Document:

Form of Split-Dollar and Deferred Compensation Termination Agreement

 Exhibit 10.34 
  
 SPLIT-DOLLAR AND DEFERRED COMPENSATION TERMINATION AGREEMENT 
  
 THIS SPLIT-DOLLAR AND DEFERRED COMPENSATION TERMINATION AGREEMENT (the
“Agreement”) is made and entered into as of the 5th day of December, 2003, and shall be effective as of the 27th day of December, 2003 (the “Effective Date”), by and between COCA-COLA BOTTLING CO. CONSOLIDATED, a Delaware
corporation (the “Corporation”), and                              (the “Executive”
and together with the Corporation, the “Parties”). 
  
 Statement of Purpose 
  
 The Corporation and
Executive are parties to one or more Split-Dollar Life Insurance Agreements (each a “Split-Dollar Agreement”), relating to the insurance policy(ies) listed on Schedule A attached hereto insuring the life of Executive (each a
“Policy”), one or more Assignments of Life Insurance Policy as Collateral by Executive in favor of the Corporation (each a “Collateral Assignment”), and a Deferred Compensation Agreement (the “Deferred Compensation
Agreement”), each of which is more particularly described on Schedule A attached hereto. The Corporation and Executive now desire to terminate the Split-Dollar Agreement, the Collateral Assignment, and the Deferred Compensation
Agreement and that Executive assign the Policy to the Corporation, all in accordance with the terms and conditions set forth herein. 
  
 NOW, THEREFORE, in consideration of the mutual promises and agreements set forth herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby expressly acknowledged, the Parties hereby agree as follows: 
  
 1. Termination of Agreements; Assignment of Policy. Each Split-Dollar Agreement, each Collateral Assignment and the Deferred Compensation Agreement are hereby terminated and all obligations of the Parties
thereunder are hereby extinguished, notwithstanding any provisions to the contrary contained therein effective as of the Effective Date. Executive shall transfer and assign ownership of each Policy to the Corporation effective as of the Effective
Date and shall execute and deliver such assignments and other documents and take all such other actions as the Corporation may request to effect such transfer. The Parties agree that the termination of the foregoing agreements and the assignment of
each Policy shall occur contemporaneously. 
  
 2. Payment of
Excess Cash Surrender Value. By the Effective Date, the Corporation shall determine the cash surrender value of the Policy and the Corporation’s Interest (as defined in each Split-Dollar Agreement) in each Policy as of the Effective Date.
If the cash surrender value of a Policy exceeds the Corporation’s Interest in such Policy, then promptly following such determination the Corporation shall pay to Executive the amount of such excess and make a tax gross-up payment on behalf of
Executive, which such tax gross-up amount shall be determined by the Corporation in its sole discretion. 
  

 3. Mutual Release. Each Party for itself and its heirs, beneficiaries, legal representatives,
successors and assigns, as applicable (the “Releasing Party”), does hereby release, acquit and forever discharge the other Party and its heirs, beneficiaries, legal representatives, officers, directors, agents, successors and assigns, as
applicable (the “Released Party”), from any and all claims, demands, actions, causes of action, suits, liabilities and disputes of any nature whatsoever, at law, in equity, or otherwise that the Releasing Party ever had, now has or
hereafter may have against the Released Party arising out of each Split-Dollar Agreement, each Collateral Assignment and the Deferred Compensation Agreement, except that this provision shall not relieve either Party of any of its obligations under
this Agreement. With respect to this release, Executive represents to the Corporation that Executive is aware, understands and agrees that (i) Executive voluntarily entered into this Agreement, (ii) Executive had and has the right to consult with an
attorney regarding this Agreement before signing it, and (iii) Executive has carefully read this Agreement and fully understands each and every term herein. 
  
 4. Miscellaneous. 
  
 (a) Each of the Parties hereto agrees to execute and deliver such other documents or agreements and to take such other action as may be
reasonably necessary or desirable for the implementation of this Agreement and the consummation of the transactions contemplated hereby. 
  
 (b) This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective legal representatives, heirs,
successors and assigns. 
  
 (c) This Agreement
shall be governed by and construed in accordance with the laws of the State of North Carolina, without regard to the conflicts of laws provisions thereof. 
  
 (d) Headings in this Agreement are provided for purposes of convenience only and shall not affect the interpretation of the terms hereof.

  
 (e) This Agreement may not be amended,
altered, modified or terminated except by a written instrument signed by the Parties or their respective successors or assigns. 
  
 [Signature page follows on next page] 
  

 2 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the 5th day of December, 2003
to be effective as of the Effective Date, as defined above. 
  

			
	 “Executive”

	
	 
	

		
	 Address:
	 	 
	 
	

	 
	

  

			
	
	 “Corporation”

	
	 COCA-COLA BOTTLING CO. CONSOLIDATED

		
	 By:
	 	 
	 	 	

	 Name:
	 	 
	 	 	

	 Title:
	 	 
	 	 	

  

 3 

 Schedule A 
  
 Insurance Policy(ies) 
  

					
	 Insurer

	 	 Policy Number

	 	 Policy Date

  
 [Intentionally
Omitted] 
  
  
 Split-Dollar Agreement(s) 
  
 [Intentionally Omitted] 
  
  
 Collateral Assignment Agreement(s) 
  
 [Intentionally Omitted] 
  
  
 Deferred Compensation Agreement 
  
 [Intentionally Omitted] 
  
  

 Annex A         
 Exhibit 10.34 
  
 Schedule to Form of Split-Dollar and 
 Deferred Compensation Termination
Agreement 
  
 The Company has entered into Split-Dollar Deferred Compensation
Termination Agreements (the “Termination Agreements”) with each of the officers named below. Each of the Termination Agreements is identical in all material respects. 
  
 Name and Position 
  
 William B. Elmore 
 President and Chief Operating Officer 
  
 Robert D. Pettus, Jr. 
 Executive Vice President and Assistant to the Chairman 
  
 David V. Singer 
 Executive Vice President and Chief Financial Officer 
  
 C. Ray Mayhall, Jr. 
 Senior Vice President, Sales 
  
 Clifford M. Deal, III 
 Vice President, Treasurer 
  
 Norman C. George 
 Senior Vice President, Chief Marketing and Customer Officer 

 
 Ronald J. Hammond 
 Vice President, Supply Chain 
  
 Kevin A. Henry 
 Vice President, Human Resources 
  
 Umesh M. Kasbekar 
 Vice President, Planning and Administration 
  
 Lauren C. Steele 
 Vice President, Corporate Affairs 
  
 Steven D. Westphal 
 Vice President, Controller 
  
 Jolanta
T. Zwirek 
 Vice President, Chief Information OfficerForm of SSIP Settlement, Release and Acknowledgement Agreement

  
 Exhibit 10.35

  
 SETTLEMENT, RELEASE AND ACKNOWLEDGEMENT AGREEMENT

  
 THIS SETTLEMENT, RELEASE AND ACKNOWLEDGEMENT AGREEMENT
(the “Agreement”) is made and entered into as of the 5th day of December, 2003, and shall be effective as of the 27th day of December, 2003 (the “Effective Date”), by and between COCA-COLA BOTTLING CO. CONSOLIDATED, a Delaware
corporation (the “Corporation”), and                                 
(the “Executive” and together with the Corporation, the “Parties”). 
  
 Statement of Purpose 
  
 Executive participates in the Corporation’s Supplemental Savings Incentive Plan, (the “SSIP”), a non-qualified deferred compensation plan providing benefits to certain key employees of the Corporation. Executive has been
previously designated as an Insurable Participant by the Committee for purposes of the SSIP. The Corporation has amended and restated the SSIP effective as of December 28, 2003. The amended and restated SSIP amends Section 4.4 of the SSIP to delete
the death benefit previously provided by the Fixed Benefit Option for Insurable Participants who die before Normal Retirement Age (the “Amendment”). In exchange for Executive acknowledging and consenting to the Amendment and releasing the
Corporation from any and all liability relating thereto, the Corporation has agreed to pay Executive a single sum amount as provided below. 
  
 NOW, THEREFORE, in consideration of the foregoing Statement of Purpose, the mutual covenants and promises contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto hereby agree as follows: 
  
 1. Terminology. Capitalized terms not otherwise defined herein shall have the same meanings ascribed to them in the SSIP. 
  
 2. Consent to the Amendment; Settlement Payment. Executive hereby
acknowledges that Executive has received and reviewed a copy of: (i) the SSIP as amended and restated effective as of December 28, 2003 and (ii) the Plan Summary for the SSIP as amended and restated effective as of December 28, 2003. Executive
hereby consents to the Amendment as set forth in the amended and restated SSIP. In consideration for such consent and for Executive’s release provided in Paragraph 3 below, the Corporation shall pay to Executive a single sum cash payment of
[                            ] (the “Payment”) by January 31, 2004, subject to the
withholding of income taxes and all other taxes as required by applicable law. 
  
 3. Release. In consideration of the Payment, Executive, for himself or herself and his or her heirs, beneficiaries, legal representatives, successors and assigns (the “Releasing Party”), does hereby
release, acquit and forever discharge the Corporation and each and every one of its present or former stockholders, directors, officers, owners, affiliates, subsidiaries, predecessors, successors, assigns, representatives and agents (the
“Released Party”) from any and all claims, demands, actions, causes of action, suits, liabilities and disputes of any nature whatsoever, at law, in equity, or otherwise that the Releasing Party ever had, now has or hereafter may have

  

 
against the Released Party for, upon or by reason of any matter, cause or thing whatsoever with respect to or arising out of the Amendment (including,
without limitation, any claims for any amounts that any Releasing Party would have been entitled to under the SSIP had the Amendment not been made). With respect to this release, Executive represents to the Corporation that Executive is aware,
understands and agrees that (i) Executive voluntarily entered into this Agreement, (ii) Executive had and has the right to consult with an attorney regarding this Agreement before signing it, and (iii) Executive has carefully read this Agreement and
fully understands each and every term herein. 
  
 4. Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors, assigns, heirs and executors. 
  
 5. Further Assurances. Executive and the Corporation shall execute all such further and additional documents, if any,
and take such further and additional actions, if any, as shall be reasonable and appropriate to carry out the provisions of this Agreement. 
  
 6. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina, without regard to
the conflict of laws provisions thereof. 
  
 IN WITNESS WHEREOF,
the Parties hereto have executed this Agreement on the 5th day of December, 2003 to be effective as of the Effective Date. 
  

			
	 “Executive”

	
	 
	

		
	 Address:
	 	 
	 
	

	 
	

  

			
	
	 “Corporation”

	
	 COCA-COLA BOTTLING CO. CONSOLIDATED

		
	By:	 	 
	 	 	

	 Name:
	 	 
	 	 	

	 Title:
	 	 
	 	 	

  

 2 

 Annex A       
 Exhibit 10.35 
  
 Schedule to Form of SSIP Settlement, Release 
 and Acknowledgement Agreement 
  

						
	 Name

	  	 Position

	  	Cash Payment upon
SSIP Settlement,
Release and
Acknowledgement

	 J. Frank Harrison, III
	  	 Chairman and Chief Executive Officer
	  	$	28,272
	 William B. Elmore
	  	 President and Chief Operating Officer
	  	 	62,810
	 Robert D. Pettus, Jr.
	  	 Executive Vice President and Assistant to the Chairman
	  	 	1,963
	 David V. Singer
	  	 Executive Vice President and Chief Financial Officer
	  	 	81,573
	 C. Ray Mayhall, Jr.
	  	 Senior Vice President, Sales
	  	 	6,944
	 Clifford M. Deal, III
	  	 Vice President, Treasurer
	  	 	5,106
	 Norman C. George
	  	 Senior Vice President, Chief Marketing and Customer Officer
	  	 	26,737
	 Ronald J. Hammond
	  	 Vice President, Supply Chain
	  	 	4,228
	 Kevin A. Henry
	  	 Vice President, Human Resources
	  	 	7,623
	 Umesh M. Kasbekar
	  	 Vice President, Planning and Administration
	  	 	35,977
	 Lauren C. Steele
	  	 Vice President, Corporate Affairs
	  	 	20,361
	 Steven D. Westphal
	  	 Vice President, Controller
	  	 	16,690
	 Jolanta T. Zwirek
	  	 Vice President, Chief Information Officer
	  	 	23,300

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