Document:

EX-10.12

 Exhibit 10.12 
 DIRECTOR AND OFFICER INDEMNIFICATION AGREEMENT 
 THIS DIRECTOR AND
OFFICER INDEMNIFICATION AGREEMENT (this “Agreement”) is made as of this [    ] day of [            ] 2013, by and between Sprouts Farmer’s
Market, Inc., a Delaware corporation (the “Company”), and the indemnitee named on the signature page hereto (the “Indemnitee”). 
 WHEREAS, the Company desires to attract and retain the services of highly qualified individuals to act as directors and officers; 

WHEREAS, increased corporate litigation and investigations have subjected directors and officers to litigation risks and expenses,
and the limitations on the availability and terms of director and officer liability insurance have made it increasingly difficult for the Company to attract and retain such persons; 

WHEREAS, the Company’s certificate of incorporation authorizes the Company to provide indemnification and advancement rights
to directors and officers through bylaw provisions or through agreements with directors and officers, or otherwise, to the extent provided therein; 
 WHEREAS, the Company’s bylaws require that the Company indemnify its directors and officers as authorized by the General Corporation Law of the State of Delaware (“DGCL”), as
amended, under which the Company is incorporated, and such bylaws expressly provide that the indemnification provided therein is not exclusive and contemplate that the Company may enter into separate agreements with its directors, officers and other
persons to set forth specific indemnification provisions; 
 WHEREAS, in light of the fact that the certificate of
incorporation and bylaws of the Company are subject to change and do not contain all the provisions and protections set forth in this Agreement, the Company has determined that the Indemnitee and other directors and officers of the Company may not
be willing to serve or continue to serve in such capacities without additional protection; 
 WHEREAS, the Company
desires and has requested the Indemnitee to serve or continue to serve as a director or officer of the Company, as the case may be, and has proffered this Agreement to the Indemnitee as an additional inducement to serve in such capacity; and

 WHEREAS, the Indemnitee is willing to serve, or to continue to serve, as a director or officer of the Company, as the
case may be, if the Indemnitee is furnished the indemnity provided for herein by the Company. 
 NOW, THEREFORE, in
consideration of the promises and the covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Indemnitee do hereby covenant and agree as follows:

 1. Definitions. 

(a) “Change in Control” means, and shall be deemed to have occurred if, (i) any “person”
(as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than (x) a trustee or other fiduciary holding securities under an employee benefit plan of the Company acting in such capacity or
(y) a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, becomes the “beneficial owner” (as defined in Rule 13d-3 under said
Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting power represented by the Company’s then outstanding voting stock, (ii) during any period of two
(2) consecutive years (not including any period prior to the execution of this Agreement), (x) individuals who at the beginning of such period constitute the Board of Directors of the Company, and (y) any new director whose election
by the Board of Directors or nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of the period, cease for any
reason to constitute a majority thereof, (iii) the stockholders of the Company approve a merger or consolidation of the Company with any other corporation other than a merger or consolidation that would result in the voting stock of the Company
outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting stock of the surviving entity) at least fifty percent (50%) of the total voting power represented by the voting
stock of the Company or such surviving entity outstanding immediately after such merger or consolidation or with the power to elect at least a majority of the board of directors or other governing body of the surviving entity, or (iv) the
stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company (in one transaction or a series of related transactions) of all or substantially all of the Company’s
assets. 
 (b) “Corporate Status” describes the status of a person who is serving or has served
(i) as a director or officer of the Company, (ii) as a Company employee in a fiduciary capacity with respect to an employee benefit plan of the Company or (iii) as a director or officer of any other Entity at the request of the
Company. For purposes of subsection (iii) of this
 Section l(b), a director or officer of the Company who is serving or has served as a director or officer of a Subsidiary shall be deemed to be serving at the request of the
Company. 
 (c) “Disinterested Director” means a director of the Company who (i) is not and
was not a party to the Proceeding in respect of which indemnification is sought by the Indemnitee and (ii) is determined to be “disinterested” under applicable Delaware state law. 

(d) “Entity” shall mean any corporation, partnership (general or limited), limited liability company,
joint venture, trust, employee benefit plan, company, foundation, association, organization or other legal entity, other than the Company. 

  
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 (e) “Expenses” shall be construed broadly to mean all
direct and indirect fees of any type or nature whatsoever, costs and expenses incurred in connection with any Proceeding, including, without limitation, all attorneys’ fees and costs, disbursements and retainers (including, without limitation,
any fees, disbursements and retainers incurred by the Indemnitee pursuant to Section 11 hereof), fees and disbursements of experts, witnesses, private investigators and professional advisors (including, without limitation, accountants
and investment bankers), court costs, filing fees, transcript costs, fees of experts, travel expenses, duplicating, imaging, printing and binding costs, telephone and fax transmission charges, computer legal research costs, postage, delivery service
fees, secretarial services, fees and expenses of third party vendors; the premium, security for, and other costs associated with any bond (including supersedeas or appeal bonds, injunction bonds, cost bonds, appraisal bonds or their equivalents), in
each case incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding (including, without limitation, any judicial or
arbitration Proceeding brought to enforce the Indemnitee’s rights under, or to recover damages for breach of, this Agreement), as well as all other “expenses” within the meaning of that term as used in Section 145 of the DGCL,
any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties, and all other disbursements or expenses of types customarily and
reasonably incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, actions, suits, or proceedings similar to or of the same type as
the Proceeding with respect to which such disbursements or expenses were incurred. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding. 

(f) “Indemnifiable Expenses,” “Indemnifiable Liabilities” and “Indemnifiable
Amounts” shall have the meanings ascribed to those terms in Section 3(a) hereof. 
 (g)
“Independent Counsel” means a law firm, or a person admitted to practice law in any State of the United States, that is experienced in matters of corporation law and neither presently is, nor in the past three years has been,
retained to represent: (i) the Company or the Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnities under similar indemnification
agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any law firm or person who, under the
applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s rights under this Agreement. 

(h) “Liabilities” shall be broadly construed to mean, without limitation, all judgments, damages,
liabilities, losses, penalties, taxes, fines and amounts paid in settlement, in each case, of any type whatsoever, in connection with a Proceeding. References herein to “fines” shall include any excise tax assessed with respect to any
employee benefit plan. 

  
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 (i) “Proceeding” shall be construed broadly to mean,
without limitation, any threatened, pending or completed claim, government, regulatory and self-regulatory action, suit, arbitration, mediation, alternate dispute resolution process, investigation (including any internal investigation), inquiry,
administrative hearing, appeal, or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative,
arbitrative or investigative nature, whether formal or informal, including a proceeding initiated by the Indemnitee pursuant to Section 11 of this Agreement to enforce the Indemnitee’s rights hereunder. 

(j) “Subsidiary” shall mean any Entity of which the Company owns (either directly or indirectly) either
(i) a general partner, managing member or other similar interest or (ii) (A) 50% or more of the voting power of the voting capital equity interests of such Entity, or (B) 50% or more of the outstanding voting capital stock or
other voting equity interests of such Entity. 
 (k) References herein to a director of any other Entity shall
include, in the case of any Entity that is not managed by a board of directors, such other position, such as manager or trustee or member of the governing body of such Entity, that entails responsibility for the management and direction of such
Entity’s affairs, including, without limitation, the general partner of any partnership (general or limited) and the manager or managing member of any limited liability company. 

2. Services by the Indemnitee. In consideration of the Company’s covenants and commitments hereunder, the Indemnitee agrees
to serve or continue to serve as either a director on the board of directors of the Company or as officer, as applicable, so long as the Indemnitee is duly elected or appointed and until such time as the Indemnitee is removed, terminated, or tenders
his or her resignation. 
 3. Agreement to Indemnify. The Company agrees to indemnify the Indemnitee to the fullest
extent permitted, and in the manner permitted, by applicable law as in effect as of the date hereof or as such laws may, from time to time, be amended (but only if amended in a way that broadens the right to indemnification and advancement of
expenses) as follows: 
 (a) Indemnification for Third Party Proceedings. Subject to the exceptions
contained in Section 4(a) hereof, if the Indemnitee was or is a party to, threatened to be made a party to or otherwise involved in any capacity in, any Proceeding (other than an action by or in the right of the Company) by reason of the
Indemnitee’s Corporate Status, the Indemnitee shall be indemnified by the Company to the fullest extent permitted by the DGCL, as the same may be amended from time to time, against all Expenses and Liabilities actually and reasonably incurred
or paid by the Indemnitee or on the Indemnitee’s behalf in connection with such a Proceeding (such Expenses and Liabilities are referred to herein as “Indemnifiable Expenses” and “Indemnifiable Liabilities,”
respectively, and collectively as “Indemnifiable Amounts”). In addition, the Indemnitee’s Corporate Status may allow for indemnification under certain agreements containing indemnity provisions with another Entity or
protections under the organization documents of such other Entity. In those instances, the Company shall remain wholly 

  
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liable for making any indemnification payments for all Indemnifiable Amounts notwithstanding the payment obligation of such amounts by a third party to the Indemnitee; provided,
however, that if and to the extent that the Indemnitee has otherwise actually received payment for Indemnifiable Amounts under any insurance policy, contract, agreement, or otherwise, the Company shall not be liable under this Agreement to
make any payment to the Indemnitee with respect to any such paid Indemnifiable Amounts. Nothing hereunder is intended to affect any right of contribution of or against the Company in the event the Company and any other person or persons have
co-equal obligations to indemnify (or advance expenses to) the Indemnitee. 
 (b) Indemnification in
Derivative Actions and Direct Actions by the Company. Subject to the exceptions contained in Section 4(b) hereof, if the Indemnitee was or is a party to, threatened to be made a party to or otherwise involved in any capacity in, any
Proceeding by or in the right of the Company to procure a judgment in its favor by reason of the Indemnitee’s Corporate Status, the Indemnitee shall be indemnified by the Company against all Indemnifiable Expenses. In addition, the
Indemnitee’s Corporate Status may allow for indemnification under certain agreements containing indemnity provisions with another Entity or protections under the organization documents of such other Entity. In those instances, the Company shall
remain wholly liable for making any indemnification payments for all Indemnifiable Expenses notwithstanding the payment obligation of such amounts by a third party to the Indemnitee; provided, however, that if and to the extent that
the Indemnitee has otherwise actually received payment for Indemnifiable Expenses under any insurance policy, contract, agreement, or otherwise, the Company shall not be liable under this Agreement to make any payment to the Indemnitee with respect
to any such paid Indemnifiable Expenses. Nothing hereunder is intended to affect any right of contribution of or against the Company in the event the Company and any other person or persons have co-equal obligations to indemnify (or advance expenses
to) the Indemnitee. 
 4. Exceptions to Indemnification. The Indemnitee shall be entitled to indemnification under
Section 3(a) and Section 3(b) hereof in all circumstances other than the following: 

(a) Exceptions to Indemnification for Third Party Proceedings. If indemnification is requested under
Section 3(a) and there has been a final non-appealable judgment by a court of competent jurisdiction that, in connection with the subject of the Proceeding out of which the claim for indemnification has arisen, (i) the Indemnitee
failed to act (x) in good faith and (y) in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, or, (ii) with respect to any criminal action or proceeding, the Indemnitee had
reasonable cause to believe that the Indemnitee’s conduct was unlawful, the Indemnitee shall not be entitled to payment of Indemnifiable Amounts hereunder. 
 (b) Exceptions to Indemnification in Derivative Actions and Direct Actions by the Company. If indemnification is requested under Section 3(b) and 

  
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 (i) there has been a final non-appealable judgment by a court of competent
jurisdiction that, in connection with the subject of the Proceeding out of which the claim for indemnification has arisen, the Indemnitee failed to act (x) in good faith and (y) in a manner the Indemnitee believed to be in or not opposed
to the best interests of the Company, the Indemnitee shall not be entitled to payment of Indemnifiable Expenses hereunder; or 
 (ii) there has been a final non-appealable judgment by a court of competent jurisdiction that the Indemnitee is liable to the Company with respect to any claim, issue or matter involved in the Proceeding
out of which the claim for indemnification has arisen, 
 then no Indemnifiable Expenses shall be paid with respect to such
claim, issue or matter unless, and only to the extent that, the court of competent jurisdiction in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability, but in view of all the circumstances
of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such Indemnifiable Expenses which such court shall deem proper. 
 (c) For purposes of this Agreement, if the Indemnitee has acted in good faith and in a manner the Indemnitee reasonably believed to be in the interest of the participants and beneficiaries of an employee
benefit plan, the Indemnitee shall be deemed to have acted in a manner not opposed to the best interests of the Company. 

5. Procedure for Payment of Indemnifiable Amounts. 

(a) Subject to Section 9, the Indemnitee shall submit to the Company a written request specifying in
reasonable detail the Indemnifiable Amounts for which the Indemnitee seeks payment under Section 3, Section 6, or Section 7 hereof and a short description of the basis for the claim. The Company shall pay such
Indemnifiable Amounts to the Indemnitee within sixty (60) calendar days of receipt of the request. At the request of the Company, the Indemnitee shall furnish such documentation and information as are reasonably available to the Indemnitee and
necessary to establish that the Indemnitee is entitled to indemnification hereunder. 
 (b) Upon written request
by the Indemnitee for indemnification pursuant to the first sentence of Section 5(a) hereof, if required by applicable law and to the extent not otherwise provided pursuant to the terms of this Agreement, a determination with respect to
the Indemnitee’s entitlement to indemnification shall be made in the specific case as follows: (i) if a Change in Control shall have occurred and if so requested in writing by the Indemnitee, by Independent Counsel in a written opinion to
the Board of Directors; or (ii) if a Change in Control shall not have occurred (or if a Change in Control shall have occurred but the Indemnitee shall not have requested that indemnification be determined by Independent Counsel as provided in
subpart (i) of this Section 5(b)), (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board of Directors, or (B) by a committee of Disinterested Directors designated by majority
vote of the Disinterested Directors, even though less than a quorum of the Board 

  
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of Directors, (C) if there are no such Disinterested Directors, or if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, or
(D) by the Company’s stockholders in accordance with applicable law. Notice in writing of any determination as to the Indemnitee’s entitlement to indemnification shall be delivered to the Indemnitee promptly after such determination
is made, and if such determination of entitlement to indemnification has been made by Independent Counsel in a written opinion to the Board of Directors, then such notice shall be accompanied by a copy of such written opinion. If it is determined
that the Indemnitee is entitled to indemnification, then payment to the Indemnitee of all amounts to which the Indemnitee is determined to be entitled (other than sums that were already advanced) shall be made within sixty (60) calendar days
after such determination. If it is determined that the Indemnitee is not entitled to indemnification, then the written notice to the Indemnitee (or, if such determination has been made by Independent Counsel in a written opinion, the copy of such
written opinion delivered to the Indemnitee) shall disclose the basis upon which such determination is based. The Indemnitee shall cooperate with the person, persons, or entity making the determination with respect to the Indemnitee’s
entitlement to indemnification, including providing to such person, persons, or entity upon reasonable advance request any documentation or information that is not privileged or otherwise protected from disclosure and that is reasonably available to
the Indemnitee and reasonably necessary to determine whether and to what extent the Indemnitee is entitled to indemnification. 
 (c) If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 5(b) hereof, the Independent Counsel shall be selected as provided in this
Section 5(c). If a Change in Control shall not have occurred (or if a Change in Control shall have occurred but the Indemnitee shall not have requested that indemnification be determined by Independent Counsel as provided in subpart
(i) of Section 5(b)), then the Independent Counsel shall be selected by the Board of Directors, and the Company shall give written notice to the Indemnitee advising the Indemnitee of the identity of the Independent Counsel so
selected. If a Change in Control shall have occurred and the Indemnitee shall have requested that indemnification be determined by Independent Counsel, then the Independent Counsel shall be selected by the Indemnitee (unless the Indemnitee shall
request that such selection be made by the Board of Directors, in which case the preceding sentence shall apply), and the Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In
either case, the Indemnitee or the Company, as the case may be, may, within thirty (30) calendar days after such written notice of selection has been given, deliver to the Company or to the Indemnitee, as the case may be, a written objection to
such selection; provided, however, that such objection may be asserted only on the ground that the law firm or person so selected does not meet the requirements of “Independent Counsel” as defined in Section 1 hereof, and the
objection shall set forth the basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the law firm or person so selected may not
serve as Independent Counsel unless and until such objection is withdrawn or the Court of Chancery of the State of Delaware or another court of competent jurisdiction in the State of Delaware has determined that such objection is without merit. If
the determination of entitlement to indemnification is to be 

  
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made by Independent Counsel pursuant to Section 5(b) hereof and, following the expiration of sixty (60) calendar days after submission by the Indemnitee of a written request for
indemnification pursuant to Section 5(a) hereof, Independent Counsel shall not have been selected, or an objection thereto has been made and not withdrawn, then either the Company or the Indemnitee may petition the Court of Chancery of
the State of Delaware or other court of competent jurisdiction in the State of Delaware for resolution of any objection that shall have been made by the Company or the Indemnitee to the other’s selection of Independent Counsel and/or for
appointment as Independent Counsel of a law firm or person selected by such court (or selected by such person as the court shall designate), and the law firm or person with respect to whom all objections are so resolved or the law firm or person so
appointed shall act as Independent Counsel under Section 5(b) hereof. Upon the due commencement of any Proceeding pursuant to Section 11(e) hereof, Independent Counsel shall be discharged and relieved of any further
responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 5(b) hereof,
then the Company agrees to pay the reasonable fees and expenses of such Independent Counsel and to fully indemnify and hold harmless such Independent Counsel against any and all expenses, claims, liabilities, and damages arising out of or relating
to this Agreement or its engagement pursuant hereto. 
 6. Indemnification for Expenses if the Indemnitee is Wholly or Partly
Successful. Notwithstanding anything contained in this Agreement to the contrary, to the extent that the Indemnitee is or was, or is or was threatened to be made, by reason of the Indemnitee’s Corporate Status, a party to any Proceeding and
the Indemnitee is successful (on the merits or otherwise) in defending all claims, issues and matters in such Proceeding, the Indemnitee shall be indemnified against all Indemnifiable Expenses incurred by the Indemnitee or on the Indemnitee’s
behalf in connection with the defense of such Proceeding. If the Indemnitee is successful (on the merits or otherwise) in defending one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify, hold
harmless and exonerate the Indemnitee for that portion of the Expenses reasonably incurred in connection with defending those claims, issues or matters with respect to which the Indemnitee was successful in defending. For purposes of this Agreement,
the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. Notwithstanding any of the foregoing, nothing herein shall be
construed to limit the Indemnitee’s right to indemnification which he or she would otherwise be entitled to in accordance with Section 3 and Section 4 hereof, regardless of the Indemnitee’s success in a Proceeding.

 7. Indemnification for Expenses as a Witness. Anything in this Agreement to the contrary notwithstanding, to the
fullest extent permitted by applicable law, to the extent that the Indemnitee, by reason of the Indemnitee’s Corporate Status, is or was, or is or was threatened to be made, a witness in any Proceeding to which the Indemnitee is not a party,
the Indemnitee shall be indemnified against all Indemnifiable Expenses incurred by the Indemnitee or on the Indemnitee’s behalf in connection therewith. To the extent permitted by applicable law, the Indemnitee shall be entitled to
indemnification for Expenses incurred in connection with being or threatened to be made a witness, as provided in this Section 7, regardless of whether the Indemnitee met the standards of conduct set forth in Sections 4(a) and
4(b) hereof. 

  
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 8. Agreement to Advance Expenses; Conditions. The Company shall pay to the Indemnitee
all Indemnifiable Expenses incurred by or on behalf of the Indemnitee in connection with any Proceeding to which the Indemnitee was or is a party or was or is otherwise involved or was or is threatened to be made a party to or was or is otherwise
involved in any capacity in any Proceeding by reason of the Indemnitee’s Corporate Status, including a Proceeding by or in the right of the Company, in advance of the final disposition of such Proceeding. The Indemnitee hereby undertakes to
repay the amount of Indemnifiable Expenses paid to the Indemnitee if it shall ultimately be determined by final judicial decision of a court of competent jurisdiction, from which decision there is no further right to appeal, that the Indemnitee is
not entitled under this Agreement to, or is prohibited by applicable law from, indemnification with respect to such Indemnifiable Expenses. Any advances and undertakings to repay pursuant to this Section 8 shall be unsecured and interest
free. The Indemnitee shall be entitled to advancement of Indemnifiable Expenses as provided in this Section 8 regardless of any determination by or on behalf of the Company that the Indemnitee has not met the standards of conduct set
forth in Sections 4(a) and 4(b) hereof. 
 9. Procedure for Advance Payment of Expenses. The Indemnitee
shall submit to the Company a written request specifying in reasonable detail the Indemnifiable Expenses for which the Indemnitee seeks an advancement under Section 8 hereof, together with documentation reasonably evidencing that the
Indemnitee has incurred such Indemnifiable Expenses. Payment of Indemnifiable Expenses under Section 8 hereof shall be made no later than sixty (60) calendar days after the Company’s receipt of such request. 

10. Burden of Proof; Defenses; and Presumptions. 

(a) In any Proceeding pursuant to Section 11 hereof brought by the Indemnitee to enforce rights to
indemnification or to an advancement of Indemnifiable Expenses hereunder, or in any Proceeding brought by the Company to recover an advancement of Indemnifiable Expenses (whether pursuant to the terms of an undertaking or otherwise), the burden
shall be on the Company to prove that the Indemnitee is not entitled to be indemnified, or to such an advancement of Indemnifiable Expenses, as the case may be. 
 (b) It shall be a defense in any Proceeding pursuant to Section 11 hereof to enforce rights to indemnification under Section 3(a) or Section 3(b) hereof (but not in any
Proceeding pursuant to Section 11 hereof to enforce a right to an advancement of Indemnifiable Expenses under Sections 8 and 9 hereof) that the Indemnitee has not met the standards of conduct set forth in
Section 4(a) or Section 4(b) hereof, as the case may be, but the burden of proving such defense shall be on the Company. With respect to any Proceeding pursuant to Section 11 hereof brought by the Indemnitee to
enforce a right to indemnification hereunder, or any Proceeding brought by the Company to recover an advancement of Indemnifiable Expenses (whether pursuant to the terms of an undertaking or otherwise), neither (i) the failure of the Company
(including by its directors or independent legal counsel) to have made a determination prior to the 

  
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commencement of such Proceeding that indemnification is proper in the circumstances because the Indemnitee has met the applicable standards of conduct, nor (ii) an actual determination by
the Company (including by its directors or independent legal counsel) that the Indemnitee has not met such applicable standards of conduct, shall create a presumption that the Indemnitee has not met the applicable standards of conduct or, in the
case of a Proceeding pursuant to Section 11 hereof brought by the Indemnitee seeking to enforce a right to indemnification, be a defense to such Proceeding. 

(c) The termination of any Proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere
or its equivalent, shall not, in and of itself, adversely affect the right of the Indemnitee to indemnification hereunder or create a presumption that the Indemnitee did not act in good faith and in a manner the Indemnitee reasonably believed to be
in or not opposed to the best interests of the Company, and, with respect to any criminal Proceeding, shall not create a presumption that the Indemnitee had reasonable cause to believe that his or her conduct was unlawful. 

(d) For purposes of any determination of good faith, the Indemnitee shall be deemed to have acted in good faith if the
Indemnitee’s action is reasonably based on the records or books of account of the Company or other Entity, including financial statements, or on information supplied to the Indemnitee by the officers of the Company or other Entity in the course
of their duties, or on the advice of legal counsel for the Company or other Entity or on information or records given or reports made to the Company or other Entity by an independent certified public accountant or by an appraiser or other expert
selected by the Company or other Entity. The provisions of this Section 10(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed or found to have met the applicable
standard of conduct set forth in this Agreement. 
 (e) The knowledge and/or actions, or failure to act, of any
other director, officer, agent, or employee of the Company or of another Entity shall not be imputed to the Indemnitee for purposes of determining the Indemnitee’s right to indemnification or advancement of Indemnifiable Expenses under this
Agreement. 
 11. Remedies of the Indemnitees. 

(a) Right to Petition Court. In the event that the Indemnitee makes a request for payment of Indemnifiable Amounts
under Section 3 or Section 5 hereof or a request for an advancement of Indemnifiable Expenses under Sections 8 or Section 9 hereof and the Company fails to make such payment or advancement in a timely
manner in accordance with the terms of this Agreement, the Indemnitee may petition a court to enforce the Company’s obligations under this Agreement. 
 (b) Expenses. The Company agrees to reimburse the Indemnitee in full for any Expenses actually and reasonably incurred by the Indemnitee in connection with investigating, preparing for, litigating,
defending or settling any action brought by the Indemnitee under Section 11(a) hereof; provided, however, that to the extent the Indemnitee is unsuccessful on the merits in such action then the Company shall have no
obligation to reimburse the Indemnitee under this Section 11(b). 

  
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 (c) Validity of Agreement. The Company shall be precluded from
asserting in any Proceeding, including, without limitation, an action under Section 11(a) hereof, that the provisions of this Agreement are not valid, binding and enforceable or that there is insufficient consideration for this Agreement
and shall stipulate in court that the Company is bound by all the provisions of this Agreement. 
 (d) Failure
to Act Not a Defense. The failure of the Company (including its Board of Directors or any committee thereof, independent legal counsel, or stockholders) to make a determination concerning the permissibility of the payment of Indemnifiable
Amounts or the advancement of Indemnifiable Expenses under this Agreement shall not be a defense in any action brought under Section 11(a) hereof, and shall not create a presumption that such payment or advancement is not permissible.

 (e) Entitlement to Indemnification; Independent Counsel. In the event that (i) a determination is
made pursuant to Section 5 hereof that the Indemnitee is not entitled to indemnification under this Agreement, (ii) if the determination of entitlement to indemnification is not to be made by Independent Counsel pursuant to
Section 5(b) hereof, no determination of entitlement to indemnification shall have been made pursuant to Section 5(b) hereof within sixty (60) calendar days after receipt by the Company of the Indemnitee’s written
request for indemnification, (iii) if the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 5(b) hereof, no determination of entitlement to indemnification shall have been made
pursuant to Section 5(b) hereof within eighty (80) calendar days after receipt by the Company of the Indemnitee’s written request for indemnification, unless an objection to the selection of such Independent Counsel has been
made and substantiated and not withdrawn, in which case the applicable time period shall be seventy (70) calendar days after the Court of Chancery of the State of Delaware or another court of competent jurisdiction in the State of Delaware (or
such person appointed by such court to make such determination) has determined or appointed the person to act as Independent Counsel pursuant to Section 5(b) hereof, (iv) payment of Indemnified Amounts payable pursuant to
Section 6 or Section 7 hereof is not made within sixty (60) calendar days after receipt by the Company of a written request therefor, or (v) payment of Indemnified Amounts payable pursuant to Section 6
or Section 7 hereof is not made within sixty (60) calendar days after a determination has been made pursuant to Section 5(b) hereof that the Indemnitee is entitled to indemnification, then in each instance described in
clauses (i) through (v), the Indemnitee shall be entitled to seek an adjudication by the Court of Chancery of the State of Delaware of the Indemnitee’s entitlement to such indemnification or advancement of Indemnifiable Expenses.

 (f) Not Prejudiced by Adverse Determination. In the event that a determination shall have been made
pursuant to
 Section 5(b) hereof that the Indemnitee is not entitled to indemnification, any Proceeding commenced pursuant to this Section 11 shall be conducted in all respects as a de novo trial, or arbitration, on
the merits and the Indemnitee shall not be prejudiced by reason of that adverse determination. 

  
 11 

 12. Settlement of Proceedings. 

(a) The Indemnitee agrees that it will not settle, compromise or consent to the entry of any judgment as to the Indemnitee
in any pending or threatened Proceeding (whether or not the Indemnitee is an actual or potential party to such Proceeding) in which Indemnitee has sought indemnification hereunder without the Company’s prior written consent, which consent will
not be unreasonably withheld, unless such settlement, compromise or consent respecting such Proceeding includes an unconditional release of the Company and does not (i) require or impose any injunctive or other non-monetary remedy on the
Company or its affiliates, (ii) require or impose an admission or consent as to any wrongdoing by the Company or its affiliates, or (iii) otherwise result in a direct or indirect payment by or monetary cost to the Company or its
affiliates. 
 (b) The Company agrees that it will not settle, compromise or consent to the entry of any judgment
as to the Indemnitee in any pending or threatened Proceeding (whether or not the Indemnitee is an actual or potential party to such Proceeding) in which the Indemnitee has sought indemnification hereunder without the Indemnitee’s prior written
consent, which consent shall not be unreasonably withheld, unless such settlement, compromise or consent includes an unconditional release of the Indemnitee and does not (i) require or impose any injunctive or other non-monetary remedy on the
Indemnitee, (ii) require or impose an admission or consent as to any wrongdoing by the Indemnitee or (iii) otherwise result in a direct or indirect payment by or monetary cost to the Indemnitee personally (as opposed to a payment to be
made or cost to be paid by the Company on the Indemnitee’s behalf). 
 13. Notice by the Indemnitee. The Indemnitee
agrees to notify the Company promptly upon being served with any summons, citation, subpoena, complaint, indictment, information, or other document relating to any Proceeding which could reasonably be expected to result in the payment of
Indemnifiable Amounts or the advancement of Indemnifiable Expenses hereunder; provided, however, that the failure to give any such notice shall not disqualify the Indemnitee from the right to receive payments of Indemnifiable Amounts
or advancements of Indemnifiable Expenses. 
 14. Representations and Warranties of the Company. The Company hereby
represents and warrants to the Indemnitee as follows: 
 (a) Authority. The Company has all necessary
power and authority to enter into, and be bound by the terms of, this Agreement, and the execution, delivery and performance of the undertakings contemplated by this Agreement have been duly authorized by the Company. 

(b) Enforceability. This Agreement, when executed and delivered by the Company in accordance with the provisions
hereof, shall be a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by equitable principles and applicable bankruptcy, insolvency,
moratorium, reorganization or similar laws affecting the enforcement of creditors’ rights generally. 

  
 12 

 (c) No Conflicts. This Agreement, when executed and delivered by the
Company in accordance with the provisions hereof, does not, and the Company’s performance of its obligations under the Agreement will not, violate the Company’s certificate of incorporation, bylaws, other agreements to which the Company is
a party to or applicable law. 
 (d) Insurance. The Company shall use commercially reasonable efforts to
cause the Indemnitee, at the Company’s expense, to be covered by such insurance policies or policies providing liability insurance for directors or officers of the Company or of any Subsidiary, if any, in accordance with its or their terms to
the same extent as provided to any then-current director or officer of the Company or any Subsidiary under such policy or policies. 
 15. Contract Rights Not Exclusive; Subrogation. The rights to payment of Indemnifiable Amounts and advancement of Indemnifiable Expenses provided by this Agreement shall be in addition to, but not
exclusive of, any other rights that the Indemnitee may have at any time under applicable law, the Company’s bylaws or certificate of incorporation, or any other agreement, vote of stockholders or directors (or a committee of directors), or
otherwise, both as to action in the Indemnitee’s official capacity and as to action in any other capacity as a result of the Indemnitee’s serving in a Corporate Status. No right or remedy herein conferred is intended to be exclusive of any
other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy, given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or
remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. In the event of any payment to or on behalf of the Indemnitee under this Agreement, the Company shall be subrogated to the extent
of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit
to enforce such rights. 
 16. Successors. This Agreement shall be (a) binding upon all successors and assigns of
the Company (including any transferee of all or a substantial portion of the business, stock and/or assets of the Company and any direct or indirect successor by merger or consolidation or otherwise by operation of law) and (b) binding on and
shall inure to the benefit of the heirs, personal representatives, executors and administrators of the Indemnitee. This Agreement shall continue for the benefit of the Indemnitee and such heirs, personal representatives, executors and administrators
after the Indemnitee has ceased to have Corporate Status. 
 17. Change in Law. To the extent that a change in Delaware
law (whether by statute or judicial decision) shall permit broader indemnification or advancement of expenses than is provided under the terms of the bylaws of the Company and this Agreement, the Indemnitee shall be entitled to such broader
indemnification and advancements, and this Agreement shall be deemed to be amended to such extent, but only to the extent such amendment permits the Indemnitee to broader indemnification and advancement rights other than Delaware law permitted prior
to the adoption of such amendment. 

  
 13 

 18. Severability. Whenever possible, each provision of this Agreement shall be
interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement, or any clause thereof, shall be determined by a court of competent jurisdiction to be illegal, invalid or unenforceable, in whole
or in part, such provision or clause shall be limited or modified in its application to the minimum extent necessary to make such provision or clause valid, legal and enforceable, and the remaining provisions and clauses of this Agreement shall
remain fully enforceable and binding on the parties. 
 19. Modifications and Waiver. Except as provided in
Section 17 hereof with respect to changes in Delaware law which broaden the right of the Indemnitee to be indemnified by the Company, no supplement, modification or amendment of this Agreement shall be binding unless executed in writing
by each of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement (whether or not similar), nor shall such waiver constitute a continuing
waiver. 
 20. General Notices. All notices, requests, demands and other communications hereunder shall be in writing and
shall be deemed to have been duly given (a) when delivered by hand, (b) when transmitted by facsimile and receipt is acknowledged, or (c) if mailed by certified or registered mail with postage prepaid, on the third business day
after the date on which it is so mailed: 
  

	 	(i)	If to the Indemnitee, to the address specified on the signature page hereto; 

 

	 	(ii)	If to the Company, to: 

	 	  	Sprouts Farmers Market, Inc. 

	 	  	11811 N. Tatum Boulevard, Suite 2400 

	 	  	Phoenix, AZ 85028 

	 	  	Attention: Chief Legal Officer 

 or to such
other address as may have been furnished in the same manner by any party to the others. 
 21. Contribution. To the
fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever other than any of those set forth in Section 4 hereof, the Company, in lieu of
indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an
indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a
result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or
transaction(s). 

  
 14 

 22. Governing Law. This Agreement shall be exclusively governed by and construed and
enforced under the laws of the State of Delaware without giving effect to the provisions thereof relating to conflicts of law of such state. 
 23. Consent to Jurisdiction. 
 (a) Each of the Company and
the Indemnitee hereby irrevocably and unconditionally (i) agrees and consents to the jurisdiction of the courts of the State of Delaware for all purposes in connection with any action, suit, or proceeding that arises out of or relates to this
Agreement and agrees that any such action instituted under this Agreement shall be brought only in the Court of Chancery of the State of Delaware (or in any other state court of the State of Delaware if the Court of Chancery does not have subject
matter jurisdiction over such action), and not in any other state or federal court in the United States of America or any court or tribunal in any other country; (ii) consents to submit to the exclusive jurisdiction of the courts of the State
of Delaware for purposes of any action or proceeding arising out of or in connection with this Agreement; (iii) waives any objection to the laying of venue of any such action or proceeding in the courts of the State of Delaware; and
(iv) waives, and agrees not to plead or to make, any claim that any such action or proceeding brought in the courts of the State of Delaware has been brought in an improper or otherwise inconvenient forum. 

(b) Each of the Company and the Indemnitee hereby consents to service of any summons and complaint and any other process
that may be served in any action, suit, or proceeding arising out of or relating to this Agreement in any court of the State of Delaware by mailing by certified or registered mail, with postage prepaid, copies of such process to such party at its
address for receiving notice pursuant to Section 20 hereof. Nothing herein shall preclude service of process by any other means permitted by applicable law. 
 24. Counterparts. This Agreement may be executed in one or more counterparts (including by PDF or facsimile), each of which shall for all purposes be deemed to be an original but all of which
together shall constitute but one and the same Agreement. Only one such counterpart need be produced to evidence the existence of this Agreement. 
 25. Headings. The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction hereof.

 26. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject
matter hereof and supersedes all prior and contemporaneous agreements, understandings and negotiations, written and oral, between the parties with respect to the subject matter of this Agreement, provided, however, that this
Agreement is supplement to and in furtherance of the Company’s certificate of incorporation, bylaws, the DGCL and any other applicable law, and shall not be deemed a substitute therefor, and does not diminish or abrogate any rights of the
Indemnitee thereunder. 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and
year first above written. 
  

			
	COMPANY:
	
	SPROUTS FARMERS MARKET, INC.
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	INDEMNITEE:
		
	By:	 	 
		 	Name:
		 	Address for notices:

 [Signature Page to Indemnification Agreement]EX-10.1

 EXHIBIT 10.1 
 SEPARATION AGREEMENT AND GENERAL RELEASE 
 Argo Group International Holdings, Ltd. (the
“Company”) and I, Barbara C. Bufkin, agree as follows: 
 I. Separation Benefits 

 

	A.	In General: The Company promises that, within fourteen (14) business days after I sign this Separation Agreement and General Release, I will receive the
consideration and benefits set forth in this Section that are conditioned on my execution of this Agreement. I may revoke this Agreement within seven (7) days after I sign it, in which case I will not receive the consideration and benefits that
are conditioned on my execution of this Agreement. I acknowledge that the Company is not otherwise required to provide me with the consideration and benefits set forth in this Section. This Agreement will not become effective or enforceable unless
and until the seven-day revocation period has expired without my revoking it. 

  

	B.	Executive Employment Agreement: The Company and I agree that my Executive Employment Agreement with the Company dated March 10, 2011 (the “Executive
Employment Agreement”) is hereby terminated and superseded by this Agreement. 

  

	C.	Sufficiency of Consideration: I acknowledge and agree that the consideration and benefits to be provided under the terms of the Agreement are, in significant and
substantial part, in addition to those benefits to which I am otherwise entitled. 

  

	D.	Pro Rata Repayment of Signing Bonus / Stock Award: I agree to repay to the Company the amount of $93,000, as required under a letter agreement dated
March 10, 2011 between me and the Company executed in conjunction with my Executive Employment Agreement (the “Letter Agreement”), on or before June 15, 2013. The Company agrees that I will remain an employee of the Company
through June 15, 2013 so that the second installment of 3,205 of the 9,615 restricted shares that were granted to me pursuant to the Letter Agreement will vest. I further agree that the final installment of 3,205 restricted shares granted to me
pursuant to the Letter Agreement scheduled to vest on March 10, 2014 will be forfeited due to the termination of my employment with the Company. 

  

	E.	Compensation and Benefit Plans: I will cease to be eligible to participate under any applicable stock option, bonus, incentive compensation, medical, dental,
life insurance, retirement, and other compensation or benefit plans of the Company following my termination of employment. Thereafter, I will have no rights under any of those plans, except as follows: 

	 	1.	I will receive all compensation earned through the date of my termination, June 15, 2013. 

 

	 	2.	I will receive payment for my unused accrued vacation days. 

  

	 	3.	The Company will pay the employer portion of all previously elected health benefits through September 15, 2013, unless I become eligible for health benefits
from another employer prior to that date. 

  

	 	4.	I will have the right to COBRA continuation coverage as to any Company-provided medical, dental, vision, or flex spending plan in which I participate, which means that
I will be entitled to buy continued health plan coverage under the normal COBRA health care continuation rules. 

  

	 	5.	I will retain my vested benefits under all applicable qualified and non-qualified retirement plans of the Company, and all rights associated with such benefits, as
determined under the official terms of those plans. 

 II. Complete Release 

 

	A.	In General: In exchange for the Company’s promises contained in this Agreement, I agree to irrevocably and unconditionally release any and all Claims I may
now have against the Company and other parties as set forth in this Section II. 

  

	B.	Released Parties: The Released Parties are the Company, all related companies, partnerships, or joint ventures, and, with respect to each of them, their
predecessors and successors; and, with respect to each such entity, all of its past and present employees, officers, directors, stockholders, owners, representatives, assigns, attorneys, agents, insurers, employee benefit programs (and the trustees,
administrators, fiduciaries, and insurers of such programs), and any other persons acting by, through, under or in concert with any of the persons or entities listed in this subsection (the “Released Parties” and each a “Released
Party”). 

  

	C.	Claims Released: I understand and agree that I am releasing all known and unknown claims, promises, causes of action, or similar rights of any type that I may
have (the “Claims”) against any Released Party, except that I am not releasing any claim that relates to: (i) my right to enforce this Agreement; (ii) my right, if any, to claim government-provided unemployment benefits, or
(iii) any rights or claims which may arise or accrue after I sign this Agreement). I further understand that the Claims I am releasing may arise under many different laws (including statutes, regulations, other administrative guidance, and
common law doctrines), including, but by no means limited to: 

  
 2 

	 	1.	Anti-discrimination statutes, such as the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, and Executive Order 11141, which
prohibit age discrimination in employment; Title VII of the Civil Rights Act of 1964, Section 1981 of the Civil Rights Act of 1866, and Executive Order 11246, which prohibit discrimination based on race, color, national origin, religion, or
sex; the Equal Pay Act, which prohibits paying men and women unequal pay for equal work; the Americans With Disabilities Act and Sections 503 and 504 of the Rehabilitation Act of 1973, which prohibit discrimination based on disability; and any other
federal, state, or local laws prohibiting employment or wage discrimination. 

  

	 	2.	Federal employment statutes, such as the WARN Act, which requires that advance notice be given of certain work force reductions; the Employee Retirement Income
Security Act of 1974, which, among other things, protects employee benefits; the Fair Labor Standards Act of 1938 and state laws which regulates wage and hour matters; the Family and Medical Leave Act of 1993, which requires employers to provide
leaves of absence under certain circumstances; and any other federal laws relating to employment, such as veterans’ reemployment rights laws. 

  

	 	3.	Other laws, such as any federal, state, or local laws providing workers’ compensation benefits (or prohibiting workers’ compensation retaliation),
restricting an employer’s right to terminate employees, or otherwise regulating employment; any federal, state, or local law enforcing express or implied employment contracts or requiring an employer to deal with employees fairly or in good
faith. 

  

	 	4.	Tort and Contract Claims, such as claims for wrongful discharge, negligence, negligent hiring, negligent supervision, negligent retention, physical or personal
injury, emotional distress, fraud, fraud in the inducement, negligent misrepresentation, defamation, invasion of privacy, interference with contract or with prospective economic advantage, breach of express or implied contract, breach of covenants
of good faith and fair dealing, promissory estoppel, and similar or related claims. 

  

	 	5.	Examples of released Claims include, but are not limited to: (i) Claims that in any way relate to my employment with the Company or any other Released
Party, or the termination of that employment, such as Claims for compensation, bonuses, commissions, lost wages, or unused accrued vacation or sick pay; (ii) Claims that in any way relate to the design or administration of any employee benefit
program; (iii) Claims that I have irrevocable or vested rights to severance or similar benefits or to post-employment health or group insurance benefits; or (iv) any Claims to attorneys’ fees or other indemnities.

  

	D.	Unknown Claims: I understand that I am releasing Claims that I may not know about through the date of this Agreement. It is my knowing and voluntary intent, to
release all known and unknown Claims, through the date of this Agreement, I am assuming the risk of releasing such claims through the date of this Agreement and I agree that this Agreement shall remain effective in all respects in any such case. I
expressly waive all rights I might have under law that is intended to protect me from waiving unknown claims and understand the significance of doing so. 

  
 3 

 III. Promises 

 

	A.	Employment Termination: I understand and agree that my employment with the Company will terminate on June 15, 2013. I also understand and agree
that I have no right of rehire or reinstatement with any Released Party, regardless of location, and that the Released Party is under no obligation to rehire or reinstate me. I also acknowledge and understand that the failure of a Released
Party to rehire or reinstate me is contractual and is in no way discriminatory or retaliatory in nature. 

  

	B.	Pursuit of Released Claims: I have not filed or caused to be filed any lawsuit, complaint, or charge with respect to any Claim this Agreement purports to waive,
and I promise never to file or prosecute a lawsuit or complaint based on such Claims. I promise never to seek any damages, remedies, or other relief for myself personally (any right to which I hereby waive) by filing or prosecuting a charge with any
administrative agency with respect to any such Claim. I promise to request any government agency or other body assuming jurisdiction of any such lawsuit, complaint, or charge to withdraw from the matter or dismiss the matter with prejudice.

  

	C.	Company Property: I promise to return to the Company all files, memoranda, documents, records, electronic records, software, copies of the foregoing, credit
cards, keys, and any other property of the Company or its affiliates in my possession. Notwithstanding the above, the Company agrees that I will retain my phone number, 214-850-8811, my electronic calendar and contact list, and other personal items
from my offices in London and Bermuda. 

  

	D.	Taxes: I am responsible for paying any taxes on amounts I receive because I signed this Release. I agree that the Company may withhold all taxes it is legally
required to withhold, except as expressly otherwise provided in Section I. 

  

	E.	Ownership of Claims: I have not assigned or transferred any Claim I am releasing, nor have I purported to do so. 

 

	F.	Implementation: I agree to sign any documents and do anything else that is necessary in the future to implement this Agreement. 

 

	G.	Age Representation: I am over the age forty at the time of signing this Agreement. 

  
 4 

	H.	Confidential Information: I hereby acknowledge that during the course of my employment, up through the time that my employment terminated, I gained knowledge or
information of a confidential nature in which the Company has a proprietary interest. I accordingly agree not to disclose to any person or any entity any such confidential, proprietary, or trade secret information of or about the Company without the
express written authorization and consent from the Company. Such confidential and proprietary information includes any non-public information relating to the Company’s products, services, technology and business affairs, including without
limitation, any and all concepts, advertising information, techniques, processes, designs, trade secrets, business methods, cost data, computer programs, software, scientific or technical know-how, financial, marketing, manufacturing processes,
research developments, business activities and operations, inventions, customer or client lists, industrial practices, financial statements and/or other business information, or any information that the Company specifically refers to as confidential
information or labels as confidential information. 

  

	I.	Restrictive Covenants: During the period of one (1) year following the termination of my employment I shall not: 

 

	 	A.	Directly or indirectly, for myself or for any other individual, partnership, firm, corporation or other organization (other than the Company or its affiliates) solicit
or induce or endeavor to solicit or induce any Restricted Employee (as defined in my Executive Employment Agreement) to cease working for or providing services to the Company, or hire, directly or indirectly, any Restricted Employee, in
either case, whether or not any such person would thereby commit a breach of contract. Nothing herein shall prohibit solicitation of any Company Employee (i) who voluntarily terminated his or her employment or engagement at least three months
prior to the date such solicitation first commenced or (ii) whose employment or engagement has been terminated by the Company (as opposed to voluntarily by such Company Employee); or 

 

	 	B.	Directly or indirectly interfere with Company Services (as defined in my Executive Employment Agreement) with any of the Company’s customers, prospects or clients
or induce, or encourage any customer or client to stop doing business with Company or induce or encourage any prospect to not retain the services of Company; or 

 

	 	C.	Be directly or indirectly employed or engaged by any of the Company’s designated peers (as set forth on page 26 of the Company’s Proxy Statement filed with
the United States Securities & Exchange Commission on March 22, 2013) whose ultimate holding companies are domiciled in the United States or any of their affiliates or subsidiaries either as an officer, director, employee, consultant
or otherwise. 

  
 5 

 IV. Breach of Agreement 

 

	A.	I agree to pay the reasonable attorneys’ fees and any damages the Released Parties may incur as a result of my breaching a promise I made in this Agreement, or if
any representation I made in this Agreement was false when made. 

  

	B.	Argo agrees to pay the reasonable attorneys’ fees and any damages that I may incur as a result of its breaching a promise made in this Agreement, or if any
representation Argo made in this Agreement was false when made. 

 V. Review and Revocation 

 

	A.	Review: I acknowledge that I may revoke this Agreement at any time within seven (7) days of the date on which I sign this Agreement. Further, I acknowledge
that, before signing this Agreement, I was given a period of twenty-one (21) days in which to consider this Agreement. I further acknowledge that: (a) I took advantage of this period to consider this Agreement before signing it; (b) I
carefully read this Agreement; (c) I fully understand it; and (d) I am entering into it voluntarily. I acknowledge that the Company encouraged me to discuss this Agreement with an attorney (at my own expense) before signing it, that I
sought such advice to the extent I deemed appropriate. If I sign this Agreement before the end of the twenty-one (21) day period, it will be my voluntary decision to do so because I have decided that I do not need any additional time to decide
whether to sign this Agreement. 

  

	B.	Tender Back Provision: I acknowledge and agree that this Agreement may not be revoked at any time after the expiration of the seven (7) day revocation
period described in Section I above and that I will not institute any suit, action or proceeding, whether at law or equity, challenging the enforceability of this Agreement. Should I ever attempt to challenge the terms of this Agreement, attempt to
obtain an order declaring this Agreement to be null and void, or institute litigation against the Company or any other Released Party based upon a Claim which is covered by the terms of the release contained in Section II, I will as a condition
precedent to such action repay all amounts paid to me or forgiven under the terms of this Agreement. Furthermore, if I do not prevail in an action to challenge this Agreement, to obtain an order declaring this Agreement to be null and void, or in
any action against the Company or any other Released Party based upon a Claim which is covered by the release contained in Section II, I shall pay to the Company and/or the appropriate Released Party all their costs and attorneys’ fees incurred
in their defense of my action. It is understood and agreed by me and the Company, however, that I shall not be required to repay the amounts paid to me under the terms of this Agreement or pay the Company and/or the appropriate Released Party all
their costs and attorneys’ fees incurred in their defense of my action (except those attorneys’ fees or costs specifically authorized under federal or state law) in the event that I seek to challenge my waiver of claims under the Age
Discrimination in Employment Act. 

  
 6 

 VI. Miscellaneous 

 

	A.	Entire Agreement: This is the entire agreement between me and the Company. This Agreement may not be modified or canceled in any manner except by a writing
signed by both me and an authorized Company official. I acknowledge that the Company has made no representations or promises to me (such as that my former position will remain vacant), other than those in this Release. If any provision in this
Agreement is found to be unenforceable, all other provisions will remain fully enforceable. 

  

	B.	Successors: This Agreement binds my heirs, administrators, representatives, executors, successors, and assigns, and will inure to the benefit of all Released
Parties and their respective heirs, administrators, representatives, executors, successors, and assigns. 

  

	C.	Interpretation: This Agreement shall be construed as a whole according to its fair meaning. It shall not be construed strictly for or against me or any Released
Party. Unless the context indicates otherwise, the singular or plural number shall be deemed to include the other. Captions are intended solely for convenience of reference and shall not be used in the interpretation of this Release.

  

	D.	Governing Law and Enforcement: This Agreement shall be governed by the statutes and common law of the State of Texas. 

TAKE THIS AGREEMENT HOME, READ IT, AND CAREFULLY CONSIDER ALL OF ITS PROVISIONS BEFORE SIGNING IT. IT INCLUDES A RELEASE OF KNOWN AND
UNKNOWN CLAIMS. IF YOU WISH, YOU SHOULD TAKE ADVANTAGE OF THE FULL CONSIDERATION PERIOD AFFORDED BY SECTION V AND YOU SHOULD CONSULT YOUR ATTORNEY. 
 Executed on this 8th day of May, 2013. 
  

	
	 /s/ Barbara C. Bufkin

	 Barbara C. Bufkin

 Executed on this 6th day of May, 2013. 
  

			
	ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
		
	By:	 	/s/ Mark E. Watson III
	Title:	 	President and Chief Executive Officer

  
 7

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