Document:

exv10w3

Exhibit 10.3

Execution copy

IDERA PHARMACEUTICALS, INC.

STOCK PURCHASE AGREEMENT

December 8, 2006

     This Stock Purchase Agreement (this “Agreement”) is entered into as of the date set forth
above by and between Idera Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and Merck
& Co., Inc., a New Jersey corporation
(“Merck”). The parties hereby agree as follows:

ARTICLE 1

AUTHORIZATION AND SALE OF SECURITIES

     1.1 Authorization. In accordance with the Exclusive License and Research
Collaboration Agreement dated as of December 8, 2006 (the “Execution Date”) between the parties
(the “Collaboration Agreement”), the Company has duly authorized the sale and issuance to Merck
pursuant to the terms and conditions hereof of 1,818,182 shares (the “Shares”) of the Company’s
common stock, par value $0.001 per share (the “Common Stock”).

     1.2 Sale of Securities. Subject to the terms and conditions hereof, at the Closing
(as defined in Section 2.1 below) the Company will issue and sell to Merck, and Merck agrees, to
purchase from the Company, the Shares, at a purchase price of $5.50 per Share.

ARTICLE 2

CLOSING; DELIVERY

     2.1 Closing. The closing of the purchase by Merck and the sale by the Company of the
Shares (the “Closing”) shall be held at the offices of Wilmer Cutler Pickering Hale and Dorr LLP,
60 State Street, Boston, Massachusetts 02109 on the Execution Date or at such other time and place
as the Company and Merck may agree either in writing or orally (the “Closing Date”).

     2.2 Delivery. At the Closing,

          (a) Merck and the Company shall execute and deliver (i) the Registration Rights Agreement
attached hereto as Exhibit A (the “Rights Agreement”) and together with this Agreement, the
“Transaction Documents”) and (ii) the Collaboration Agreement;

          (b) the Company shall issue and deliver to Merck the following:

               (i) a legal opinion of Company’s counsel dated as of the Closing Date, in form, scope and
substance satisfactory to Merck; and;

               (ii) a certificate of the Company executed by its Chief Executive Officer or Chief Financial
Officer attaching thereto (i) the Certificate of Incorporation as in

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effect at the time of the
Closing, (ii) the Company’s Bylaws as in effect at the time of the Closing, (iii) resolutions
approved by the Board of Directors authorizing the transactions contemplated hereby, and (iv) good
standing certificates with respect to the Company from the applicable authority(ies) in Delaware
and any other jurisdiction in which the Company is qualified to do business, dated a recent date
before the Closing; and

          (c) Merck shall deliver the purchase price for the Shares to the Company by wire transfer in
same day funds.

          The Company covenants and agrees that it shall issue and deliver to Merck a certificate in
Merck’s name representing the Shares against payment of the purchase price therefor within three
business days of the Execution Date and that it shall provide a fax copy of such certificate to
Merck as soon as practicable following the Execution Date.

ARTICLE 3

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

     The Company hereby represents and warrants to Merck that except as set forth in the Exchange
Act Reports (as defined in Section 3.11):

     3.1 Organization and Qualification. The Company is a corporation duly incorporated,
validly existing and in good standing under the laws of the State of Delaware, and the Company is
qualified to do business as a foreign corporation in each jurisdiction in which qualification is
required, except where failure to so qualify would not reasonably be expected to have a Material
Adverse Effect (as defined herein). For purposes of this Agreement, the term “Material Adverse
Effect” shall mean a material adverse effect upon the business, financial condition, properties, or
results of operations of the Company. The Company does not have any subsidiaries.

     3.2 Authorized Capital Stock. On the date hereof, the Company has (i) authorized
40,000,000 and outstanding 18,200,585 shares of Common Stock and (ii) authorized 5,000,000 shares
of Preferred Stock, $0.01 par value per share (“Preferred Stock”), of which 1,500,000 shares have
been designated Series A Convertible Preferred Stock, 655 shares of which are outstanding, and of
which 200,000 shares have been designated Series C Junior Participating Preferred Stock, none of
which are outstanding; the issued and outstanding shares of the Common Stock and Preferred Stock
have been duly authorized and validly issued, are fully paid and nonassessable, have been issued in
compliance in material respects with all federal and state securities laws, were not issued in
violation of and are not subject to any preemptive rights or other rights to subscribe for or
purchase securities granted by the Company, and conform (except with respect to the number of
authorized, issued and outstanding shares) in all material respects to the description thereof
contained in the Exchange Act Reports with the Securities and Exchange Commission (the “Commission”
or the “SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or in any
Registration Statement on Form 8-A filed with the SEC by the Company.

     3.3 Issuance, Sale and Delivery of the Shares. The Shares have been duly authorized
and, when issued, delivered and paid for in the manner set forth in this Agreement, will be duly

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authorized, validly issued, fully paid and nonassessable and free and clear of all pledges, liens,
and encumbrances imposed by the Company (other than restrictions on transfer under state and/or
federal securities laws). No preemptive rights or other rights to subscribe for or purchase from
the Company exist with respect to the issuance and sale of the Shares by the Company pursuant to
this Agreement. Except as disclosed in the Exchange Act Reports, no stockholder of the Company has
any right (which has not been waived or has not expired by reason of lapse of time following
notification of the Company’s intent to file the registration statement to be filed by it pursuant
to the Rights Agreement (the “Registration Statement”)) to require the Company to register the sale
of any shares owned by such stockholder under the Securities Act of 1933, as amended (the
“Securities Act”) in the Registration Statement. No further approval or authority of the
stockholders or the Board of Directors of the Company will be required for the issuance and sale of
the Shares to be sold by the Company as contemplated herein.

     3.4 Due Execution, Delivery and Performance of this Agreement. The Company has full
legal right, corporate power and authority to enter into the Transaction Documents and consummate
the transactions contemplated hereby and thereby. The Transaction Documents have been duly
authorized, executed and delivered by the Company. The execution and delivery of the Transaction
Documents by the Company and the consummation by the Company of the transactions contemplated
herein and therein: (i) will not violate any provision of the certificate of incorporation or
bylaws of the Company, (ii) will not result in the creation of any lien, charge, security interest
or encumbrance upon any assets of the Company pursuant to the terms or provisions of, and will not
conflict with, result in the breach or violation of, or constitute, either by itself or upon notice
or the passage of time or both, a default under any agreement, lease, franchise, license, permit or
other instrument to which the Company is a party or by which the Company or any of its properties
are bound, except, in each case, for any lien, charge, security interest, encumbrance, conflict,
breach, violation or default which would not reasonably be expected to have a Material Adverse
Effect, or (iii) conflict with or result in the violation of any statute or any judgment, decree,
order, rule or regulation of any court or any regulatory body, administrative agency or other
governmental body applicable to the Company or any of its properties except for any such conflict
or violation which would not reasonably be expected to have a Material Adverse Effect. No consent,
approval, authorization or other order of any court, regulatory body, administrative agency or
other governmental body is required for the execution and delivery by the Company of the
Transaction Documents or the consummation by the Company of the transactions contemplated by the
Transaction Documents, except for compliance with the blue sky laws and federal securities laws,
the listing of the Shares on the American Stock Exchange and the filing of the Registration
Statement. Upon the execution and delivery of the Transaction Documents, and assuming the valid
execution thereof by Merck, each Transaction Document will constitute a valid and binding
obligation of the Company, enforceable against it in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting creditors’ and contracting parties’ rights generally and except as
enforceability may be subject to general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law) and except to the extent
enforcement of the indemnification obligations of the Company set forth in the Rights Agreement may
be limited by federal or state securities laws or the public policy underlying such laws.

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     3.5 Contracts. There is no material contract or agreement required by the Exchange
Act and the rules and regulations promulgated thereunder to be described in or filed as an exhibit
to the Company’s Annual Report on Form 10-K for the year ended December 31, 2005, or any other
document that the Company was required to file with the Commission since December 31, 2005 which is
not described or filed therein as required. Any contracts filed as exhibits to the Exchange Act
Reports that are material to the Company are in full force and effect on the date hereof.

     3.6 No Actions. Except as disclosed in the Exchange Act Reports, (1) there are no
legal or governmental actions, suits or proceedings pending and (2) to the Company’s knowledge,
there are no inquiries or investigations pending, or any legal or governmental actions, suits, or
proceedings threatened, against the Company (it being understood that the interaction between the
Company and the United States Food and Drug Administration and such other comparable governmental
bodies relating solely to the clinical development and product approval process shall not be deemed
proceedings for purposes of this representation), which actions, suits or proceedings, individually
or in the aggregate, would reasonably be expected to have a Material Adverse Effect; and no labor
disturbance by the employees of the Company exists or, to the Company’s knowledge, is imminent
which would reasonably be expected to have a Material Adverse Effect. The Company is not party to
or subject to the provisions of any outstanding injunction, judgment, decree or order of any court,
regulatory body, administrative agency or other governmental body specifically naming the Company
that would reasonably be expected to have a Material Adverse Effect.

     3.7 Financial Statements. The consolidated financial statements of the Company and
the related notes contained in the Exchange Act Reports (collectively, the “Financial Statements”)
present fairly, in accordance with United States generally accepted accounting principles (“GAAP”),
the consolidated financial position of the Company as of the dates indicated, and the results of
operations and cash flows for the periods therein specified, subject, in the case of unaudited
financial statements for interim periods, to normal year-end audit adjustments. The Financial
Statements (including the related notes) have been prepared in accordance with GAAP applied on a
consistent basis throughout the periods therein specified, except that unaudited financial
statements are subject to normal year-end audit adjustments and may not contain all footnotes
required by GAAP.

     3.8 No Material Change. Since September 30, 2006, and except as described in the
Exchange Act Reports:

          (a) the Company has not incurred any material liabilities or obligations, indirect, or
contingent, or entered into any material oral or written agreement or other transaction, which was
not incurred or entered into in the ordinary course of business other than the Collaboration
Agreement and draw downs under the Common Stock Purchase Agreement dated March 24, 2006 between the
Company and Biotech Shares Ltd.;

          (b) the Company has not sustained any material loss or interference with its business or
properties from fire, flood, windstorm, accident or other calamity not covered by insurance;

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          (c) the Company has not paid or declared any dividends or other distributions with respect to
its capital stock and the Company has not defaulted in the payment of principal or interest on any
outstanding debt obligations;

          (d) there has not been any material change or amendment to a contract filed as an exhibit to
an Exchange Act Report that is material to the Company;

          (e) there has not been any sale, assignment or transfer of all or substantially all of the
Company’s rights in any patents, trademarks, copyrights, trade secrets or other intangible assets
or other material assets, except a sale, assignment or transfer made in the ordinary course of
business;

          (f) there has not been any waiver by the Company of a material debt owed to it;

          (g) there has not been any agreement or commitment by the Company to do any of the acts
described in subsections (a) through (f) above; and

          (h) there has not been any event which has caused a Material Adverse Effect other than
continued incurrence of operating losses incurred in the ordinary course of the Company’s business
at a rate consistent with the Company’s rate of operating losses for the quarter ended September
30, 2006 as reflected in the Company’s Financial Statements.

     3.9 Compliance. The Company is conducting its business in compliance with all
applicable laws, rules and regulations of the jurisdictions in which it is conducting its business,
including, without limitation, all applicable local, state and federal environmental laws and
regulations; except where failure to be so in compliance would not reasonably be expected to have a
Material Adverse Effect.

     3.10 Transfer Taxes. On the Closing Date, all stock transfer or other taxes (other
than income taxes) which are required to be paid in connection with the issuance and sale of the
Shares to be sold to Merck hereunder will be, or will have been, fully paid or provided for by the
Company and all laws imposing such taxes will be or will have been complied with.

     3.11 Investment Company. The Company is not an “investment company” or an “affiliated
person” of, or “promoter” or “principal underwriter” for an investment company, within the meaning
of the Investment Company Act of 1940, as amended.

     3.12 Disclosure. The information contained in the following documents, as of the date
hereof, do not, when read together, include any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances in which they were made, not misleading, as of:

          (a) the Company’s Annual Report on Form 10-K for the year ended December 31, 2005;

          (b) the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2006, June
30, 2006 and September 30, 2006; and

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          (c) all other documents, if any, filed by the Company with the Commission since September 30,
2006 pursuant to the reporting requirements of the Exchange Act (together with paragraphs (a) and
(b), the “Exchange Act Reports”).

     3.13 Price of Common Stock. The Company has not taken, and will not take, directly or
indirectly, any action designed to cause or result in, or which has constituted or which might
reasonably be expected to constitute, the stabilization or manipulation of the price of the shares
of the Common Stock to facilitate the sale or resale of the Shares.

     3.14 Reporting Company; Form S-3. The Company is subject to the reporting
requirements of the Exchange Act and since December 31, 2005 has timely filed all reports required
thereby. As of their respective filing dates, all Exchange Act Reports complied in all material
respects with the requirements of the Exchange Act. The Company is eligible to register the Shares
for resale by Merck on a registration statement on Form S-3 under the Securities Act. To the
Company’s knowledge, there exist no facts or circumstances that would prohibit or delay the
preparation and filing of a registration statement on Form S-3 with respect to the Registrable
Securities (as defined in the Rights Agreement). The Company does not know of any basis to believe
that its present independent registered public accountants will withhold their consent to the
inclusion, or incorporation by reference, of their audit opinion concerning the Company’s financial
statements that will be included in the Registration Statement.

     3.15 Use of Proceeds. The Company intends to use the proceeds from the sale of the
Shares for research and clinical development activities, manufacturing and commercialization of its
product candidates, working capital and general corporate purposes, including for potential
acquisitions of additional technologies and intellectual property rights.

     3.16 Governmental Permits, Etc. The Company has all franchises, licenses,
certificates and other authorizations from such federal, state or local government or governmental
agency, department or body that are currently required for the operation of the business of the
Company as currently conducted, except where the failure to posses currently such franchises,
licenses, certificates and other authorizations would not reasonably be expected to have a Material
Adverse Effect. The Company has not received any notice of proceedings relating to the revocation
or modification of any such permit.

     3.17 Listing. The Common Stock is presently listed on the American Stock Exchange.
The Company has not, in the two years preceding the date hereof, received any written notice from
the American Stock Exchange to the effect that the Company is not in compliance with the
maintenance requirements of such exchange. The Company has secured or prior to the issuance of the
Shares will secure the listing of the Shares upon each national securities exchange or automated
quotation system upon which shares of Common Stock are currently listed (subject to official notice
of issuance). Trading in the Common Stock (or the AMEX generally) has not been suspended by the
SEC or the AMEX.

     3.18 Sarbanes-Oxley Act; Accounting Controls. The Company is in compliance in all
material respects with all provisions of the Sarbanes-Oxley Act of 2002 which are applicable to it.
The Company maintains a system of internal accounting controls that the Company reasonably
believes is sufficient to provide reasonable assurance that (i) transactions are

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executed in accordance with management’s general or specific authorization; (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with
generally accepted accounting principles and to maintain accountability for assets; (iii) access to
assets is permitted only in accordance with management’s general or specific authorization; and
(iv) the recorded accountability for assets is compared with existing assets at reasonable
intervals and appropriate action is taken with respect to any differences.

     3.19 Foreign Corrupt Practices. Neither the Company, nor, to the knowledge of the
Company, any director, officer, agent, employee or other Person acting on behalf of the Company
has, in the course of its actions for, or on behalf of, the Company (i) used any corporate funds
for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political
activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government
official or employee from corporate funds; (iii) violated or is in violation of any provision of
the U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful bribe,
rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic
government official or employee.

     3.20 Employee Relations. The Company is not a party to any collective bargaining
agreement and does not employ any member of a union. No executive officer of the Company (as
defined in Rule 501(f) of the Securities Act) has notified the Company that such officer intends to
leave the Company or otherwise terminate such officer’s employment with the Company. No executive
officer of the Company, to the knowledge of the Company, is in violation of any material term of
any employment contract, confidentiality, disclosure or proprietary information agreement,
non-competition agreement, or any other contract or agreement or any restrictive covenant with the
Company, and, to the knowledge of the Company, the continued employment of each such executive
officer does not subject the Company to any liability with respect to any of the foregoing matters.
To the Company’s knowledge, no employee, officer or consultant of the Company is in violation of
any material term of any employment contract, confidentiality, disclosure or proprietary
information agreement, non-competition agreement, or any other contract or agreement or any
restrictive covenant. Except as set forth in the Exchange Act Reports, no employee of the Company
has been granted the right to any severance following termination of employment with the Company in
excess of $200,000.

     3.21 Securities Law Exemptions. Assuming the accuracy of the representations and
warranties of Merck contained in Section 4 hereof, the offer, sale and issuance of the Shares are
exempt from the registration requirements of the Securities Act, and the registration, permit or
qualification requirements of any applicable state securities laws. Neither the Company nor any
person acting on its behalf has taken any action to sell, offer for sale or solicit offers to buy
any securities of the Company that would reasonably be expected to subject the offer, issuance or
sale of the Shares, as contemplated by this Agreement, to the registration requirements of Section
5 of the Securities Act.

     3.22 No Integrated Offering. Neither the Company, nor any of its affiliates, nor any
person acting on its or their behalf, has directly or indirectly made any offers or sales of any
security or solicited any offers to buy any security under circumstances that would cause this
offering of Securities to be integrated with any prior or contemporaneous offering of securities of

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the Company for purposes of the Securities Act or any applicable state securities law or any
applicable stockholder approval provisions.

ARTICLE 4

REPRESENTATIONS AND WARRANTIES OF MERCK

     Merck hereby represents and warrants as follows:

     4.1 This Agreement and the Rights Agreement have been duly and validly authorized, executed
and delivered on behalf of Merck and are valid and binding agreements of Merck enforceable against
Merck in accordance with their terms except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ and
contracting parties’ rights generally and except as enforceability may be subject to general
principles of equity (regardless of whether such enforceability is considered in a proceeding in
equity or at law) and except to the extent enforcement of Merck’s indemnification obligations set
forth in the Rights Agreement may be limited by federal or state securities laws or the public
policy underlying such laws.

     4.2 Merck represents and warrants to, and covenants with, the Company that: (i) Merck is
knowledgeable, sophisticated and experienced in making, and is qualified to make, decisions with
respect to investments in securities representing an investment decision like that involved in the
purchase of the Shares, including investments in securities issued by the Company and comparable
entities, and has had the opportunity to request, receive, review and consider all information it
deems relevant in making an informed decision to purchase the Shares; (ii) Merck is acquiring the
Shares set forth in Section 1 above in the ordinary course of its business and for its own account
for investment only and with no present intention of distributing any of such Shares or any
arrangement or understanding with any other persons regarding the distribution of such Shares (this
representation and warranty not limiting Merck’s right to sell pursuant to the Registration
Statements or in compliance with the Securities Act and the Rules and Regulations, or Merck’s right
to indemnification under the Rights Agreement); (iii) Merck has not been organized, reorganized or
recapitalized specifically for the purpose of investing in the Shares; (iv) Merck has completed or
caused to be completed the Registration Statement Questionnaire attached hereto as part of Exhibit
B, for use in preparation of the Registration Statements, and the answers thereto are true and
correct as of the date hereof and will be true and correct as of the effective date of the
Registration Statements and Merck will notify the Company promptly of any material change in any
such information provided in the Registration Statement Questionnaire until such time as Merck has
sold all of its Shares or until the Company is no longer required to keep the Registration
Statements effective; (v) Merck has had an opportunity to discuss this investment with
representatives of the Company and ask questions of them; (vi) Merck is an “accredited investor”
within the meaning of Rule 501(a) of Regulation D promulgated under the Securities Act; (vii) Merck
agrees to notify the Company promptly of any change in any of the foregoing information until such
time as Merck has sold all of its Shares or the Company is no longer required to keep the
Registration Statement effective; and (viii) Merck will not, directly or indirectly, offer, sell,
pledge, transfer or otherwise dispose of (or solicit any offers to buy, purchase or otherwise
acquire to take a pledge of) any of the

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Shares except in compliance with the Securities Act, the Rules and Regulations, and applicable
state securities laws.

     4.3 Merck understands that the Shares are being offered and sold to it in reliance upon
specific exemptions from the registration requirements of the Securities Act, the Rules and
Regulations and state securities laws and that the Company is relying upon the truth and accuracy
of, and Merck’s compliance with, the representations, warranties, agreements, acknowledgments and
understandings of Merck set forth herein in order to determine the availability of such exemptions
and the eligibility of Merck to acquire the Shares.

     4.4 Merck understands that its investment in the Shares involves a significant degree of risk,
including a risk of total loss of Merck’s investment, and Merck has full cognizance of and
understands all of the risk factors related to Merck’s purchase of the Shares. Merck understands
that the market price of the Common Stock has been volatile and that no representation is being
made as to the future value of the Common Stock. Merck has the knowledge and experience in
financial and business matters as to be capable of evaluating the merits and risks of an investment
in the Shares and has the ability to bear the economic risks of an investment in the Shares.

     4.5 Merck understands that no United States federal or state agency or any other government or
governmental agency has passed upon or made any recommendation or endorsement of the Shares.

     4.6 Except for Section 3.19, nothing in this Section 4 shall lessen or obviate the
representations and warranties of the Company set forth in this Agreement.

ARTICLE 5

COVENANTS

     5.1 Blue Sky Laws. The Company shall, on or before the Closing Date, take such action
as the Company shall reasonably determine is necessary to qualify the Shares for sale to Merck
pursuant to this Agreement under applicable securities or “blue sky” laws of the states of the
United States or obtain exemption therefrom.

     5.2 Reporting Status. So long as Merck beneficially owns any of the Shares and so
long as the Company is subject to the periodic reporting obligations of the Exchange Act, the
Company shall timely file (within applicable extension periods) all reports required to be filed
with the SEC pursuant to the Exchange Act.

     5.3 Listing. The Company will use its best efforts to continue the listing and
trading of its Common Stock, including the Shares, on the American Stock Exchange (“AMEX”), the New
York Stock Exchange, the Nasdaq National Market, the Nasdaq Capital Market or other equivalent U.S.
national exchange or automated trading market (a “Permitted Exchange”) and to comply with the
reporting, filing and other obligations under the bylaws or rules thereof.

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     5.4 Securities Laws; No Integrated Offerings. The Company shall not make any offers
or sales of any security under circumstances that would cause the offer and sale of the Shares
hereunder to violate the Securities Act or the Rules or Regulations or cause the offer and sale of
the Shares to be subject to any stockholder approval provision applicable to the Company or its
securities.

     5.5 Restriction on Sales.

          (a) Merck hereby agrees that (i) during the period commencing on the date hereof and ending on
the first anniversary of the Closing Date, Merck will not offer, sell or otherwise dispose of any
Shares, and (ii) during the period commencing on the first trading day following the first
anniversary of the Closing Date and ending upon the expiration of the Research Program Term (as
defined in the Collaboration Agreement), it will not offer, sell or otherwise dispose of in any
consecutive three-month period a number of shares that exceeds 1% of the then outstanding Common
Stock; provided, however, that if Merck terminates the Research Program pursuant to Section 8.3.1
of the Collaboration Agreement, then the restrictions in this Section 5.5(a) shall no longer be
applicable and instead Merck shall be obligated during the one-year period following the effective
date of such termination not to offer, sell or otherwise dispose of in any consecutive three-month
period a number of Shares that exceeds 1% of the then outstanding Common Stock.

          (b) Notwithstanding paragraph (a), the restrictions on sale provided in paragraph (a) shall
not be applicable to (i) an offer, sale or other disposition pursuant to Section 2(c) of the Rights
Agreement and (ii) an offer, sale or other disposition in connection with and as part of a merger,
consolidation, business combination, recapitalization, liquidation, dissolution or similar
transaction involving the Company pursuant to which the stockholders of the Company immediately
preceding such transaction will hold less than fifty and one-tenth percent (50.1%) of the aggregate
equity interests in the surviving or resulting entity of such transaction or any direct or indirect
parent thereof or other Change of Control as defined in the Collaboration Agreement.

ARTICLE 6

RESTRICTIONS ON TRANSFERABILITY OF SECURITIES

     6.1 Restrictions on Transferability. The Shares shall not be sold, transferred,
assigned or hypothecated unless (i) there is an effective registration statement under the
Securities Act covering such Shares, (ii) the sale is made in accordance with Rule 144 under the
Securities Act, or (iii) the Company receives an opinion of counsel for the holder of the Shares
reasonably satisfactory to the Company stating that such sale, transfer, assignment or
hypothecation is exempt from the registration requirements of the Securities Act, and each such
case upon all other conditions specified in this Section 6.

     6.2 Restrictive Legends. Each certificate representing the Shares, and any other
securities issued in respect of the Shares upon any stock split, stock dividend, recapitalization,
merger, consolidation or similar event (except as otherwise permitted by the provisions of this

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Section 6), shall be stamped or otherwise imprinted with a legend in substantially the
following form:

	 	 	“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SHARES LAWS OF ANY STATE OF THE UNITED
STATES OR IN ANY OTHER JURISDICTION. THE SHARES REPRESENTED HEREBY MAY NOT BE
OFFERED, SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
FOR THE SHARES UNDER APPLICABLE SECURITIES LAWS UNLESS OFFERED, SOLD OR TRANSFERRED
PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THOSE
LAWS.”

     6.3 Removal of Legend and Transfer Restrictions. Any legend endorsed on a certificate
pursuant to subsection 6.2 and any stop transfer instructions with respect to such legended Shares
shall be removed and the Company shall issue a certificate without such legend to the holder of
such Shares, if (i) the resale of such Shares is registered under the Securities Act and a
prospectus meeting the requirements of Section 10 of the Securities Act is available with respect
to such Shares and (a) Merck delivers to the Company an opinion by counsel, reasonably satisfactory
to the Company, that a registration statement under the Securities Act is at that time in effect
with respect to the resale of the legended security or that such security can be freely transferred
in a public sale without such a registration statement being in effect and that such transfer will
not eliminate the exemption or exemptions from registration pursuant to which the Company issued
the Shares, or (b) in connection with a proposed transfer of the Shares, Merck delivers to the
Company a certificate executed by an officer of, or other person duly authorized by Merck, in the
form attached hereto as Exhibit C, (ii) if such holder sells the Shares in accordance with the
requirements of Rule 144 under the Securities Act, or (iii) the Security is eligible to be sold
pursuant to Rule 144(k) under the Securities Act. If the Company is required to issue unlegended
certificates pursuant to this Section 6.3 following the sale of some or all of the Shares evidenced
by such certificates, the Company shall use its best efforts to deliver or cause to be delivered to
Merck such unlegended certificates within four (4) business days of submission by that Purchaser of
legended certificate(s) to the Company’s transfer agent, together with any other documents required
by the transfer agent to consummate such transaction.

ARTICLE 7

MISCELLANEOUS

     7.1 Survival of Representations, Warranties and Agreements. Notwithstanding any
investigation made by any party to this Agreement, all covenants, agreements, representations and
warranties made by the Company and Merck herein shall survive the execution of this Agreement, the
delivery to Merck of the Shares being purchased and the payment therefor; provided, however, that
the representations and warranties made by the Company and Merck herein shall expire upon the
second anniversary of the Closing Date.

     7.2 Broker’s Fee. The Company represents that it neither is nor will be obligated for
any finder’s or broker’s fee or commission in connection with this transaction. The Company

11

 

agrees to indemnify and hold harmless Merck from any liability for any commission or
compensation in the nature of a finder’s or broker’s fee (and any asserted liability) for which the
Company or any of its officers, employees or representatives is responsible.

     7.3 Notices. All notices required or permitted hereunder shall be in writing and
shall be deemed effectively given: (i) upon delivery to the party to be notified, (ii) when
received by confirmed facsimile, or (iii) one (1) business day after deposit with a nationally
recognized overnight carrier, specifying next business day delivery, with written verification of
receipt. All communications shall be sent to the Company and Merck as follows or at such other
addresses as the Company or Merck may designate upon ten (10) days’ advance written notice to the
other party:

	 	(a)	 	if to the Company, to:
	 
	 	 	 	Idera Pharmaceuticals, Inc.

345 Vassar Street

Cambridge, MA 02139

Attention: Chief Executive Officer

Facsimile: (617) 679-5542
	 
	 	 	 	with a copy to:
	 
	 	 	 	Wilmer Cutler Pickering Hale and Dorr LLP

60 State Street

Boston, MA 02109

Attention: Stuart Falber, Esq.

Facsimile: (617) 526-500

	 	(b)	 	if to Merck:
	 
	 	 	 	Merck & Co., Inc.

One Merck Drive (WS 3A-65)

P.O. Box 100

Whitehouse Station, NJ 08889-0100

Attn.: Office of Secretary

Fax: (908) 735-1246
	 
	 	 	 	and
	 
	 	 	 	Merck & Co., Inc.

One Merck Drive (WS 3A-65)

P.O. Box 100

Whitehouse Station, NJ 08889-0100

Attn: Vice President, Business Development and Corporate Licensing

Fax: (908) 735-1214

12

 

     7.4 Changes. This Agreement may not be modified or amended except pursuant to an
instrument in writing signed by the Company and Merck. No provision hereunder may be waived other
than in a written instrument executed by the waiving party.

     7.5 Headings. The headings of the various sections of this Agreement have been
inserted for convenience of reference only and shall not be deemed to be part of this Agreement.

     7.6 Severability. In case any provision contained in this Agreement should be
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein shall not in any way be affected or impaired thereby.

     7.7 Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York, without reference to any rules of conflict of laws.

     7.8 Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall constitute an original, but all of which, when taken together, shall constitute but one
instrument, and shall become effective when one or more counterparts have been signed by each party
hereto and delivered (including by facsimile) to the other parties.

     7.9 Entire Agreement. This Agreement and the instruments referenced herein contain the
entire understanding of the parties with respect to the matters covered herein and therein and,
except as specifically set forth herein or therein, neither the Company nor Merck make any
representation, warranty, covenant or undertaking with respect to such matters.

     7.10 Assignment. Except as otherwise expressly provided herein, the provisions hereof
shall inure to the benefit of, and be binding upon, the parties hereto and their respective
permitted successors, assigns, heirs, executors and administrators.

     7.11 Further Assurances. Each party agrees to cooperate fully with the other parties
and to execute such further instruments, documents and agreements and to give such further written
assurance as may be reasonably requested by any other party to evidence and reflect the
transactions described herein and contemplated hereby and to carry into effect the intents and
purposes of this Agreement.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

13

 

     IN WITNESS WHEREOF, the parties hereto have executed this Stock Purchase Agreement as of the
date first set forth above.

	 	 	 	 	 
	 	IDERA PHARMACEUTICALS, INC.

 	 
	 	By:  	/S/ Sudhir Agrawal
 	 
	 	 	Sudhir Agrawal 	 
	 	 	Chief Executive Officer 	 
	 

	 	 	 	 	 
	 	MERCK & CO., INC.

 	 
	 	By:  	/s/ Peter S. Kim
 	 
	 	 	Peter S. Kim 	 
	 	 	President, Merck Research Laboratoriesexv10w1

Exhibit 10.1

TRANSITION AND EARLY RETIREMENT AGREEMENT

     THIS TRANSITION AND EARLY RETIREMENT AGREEMENT (the “Agreement”) is entered into by
and between Sysco Corporation, a Delaware corporation (the “Company”) and KENNETH F.
SPITLER, a resident of the State of Texas (“Executive”), as of the Effective Date of the
Agreement, as defined below.

W I T N E S S E T H:

     WHEREAS, Executive and Company are parties to that certain First Amended and Restated
Executive Severance Agreement dated December 23, 2008 (the “Severance Agreement”), a copy
of which is attached hereto;

     WHEREAS, Executive and Company are parties to that certain Sysco Corporation Fiscal 2010
Management Incentive Plan Bonus Agreement, effective as of June 28, 2009 (the “MIP Bonus
Agreement”) pursuant to which Executive is entitled to a bonus if the Company meets certain
pre-established performance criteria (the “MIP Bonus”);

     WHEREAS, Executive has resigned from his positions as Vice Chairman of the Board of Directors
and President and Chief Operating Officer of the Company and as a director of the Company
effective as of the close of business on February 5, 2010, and has indicated his intention to
retire from his employment with the Company effective as of the close of business on June 28, 2010
(the “Retirement Date”); and

     WHEREAS, the parties hereby wish to memorialize their agreement with respect to Executive’s
retirement and to clarify his duties through the Retirement Date.

     NOW, THEREFORE, in consideration of the foregoing and the mutual promises contained herein and
for other good and valuable consideration, the receipt, adequacy and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows:

     1. Executive’s Duties; Compensation and Retirement from the Company.

          (a) During the period commencing on the Effective Date of this Agreement through the
Retirement Date (the “Transition Period”), Executive shall continue to serve as a
non-executive employee of the Company and shall continue to owe a duty of loyalty to the Company.
In his position as a non-executive employee of the Company, Executive shall perform such tasks as
may be requested by the Company’s Chief Executive Officer or the Company’s Board of Directors (the
“Board”). These tasks shall include, but not be limited to, supporting key executives as
designated by the Company. In furtherance of these duties, Executive will continue to have access
to the Company’s Confidential Information and Trade Secrets, as deemed appropriate by the Company,
including, without limitation, access to email and the financial reports prepared by the Company.
It is understood that Executive will make himself available by email and telephone but that
Executive is not required to be in the office on a full-time basis during usual business hours and
Executive is not required to travel on behalf of the Company.

 

 

          (b) During the Transition Period, and subject to Section 1(e) Executive shall receive a
monthly base salary of $60,833.34 and shall continue to be eligible for all other benefits as are
in effect as of the Effective Date of this Agreement, subject to the terms and conditions of each
such benefit plan or program as is then in effect, including without limitation, eligibility for a
MIP Bonus for fiscal year 2010 under Executive’s MIP Bonus Agreement, as modified by Section 3 of
this Agreement.

          (c) During the Transition Period, Executive shall be entitled to secretarial assistance
at the Company’s headquarters in Houston, Texas, and shall be reimbursed for all reasonable
expenses incurred by the Executive, with the prior approval of the Company’s Chief Executive
Officer, in connection with Executive’s duties under this Agreement in accordance with the general
policies, practices and procedures of the Company.

          (d) Subject to Section 1(e), Executive shall be deemed to have resigned as an employee of the
Company as of the close of business on the Retirement Date without any further action required by
Executive or the Company and such resignation shall be deemed to be a retirement in good standing
for all purposes, including, without limitation, for the purpose of determining Executive’s rights
under the Company’s benefit plans.

          (e) Notwithstanding anything herein to the contrary, Executive may be terminated by the
Company for “Cause” at any time before the close of business on the Retirement Date. For the
purpose of this Agreement, “Cause” as determined by the Board in good faith, means: (1) a
material breach by Executive of the duties and responsibilities of Executive or any written
policies or directives of the Company (other than as a result of incapacity due to physical or
mental illness) which is willful or involves gross negligence (2) Executive commits any felony or
any misdemeanor involving willful misconduct (other than minor violations such as traffic
violations) that causes damage to the property, business or reputation of the Company, as
determined in good faith by the Board; (3) Executive engages in a fraudulent or dishonest act, as
determined in good faith by the Board; (4) Executive engages in habitual insobriety or the use of
illegal drugs or substances; or (5) Executive breaches his fiduciary duties to the Company, as
determined in good faith by the Board. The Company must notify Executive of any event constituting
Cause within thirty (30) days following the Company’s knowledge of its existence or such event
shall not constitute Cause under this Agreement. Any “Cause” event shall be determined in the good
faith discretion of the Board of Directors of the Company and shall be described in writing to
Executive in reasonable detail. Executive shall have fifteen (15) days after receipt of written
notice from the Company regarding any event constituting Cause to remedy the breach, unless, as
determined in good faith by the Board, the identified breach has caused material damage to the
Company and cannot be remedied. In the event that Executive is terminated for Cause prior to the
Retirement Date (or if it is determined by the Board of Directors of the Company within sixty (60)
days after the Retirement Date that Executive engaged in behavior that constitutes Cause on or
prior to the Retirement Date), Executive (a) shall not be entitled to receive the enhanced
consideration provided in Sections 1 and 6(b) of Exhibit A to this Agreement, (b)
notwithstanding anything to the contrary contained herein, shall be treated as terminated for
“cause” under the terms of the

-2-

 

Company’s benefit plans; and (c) shall only receive the salary and benefits under Section 1(b) of
this Agreement through the termination date.

          (f) Executive will have a continuing duty of loyalty to the Company throughout the Transition
Period. It is agreed that the foregoing obligation includes, without limitation, an obligation for
Executive to avoid interference with existing business relationships between Company and its
customers and/or employees and to avoid conflicts of interest that would be created by assisting
any person or entity with competition against the Company during the Transition Period. It is
further agreed that as part of Executive’s duties to the Company during the Transition Period and
his duty of loyalty, Executive will: (i) confer with and notify Company of competitive
opportunities that would reasonably be expected to be of interest to the Company;
(ii) assist in the transition of Executive’s responsibilities to a new employee or employees of the
Company as designated by the Company, and (iii) encourage existing customers, employees, and
business associates that Executive may have contact with to continue to do business with the
Company.

     2. Termination of the Severance Agreement.

     Company and Executive hereby agree that the Severance Agreement (including all rights and
obligations contained therein) is hereby terminated effective as of the Effective Date of this
Agreement and that Executive shall have no claims or further rights under the Severance Agreement,
including, but not limited to, any claim for Good Reason or other severance qualifying event.

     3. Fiscal Year 2010 Management Incentive Plan Bonus.

          (a) Subject to a termination for Cause described herein, Company shall pay Executive an MIP
Bonus for fiscal year 2010, to the extent the criteria for payment of a fiscal 2010 MIP Bonus are
satisfied. Executive’s MIP Bonus shall be calculated using Executive’s base salary in effect on the
Effective Date of this Agreement. Executive shall be entitled to a payment pursuant to this Section
3(a) regardless of whether or not Executive is employed by the Company as of the last day of the
Company’s fiscal year as required by Executive’s MIP Bonus Agreement unless the Company terminates
Executive for Cause on or before the Retirement Date. The cash bonus payable to Executive pursuant
to this Section 3(a) shall be reduced by all applicable withholdings and deductions, including
amounts, if any, deferred by Executive under the Company’s Executive Deferred Compensation Plan
(“EDCP”) with respect to Executive’s fiscal 2010 MIP Bonus, and shall be paid at such time
as Executive’s 2010 MIP Bonus would otherwise be payable under the terms of the Management
Incentive Plan (the “MIP”) and the MIP Bonus Agreement. Executive’s 2010 MIP Bonus, if any,
shall be used for purposes of calculating (i) the amount deferred by Executive, if any, and any
company match under the EDCP; and (ii) Executive’s accrued benefit under the Company’s Supplemental
Executive Retirement Plan (“SERP”), if applicable.

          (b) Subject to a termination for Cause described herein, the Company hereby waives any right
to deny Executive the MIP Bonus for fiscal year 2010 as set forth in Section 3(a) above, either by
amending the performance criteria or by terminating the MIP Bonus

-3-

 

Agreement pursuant to its authority under Section 12 of the MIP Bonus Agreement. Notwithstanding
the foregoing, Executive’s MIP Bonus Agreement may be amended or terminated in the same manner and
to the same extent as an amendment or termination or such other exercise of the Compensation
Committee’s discretion with respect to the 2010 MIP Bonus which is applicable to the Company’s
Chief Executive Officer.

     4. Allocation of Specific Consideration.

     In express exchange for Executive’s continued receipt of Confidential Information and Trade
Secrets (as defined herein) in connection with the services Executive will be required to perform
hereunder and in exchange for the consideration provided in Sections 1 and 6(b) of Exhibit
A to this Agreement, Executive is providing the specific covenants and agreements contained in
Sections 12 through 16 of this Agreement. These covenants and agreements are in addition to, and
are not in lieu of, any similar covenants and agreements provided by Executive as a result of his
participation in any benefit plan or program maintained by the Company, including, without
limitation, the SERP, EDCP and any Stock Incentive Plan, under which executive has outstanding
stock options or other equity awards (each a, “Stock Incentive Plan”).

     5. Acknowledgment of OWBPA Rights.

     Executive hereby acknowledges that he knowingly and voluntarily enters into this Agreement
with the purpose of waiving and releasing any claims he may have under the Age Discrimination in
Employment Act of 1967 (“ADEA”) and any and all state age discrimination laws (“SADL”). Executive
further acknowledges and agrees that:

	 	a.	 	this Agreement is written in a manner in which he fully understands;
	 
	 	b.	 	he specifically waives any rights or claims arising under the ADEA and SADL;
	 
	 	c.	 	this Agreement does not waive rights or claims under the ADEA and/or SADL that may arise
after the date this Agreement is executed;
	 
	 	d.	 	the rights and claims waived in this Agreement are in exchange for consideration over and
above anything to which Executive is already entitled;
	 
	 	e.	 	Executive has been advised in writing to consult with an attorney prior to executing this
Agreement;
	 
	 	f.	 	EXECUTIVE has been given 21 days in which to consider this Agreement.
	 
	 	g.	 	EXECUTIVE has been given 7 days after his execution of this Agreement to revoke
this Agreement by providing written notice to Company within seven (7) days following
its execution. Any notice of revocation of this Agreement shall not be effective
unless given in writing and received by Company within the seven (7) day revocation
period via personal delivery, overnight courier, or certified U.S. mail, return receipt
requested, to Sysco Corporation, 1390 Enclave Parkway,

-4-

 

	 	 	 	Houston, TX 77077-2099, Attention: General Counsel. THIS AGREEMENT SHALL NOT BECOME
EFFECTIVE AND ENFORCEABLE UNTIL SUCH SEVEN (7) DAY PERIOD HAS EXPIRED. IF EXECUTIVE
REVOKES THIS AGREEMENT WITHIN SUCH SEVEN (7) DAY PERIOD, EXECUTIVE WILL NOT BE
ENTITLED TO RECEIVE ANY OF THE RIGHTS AND BENEFITS DESCRIBED HEREIN.

     6. Release of Claims by Executive. In exchange for the good and valuable consideration
provided herein, the receipt and sufficiency of which is hereby acknowledged, Executive, on his
behalf and on behalf of his heirs, devisees, legatees, executors, administrators, personal and
legal representatives, assigns and successors in interest (collectively, the “Derivative
Claimants” and each a “Derivative Claimant”), hereby IRREVOCABLY, UNCONDITIONALLY AND
GENERALLY RELEASES, ACQUITS, AND FOREVER DISCHARGES, to the fullest extent permitted by law, the
Company and each of the Company’s directors, officers, employees, representatives, stockholders,
predecessors, successors, assigns, agents, attorneys, divisions, subsidiaries and affiliates (and
any and all agents, directors, officers, employees, members, stockholders, representatives and
attorneys of such stockholders, predecessors, successors, assigns, divisions, subsidiaries and
affiliates), and all persons acting by, through, under or in concert with any of them
(collectively, the “Releasees” and each a “Releasee”), or any of them, from any and
all charges, complaints, claims, damages, actions, causes of action, suits, rights, demands,
grievances, costs, losses, debts, and expenses (including attorneys’ fees and costs incurred), of
any nature whatsoever, known or unknown, that Executive now has, owns, or holds, or claims to have,
own, or hold, or which Executive at any time heretofore had, owned, or held, or claimed to have,
owned, or held from the beginning of time to the date that Executive signs this Agreement,
including, but not limited to, those claims arising out of or relating to (i) any agreement,
commitment, contract, mortgage, deed of trust, bond, indenture, lease, license, note, franchise,
certificate, option, warrant, right or other instrument, document, obligation or arrangement,
whether written or oral, or any other relationship, involving Executive and/or any Releasee, (ii)
breach of any express or implied contract, breach of implied covenant of good faith and fair
dealing, misrepresentation, interference with contractual or business relations, personal injury,
slander, libel, assault, battery, negligence, negligent or intentional infliction of emotional
distress or mental suffering, false imprisonment, wrongful termination, wrongful demotion, wrongful
failure to promote, wrongful deprivation of a career opportunity, discrimination (including
disparate treatment and disparate impact), hostile work environment, sexual harassment,
retaliation, any request to submit to a drug or polygraph test, and/or whistleblowing, whether said
claim(s) are brought pursuant to Title VII of the Civil Rights Act of 1964, the Civil Rights Act of
1991, 42 U.S.C. § 1981, the Age Discrimination in Employment Act, the Older Workers’ Benefits
Protection Act, the Vocational Rehabilitation Act, the Americans with Disabilities Act, and/or the
Fair Credit Reporting Act or any other constitutional, federal, regulatory, state or local law, or
under the common law or in equity, and (iii) any other matter (each of which is referred to herein
as a “Claim”); provided, however, that nothing in this Agreement shall operate to release
any claims that cannot be released under applicable law. Notwithstanding the foregoing, nothing
contained herein shall operate to release any obligations of Company, its successors or assigns:
(i) that relates to amounts or benefits set forth on Exhibit A, (ii) any amounts or
benefits payable under any benefit plan that are otherwise payable without regard to this Agreement
(subject to the terms and conditions of such plans) (iii)

-5-

 

any obligation of the Company under this Agreement, or (iv) to defend and indemnify Executive to
the maximum extent that directors and officers of corporations are required to be indemnified under
Delaware law and the Company’s Certificate of Incorporation and Bylaws for all costs of litigation
and any judgment or settlement amount paid for acts, errors or omissions for periods of time
during which Executive served as an officer or director of the Company.

     7. Release of Unknown Claims by Executive.

     Executive recognizes that he may have some claim, demand, or cause of action against the
Releasees relating to any Claim of which he is totally unaware and unsuspecting and which is given
up by the execution of this Agreement. It is Executive’s intention in executing this Agreement,
having received the advice of legal counsel, that this Agreement will deprive him of any such Claim
and prevent Executive or any Derivative Claimant from asserting the same. The provisions of any
local, state, federal, or foreign law, statute, or judicial decision providing in substance that
this Agreement shall not extend to such unknown or unsuspecting claims, demands, or damages, are
hereby expressly waived.

     8. No Assignment.

     Executive represents and warrants that he has not assigned or transferred, or purported to
assign or transfer, to any person, entity, or individual whatsoever, any of the Claims released
herein. Executive agrees to indemnify and hold harmless the Releasees against any losses,
settlements, judgments, defense costs or other amounts incurred in response to any Claim, based on,
arising out of, or due to any such assignment or transfer. With respect to any Claim that is
subject to indemnification, the Releasees retain the right to control the defense of any Claim and
to resolve any such Claim upon securing Executive’s written consent to the proposed resolution,
which consent shall not unreasonably be withheld.

     9. Covenant Not to Sue.

     A “covenant not to sue” is a legal term which means Executive promises not to file a lawsuit
in court. It is different from the release of claims contained above. Besides waiving and
releasing the claims covered by Section 6, Executive further agrees never to sue any of the
Releasees in any forum for any reason covered by Section 6. Notwithstanding this Covenant Not To
Sue, Employee may bring a claim against the Company to enforce this Agreement or to challenge its
validity under the ADEA and/or SADL. If Executive sues a Releasee in violation of this Agreement,
he shall be liable to that Releasee for its reasonable attorneys’ fees and other litigation costs
incurred in defending against that suit except as outlined in Section 10. In furtherance of the
foregoing, Executive further agrees on behalf of himself and the Derivative Claimants to hold each
Releasee harmless with respect to any such suit or prosecution in contravention of this Section 9.

     10. No Assistance.

     Executive understands that if this Agreement were not signed, he would have the right
voluntarily to assist other individuals or entities in bringing Claims against the Releasees.

-6-

 

Executive hereby waives that right and hereby agrees that he will not voluntarily provide any such
assistance absent compulsion of law. Notwithstanding the foregoing, Executive understands that
nothing in this Agreement is intended to interfere with or deter Executive’s right to challenge the
waiver of an ADEA claim or SADL claim; however, such a challenge will not affect the validity of
the release of any other claims covered by this agreement. Executive understands that nothing in
this Agreement is intended to interfere with or deter Executive’s right to file a charge, complaint
or charge with the Equal Employment Opportunity Commission or any state agency or commission or to
participate in any investigation or proceeding conducted by those agencies. This Agreement does,
however, waive and release any right of Executive to recover damages with respect to any claim
released herein under the civil rights statutes. Executive understands that nothing in this
Agreement would require Executive to tender back the money received under this Agreement if
Executive seeks to challenge the validity of the ADEA or SADL waiver; nor does Executive agree to
ratify any ADEA or SADL waiver that fails to comply with the Older Workers’ Benefit Protection Act
by retaining the money received under the Agreement. Further, nothing in this Agreement is
intended to require the payment of damages, attorneys’ fees or costs to Company should Executive
challenge the waiver of an ADEA or SADL claim or file an ADEA or SADL suit except as authorized by
federal or state law.

     11. Restrictive Covenants.

     In express exchange for Executive’s continued receipt of Confidential Information and Trade
Secrets in connection with the services that Executive will be required to perform hereunder, as
generally described in Section 1(a) above, and in exchange for the consideration provided in
Sections 1 and 6(b) of Exhibit A to this Agreement, and following the negotiation of
parties with equal bargaining power, Executive is providing each of the covenants and agreements
contained in Sections 12 through 16 of this Agreement. Executive represents and warrants that the
limited covenants contained in Sections 12 through 16 below: (i) are fair and reasonable in that
they are required for the protection of the legitimate business interests of the Company,
including, without limitation, its customer relationships, supplier relationships, Trade Secrets
and Confidential Information, all of which Executive has had particular access to in his positions
of Company’s Vice Chairman of the Board of Directors, President and Chief Operating Officer
(including, e.g., all of the Company’s pricing strategies, marketing strategies, growth and other
developmental strategies), and will continue to have access to, and particular knowledge of, in
connection with his duties contemplated in Section 1(a) above; (ii) are not greater than are
necessary for the protection of the Company in light of the substantial harm that the Company will
suffer should Executive breach any of the provisions of said covenants or agreements; (iii) form
material consideration for this Agreement; and (iv) notwithstanding that Executive is retiring as
of the Retirement Date, do not prohibit Executive from engaging in his business, trade or
profession, or from becoming gainfully employed in such a way as to provide a standard of living
for himself, the members of his family, and those dependent upon him, to which he and they have
become accustomed and may expect. With respect to these covenants and agreements, the following
definitions shall apply:

          (a) “Trade Secrets” shall mean information not generally known about the Company Business
which is the subject of efforts that are reasonable under the circumstances to maintain its secrecy
or confidentiality and from which the Company derives economic value from

-7-

 

the fact that the information is not generally known to other persons who can obtain economic value
from its disclosure or use. Trade Secrets include, but are not limited to, technical or
non-technical data, compilations, programs and methods, techniques, processes, financial data,
lists of actual customers and potential customers, customer route books or lists containing the
names, addresses, buying habits and business locations of past, present and prospective customers,
sales reports, price lists, product formulae, methods and procedures relating to services.

          (b) “Confidential Information” means, to the extent not a “Trade Secret,” other business
information of the Company not generally known to the public and which the Company desires and
makes reasonable efforts to keep confidential, including, without limitation, information regarding
the following: the Company’s ERP Transformation Project, customers, suppliers, employees,
contractors, and the industry not generally known to the public; strategies, methods, books,
records, and documents; technical information concerning products, equipment, services, and
processes; procurement procedures and pricing techniques; the names of and other information
concerning customers, and business affiliates (such as contact name, service provided, pricing for
that customer, amount of services used, credit and financial data, and/or other information
relating to the Company’s relationship with that customer); pricing strategies and price curves;
positions; plans and strategies for expansion or acquisitions; budgets; customer, supplier and
broker lists; research; financial and sales data; trading methodologies and terms; evaluations,
opinions, and interpretations of information and data; marketing and merchandising techniques and
strategies; prospective customers’ and suppliers’ names and marks; grids and maps; electronic
databases; models; specifications; computer programs; internal business records; contracts
benefiting or obligating the Company; bids or proposals submitted to any third party; technologies
and methods; training methods and training processes; organizational structure; salaries of
personnel; payment amounts or rates paid to consultants or other service providers; and other such
confidential or proprietary information.

          (c) “Company”, for the purpose of Sections 11 through 19 of this Agreement, shall mean Sysco
Corporation and all of its current operating company subsidiaries and divisions.

          (d) “Company Business” shall mean (i) the manufacturing, distribution and/or sale of the food
or related nonfood products (including, without limitation, paper products, such as disposable
napkins, plates and cups, tableware, such as china and silverware, restaurant and kitchen equipment
and supplies, medical and surgical supplies, cleaning supplies, and personal care guest amenities,
housekeeping supplies, room accessories and hotel and motel textiles) distributed by the Company
and/or its operating companies as of Executive’s execution of this Agreement (“Company Products”)
to restaurants, cafeterias, healthcare and educational facilities, lodging establishments, sports
and entertainment venues, or other similar customers in the foodservice and hospitality industries
(the “Restricted Customer Segment”) or (ii) any business to which the Company has committed
substantial resources, in terms of research, time, or financing, for the two years prior to the
conclusion of the Transition Period. The parties hereto agree that, by virtue of his former
position as the Company’s President and Chief Operating Officer and the transition of these
obligations as contemplated hereunder, Executive is fully familiar with the full range of products
that are manufactured, distributed and/or sold as part of, and the new business ventures
contemplated as part of, the Company Business. Company Products shall not include

-8-

 

wine, spirits, or other alcohol products, tools, hardware, or other home supply products, auto
parts, or furniture.

          (e) “Competing Business” shall mean any person, concern or entity which is engaged in or
conducts a business that is substantially the same as the Company Business or any segment thereof
and that is in competition with the Company Business and includes any person, concern, or entity
that owns a twenty percent (20%) or larger interest in a Competing Business. For purposes of
example only, and without limitation, each of the entities listed on Exhibit C, would be
considered a Competing Business. Competing Business also includes any person, concern or entity
whose primary business involves transportation, logistics, or supply chain management related to
planning, implementing and controlling the movement and storage of items falling within the
definition of Company Products. Competing Business shall not include any person, concern or entity
that is engaged in or conducts a business that involves the manufacture, distribution, or sale of
items falling within the definition of Company Products to establishments that fall outside of the
scope Restricted Customer Segment, including retail grocery stores and retail drugstores.

          (f) “Territory” shall mean: (i) each of the fifty (50) states within the United States of
America within which the Company maintains a place of business as of the execution of this
Agreement; (ii) each of the provinces in Canada within which the Company maintains a place of
business as of the execution of this Agreement; (iii) Ireland, wherein the Company maintains a
place of business; and (iv) any other trade area or location wherein the Company either services or
has serviced customers or otherwise has engaged in Material Contacts to market Company Products at
any time during the twenty-four (24) months preceding the Effective Date of this Agreement,
including, without limitation Mexico. “Material Contacts” shall mean research and other
preparatory activity by the Company related to a business plan or proposal and one or more
face-to-face meetings between the Company and local contacts or professionals.

     12.Agreement to Protect Confidential Information and Trade Secrets.

          (a) Executive covenants and agrees that he will not at any time, other than in the performance
of his duties for the Company, both during and after his employment by the Company, communicate or
disclose to any person or entity, or use for his benefit or for the benefit of any other person or
entity, directly or indirectly, any of the Company’s Trade Secrets and/or Confidential Information.
For the purposes of this Agreement, the prohibition against the disclosure of Confidential
Information only shall end five (5) years after the earlier of the Retirement Date or the
separation, for any reason, of Executive’s employment hereunder with the Company. The disclosure
of Trade Secrets by the Executive is prohibited for the life of the Executive, or until the Trade
Secret information becomes publicly available through no fault of the Executive. Notwithstanding
the foregoing , Executive’s understanding of the Company’s Trade Secrets and/or Confidential
Information as part of his general background, experience and knowledge shall not operate to
prohibit Executive from obtaining employment with a Competing Business following the expiration of
the two (2) year noncompetition period contained in Section 14.

          (b) Executive moreover acknowledges and confirms that he has no right, claim or interest to
any property, invention, trade secret, information or other asset used in the business of the
Company and that all such property, inventions, trade secrets, information and

-9-

 

other assets used in the business of the Company are owned by the Company or its affiliates or
licensed to the Company or its affiliates by third parties not affiliated with Executive.

     13. Agreement to Protect Supplier Relationships.

     Executive recognizes that developing suppliers on behalf of the Company takes substantial
time, money and personal contact. Executive further acknowledges that Trade Secrets, Confidential
Information and the Company’s relationships with its suppliers are foundations of the Company’s
business. Executive accordingly covenants and agrees that during his employment by the Company
hereunder and for a period of two (2) years after the earlier of the Retirement Date or the
separation, for any reason, of Executive’s employment hereunder with the Company, he will not,
without the prior written consent of the Company, either directly or indirectly, on his own behalf
or in the service of or on behalf of others, solicit, or attempt to divert or appropriate to a
Competing Business any supplier with whom Executive dealt on behalf of the Company, either directly
or indirectly through the supervision of others, at any time during the last two (2) years of
Executive’s employment with the Company.

     14. Agreement Not to Compete.

          (a) In Connection with Company Customers. Executive recognizes that developing
customers on behalf of the Company takes substantial time, money and personal contact. Executive
further acknowledges that Trade Secrets, Confidential Information and the Company’s relationships
with its customers are foundations of the Company’s business. Executive accordingly covenants and
agrees that, during the term of Executive’s employment with the Company and for a period of two (2)
years after the earlier of the Retirement Date or the separation, for any reason, of Executive’s
employment hereunder with the Company, Executive shall not, without the written consent of the
Company as authorized by the Board of Directors, the Chairman of the Board, or the Chairman of the
Compensation Committee of the Board of Directors, on behalf of a Competing Business (including,
without limitation, the entities listed on Exhibit C hereto other than the Company), either
directly or indirectly (whether through affiliates, subsidiaries or otherwise), market, solicit or
sell, or attempt to market, solicit or sell, any Company Product or service within the scope of the
Company Business to any actual or potential customer of the Company with whom the Company has
either sold product to, marketed product to (other than in connection with a mass advertisement of
product) at any time during the twenty-four (24) months preceding the Effective Date of this
Agreement.

          (b) On Behalf of any Competing Business. Executive furthermore covenants and agrees
that, during the term of Executive’s employment with the Company and for a period of two (2) years
after the earlier of the Retirement Date or the separation, for any reason, of Executive’s
employment hereunder with the Company, Executive shall not, without the written consent of the
Company as authorized by the Board of Directors, the Chairman of the Board, or the Chairman of the
Compensation Committee of the Board of Directors, within the Territory and on behalf of a Competing
Business (including, without limitation, the entities listed on Exhibit C hereto other than
the Company), either directly or indirectly (whether through affiliates, subsidiaries or
otherwise), perform any duties that are the same or substantially similar

-10-

 

to those that he performed at any time during the last two (2) years of Executive’s employment with
the Company.

     15. Agreement to Protect Employees.

     Executive covenants and agrees that during the term of his employment with the Company and for
a period of two (2) years after the earlier of the Retirement Date or the separation, for any
reason, of Executive’s employment with the Company, Executive shall not, without the prior written
consent of the Company, either directly or indirectly, solicit, divert, or recruit any employee of
the Company to leave such employment to work for a Competing Business, or hire any employee of the
Company or any former employee of the Company with less than a one year break in his or her
separation of service from the Company to work for a Competing Business (whether as an employee,
independent contractor or otherwise).

     16. Agreement Not to Disparage.

     Executive and the Company agree that neither shall make any disparaging comments or
accusations detrimental to the reputation, business, or business relationships of the other except
as compelled by law. In the event that Executive becomes legally compelled to disclose information
that may be disparaging to the Company, or detrimental to the business or business relationships of
the Company, he shall provide the Company with prompt notice so that the Company may seek a
protective order or other appropriate remedy and/or waive compliance with the provisions of this
Agreement. In the event that Company becomes legally compelled to disclose information that may be
disparaging to Executive, or detrimental to the business or business relationships of the
Executive, Company shall provide Executive with prompt notice so that the Executive may seek a
protective order or other appropriate remedy and/or waive compliance with the provisions of this
Agreement. In the event that such protective order remedy is not obtained, or that the party about
whom the disclosure is to be made waives compliance with the provisions of this Agreement, such
party will furnish only such information that such party is advised by written opinion of counsel
of the party’s selection (with reasonable fees and expenses of such counsel’s opinion to be paid by
the Company) is legally required and will exercise his best efforts to obtain a protective order or
other reliable assurance that confidential treatment will be accorded to any Trade Secret or item
of Confidential Information. This Section shall not apply to disparaging comments or accusations
made in testimony or pleadings in connection with any claims asserted by Executive or by the
Company in a court of law. Notwithstanding the foregoing, the parties agree that nothing in this
Agreement shall apply to or restrict in any way the communication of information by the Company or
the Executive to the extent required by any state or federal law enforcement agency.For
purposes of this Section 16 only, “Company” shall be limited to officers and directors of the
Company.

     17. Remedies.

     Executive acknowledges and agrees that by virtue of the duties and responsibilities attendant
to his employment by the Company and the special knowledge of the Company’s affairs, business,
clients and operations that he has been and will be provided as a consequence of such employment,
irreparable loss and damage will be suffered by the Company if Executive should breach or violate

-11-

 

any of the covenants and agreements contained in Sections 12-16 hereof. Executive further
acknowledges and agrees that each of such covenants is reasonably necessary to protect and preserve
the Company Business and the assets of the Company. In the event of breach or threatened breach by
Executive of any provision of Sections 12-16 (including it subparts) hereof, the Company shall be
entitled to (i) injunctive relief by temporary restraining order, temporary injunction, and/or
permanent injunction and (ii) any other legal and equitable relief to which the Company may be
entitled, including any and all monetary damages which the Company may incur as a result of said
breach or threatened breach. The prevailing party in such litigation shall be entitled to recovery
of all attorneys fees and costs incurred in the litigation. Executive moreover agrees that he (i)
shall not be entitled to receive any payments payable hereunder after the date of such breach in
accordance with Section 1 of Exhibit A to this Agreement and (ii) shall be required to
forfeit any unvested restricted shares that remain outstanding pursuant to Section 6(b) of
Exhibit A to this Agreement as of the date of the breach in the event that he breaches any
of the covenants set forth in Sections 12-16 hereof. In the event Executive seeks a judicial
declaration that Sections 12-16 hereof are legally unenforceable, Executive shall not, after the
date of filing for such a judicial declaration, be entitled to receive any payments payable
hereunder in accordance with Section 1 of Exhibit A to this Agreement. Moreover, should
Executive succeed in obtaining a judicial declaration that Sections 12-16 hereof are not legally
enforceable, Executive shall be obligated to repay all such payments previously made in accordance
with Section 1 of Exhibit A to this Agreement, and shall be required to forfeit any
unvested restricted shares that remain outstanding pursuant to Section 6(b) of Exhibit A to
this Agreement.

     18. Severability.

     If any provision contained in this Agreement is determined to be void, illegal or
unenforceable, in whole or in part, then the other provisions contained herein shall remain in full
force and effect as if the provision that was determined to be void, illegal, or unenforceable had
not been contained herein. If the restrictions provided for in this Agreement are deemed
unenforceable as written, the parties expressly authorize the court to revise, delete, or add to
the restrictions contained in this Agreement to the extent necessary to enforce the intent of the
parties and to provide Company’s goodwill, Confidential Information, and other business interests
with effective protection.

     19. Resolution of Disputes.

          (a) With the sole exception of a claim brought by the Company seeking temporary, preliminary
or permanent injunctive relief against Executive for any breach or threatened breach of any of the
covenants set forth in Sections 12-16 of this Agreement as outlined in Section 17, if any form of
legally cognizable dispute arises out of or relates to any aspect of this Agreement or the breach,
termination, or validity thereof, the parties agree to resolve the dispute by binding arbitration
before the American Arbitration Association (“AAA”). Disputes subject to binding
arbitration include, without limitation, (1) all tort and contract claims; (2) claims brought under
all applicable federal, state or local statutes, laws, regulations or ordinances, including but not
limited to, Title VII of the Civil Rights Act of 1964, as amended, the Family and Medical Leave
Act, as amended; the Americans with Disabilities Act, as amended; the Rehabilitation Act of 1973,
as amended; and the Age Discrimination in Employment Act, as amended; (3) claims against the
Company’s subsidiaries, affiliated and

-12-

 

successor companies, and claims against the Company that include claims against the Company’s
agents and employees, whether in their capacity as such or otherwise.

          (b) Arbitration proceedings shall be held in the State of Delaware, or at such other place as
may be selected by the mutual agreement of the parties. The arbitration shall proceed in
accordance with the Employment Dispute Resolution Rules of the AAA in effect on the date of this
Agreement, and judgment upon the award rendered by the arbitrator may be entered in any court
having jurisdiction thereof.

          (c) The arbitration award shall be reasoned, in writing, and shall specify the factual and
legal bases for the award. In rendering the award, the arbitrator shall determine the respective
rights and obligations of the parties according to the laws of the State of Delaware or, if
applicable, federal law, and without regard to conflict or choice of law principles. The
arbitrator shall have the authority to award any remedy or relief that a federal or state court
within the State of Delaware could order or grant, including without limitation, specific
performance of any obligation created under this Agreement; an award of punitive, exemplary,
statutory, or compensatory damages; a declaration of the forfeiture of amounts due or claimed to be
due; or the imposition of sanctions for abuse or frustration of the arbitration process.

          (d) Each party shall pay for its own fees and expenses of arbitration including the expense of
its own counsel, experts, witnesses and preparation and presentation of evidence, except that the
cost of the arbitrator and any filing fee exceeding the applicable filing fee in federal court
shall be paid by the Company; provided, however, that all reasonable costs and fees necessarily
incurred by any prevailing party shall be subject to reimbursement from the other party as part of
any award of the arbitrator. The arbitration tribunal also shall have the ability to apportion
reasonable costs and fees in the event that neither party prevails in full.

          (e) By initialing below, Executive and the Company acknowledge that each has read the
provisions of this Section 19 and agree to arbitration as provided herein. (A duly authorized
officer of the Company shall provide his or her initials on behalf of the Company.)

	 	 	 	 	 

	 

	 	______
	 	Executive’s Initials
	 
	 	 	 	 
	 

	 	______
	 	Company Officer’s Initials

     20. General Provisions.

          (a) This Agreement and the covenants, representations, warranties and releases contained
herein shall inure to the benefit of and be binding upon Executive and the Company and each of
their respective successors, heirs, assigns, agents, affiliates, parents, subsidiaries and
representatives. This agreement shall be binding upon any successor of the Company, whether by
merger or any other acquisition or transfer.

          (b) Each party acknowledges that no one has made any representation whatsoever not contained
herein concerning the subject matter hereof in order to induce the execution of this Agreement.

-13-

 

          (c) Except in the event that the Company publicly files this Agreement or otherwise publicly
discloses its terms and conditions, Executive agrees that the terms and conditions of this
Agreement, including the consideration hereunder shall not be disclosed to anyone and shall remain
confidential and not be disseminated to any person or entity not a party to this Agreement except
to family members, legal counsel, an accountant for purposes of securing tax advice, the Internal
Revenue Service, or state taxing agencies.

          (d) The “Effective Date” of this Agreement shall be the eighth (8th) day after the
execution of the Agreement by Executive.

          (e) This Agreement does not constitute an admission of any liability.

          (f) Neither this Agreement nor any provision hereof may be modified or waived in any way
except by an agreement in writing signed by each of the parties hereto consenting to such
modification or waiver.

          (g) This Agreement shall in all respects be interpreted, enforced and governed under the
internal laws (and not the conflicts of laws and rules) of Delaware.

          (h) Each of the parties represents and warrants that he or it is legally viable and competent
to enter into this Agreement, is relying on independent judgment and the advice of legal counsel
and has not been influenced, pressured, or coerced to any extent whatsoever in making this
Agreement by any representations or statements made by any party, and/or any person or persons
representing any party, and that the individuals executing this Agreement on his or its behalf are
authorized to do so.

          (i) This Agreement, including all exhibits hereto, expressly supersedes all other prior
agreements or other arrangements by and between the Company and Executive with respect to the
compensation and benefits payable by the Company to Executive, including all of the Company’s
payment obligations for compensation set forth in any employment agreement between the parties,
whether or not in writing, and that such prior agreements or arrangements with respect to
compensation and benefits payable by the Company to Executive shall upon the Effective Date be null
and void and of no force and effect whatsoever. Notwithstanding the foregoing, the terms and
conditions of all benefit plans and programs maintained by the Company and any agreement providing
for post-employment obligations of Executive shall remain in full force and effect as to Executive
except as expressly modified by this Agreement.

[Signatures on Following Page]

-14-

 

     IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the dates set forth
below.

EXECUTIVE ATTESTS THAT HE UNDERSTANDS THAT THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND
UNKNOWN CLAIMS.

NOTICE — THIS AGREEMENT CONTAINS A WAIVER OF RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT.
EXECUTIVE IS ADVISED TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS AGREEMENT.

EXECUTED THIS                      DAY OF                     , 2010.

EXECUTIVE:                                                                                                                                            

Print Name:                                                                                                                        

Sworn to and subscribed before me this                      day of                     , 2010.

                                                                                                                                            

Notary Public

EXECUTED THIS                      DAY OF                     , 2010.

Company: Sysco Corporation

By:                                                                       
                             

Its:                                                                                                    

 

 

EXHIBIT A

TO

TRANSITION AND EARLY RETIREMENT AGREEMENT

     Subject the specific terms and conditions of the Agreement, including, without limitation,
those contained in Section 17 of the Agreement and provided that Executive’s employment is not
terminated for “cause” prior to the Retirement Date (or if it is determined by the Board of
Directors after the Retirement Date that Executive engaged in behavior that constituted “cause” on
or prior to the Retirement Date), Executive shall be entitled to the following:

     1. Post-Retirement Benefits. In express exchange for the restrictive covenants
provided in Sections 12 through 16 of the Agreement and provided Executive enters into, and does
not effectively rescind, the Separation Agreement and Release of All Claims attached hereto as
Exhibit B (or a substantially similar form thereto) and subject to Section 1(b) of this
Exhibit A, on the date that is sixty (60) days following the Retirement Date (the “Payment
Forfeiture Date”) the Company shall begin to provide to the Executive the payments and benefits
described in this Section 1. Notwithstanding any provision in this Agreement to the contrary,
however, none of the payments or benefits described in this Section 1 shall be made prior to the
Company’s receipt of such executed release and the lapse of any revocation period provided for in
such release, and if Executive does not provide to the Company such executed release after at least
ten (10) days written notice of Company’s request for the same on or before the Payment Forfeiture
Date, Executive shall forfeit any and all rights to the following payments.

          (a) The Company shall pay to Executive (or Executive’s beneficiary or estate), subject to
Section 17 of the Agreement and 1(b) of this Exhibit A, commencing on the Payment Forfeiture Date a
monthly payment for twenty-four (24) months equal to the sum of:

               (i) Executive’s monthly base salary (before any elective deferrals under any Company
plan) in effect on the Effective Date of this Agreement, plus;

               (ii) An amount equal to one-twelfth (1/12th) of the average annual bonus paid
to Executive under the Management Incentive Plan (before any elective deferrals under any Company
plans) for the 2005 through 2009 fiscal years of the Company; and

               (iii) An amount equal to the monthly cost to Executive for continued coverage under the
Company’s group health benefit insurance plans under Section 4980B of the Internal Revenue Code of
1986 (COBRA), regardless of whether Executive elects to be covered by COBRA.

The monthly amount payable to Executive pursuant to this Section 1(a) shall be paid to Executive in
two semi-monthly installments in accordance with the Company’s regular payroll practices.

          (b) Notwithstanding the foregoing, no installments payable to Executive pursuant to this
Section 1 shall be paid prior to the date that is six (6) months and one day following the date on
which Executive experiences a “separation from service” from the

 

Company. Any installments delayed by reason of the immediately preceding sentence, shall be
accumulated and paid in a lump-sum on the date that is six months and one day following Executive’s
“separation from service” from the Company and any subsequent installments being paid in accordance
with the dates and terms set forth in Section 1(a) of this Exhibit A. For purposes of this
Agreement, Executive shall have experienced a “separation from service” as a result of a
termination of employment if the level of bona fide services performed by Executive decreases to a
level equal to twenty-five percent (25%) or less of the average level of services performed by
Executive during the immediately preceding thirty-six (36) month period, taking into account any
periods of performance excluded by Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”).

     (c) Amounts payable to Executive pursuant to this Section 1 shall not be eligible for use in
determining Executive’s accrued benefit under the SERP.

     2. SERP Retirement Benefit.

     Executive’s active participation in the Sysco Corporation Supplemental Executive Retirement
Plan (the “SERP”) will terminate on the Retirement Date. Because Executive is a Specified
Employee (as that term is defined in the SERP) distributions to Executive under the SERP cannot
commence earlier than the date that is six months and one day following Executive’s Separation from
Service (as that term is defined in the SERP). As a result, pursuant to the terms of the SERP,
Executive’s SERP retirement benefit will commence as soon as administratively practicable following
the date that is six (6) months and one day following Executive’s Separation from Service (as that
term is defined in the SERP) from the Company.

     3. EDCP.

     Executive’s active participation in the Sysco Corporation Executive Deferred Compensation Plan
(the “EDCP”) will terminate on the Retirement Date. Because Executive is a Specified
Employee (as that term is defined in the EDCP) distributions to Executive under the EDCP cannot
commence earlier than the date that is six months and one day following Executive’s Separation from
Service (as that term is defined in the SERP). As a result, pursuant to the terms of the EDCP,
Executive’s account in the EDCP will be distributed in accordance with Executive’s retirement
distribution election commencing as soon as administratively practicable following the date that is
six (6) months and one day following Executive’s Separation from Service (as that term is defined
in the EDCP) from the Company.

     4. 401(k) and Pension Plans.

     Executive’s active participation in the Sysco Corporation Employees’ 401(k) Plan (the
“401(k)”) and Sysco Corporation Retirement Plan (the “Pension Plan”) will cease as
of the Retirement Date. Executive will be entitled to his vested 401(k) and Pension Plan benefits
in accordance with the terms of such plans.

-17-

 

     5. Stock Options.

     Each stock option previously granted to Executive and outstanding as of the Retirement Date
will continue to vest and may be exercised only in accordance with the terms of the applicable
Stock Incentive Plan and Executive’s option grants. For purposes of determining Executive’s
eligibility for continued vesting and exercise following Executive’s termination of employment from
the Company under the terms of the Stock Incentive Plans and Executive’s option grants, Executive
will be treated as retiring in good standing under Company policy.

     6. Restricted Stock.

          (a) MIP Shares. Because Executive is retiring under Company policy, all contractual
restrictions on Executive’s shares of restricted stock issued Executive under the MIP and held by
Executive through his Retirement Date shall lapse as of the Retirement Date. Accordingly, all
contractual restrictions on any shares granted to Executive under the MIP for fiscal year 2008
shall lapse upon the Retirement Date.

          (b) 2009 Special Grant of Restricted Shares. Pursuant to the Restricted Stock Award
Agreement between Executive and the Company, dated January 17, 2009 (the “Award
Agreement”), all shares of restricted stock granted to Executive pursuant to the Award
Agreement that are otherwise unvested as of Executive’s Retirement Date are required to be
forfeited to the Company as of such date. In express exchange for the restrictive covenants
provided in Sections 12 through 16 of the Agreement and provided Executive enters into, and does
not effectively rescind, the Separation Agreement and Release of All Claims attached hereto as
Exhibit B (or a substantially similar form thereto), subject to Section 17 of the Agreement
twelve thousand six hundred thirty-seven (12,637) shares of restricted stock subject to the Award
Agreement shall remain outstanding and shall vest in full on January 17, 2011. All remaining
restricted shares subject to the Award Agreement that are otherwise unvested as of the Retirement
Date shall be forfeited to the Company in accordance with the terms of the Award Agreement.

     7. Restricted Stock Units.

     Each Restricted Stock Unit previously granted to Executive and outstanding as of the
Retirement Date will continue to vest and will be payable only in accordance with the terms of the
applicable Stock Incentive Plan and Executive’s Restricted Stock Unit Grant Agreement. For
purposes of determining Executive’s eligibility for continued vesting following Executive’s
termination of employment from the Company under the terms of the Stock Incentive Plans and
Executive’s Restricted Stock Unit Grant Agreement, Executive will be treated as retiring in good
standing under Company policy.

-18-

 

     8. 2004 Cash Performance Unit Plan (the “2004 CPU Plan”) & 2008 Cash Performance Unit
Plan (the “2008 CPU Plan” and together with the 2004 CPU Plan, the “CPU Plan”).

     Executive’s termination shall be treated as a Retirement (as defined in the CPU Plan) for
purposes of the CPU Plan. Subject to the terms and conditions of the 2004 CPU Plan, Executive
shall be entitled to payment for all Performance Units (as defined in the 2004 CPU Plan) granted to
Executive pursuant to the 2004 CPU Plan (grants for fiscal years prior to 2010) after the end of
the relevant performance period based on actual Company performance. Subject to the terms and
conditions of the 2008 CPU Plan, Executive shall be entitled to payment for one-third
(1/3rd) of the Performance Units (as defined in the 2008 CPU Plan) granted to Executive
pursuant to the Fiscal Year 2010 Cash Performance Unit Program after the end of the relevant
performance period based on actual Company performance.

     9. Medical, Dental and Vision Coverage.

     As set forth in the Company’s Early Retiree Healthcare Plan, Executive shall be eligible to
elect continued coverage for himself, his spouse and eligible dependents under Federal COBRA and/or
the Early Retiree Healthcare Plan. Subject to the terms of the Company’s Healthcare Plan, as in
effect from time to time, Executive’s disabled dependent shall be eligible for continued coverage
under the Healthcare Plan for the period during which Executive is on COBRA and thereafter under
the Company’s Early Retiree Medical Plan for as long as such dependent remains disabled under the
terms of the Plans and required payments are made on behalf of all those covered on a timely basis
as defined by the Plan unless the Plan is terminated at which time coverage will cease. This will
include periods of time during which Executive’s disabled dependent is otherwise eligible for
Medicare.

     10. Life Insurance, Accidental Death and Dismemberment Insurance and Disability
Coverage.

     Coverage under the Company’s group life/ accidental death and dismemberment plan and any
supplemental life insurance purchased by Executive will continue through the Retirement Date.
Executive may purchase conversion and/or portable coverage at his election. Coverage under the
Company’s disability plan will cease as of the Retirement Date.

     11. Vacation.

     Executive will exhaust all accrued, but unused vacation time prior to the Retirement Date.

     12. Miscellaneous Benefits.

     Executive will be entitled to retain the Company issued Blackberry and Amazon Kindle.

-19-

 

     13. Tax and Other Matters.

     The Company shall withhold all applicable taxes from amounts paid to Executive hereunder and
shall pay such withheld taxes over to the proper taxing authorities. If any compensation or
benefits provided for by this Agreement may result in the application of Section 409A of the Code,
the Company will modify this Agreement in the least restrictive manner necessary in order, where
applicable, (i) to exclude such compensation or benefits from the definition of “deferred
compensation” within the meaning of said Section 409A, or (ii) to comply with the provisions of
said Section 409A, other applicable provisions of the Code and/or any rules, regulations or other
regulatory guidance issued under such statutory provisions and to make such modifications, in each
case, without diminution in the economic value of the payments and benefits to be paid or provided
to Executive pursuant to this Agreement. To the extent required in order to comply with Section
409A of the Code, amounts or benefits to be paid or provided to Executive pursuant to this
Agreement will be delayed to the first business day on which such amounts and benefits may be paid
to Executive without resulting in liability for the excise tax, penalties and interest under
Section 409A of the Code.

     14. No Effect on Benefit Plans. Nothing contained in this Agreement or this Exhibit A
shall be construed or interpreted in a manner as to limit the Company’s ability to amend or
terminate its benefit plans in accordance with the terms of such plans.

-20-

 

EXHIBIT B

TO

TRANSITION AND EARLY RETIREMENT AGREEMENT

SEPARATION AGREEMENT AND RELEASE OF ALL CLAIMS

[ATTACHED]

 

 

SEPARATION AGREEMENT AND RELEASE OF ALL CLAIMS

     THIS SEPARATION AGREEMENT AND RELEASE OF ALL CLAIMS (the “Agreement”) is entered into
by and between Sysco Corporation, a Delaware corporation (the “Company”) and KENNETH F.
SPITLER, a resident of the state of Texas (“Executive’’), as of the Effective Date of the
Agreement, as defined below.

W I T N E S S E T H:

     WHEREAS, in accordance with the Transition and Early Retirement Agreement (“Transition
Agreement”) executed by the parties, they are entering into this Agreement upon Executive’s
retirement from the Company as of June 28, 2010 (the “Retirement Date”);

     NOW, THEREFORE, in consideration of the foregoing and the mutual promises contained herein and
other good and valuable consideration, the receipt, adequacy and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows:

     1. Executive’s Retirement.

     As of the close of business on the Retirement Date, Executive shall be deemed to retire from
the Company, including all positions that he formerly held with the Company.

     2. Acknowledgment of OWBPA Rights.

     Executive hereby acknowledges that he knowingly and voluntarily enters into this Agreement
with the purpose of waiving and releasing any claims he may have under the Age Discrimination in
Employment Act of 1967 (“ADEA”) and any and all state age discrimination laws (“SADL”). Executive
further acknowledges and agrees that:

	 	a.	 	this Agreement is written in a manner in which he fully understands;
	 
	 	b.	 	he specifically waives any rights or claims arising under the ADEA and SADL;
	 
	 	c.	 	this Agreement does not waive rights or claims under the ADEA and/or SADL that may arise
after the date this Agreement is executed;
	 
	 	d.	 	the rights and claims waived in this Agreement are in exchange for consideration over and
above anything to which Executive is already entitled;
	 
	 	e.	 	Executive has been advised in writing to consult with an attorney prior to executing this
Agreement;
	 
	 	f.	 	EXECUTIVE has been given 21 days in which to consider this Agreement.
	 
	 	g.	 	EXECUTIVE has been given 7 days after his execution of this Agreement to revoke
this Agreement by providing written notice to Company within seven (7) days

22

 

	 	 	 	following its execution. Any notice of revocation of this Agreement shall not be
effective unless given in writing and received by Company within the seven (7) day
revocation period via personal delivery, overnight courier, or certified U.S. mail,
return receipt requested, to Sysco Corporation, 1390 Enclave Parkway, Houston, TX
77077-2099, Attention: General Counsel. THIS AGREEMENT SHALL NOT BECOME EFFECTIVE
AND ENFORCEABLE UNTIL SUCH SEVEN (7) DAY PERIOD HAS EXPIRED. IF EMPLOYEE REVOKES
THIS AGREEMENT WITHIN SUCH SEVEN (7) DAY PERIOD, EMPLOYEE WILL NOT BE ENTITLED TO
RECEIVE ANY OF THE RIGHTS AND BENEFITS DESCRIBED HEREIN.

     3. Release of Claims by Executive.

     Pursuant to the consideration provided in Exhibit A of the Transition Agreement and
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
Executive, on his behalf and on behalf of his heirs, devisees, legatees, executors, administrators,
personal and legal representatives, assigns and successors in interest (collectively, the
“Derivative Claimants” and each a “Derivative Claimant”), hereby IRREVOCABLY,
UNCONDITIONALLY AND GENERALLY RELEASES, ACQUITS, AND FOREVER DISCHARGES, to the fullest extent
permitted by law, the Company and each of the Company’s directors, officers, employees,
representatives, stockholders, predecessors, successors, assigns, agents, attorneys, divisions,
subsidiaries and affiliates (and any and all agents, directors, officers, employees, members,
stockholders, representatives and attorneys of such stockholders, predecessors, successors,
assigns, divisions, subsidiaries and affiliates), and all persons acting by, through, under or in
concert with any of them (collectively, the “Releasees” and each a “Releasee”), or
any of them, from any and all charges, complaints, claims, damages, actions, causes of action,
suits, rights, demands, grievances, costs, losses, debts, and expenses (including attorneys’ fees
and costs incurred), of any nature whatsoever, known or unknown, that Executive now has, owns, or
holds, or claims to have, own, or hold, or which Executive at any time heretofore had, owned, or
held, or claimed to have, own, or held from the beginning of time to the date that Executive signs
this Agreement, including, but not limited to, those claims arising out of or relating to (i) any
agreement, commitment, contract, mortgage, deed of trust, bond, indenture, lease, license, note,
franchise, certificate, option, warrant, right or other instrument, document, obligation or
arrangement, whether written or oral, or any other relationship, involving Executive and/or any
Releasee, (ii) breach of any express or implied contract, breach of implied covenant of good faith
and fair dealing, misrepresentation, interference with contractual or business relations, personal
injury, slander, libel, assault, battery, negligence, negligent or intentional infliction of
emotional distress or mental suffering, false imprisonment, wrongful termination, wrongful
demotion, wrongful failure to promote, wrongful deprivation of a career opportunity, discrimination
(including disparate treatment and disparate impact), hostile work environment, sexual harassment,
retaliation, any request to submit to a drug or polygraph test, and/or whistleblowing, whether said
claim(s) are brought pursuant to Title VII of the Civil Rights Act of 1964, the Civil Rights Act of
1991, 42 U.S.C. § 1981, the Age Discrimination in Employment Act, the Older Workers’ Benefits
Protection Act, the Vocational Rehabilitation Act, the Americans with Disabilities Act, and/or the
Fair Credit Reporting Act or any other constitutional, federal, regulatory, state or local law, or
under the

23

 

common law or in equity, and (iii) any other matter (each of which is referred to herein as a
“Claim”); provided, however, that nothing in this Agreement shall operate to release any
claims that cannot be released under applicable law. Notwithstanding the foregoing, nothing
contained herein shall operate to release any obligations of Company, its successors or assigns:
(i) that relates to amounts or benefits set forth on Exhibit A of the Transition Agreement,
or (ii) to defend and indemnify Executive to the maximum extent that directors and officers of
corporations are required to be indemnified under Delaware law or the Company’s Certificate of
Incorporation and Bylaws for all costs of litigation and any judgment or settlement amount paid for
acts, errors or omissions for periods of time during which Executive served as an officer or
director of the Company.

     4. Release of Unknown Claims by Executive.

     Executive recognizes that he may have some claim, demand, or cause of action against the
Releasees relating to any Claim of which he is totally unaware and unsuspecting and which is given
up by the execution of this Agreement. It is Executive’s intention in executing this Agreement,
having received the advice of legal counsel, that this Agreement will deprive him of any such Claim
and prevent Executive or any Derivative Claimant from asserting the same. The provisions of any
local, state, federal, or foreign law, statute, or judicial decision providing in substance that
this Agreement shall not extend to such unknown or unsuspecting claims, demands, or damages, are
hereby expressly waived.

     5. Cooperation in Litigation

     Executive agrees to cooperate with the Company in the handling or defense of any legal claims
or disputes related to his past association with the Company. Executive will make himself
reasonably available to Company in connection with any pending or threatened claims or charges
against Company, will provide information requested by Company in a truthful and complete manner
without the need for subpoena, and will, upon reasonable notice, attend any legal proceeding at
which his presence is needed by Company without the need for subpoena; provided, however, that both
parties will cooperate in an effort to avoid schedule conflicts and Company will assist Executive
in bringing any conflicting obligations to the attention of the applicable court in an effort to
accommodate same. The Company will reimburse Executive for all documented out of pocket expenses
incurred by Executive in complying with his obligations under this Section.

     6. No Assignment.

     Executive represents and warrants that he has not assigned or transferred, or purported to
assign or transfer, to any person, entity, or individual whatsoever, any of the Claims released
herein. Executive agrees to indemnify and hold harmless the Releasees against any losses,
settlements, judgments, defense costs or other amounts incurred in response to any Claim, based on,
arising out of, or due to any such assignment or transfer. With respect to any Claim that is
subject to indemnification, the Releasees retain the right to control the defense of any Claim and
to resolve any such Claim upon securing Executive’s written consent to the proposed resolution,
which consent shall not unreasonably be withheld.

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     7. Covenant Not to Sue.

     A “covenant not to sue” is a legal term which means Executive promises not to file a lawsuit
in court. It is different from the release of claims contained above. Besides waiving and
releasing the claims covered by Section 3, Executive further agrees never to sue any of the
Releasees in any forum for any reason covered by Section 3. Notwithstanding this Covenant Not To
Sue, Employee may bring a claim against the Company to enforce this Agreement or to challenge its
validity under the ADEA and/or SADL. If Executive sues a Releasee in violation of this Agreement,
he shall be liable to that Releasee for its reasonable attorneys’ fees and other litigation costs
incurred in defending against that suit except as outlined in Section 8. In furtherance of the
foregoing, Executive further agrees on behalf of himself and the Derivative Claimants to hold each
Releasee harmless with respect to any such suit or prosecution in contravention of this Section 7.

     8. No Assistance.

     Executive understands that if this Agreement were not signed, he would have the right
voluntarily to assist other individuals or entities in bringing Claims against the Releasees.
Executive hereby waives that right and hereby agrees that he will not voluntarily provide any such
assistance absent compulsion of law. Notwithstanding the foregoing, Executive understands that
nothing in this Agreement is intended to interfere with or deter Executive’s right to challenge the
waiver of an ADEA claim or SADL claim; however, such a challenge will not affect the validity of
the release of any other claims covered by this agreement. Executive understands that nothing in
this Agreement is intended to interfere with or deter Executive’s right to file a charge, complaint
or charge with the Equal Employment Opportunity Commission or any state agency or commission or to
participate in any investigation or proceeding conducted by those agencies. This Agreement does,
however, waive and release any right of Executive to recover damages with respect to any claim
released herein under the civil rights statutes. Executive understands that nothing in this
Agreement would require Executive to tender back the money received under this Agreement if
Executive seeks to challenge the validity of the ADEA or SADL waiver; nor does Executive agree to
ratify any ADEA or SADL waiver that fails to comply with the Older Workers’ Benefit Protection Act
by retaining the money received under the Agreement. Further, nothing in this Agreement is
intended to require the payment of damages, attorneys’ fees or costs to Company should Executive
challenge the waiver of an ADEA or SADL claim or file an ADEA or SADL suit except as authorized by
federal or state law.

     9. Return of Company Property and Proprietary Information.

          (a) Executive further promises, represents and warrants that Executive has returned or will
return to William Delaney by no later than the Retirement Date: (1) except as otherwise provided on
Exhibit A to the Transition Agreement all property of Company, including, but not limited to, any
and all files, records, credit cards, keys, identification cards/badges, computer access codes,
computer programs, instruction manuals, equipment

25

 

(including computers) and business plans; (2) any other property which Executive prepared or helped
to prepare in connection with Executive’s employment with Company; and (3) all documents, including
logs or diaries, all tangible materials, including audio and video tapes, all intangible materials
(including computer files), and any and all copies or duplicates of any such tangible or intangible
materials, including any duplicates, copies, or transcriptions made of audio or video tapes,
whether in handwriting or typewritten, that are in the possession, custody or control of Executive
or his attorneys, agents, family members, or other representatives, which are alleged to support in
any way any of the claims Executive has released under this Agreement.

          (b) The foregoing representation shall include all Confidential Information and Trade Secrets
of Company, as these terms are defined in the Transition Agreement. With respect to such
Confidential Information and Trade Secrets, Executive warrants and represents that he has returned
all such Proprietary Information to the Company on or before the close of business on the
Retirement Date.

     10. COBRA.

     Company will provide Executive with a separate notification about his rights under COBRA to
elect to continue group health insurance benefits for a specified time as provided under Section
4980B of the Internal Revenue Code of 1986, as amended (“COBRA”), as well as certain other
rights to continued health plan coverage.

     11. Severability.

     If any provision contained in this Agreement is determined to be void, illegal or
unenforceable, in whole or in part, then the other provisions contained herein shall remain in full
force and effect as if the provision that was determined to be void, illegal, or unenforceable had
not been contained herein. If the restrictions provided for in this Agreement are deemed
unenforceable as written, the parties expressly authorize the court to revise, delete, or add to
the restrictions contained in this Agreement to the extent necessary to enforce the intent of the
parties and to provide Company’s goodwill, Confidential Information, and other business interests
with effective protection.

     12. Resolution of Disputes.

     The dispute resolution provisions of Section 19 of the Transition Agreement, which are
incorporated by reference as if set forth fully herein, shall govern any disputes between the
parties hereto.

     13. General Provisions.

          (a) This Agreement and the covenants, representations, warranties and releases contained
herein shall inure to the benefit of and be binding upon Executive and the Company and each of
their respective successors, heirs, assigns, agents, affiliates, parents, subsidiaries and
representatives.

26

 

          (b) Each party acknowledges that no one has made any representation whatsoever not contained
herein concerning the subject matter hereof in order to induce the execution of this Agreement.

          (c) Except in the event that the Company publicly files this Agreement or otherwise publicly
discloses its terms and conditions, Executive agrees that the terms and conditions of this
Agreement, including the consideration hereunder shall not be disclosed to anyone and shall remain
confidential and not be disseminated to any person or entity not a party to this Agreement except
to family members, legal counsel, an accountant for purposes of securing tax advice, the Internal
Revenue Service, or state taxing agencies.

          (d) The “Effective Date” of this Agreement shall be the eighth (8th) day after the
execution of the Agreement by Executive.

          (e) This Agreement does not constitute an admission of any liability.

          (f) Neither this Agreement nor any provision hereof may be modified or waived in any way
except by an agreement in writing signed by each of the parties hereto consenting to such
modification or waiver.

          (g) This Agreement shall in all respects be interpreted, enforced and governed under the
internal laws (and not the conflicts of laws and rules) of Delaware.

          (h) Each of the parties represents and warrants that he or it is legally viable and competent
to enter into this Agreement, is relying on independent judgment and the advice of legal counsel
and has not been influenced, pressured, or coerced to any extent whatsoever in making this
Agreement by any representations or statements made by any party, and/or any person or persons
representing any party, and that the individuals executing this Agreement on his or its behalf are
authorized to do so.

          (i) This Agreement and the Transition Agreement expressly supersede the all other prior
agreements or other arrangements by and between the Company and Executive with respect to the
compensation and benefits payable by the Company to Executive, including all of the Company’s
payment obligations for compensation set forth in any employment agreement between the parties,
whether or not in writing, and that such prior agreements or arrangements with respect to
compensation and benefits payable by the Company to Executive shall upon the Effective Date be null
and void and of no force and effect whatsoever. Notwithstanding the foregoing, the terms and
conditions of all benefit plans and programs maintained by the Company shall remain in full force
and effect as to Executive except as expressly modified by this Agreement and/or the Transition
Agreement. For the avoidance of doubt, the covenants contained in any benefit plan or program
maintained by the Company, including, without limitation, the SERP, EDCP and any Stock Incentive
Plan, under which Executive has outstanding stock options or other equity awards (each a,
“Stock Incentive Plan”) remain in full effect. In addition, Executive agrees and
acknowledges that the covenants contained in Sections 12-16 of the Transition Agreement remain in
full effect following the execution of this Agreement.

27

 

     IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the dates set forth
below.

EXECUTIVE ATTESTS THAT HE UNDERSTANDS THAT THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND
UNKNOWN CLAIMS.

NOTICE — THIS AGREEMENT CONTAINS A WAIVER OF RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT.
EXECUTIVE IS ADVISED TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS AGREEMENT.

EXECUTED THIS                      DAY OF                     , 2010.

EXECUTIVE:

Print Name:                                                                                                                                            

Sworn to and subscribed before me this                      day of                     , 2010.

                                                                                                    

Notary Public

EXECUTED THIS                      DAY OF                     , 2010.

Company: Sysco Corporation

By:                                                                       
                             

Its:                                                                                                    

28

 

EXHIBIT C

TO

TRANSITION AND EARLY RETIREMENT AGREEMENT

SEPARATION AGREEMENT AND RELEASE OF ALL CLAIMS

[ATTACHED]

29

 

EXHIBIT C

U.S. FOODSERVICE

PERFORMANCE FOOD GROUP

GORDON FOOD SERVICE

REINHART FOOD SERVICE

MAINES PAPER & FOOD SERVICE

RESTAURANT DEPOT

SERVICES GROUP OF AMERICA

BEN E KEITH FOODS

SHAMROCK FOODS CO.

LABATT FOOD SERVICE

CHENEY BROTHERS, INC.

IFH

AGAR SUPPLY CO., INC.

30

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