to seek an injunction or
injunctions to remedy breaches of this Agreement.

12. Remuneration. For its discretionary investment management services hereunder, the
Manager shall be entitled to the fees and terms of payment as set forth in Appendix B to this
Agreement, as the same may be amended from time to time by written agreement signed by the Manager
and the Customer. The Manager may, at its discretion, make payments out of such fees to any
affiliate from which the Manager obtains assistance. Custodial fees, if any, are charged
separately by the Custodian for the Account and are not included in Appendix B unless specifically
set forth therein. The Customer shall be responsible for payment of brokerage commissions, transfer
fees, registration costs, taxes and other similar reasonable out of pocket costs and
transaction-related expenses and fees arising out of transactions in/management of the Account and
the Customer hereby authorizes the Manager to incur such expenses for the Account, provided that
any such expenses so incurred are disclosed in reasonable detail in reports contemplated by Section
9 hereof. All fees are exclusive of any value added or similar taxes which, if payable, shall be
payable by the Customer.

13. Services to Other Clients; Certain Affiliated Activities.

13.1 The relationship between the Manager and the Customer is as described in this Agreement
and permits, expressly as set forth herein, the Manager and its affiliates to effect transactions
with or for the Account in instances in which the Manager and its affiliates may have multiple
interests. In this regard the Customer understands that the Manager is part of a worldwide, full
service investment banking, broker-dealer, asset management organization, and as such,
the Manager and its affiliates (the “Firm”) and their managing directors, directors, officers and
employees (“Personnel”) may have multiple advisory, transactional and financial and other interests
in securities, instruments and companies that may be purchased, sold or held by the Manager for the
Account. The Firm may act as adviser to clients in investment banking, financial advisory, asset
management and other capacities related to instruments that may be purchased, sold or held in the
Account, and the Firm may issue, or be engaged as underwriter for the issuer of, instruments that
the Account may purchase, sell or hold. At times, these activities may cause departments of the
Firm to give advice to clients that may cause these clients to take actions adverse to the
interests of the Customer. The Firm and Personnel may act in a proprietary capacity with long or
short positions, in instruments of all types, including those that the Account may purchase, sell
or hold. Such activities could affect the prices and availability of the securities and
instruments that the Manager seeks to buy or sell for the Account, which could adversely impact the
performance of the Account. Personnel may serve as directors of companies the securities of which
the Account may purchase, sell, or hold. The Firm and Personnel may give advice, and take action,
with respect to any of the Firm’s clients or proprietary accounts that may differ from the advice
given, or may involve a different timing or nature of action taken, than with respect to any one or
all of the Manager’s accounts, and effect transactions for such clients or proprietary accounts at
prices or rates that may be more or less favorable than for the Account. The Firm and Personnel
may obtain and keep any profits, commissions and fees accruing to them in connection with other
activities for themselves and other clients and their own accounts and the Manager’s fees as set
forth in this Agreement shall not be abated thereby.

13.2 The Customer understands that the ability of the Manager and its affiliates to effect
and/or recommend transactions may be restricted by applicable regulatory requirements in the United
Kingdom, the European Union, the United States or elsewhere and/or their internal policies designed
to comply with such requirements. As a result, there may be periods when the Manager will not
initiate or recommend certain types of transactions in certain investments when the Manager or its
affiliates are performing investment banking or other services or when aggregated position limits
have been reached and the Customer will not be advised of that fact. Without limitation, when the
Manager or an affiliate is engaged in an underwriting or other distribution of securities of a
company, the Manager may in certain circumstances be prohibited from purchasing or recommending the
purchase of certain securities of that company for its clients.

13.3 The Customer should be aware that from time to time at the Manager’s discretion, advisory
Personnel may consult with Personnel in proprietary trading or other areas of the Firm or form
investment policy committees comprised of such Firm Personnel, and the performance of Firm
Personnel obligations related to their consultation with the Manager could conflict with their
areas of primary responsibility within the Firm. In connection with their activities with the
Manager, such Firm Personnel may receive information regarding the Manager’s proposed investment
activities which is not generally available to the public. However, there will be no obligation on
the part of such Firm Personnel to make available for use by investment management clients of the
Manager any information or strategies known to them or developed in connection with their client,
proprietary or other activities. In addition, the Firm will be under no obligation to make
available any research or analysis prior to its public dissemination. Furthermore, the Firm shall
have no obligation to recommend for purchase or sale by investment management accounts of the
Manager any security that the Firm or Personnel may purchase for themselves or for any other
clients. The Firm shall have no obligation to seek to obtain any material, non-public (“inside”)
information about any issuer of securities, and will not effect transactions for investment
management accounts of the Manager on the basis of any inside information as may come into its
possession.

13.4 In the event that the Manager is authorized to effect transactions in Derivatives
pursuant to the Guidelines, including contingent liability investments, it may settle or close out
such transactions without further reference to the Customer. The Manager may debit the Account
with any sums required to pay or supplement any deposit or margin support of such transaction.

14. Duration and Termination.

14.1 This Agreement may be terminated: (a) by either party upon 30 days’ prior written notice
at any time to the other party; (b) immediately by either party in the event of a material breach
by the other party of the terms of this Agreement and failure to cure such violation within 30 days
of becoming aware of, or receiving notice from, the other party of such violation; or (c) by the
Customer at any time with Cause (as defined below) or upon a Change in Control (as defined below)
of The Goldman Sachs Group, Inc. or the Manager. “Cause” shall mean (a) a willful violation by the
Manager of this Agreement or the Guidelines and (b) suspension of payments by the Manager of its
debts, entry by the Manager into an arrangement with its creditors, cessation of business by the
Manager, or threats by the Manager to cease carrying on its business, or the bankruptcy,
insolvency, liquidation, rehabilitation or reorganization of the Manager, or the appointment of a
receiver, liquidator or rehabilitator to cover the Manager. “Change in Control” shall mean the
acquisition of ownership, directly or indirectly, beneficially or of record, by any person or group
(within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and
Exchange Commission thereunder as in effect on the date hereof), of interests representing more
than 50% of the voting interest of a corporation or other entity, but excluding any such person or
group that owns interests representing more than 50% of such voting interests on the date hereof.

14.2 Upon termination in accordance with this Section, the Customer will pay the fees of the
Manager referred to in Section 13 of this Agreement prorated to the date of termination and the
Customer shall honor any trades entered but not settled before the date of any such termination.
Sections 6, 7, 11, 12 and 20 shall survive the termination of this Agreement. Upon termination,
except as the Customer may otherwise direct, the Account will be liquidated in an orderly manner at
a fee to be agreed between the parties.

15. Notices. Except as otherwise specifically provided in Section 8, all notices
shall be deemed duly given when sent in writing to the appropriate party at the addresses appearing
at the end of this Agreement for each signatory hereto, or to such other address as shall be
notified in writing by that party to the other party from time to time or, if sent by facsimile
transmission, upon transmission.

16. Entire Agreement; Amendment, Etc.

16.1 This Agreement, including the Appendices attached hereto, states the entire agreement of
the parties with respect to management of the Account and no variation to this Agreement shall be
effective unless amended by a writing signed by the parties hereto.

16.2 In the event that any term, condition or provision of this Agreement is held to be a
violation of any applicable law, statute or regulation the same shall be deemed to be deleted from
this Agreement and shall be of no force and effect and this Agreement shall remain in full force
and effect as if such term, condition or provision had not originally been contained in this
Agreement. Notwithstanding the foregoing, in the event of such deletion the parties shall
negotiate in good faith in order to agree to the terms of a mutually acceptable and satisfactory
alternative provision in place of the provision so deleted.

16.3. A person who is not a party to this Agreement has no right to enforce any term of this
Agreement.

17. Effective Date. This Agreement shall become effective on the day and
year first written above. The Manager shall commence its discretionary investment management
activities, as contemplated under the Agreement, on the earlier of the date of (i) execution of
this Agreement by each of the parties, (ii) the receipt by the Manager of confirmation in writing
from the Custodian that either cleared funds are available to the Manager for investment on behalf
of the Customer or that assets initially comprising the Account have been delivered to the
Custodian and are available for disposition by the Manager, or (iii) such other date agreed upon in
writing between the Manager and the Customer.

18. Complaints. Without prejudice to any and all rights that the Customer may have
under this Agreement and applicable law, all formal complaints should in the first instance be made
in writing to the Chief Executive Officer of the Manager, 32 Old Slip, New York, NY 10004.

19. Miscellaneous. The Customer agrees that telephone conversations between it and
the Manager and its affiliates may be recorded. The Customer will inform its employees and
subcontractors of such recording and obtain any statements of consent that are necessary.

20. Governing Law. This Agreement shall be governed by, and construed in accordance
with the laws of the State of New York. The parties to this Agreement agree that any disagreement,
dispute, claim or defense arising in, under or related to this Agreement including but not limited
to, any performance, duty, obligation, benefit, or interpretation pertinent to the Agreement shall
be brought in federal court located in the City of New York.

1

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed the day and
year first above written.

	 	 	 
	GOLDMAN SACHS ASSET MANAGEMENT, L.P.

By: /s/ David K. Kaugher               

	 	ALLIED WORLD REINSURANCE COMPANY

By: /s/ Scott Carmilani                  
	 

	 	 
	Name: David K. Kaugher

Title: Managing Director

Notice Address:

	 	Name: Scott Carmilani

Title: Director

Notice Address:
	Goldman Sachs Asset Management, L.P.

32 Old Slip

New York, NY 10004

Fax: (212) 428-9303

	 	27 Richmond Road

Pembroke, HM 08

Bermuda

Fax: (441) 295-7142

2EX-10.1

Exhibit 10.1

NASH-FINCH COMPANY

2000 STOCK INCENTIVE PLAN

(as amended February 25, 2008)

1. Purpose of Plan.

The purpose of the Nash-Finch Company 2000 Stock Incentive Plan (the “Plan”) is to
support the maximization of long-term value creation for Nash-Finch Company (the “Company”) and its
stockholders by enabling the Company and its Subsidiaries to attract and retain persons of ability
to perform services for the Company and its Subsidiaries by providing an incentive to such
individuals through equity participation in the Company and by rewarding such individuals who
contribute to the achievement by the Company of its economic objectives.

2. Definitions.

The following terms will have the meanings set forth below, unless the context clearly
otherwise requires:

2.1 “Board” means the Board of Directors of the Company.

2.2 “Broker Exercise Notice” means a written notice pursuant to which a Participant,
upon exercise of an Option, irrevocably instructs a broker or dealer to sell a sufficient number of
shares or loan a sufficient amount of money to pay all or a portion of the exercise price of the
Option and/or any related withholding tax obligations and remit such sums to the Company and
directs the Company to deliver stock certificates to be issued upon such exercise directly to such
broker or dealer.

2.3 “Change in Control” means an event described in Section 13.1 of the Plan.

2.4 “Code” means the Internal Revenue Code of 1986, as amended.

2.5 “Committee” means the group of individuals administering the Plan, as provided in
Section 3 of the Plan.

2.6 “Common Stock” means the common stock of the Company, $1.66-2/3 par value, or the
number and kind of shares of stock or other securities into which such common stock may be changed
in accordance with Section 4.3 of the Plan.

2.7 “Disability” means the disability of the Participant such as would entitle the
Participant to receive disability income benefits pursuant to the long-term disability plan of the
Company or Subsidiary then covering the Participant or, if no such plan exists or is applicable to
the Participant, the permanent and total disability of the Participant within the meaning of
Section 22(e)(3) of the Code.

2.8 “Eligible Recipients” means all employees of the Company or any Subsidiary and any
non-employee directors, consultants and independent contractors of the Company or any Subsidiary.

2.9 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

2.10 “Fair Market Value” means, with respect to the Common Stock, as of any date (or,
if no shares were traded or quoted on such date, as of the next preceding date on which there was
such a trade or quote) (a) the mean between the reported high and low sale prices of the Common
Stock during the regular trading session if the Common Stock is listed, admitted to unlisted
trading privileges or reported on any foreign or national securities exchange or on the Nasdaq
National Market or an equivalent foreign market on which sale prices are reported; (b) if the
Common Stock is not so listed, admitted to unlisted trading privileges or reported, the closing bid
price as reported by the Nasdaq SmallCap Market, OTC Bulletin Board or the National Quotation
Bureau, Inc. or other comparable service; or (c) if the Common Stock is not so listed or reported,
such price as the Committee determines in good faith in the exercise of its reasonable discretion.

2.11 “Incentive Award” means an Option, Stock Appreciation Right, Restricted Stock
Award, Performance Unit or Stock Bonus granted to an Eligible Recipient pursuant to the Plan.

2.12 “Incentive Stock Option” means a right to purchase Common Stock granted to an
Eligible Recipient pursuant to Section 6 of the Plan that qualifies as an “incentive stock option”
within the meaning of Section 422 of the Code.

2.13 “Non-Statutory Stock Option” means a right to purchase Common Stock granted to an
Eligible Recipient pursuant to Section 6 of the Plan that does not qualify as an Incentive Stock
Option.

2.14 “Option” means an Incentive Stock Option or a Non-Statutory Stock Option.

2.15 “Participant” means an Eligible Recipient who receives one or more Incentive
Awards under the Plan.

2.16 “Performance Criteria” means the performance criteria that may be used by the
Committee in granting Performance Units or Restricted Stock Awards contingent upon achievement of
performance goals, consisting of specified levels of, or relating to:

	 	•	 	customer satisfaction as measured by a Company sponsored customer survey;

	 	•	 	employee engagement or employee relations as measured by a Company sponsored survey;

	 	•	 	employee safety;

	 	•	 	employee diversity;

	 	•	 	financial performance as measured by net sales, operating income, income before
income taxes, net income, net income per share (basic or diluted), earnings before
interest, taxes depreciation and amortization (EBITDA) (with or without adjustments
prescribed in any Company credit facility), profitability as measured by return ratios
(including return on assets, return on equity, return on investment and return on
sales), cash flows, market share, cost reduction goals, margins (including one or more
of gross, operating and net income margins), stock price, total return to stockholders,
economic value added, working capital and productivity improvements;

	 	•	 	retail store performance as determined by independent assessment; and

	 	•	 	operational performance as measured by on-time delivery, fill rate, selector
accuracy, cost per case, sales per square foot, sales per labor hour and other,
similar, objective productivity measures.

The Committee may select one criterion or multiple criteria for measuring performance, and the
measurement may be based upon Company, Subsidiary or business unit performance, either absolute or
by relative comparison to other companies or any other external measure of the selected criteria.
The Committee may also determine that any of these performance goals shall be calculated by
including or excluding any one or more specific items or categories of items (including
projections) as designated by the Committee.

2.17 “Performance Unit” means a right granted to an Eligible Recipient pursuant to
Section 9 of the Plan to receive a payment from the Company, in the form of stock, cash or a
combination of both, upon the achievement of Performance Criteria or other established employment,
service, performance or other goals during a specified period.

2.18 “Previously Acquired Shares” means shares of Common Stock that are already owned
by the Participant or, with respect to any Incentive Award, that are to be issued upon the grant,
exercise or vesting of such Incentive Award.

2.19 “Restricted Stock Award” means an award of Common Stock granted to an Eligible
Recipient pursuant to Section 8 of the Plan that is subject to the restrictions on transferability
and the risk of forfeiture imposed by the provisions of such Section 8.

2.20 “Retirement” means termination of employment or service pursuant to and in
accordance with the regular (or, if approved by the Board for purposes of the Plan, early)
retirement/pension plan or practice of the Company or Subsidiary then covering the Participant,
provided that if the Participant is not covered by any such plan or practice, the Participant will
be deemed to be covered by the Company’s plan or practice for purposes of this determination.

2.21 “Securities Act” means the Securities Act of 1933, as amended.

2.22 “Stock Appreciation Right” means a right granted to an Eligible Recipient
pursuant to Section 7 of the Plan to receive a payment from the Company, in the form of stock, cash
or a combination of both, equal to the difference between the Fair Market Value of one or more
shares of Common Stock and the exercise price of such shares under the terms of such Stock
Appreciation Right.

2.23 “Stock Bonus” means an award of Common Stock granted to an Eligible Recipient
pursuant to Section 10 of the Plan.

2.24 “Subsidiary” means any entity that is directly or indirectly controlled by the
Company or any entity in which the Company has a significant equity interest, as determined by the
Committee.

2.25 “Tax Date” means the date any withholding tax obligation arises under the Code or
other applicable tax statute for a Participant with respect to an Incentive Award.

3. Plan Administration.

3.1 The Committee. The Plan will be administered by the Board or by a committee of
the Board. So long as the Company has a class of its equity securities registered under Section 12
of the Exchange Act, any committee administering the Plan will consist solely of two or more
members of the Board who are “non-employee directors” within the meaning of Rule 16b-3 under the
Exchange Act and, if the Board so determines in its sole discretion, who are “outside directors”
within the meaning of Section 162(m) of the Code. Such a committee, if established, will act by
majority approval of the members (but may also take action with the written consent of all of the
members of such committee), and a majority of the members of such a committee will constitute a
quorum. As used in the Plan, “Committee” will refer to the Board or to such a committee, if
established. To the extent consistent with applicable corporate law of the Company’s jurisdiction
of incorporation, the Committee may delegate to any officers of the Company the duties, power and
authority of the Committee under the Plan pursuant to such conditions or limitations as the
Committee may establish; provided, however, that only the Committee may exercise such duties, power
and authority with respect to Eligible Recipients who are subject to Section 16 of the Exchange
Act. The Committee may exercise its duties, power and authority under the Plan in its sole and
absolute discretion without the consent of any Participant or other party, unless the Plan
specifically provides otherwise. Each determination, interpretation or other action made or taken
by the Committee pursuant to the provisions of the Plan will be final, conclusive and binding for
all purposes and on all persons, including, without limitation, the Company, the stockholders of
the Company, the participants and their respective successors-in-interest. No member of the
Committee will be liable for any action or determination made in good faith with respect to the
Plan or any Incentive Award granted under the Plan.

3.2 Authority of the Committee.

(a) In accordance with and subject to the provisions of the Plan, the Committee will
have the authority to determine all provisions of Incentive Awards as the Committee may deem
necessary or desirable and as consistent with the terms of the Plan, including, without
limitation, the following: (i) the Eligible Recipients to be selected as Participants; (ii)
the nature and extent of the Incentive Awards to be made to each Participant (including the
number of shares of Common Stock to be subject to each Incentive Award, any exercise price,
the manner in which Incentive Awards will vest or become exercisable and whether Incentive
Awards will be granted in tandem with other Incentive Awards) and the form of written
agreement, if any, evidencing such Incentive Award; (iii) the time or times when Incentive
Awards will be granted; (iv) the duration of each Incentive Award; and (v) the restrictions
and other conditions to which the payment or vesting of Incentive Awards may be subject. In
addition, the Committee will have the authority under the Plan in its sole discretion to pay
the economic value of any Incentive Award in the form of cash, Common Stock or any
combination of both.

(b) The Committee will have the authority under the Plan to amend or modify the terms
of any outstanding Incentive Award in any manner, including, without limitation, the
authority to modify the number of shares or other terms and conditions of an Incentive
Award, extend the term of an Incentive Award or accelerate the exercisability or vesting or
otherwise terminate any restrictions relating to an Incentive Award; provided, however, that
the amended or modified terms are permitted by the Plan as then in effect and that any
Participant adversely affected by such amended or modified terms has consented to such
amendment or modification. No amendment or modification to an Incentive Award, whether
pursuant to this Section 3.2 or any other provisions of the Plan, will be deemed to be a
re-grant of such Incentive Award for purposes of this Plan.

(c) In the event of (i) any reorganization, merger, consolidation, recapitalization,
liquidation, reclassification, stock dividend, stock split, combination of shares, rights
offering, extraordinary dividend or divestiture (including a spin-off) or any other change
in corporate structure or shares; (ii) any purchase, acquisition, sale, disposition or
write-down of a significant amount of assets or a significant business; (iii) any change in
accounting principles or practices, tax laws or other such laws or provisions affecting
reported results; (iv) any uninsured catastrophic losses or extraordinary non-recurring
items as described in Accounting Principles Board Opinion No. 30 or in management’s
discussion and analysis of financial performance appearing in the Company’s annual report to
stockholders for the applicable year; or (v) any other similar change, in each case with
respect to the Company or any other entity whose performance is relevant to the grant or
vesting of an Incentive Award, the Committee (or, if the Company is not the surviving
corporation in any such transaction, the board of directors of the surviving corporation)
may, without the consent of any affected Participant, amend or modify the vesting criteria
(including Performance Criteria) of any outstanding Incentive Award that is based in whole
or in part on the financial performance of the Company (or any Subsidiary or division
thereof) or such other entity so as equitably to reflect such event, with the desired result
that the criteria for evaluating such financial performance of the Company or such other
entity will be substantially the same (in the sole discretion of the Committee or the board
of directors of the surviving corporation) following such event as prior to such event;
provided, however, that the amended or modified terms are permitted by the Plan as then in
effect.

(d) Notwithstanding any other provision of this Plan other than Section 4.3, the
Committee may not, without prior approval of the Company’s stockholders, seek to effect any
re-pricing of any previously granted, “underwater” Option by: (i) amending or modifying the
terms of the Option to lower the exercise price; (ii) canceling the underwater Option and
granting either (A) replacement Options having a lower exercise price; (B) Restricted Stock
Awards; or (C) Performance Units in exchange; or (iii) repurchasing the underwater Options
and granting new Incentive Awards under this Plan. For purposes of this Section 3.2(d), an
Option will be deemed to be “underwater” at any time when the Fair Market Value of the
Common Stock is less than the exercise price of the Option.

4. Shares Available for Issuance.

4.1 Maximum Number of Shares Available. Subject to adjustment as provided in
Section 4.3 of the Plan, the maximum number of shares of Common Stock that will be available for
issuance under the Plan will be 2,100,000 shares of Common Stock, plus any shares of Common Stock
which, as of the date the Plan is approved by the stockholders of the Company, are reserved for
issuance under the Company’s 1994 Stock Incentive Plan, as amended, and which are not thereafter
issued or which have been issued but are subsequently forfeited and which would otherwise have been
available for further issuance under such plan. Notwithstanding any other provisions of the Plan
to the contrary, (i) no Participant in the Plan may be granted any Options or Stock Appreciation
Rights, or any other Incentive Awards with a value based solely on an increase in the value of the
Common Stock after the date of grant, relating to more than 120,000 shares of Common Stock in the
aggregate in any fiscal year of the Company; provided, however, that a Participant who is first
appointed or elected as an officer, hired as an employee or retained as a consultant by the Company
or who receives a promotion that results in an increase in responsibilities or duties may be
granted, during the fiscal year of such appointment, election, hiring, retention or promotion,
Options relating to up to 200,000 shares of Common Stock; and (ii) the 1,000,000 shares of Common
Stock that were reserved for issuance under the Plan effective February 22, 2005 shall be granted
solely pursuant to Performance Units and will consist of shares of the Company’s treasury stock.
All of the foregoing limitations in clauses (i) and (ii) are subject to adjustment as provided in
Section 4.3 of the Plan.

4.2 Accounting for Incentive Awards. Shares of Common Stock that are issued under the
Plan or that are subject to outstanding Incentive Awards will be applied to reduce the maximum
number of shares of Common Stock remaining available for issuance under the Plan. Any shares of
Common Stock that are subject to an Incentive Award that lapses, expires, is forfeited in whole or
part (including shares subject to the Incentive Award that are withheld to satisfy withholding or
employment-related tax obligations) or for any reason is terminated unexercised or unvested and any
shares of Common Stock that are subject to an Incentive Award that is settled or paid in cash or
any form other than shares of Common Stock will automatically again become available for issuance
under the Plan.

4.3 Adjustments to Shares and Incentive Awards. In the event of any reorganization,
merger, consolidation, recapitalization, liquidation, reclassification, stock dividend, stock
split, combination of shares, rights offering, divestiture or extraordinary dividend (including a
spin-off) or any other change in the corporate structure or shares of the Company, the Committee
(or, if the Company is not the surviving corporation in any such transaction, the board of
directors of the surviving corporation) will make appropriate adjustment (which determination will
be conclusive) as to the number and kind of securities or other property (including cash) available
for issuance or payment under the Plan and, in order to prevent dilution or enlargement of the
rights of Participants, (a) the number and kind of securities or other property (including cash)
subject to outstanding Options, and (b) the exercise price of outstanding Options.

1

5. Participation.

Participants in the Plan will be those Eligible Recipients who, in the judgment of the
Committee, have contributed, are contributing or are expected to contribute to the creation of
value for the Company and its stockholders. Eligible Recipients may be granted from time to time
one or more Incentive Awards, singly or in combination or in tandem with other Incentive Awards, as
may be determined by the Committee in its sole discretion. Incentive Awards will be deemed to be
granted as of the date specified in the grant resolution of the Committee, which date will be the
date of any related agreement with the Participant.

6. Options.

6.1 Grant. An Eligible Recipient may be granted one or more Options under the Plan,
and such Options will be subject to such terms and conditions, consistent with the other provisions
of the Plan, as may be determined by the Committee in its sole discretion. The Committee may
designate whether an Option is to be considered an Incentive Stock Option or a Non-Statutory Stock
Option. To the extent that any Incentive Stock Option granted under the Plan ceases for any reason
to qualify as an “incentive stock option” for purposes of Section 422 of the Code, such Incentive
Stock Option will continue to be outstanding for purposes of the Plan but will thereafter be deemed
to be a Non-Statutory Stock Option.

6.2 Exercise Price. The per share price to be paid by a Participant upon exercise of
an Option will be determined by the Committee in its discretion at the time of the Option grant;
provided, however, that such price will not be less than 100% of the Fair Market Value of one share
of Common Stock on the date of grant or, with respect to an Incentive Stock Option, 110% of the
Fair Market Value if, at the time the Incentive Stock Option is granted, the Participant owns,
directly or indirectly, more than 10% of the total combined voting power of all classes of stock of
the Company or any parent or subsidiary corporation of the Company).

6.3 Exercisability and Duration. An Option will become exercisable at such times and
in such installments as may be determined by the Committee in its sole discretion at the time of
grant; provided, however, that no Option may be exercisable prior to six months from its date of
grant (other than in connection with a Participant’s death or Disability) and no Option may be
exercisable after 10 years from its date of grant (or, in the case of an Incentive Stock Option,
five years from its date of grant if, at the time the Incentive Stock Option is granted, the
Participant owns, directly or indirectly, more than 10% of the total combined voting power of all
classes of stock of the Company or any parent or subsidiary corporation of the Company).

6.4 Payment of Exercise Price. The total purchase price of the shares to be purchased
upon exercise of an Option will be paid entirely in cash (including check, bank draft or money
order); provided, however, that the Committee, in its sole discretion and upon terms and conditions
established by the Committee, may allow such payments to be made, in whole or in part, by tender of
a Broker Exercise Notice, Previously Acquired Shares (including through delivery of a written
attestation of ownership of such Previously Acquired Shares if permitted, and on terms acceptable,
to the Committee in its sole discretion), a promissory note (on terms acceptable to the Committee
in its sole discretion) or by a combination of such methods.

6.5 Manner of Exercise. An Option may be exercised by a Participant in whole or in
part from time to time, subject to the conditions contained in the Plan and in the agreement
evidencing such Option, by delivery in person, by facsimile or electronic transmission or through
the mail of written notice of exercise to the Company (Attention: Secretary) at its principal
executive office in Minneapolis, Minnesota and by paying in full the total exercise price for the
shares of Common Stock to be purchased in accordance with Section 6.4 of the Plan.

6.6 Aggregate Limitation of Stock Subject to Incentive Stock Options. To the extent
that the aggregate Fair Market Value (determined as of the date an Incentive Stock Option is
granted) of the shares of Common Stock with respect to which incentive stock options (within the
meaning of Section 422 of the Code) are exercisable for the first time by a Participant during any
calendar year (under the Plan and any other incentive stock option plans of the Company or any
subsidiary or parent corporation of the Company (within the meaning of the Code)) exceeds $100,000
(or such other amount as may be prescribed by the Code from time to time), such excess Options will
be treated as Non-Statutory Stock Options. The determination will be made by taking incentive
stock options into account in the order in which they were granted. If such excess only applies to
a portion of an Incentive Stock Option, the Committee, in its discretion, will designate which
shares will be treated as shares to be acquired upon exercise of an Incentive Stock Option.

7. Stock Appreciation Rights.

7.1 Grant. An Eligible Recipient may be granted one or more Stock Appreciation Rights
under the Plan, and such Stock Appreciation Rights will be subject to such terms and conditions,
consistent with the other provisions of the Plan, as may be determined by the Committee in its sole
discretion. The Committee will have the sole discretion to determine the form in which payment of
the economic value of Stock Appreciation Rights will be made to a Participant (i.e., cash, Common
Stock or any combination thereof) or to consent to or disapprove the election by a Participant of
the form of such payment.

7.2 Exercise Price. The exercise price of a Stock Appreciation Right will be
determined by the Committee, in its discretion, at the date of grant but may not be less than 100%
of the Fair Market Value of one share of Common Stock on the date of grant.

7.3 Exercisability and Duration. A Stock Appreciation Right will become exercisable
at such time and in such installments as may be determined by the Committee in its sole discretion
at the time of grant; provided, however, that no Stock Appreciation Right may be exercisable prior
to six months from its date of grant (other than in connection with a Participant’s death or
Disability) or after 10 years from its date of grant. A Stock Appreciation Right will be exercised
by giving notice in the same manner as for Options, as set forth in Section 6.5 of the Plan.

8. Restricted Stock Awards.

8.1 Grant. An Eligible Recipient may be granted one or more Restricted Stock Awards
under the Plan, and such Restricted Stock Awards will be subject to such terms and conditions,
consistent with the other provisions of the Plan, as may be determined by the Committee in its sole
discretion. The Committee may impose such restrictions or conditions, not inconsistent with the
provisions of the Plan, to the vesting of such Restricted Stock Awards as it deems appropriate,
including, without limitation, (i) the achievement of one or more of the Performance Criteria;
and/or that (ii) the Participant remain in the continuous employ or service of the Company or a
Subsidiary for a certain period; provided, however, that no Restricted Stock Award may vest prior
to six months from its date of grant other than in connection with a Participant’s death or
Disability.

8.2 Rights as a Stockholder; Transferability. Except as provided in Sections 8.1, 8.3
and 14.3 of the Plan, a Participant will have all voting, dividend, liquidation and other rights
with respect to shares of Common Stock issued to the Participant as a Restricted Stock Award under
this Section 8 upon the Participant becoming the holder of record of such shares as if such
Participant were a holder of record of shares of unrestricted Common Stock.

8.3 Dividends and Distributions. Unless the Committee determines otherwise in its
sole discretion (either in the agreement evidencing the Restricted Stock Award at the time of grant
or at any time after the grant of the Restricted Stock Award), any dividends or distributions
(including regular quarterly cash dividends) paid with respect to shares of Common Stock subject to
the unvested portion of a Restricted Stock Award will be subject to the same restrictions as the
shares to which such dividends or distributions relate. In the event the Committee determines not
to pay dividends or distributions currently, the Committee will determine in its sole discretion
whether any interest will be paid on such dividends or distributions. In addition, the Committee
in its sole discretion may require such dividends and distributions to be reinvested (and in such
case the Participant consents to such reinvestment) in shares of Common Stock that will be subject
to the same restrictions as the shares to which such dividends or distributions relate.

8.4 Enforcement of Restrictions. To enforce the restrictions referred to in this
Section 8, the Committee may place a legend on the stock certificates referring to such
restrictions and may require the Participant, until the restrictions have lapsed, to keep the stock
certificates, together with duly endorsed stock powers, in the custody of the Company or its
transfer agent or to maintain evidence of stock ownership, together with duly endorsed stock
powers, in a certificateless book-entry stock account with the Company’s transfer agent.

9. Performance Units.

An Eligible Recipient may be granted one or more Performance Units under the Plan, and such
Performance Units will be subject to such terms and conditions, consistent with the other
provisions of the Plan, as may be determined by the Committee in its sole discretion. The
Committee may impose such restrictions or conditions, not inconsistent with the provisions of the
Plan, to the vesting or valuation of such Performance Units as it deems appropriate, including,
without limitation, (i) the achievement of one or more of the Performance Criteria; and/or that
(ii) that the Participant remain in the continuous employ or service of the Company or any
Subsidiary for a certain period. The Committee will have the sole discretion to determine the form
in which payment of the economic value of Performance Units will be made to a Participant (i.e.,
cash, Common Stock, Restricted Stock Awards or any combination thereof) or to consent to or
disapprove the election by a Participant of the form of such payment.

10. Stock Bonuses.

An Eligible Recipient may be granted one or more Stock Bonuses under the Plan, and such Stock
Bonuses will be subject to such terms and conditions, consistent with the other provisions of the
Plan, as may be determined by the Committee, including, without limitation, (i) the achievement of
one or more of the Performance Criteria; and/or that (ii) that the Participant remain in the
continuous employ or service of the Company or any Subsidiary for a certain period. The
Participant will have all voting, dividend, liquidation and other rights with respect to the shares
of Common Stock issued to a Participant as a Stock Bonus under this Section 10 upon the Participant
becoming the holder of record of such shares; provided, however, that the Committee may impose such
restrictions on the assignment or transfer of a Stock Bonus as it deems appropriate.

11. Effect of Termination of Employment or Other Service.

11.1 Termination Due to Death, Disability or Retirement. Unless otherwise provided by
the Committee in its sole discretion in the agreement evidencing an Incentive Award:

(a) In the event a Participant’s employment or other service with the Company and all
Subsidiaries is terminated by reason of death or Disability:

(i) All outstanding Options and Stock Appreciation Rights then held by the
Participant will become immediately exercisable in full and remain exercisable, for
a period of three years after such termination (but in no event after the expiration
date of any such Option or Stock Appreciation Right);

(ii) All Restricted Stock Awards then held by the Participant will become fully
vested; and

(iii) All Performance Units and Stock Bonuses then held by the Participant will
vest and/or continue to vest in the manner determined by the Committee and set forth
in the agreement evidencing such Performance Units or Stock Bonuses.

(b) In the event a Participant’s employment or other service with the Company and all
Subsidiaries is terminated by reason of Retirement:

(i) All outstanding Options and Stock Appreciation Rights then held by the
Participant will remain exercisable, to the extent exercisable as of the date of
such termination, for a period of three years after such termination (but in no
event after the expiration date of any such Option or Stock Appreciation Right);

(ii) All Restricted Stock Awards then held by the Participant that have not
vested as of such termination will be terminated and forfeited; and

(iii) All Performance Units and Stock Bonuses then held by the Participant will
vest and/or continue to vest in the manner determined by the Committee and set forth
in the agreement evidencing such Performance Units or Stock Bonuses.

11.2 Termination for Reasons Other than Death, Disability or Retirement.

(a) Unless otherwise provided by the Committee in its sole discretion in the agreement
evidencing an Incentive Award, in the event a Participant’s employment or other service is
terminated with the Company and all Subsidiaries for any reason other than death, Disability
or Retirement, or a Participant is in the employ or service of a Subsidiary and the
Subsidiary ceases to be a Subsidiary of the Company (unless the Participant continues in the
employ or service of the Company or another Subsidiary), all rights of the Participant under
the Plan and any agreements evidencing an Incentive Award will immediately terminate without
notice of any kind, and no Options or Stock Appreciation Rights then held by the Participant
will thereafter be exercisable, all Restricted Stock Awards then held by the Participant
that have not vested will be terminated and forfeited, and all Performance Units and Stock
Bonuses then held by the Participant will vest and/or continue to vest in the manner
determined by the Committee and set forth in the agreement evidencing such Performance Units
or Stock Bonuses; provided, however, that if such termination is due to any reason other
than voluntary termination by the Participant or termination by the Company or any
Subsidiary for “cause,” all outstanding Options and Stock Appreciation Rights then held by
such Participant will remain exercisable, to the extent exercisable as of such termination,
for a period of three months after such termination (but in no event after the expiration
date of any such Option or Stock Appreciation Right).

(b) For purposes of this Section 11.2, “cause” (as determined by the Committee) will be
as defined in any employment or other agreement or policy applicable to the Participant or,
if no such agreement or policy exists, will mean (i) dishonesty, fraud, misrepresentation,
embezzlement or deliberate injury or attempted injury, in each case related to the Company
or any Subsidiary, (ii) any unlawful or criminal activity of a serious nature, (iii) any
intentional and deliberate breach of a duty or duties that, individually or in the
aggregate, are material in relation to the Participant’s overall duties, or (iv) any
material breach of any employment, service, confidentiality or non-compete agreement entered
into with the Company or any Subsidiary.

11.3 Modification of Rights Upon Termination. Notwithstanding the other provisions of
this Section 11, upon a Participant’s termination of employment or other service with the Company
and all Subsidiaries, the Committee may, in its sole discretion (which may be exercised at any time
on or after the date of grant, including following such termination), cause Options and Stock
Appreciation Rights (or any part thereof) then held by such Participant to become or continue to
become exercisable and/or remain exercisable following such termination of employment or service
and Restricted Stock Awards, Performance Units and Stock Bonuses then held by such Participant to
vest and/or continue to vest or become free of transfer restrictions, as the case may be, following
such termination of employment or service, in each case in the manner determined by the Committee;
provided, however, that no Option or Restricted Stock Award may become exercisable or vest prior to
six months from its date of grant (other than in connection with a Participant’s death or
Disability) or remain exercisable or continue to vest beyond its expiration date.

11.4 Exercise of Incentive Stock Options Following Termination. Any Incentive Stock
Option that remains unexercised more than one year following termination of employment by reason of
Disability or more than three months following termination for any reason other than death or
Disability will thereafter be deemed to be a Non-Statutory Stock Option.

11.5 Date of Termination of Employment or Other Service. Unless the Committee
otherwise determines in its sole discretion, a Participant’s employment or other service will, for
purposes of the Plan, be deemed to have terminated on the date recorded on the personnel or other
records of the Company or the Subsidiary for which the Participant provides employment or other
service, as determined by the Committee in its sole discretion based upon such records.

12. Payment of Withholding Taxes.

12.1 General Rules.  The Company is entitled to (a) withhold and deduct from future
wages of the Participant (or from other amounts that may be due and owing to the Participant from
the Company or a Subsidiary), or make other arrangements for the collection of, all legally
required amounts necessary to satisfy any and all foreign, federal, state and local withholding and
employment-related tax requirements attributable to an Incentive Award, including, without
limitation, the grant, exercise or vesting of, or payment of dividends with respect to, an
Incentive Award or a disqualifying disposition of stock received upon exercise of an Incentive
Stock Option, or (b) require the Participant promptly to remit the amount of such withholding to
the Company before taking any action, including issuing any shares of Common Stock, with respect to
an Incentive Award.

12.2 Special Rules. The Committee may, in its sole discretion and upon terms and
conditions established by the Committee, permit or require a Participant to satisfy, in whole or in
part, any withholding or employment-related tax obligation described in Section 12.1 of the Plan by
electing to tender Previously Acquired Shares, a Broker Exercise Notice or a promissory note (on
terms acceptable to the Committee in its sole discretion), or by a combination of such methods.

13. Change in Control.

13.1 Change in Control. For purposes of this Section 13, a “Change in Control” of the
Company will mean the following:

(i) the sale, lease, exchange, or other transfer of all or substantially all of the
assets of the Parent Corporation (in one transaction or in a series of related transactions)
to a corporation that is not controlled by the Parent Corporation;

(ii) the approval by the stockholders of the Parent Corporation of any plan or proposal
for the liquidation or dissolution of the Parent Corporation; or

(iii) a change in control of a nature that would be required to be reported (assuming
such event has not been “previously reported”) in response to Item 5.01 of the Current
Report on Form 8-K, as in effect on the date hereof, pursuant to section 13 or 15(d) of the
Exchange Act, whether or not the Parent Corporation is then subject to such reporting
requirement; provided that, without limitation, such a Change in Control will be deemed to
have occurred at such time as:

(A) any Person is or becomes the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of thirty percent (30%) or more of
the combined voting power of the Parent Corporation’s outstanding securities
ordinarily having the right to vote at elections of directors, or

(B) individuals elected to the Board of Directors following nomination for that
position by a majority of the Board cease to constitute a majority thereof.

13.2 Parent Corporation for purposes of this Section 13, means Nash Finch Company and any
Successor.

13.3 Acceleration of Vesting. Without limiting the authority of the Committee under
Sections 3.2 and 4.3 of the Plan, if a Change in Control of the Company occurs, then, unless
otherwise provided by the Committee in its sole discretion either in the agreement evidencing an
Incentive Award at the time of grant or at any time after the grant of an Incentive Award, (a) all
Options and Stock Appreciation Rights that have been outstanding for at least six months will
become immediately exercisable in full and will remain exercisable for the remainder of their
terms, regardless of whether the Participant to whom such Options or Stock Appreciation Rights have
been granted remains in the employ or service of the Company or any Subsidiary; (b) all Restricted
Stock Awards that have been outstanding for at least six months will become immediately fully
vested and non-forfeitable; and (c) all outstanding Performance Units and Stock Bonuses then held
by the Participant will vest and/or continue to vest in the manner determined by the Committee and
set forth in the agreement evidencing such Stock Bonuses.

13.4 Cash Payment for Options. If a Change in Control of the Company occurs, then the
Committee, if approved by the Committee in its sole discretion either in an agreement evidencing an
Incentive Award at the time of grant or at any time after the grant of an Incentive Award, and
without the consent of any Participant effected thereby, may determine that some or all
Participants holding outstanding Options will receive, with respect to some or all of the shares of
Common Stock subject to such Options, as of the effective date of any such Change in Control of the
Company, cash in an amount equal to the excess of the Fair Market Value of such shares immediately
prior to the effective date of such Change in Control of the Company over the exercise price per
share of such Options.

13.5 Limitation on Change in Control Payments. Notwithstanding anything in
Section 13.3 or 13.4 of the Plan to the contrary, if, with respect to a Participant, the
acceleration of the vesting of an Incentive Award as provided in Section 13.3 or the payment of
cash in exchange for all or part of an Incentive Award as provided in Section 13.4 (which
acceleration or payment could be deemed a “payment” within the meaning of Section 280G(b)(2) of the
Code), together with any other “payments” that such Participant has the right to receive from the
Company or any corporation that is a member of an “affiliated group” (as defined in Section 1504(a)
of the Code without regard to Section 1504(b) of the Code) of which the Company is a member, would
constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then the
“payments” to such Participant pursuant to Section 13.3 or 13.4 of the Plan will be reduced to the
largest amount as will result in no portion of such “payments” being subject to the excise tax
imposed by Section 4999 of the Code; provided, however, that if a Participant is subject to a
separate agreement with the Company or a Subsidiary that expressly addresses the potential
application of Sections 280G or 4999 of the Code (including, without limitation, that “payments”
under such agreement or otherwise will be reduced, that the Participant will have the discretion to
determine which “payments” will be reduced, that such “payments” will not be reduced or that such
“payments” will be “grossed up” for tax purposes), then this Section 13.5 will not apply, and any
“payments” to a Participant pursuant to Section 13.3 or 13.4 of the Plan will be treated as
“payments” arising under such separate agreement.

14. Rights of Eligible Recipients and Participants; Transferability.

14.1 Employment or Service. Nothing in the Plan will interfere with or limit in any
way the right of the Company or any Subsidiary to terminate the employment or service of any
Eligible Recipient or Participant at any time, nor confer upon any Eligible Recipient or
Participant any right to continue in the employ or service of the Company or any Subsidiary.

14.2 Rights as a Stockholder. As a holder of Incentive Awards (other than Restricted
Stock Awards and Stock Bonuses), a Participant will have no rights as a stockholder unless and
until such Incentive Awards are exercised for, or paid in the form of, shares of Common Stock and
the Participant becomes the holder of record of such shares. Except as otherwise provided in the
Plan, no adjustment will be made for dividends or distributions with respect to such Incentive
Awards as to which there is a record date preceding the date the Participant becomes the holder of
record of such shares, except as the Committee may determine in its discretion.

14.3 Restrictions on Transfer. Except pursuant to testamentary will or the laws of
descent and distribution or as otherwise expressly permitted by the Plan, unless approved by the
Committee in its sole discretion, no right or interest of any Participant in an Incentive Award
prior to the exercise or vesting of such Incentive Award will be assignable or transferable, or
subjected to any lien, during the lifetime of the Participant, either voluntarily or involuntarily,
directly or indirectly, by operation of law or otherwise. A Participant will, however, be entitled
to designate a beneficiary to receive an Incentive Award upon such Participant’s death, and in the
event of a Participant’s death, payment of any amounts due under the Plan will be made to, and
exercise of any Options (to the extent permitted pursuant to Section 11 of the Plan) may be made
by, the Participant’s legal representatives, heirs and legatees.

14.4 Breach of Confidentiality or Non-Compete Agreements. Notwithstanding anything in
the Plan to the contrary, in the event that a Participant materially breaches the terms of any
confidentiality or non-compete agreement entered into with the Company or any Subsidiary, whether
such breach occurs before or after termination of such Participant’s employment or other service
with the Company or any Subsidiary, the Committee in its sole discretion may immediately terminate
all rights of the Participant under the Plan and any agreements evidencing an Incentive Award then
held by the Participant without notice of any kind.

14.5 Non-Exclusivity of the Plan. Nothing contained in the Plan is intended to modify
or rescind any previously approved compensation plans or programs of the Company or create any
limitations on the power or authority of the Board to adopt such additional or other compensation
arrangements as the Board may deem necessary or desirable.

15. Securities Law and Other Restrictions.

Notwithstanding any other provision of the Plan or any agreements entered into pursuant to the
Plan, the Company will not be required to issue any shares of Common Stock under this Plan, and a
Participant may not sell, assign, transfer or otherwise dispose of shares of Common Stock issued
pursuant to Incentive Awards granted under the Plan, unless (a) there is in effect with respect to
such shares a registration statement under the Securities Act and any applicable state or foreign
securities laws or an exemption from such registration under the Securities Act and applicable
state or foreign securities laws, and (b) there has been obtained any other consent, approval or
permit from any other regulatory body which the Committee, in its sole discretion, deems necessary
or advisable. The Company may condition such issuance, sale or transfer upon the receipt of any
representations or agreements from the parties involved, and the placement of any legends on
certificates representing shares of Common Stock, as may be deemed necessary or advisable by the
Company in order to comply with such securities law or other restrictions.

16. Performance-Based Compensation Provisions.

The Committee, when it is comprised solely of two or more outside directors meeting the
requirements of Section 162(m) of the Code (“Section 162(m)”), in its sole discretion, may
designate whether any Incentive Awards are intended to be “performance-based compensation” within
the meaning of Section 162(m). Any Incentive Awards so designated will, to the extent required by
Section 162(m), be conditioned upon the achievement of one or more Performance Criteria, and such
Performance Criteria will be established by the Committee within the time period prescribed by, and
will otherwise comply with the requirements of, Section 162(m) giving due regard to the disparate
treatment under Section 162(m) of Options and Stock Appreciation Rights (where compensation is
determined based solely on an increase in the value of the underlying stock after the date of grant
or award), as compared to other forms of compensation, including Restricted Stock Awards,
Performance Units and Stock Bonuses. The Committee shall also certify in writing that such
Performance Criteria have been met prior to payment of compensation to the extent required by
Section 162(m).

17. Deferrals and Settlements.

The Committee may permit Participants to elect to defer the issuance of shares or the
settlement of Incentive Awards in cash under such rules and procedures as it may establish under
the Plan. It may also provide that deferred settlements include the payment or crediting of
interest or dividend equivalents on the deferral amounts.

18. Plan Amendment, Modification and Termination.

The Board may suspend or terminate the Plan or any portion thereof at any time, and may amend
the Plan from time to time in such respects as the Board may deem advisable in order that Incentive
Awards under the Plan will conform to any change in applicable laws or regulations or in any other
respect the Board may deem to be in the best interests of the Company; provided, however, that no
amendments to the Plan will be effective without approval of the stockholders of the Company if
stockholder approval of the amendment is then required pursuant to Section 422 of the Code or the
rules of the Nasdaq Stock Market or any other stock exchange, if applicable at such time. No
termination, suspension or amendment of the Plan may adversely affect any outstanding Incentive
Award without the consent of the affected Participant; provided, however, that this sentence will
not impair the right of the Committee to take whatever action it deems appropriate under Sections
3.2, 4.3 and 13 of the Plan.

19. Effective Date and Duration of the Plan.

The Plan is effective as of February 22, 2000, the date it was adopted by the Board. The Plan
will terminate at midnight on February 22, 2010, and may be terminated prior to such time to by
Board action, and no Incentive Award will be granted after such termination. Incentive Awards
outstanding upon termination of the Plan may continue to be exercised, or become free of
restrictions, in accordance with their terms.

20. Miscellaneous.

20.1 Governing Law. Except to the extent expressly provided herein or in connection
with other matters of corporate governance and authority (all of which shall be governed by the
laws of the Company’s jurisdiction of incorporation), the validity, construction, interpretation,
administration and effect of the Plan and any rules, regulations and actions relating to the Plan
will be governed by and construed exclusively in accordance with the laws of the State of
Minnesota, notwithstanding the conflicts of laws principles of any jurisdictions.

20.2

Successors and Assigns. The Plan will be binding upon and inure to the benefit of the
successors and permitted assigns of the Company and the Participants.

2

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