Document:

Form of Amended and Restated Stock Option Agreement

 Exhibit 10.9 

THIS AMENDED AND RESTATED STOCK OPTION AGREEMENT (the “Agreement”) is made and entered effective ,
2010, by and among Ray D. Berry (“Berry”), The Fresh Market, Inc. (the “Corporation”), and [Name of Executive] (“Executive”). 

WHEREAS, Berry, the Corporation and the Executive are party to the Stock Option Agreement, dated as of , 2009, (the “Original
Agreement”); 
 WHEREAS, Berry, the Corporation and the Executive wish to amend and restate the Original Agreement;

 NOW, THEREFORE, the Original Agreement is hereby amended and restated as follows: 

1. Option. Berry has granted to Executive an option to purchase common shares (the “Common Shares”) (subject to
adjustment as provided in Section 6 of this Agreement, the “Option Shares”) from Berry at a purchase price of $9,145.77 per share (subject to adjustment as provided in Section 6 of this Agreement, the “Exercise
Price”), subject to the vesting and other conditions hereinafter provided in this Agreement (the “Option”). 

2. Vesting. Following the occurrence of a Vesting Date prior to expiration of the Option under Section 3 Executive may
exercise the Option pursuant to Section 4 of this Agreement with respect to the portion of the Option Shares for which the Option then vests under this Section 2. 

For purposes of this Agreement: 

“Vesting Date” shall mean (and be limited to) (i) the date on which a Sale of the Corporation
occurs, (ii) in connection with an Initial Public Offering, the date specified by Berry in a notice to the Corporation and Executive, (iii) the date on which a Partial Sale occurs, (iv) the
10th anniversary of the date of the Original Agreement
(the “10th
Anniversary”), or (v) the date on which Executive’s employment with the Corporation ceases because of Executive’s death or Disability. 

“Sale of the Corporation” means the acquisition of all or substantially all of the assets of the Corporation or of the
equity interests in the Corporation, whether by means of a sale, share exchange, merger, consolidation, or other transaction; provided that a “Sale of the Corporation” shall not include any transaction if immediately after
the transaction one or more Berry Parties directly or indirectly control the acquirer. For purposes of the foregoing sentence, “Berry Part(y)ies” means Ray D. Berry, existing and future lineal descendants of Ray D. Berry,
existing and future spouses of Ray D. Berry or of such descendants, and existing and future trusts for the benefit in whole or in part of any one or more of the foregoing persons, and “control” means having the ability to
determine, either directly or through one or more intervening other entities, the persons who direct the management of the acquirer. 

 “Initial Public Offering” means an initial public offering of common shares
of the Corporation on the New York Stock Exchange, NASDAQ, or any other United States or foreign stock exchange. 

“Partial Sale” means the sale by a Berry Party of Common Shares (x) other than a sale occurring as part of a Sale
of the Corporation or as part of an Initial Public Offering and (y) other than a sale (i) to one or more other Berry Parties, (ii) to an employee of the Corporation or of another entity controlled by the Corporation, or (iii) to
the Corporation. For purposes of the foregoing sentence, “control” means having the ability to determine, either directly or through one or more intervening other entities, the persons who direct the management of the entity in
question. For the avoidance of doubt, a Partial Sale includes a sale by a Berry Party of Common Shares to an employee stock ownership plan trust. 

“Disability” means that there has been a good faith determination by the Corporation’s Board of Directors that
Executive is subject to a physical and/or mental impairment that prevents Executive from performing the essential functions of Executive’s employment with the Corporation with or without reasonable accommodation. 

In the case of a Vesting Date other than a Vesting Date arising from a Partial Sale, the portion of the Option Shares for which the
Option then vests is all of the Option Shares with respect to which the Option has not theretofore earlier expired under Section 3 of this Agreement. In the case of a Vesting Date arising from a Partial Sale, the portion of the Option Shares
for which the Option then vests shall be the number of Option Shares multiplied by a fraction, the numerator of which is the number of Common Shares sold in the Partial Sale by the Berry Party and the denominator of which is the number of Common
Shares then outstanding. 
 3. Expiration. The Option shall expire without further consideration upon cessation of
Executive’s employment with the Corporation for any or no reason whatsoever other than cessation because of Executive’s death or Disability, with respect to the portion of the Option Shares that has not vested pursuant to Section 2 of
this Agreement prior to such cessation occurring. If the Option vests as to all or any portion of the Option Shares pursuant to Section 2 of this Agreement, the Option shall expire at the end of the Exercise Period provided in Section 4 of
this Agreement with respect to such vested Option Shares as to which the Option is not timely exercised in accordance with Section 4 of this Agreement during the Exercise Period. Upon the Option expiring as to some or all of the Option Shares,
the Option shall not thereafter be exercisable as to the Option Shares for which the Option has so expired. For the avoidance of doubt but not in limitation of the foregoing provisions of this paragraph, if prior to any Vesting Date occurring
Executive’s employment with the Corporation ceases for any or no reason other than because of Executive’s death or Disability, the Option shall expire as to all the Option Shares upon such cessation of employment occurring. 

 

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 To illustrate the foregoing paragraph, assume that on January 1, 2010, a Partial Sale
occurs in which a Berry Party sells Common Shares representing 4% of all the then outstanding Common Shares, that Executive is still employed by the Corporation on the date of such Partial Sale, that no Vesting Date has occurred prior to the date of
such Partial Sale, and that no event has occurred prior to the date of such Partial Sale causing an adjustment in the number of Option Shares pursuant to Section 6 of this Agreement. The Partial Sale would result in the Option becoming vested
under Section 2 of this Agreement as to 14.1180 Option Shares [352.950 multiplied by .04]. Assume that Executive timely exercises the Option during the Exercise Period pursuant to Section 4 of this Agreement with respect to 10 Option
Shares but does not so timely exercise the Option with respect to the remaining vested 4.1180 Option Shares. The Option would expire as to the 4.1180 Option Shares upon expiration of the Exercise Period. 

4. Exercise. (a) If (and only if) the Option becomes vested with respect to Option Shares under
Section 2 of this Agreement, the Option may be exercised at any time during the period beginning on the Vesting Date and ending on the
60th day following the Vesting Date (the “Exercise
Period”) with respect to such vested Option Shares. The Option may be exercised for all or less than all of the Option Shares as to which the Option has so vested under such Section 2, and there may be more than one exercise occurring
during the Exercise Period (provided that the sum of such exercises may not be for more than the number of Option Shares so vested). To exercise the Option, Executive must deliver to Berry at his principal office address or such other address
as Berry may direct, one or more written notices of exercise during the Exercise Period. Each such notice (an “Exercise Notice”) shall (i) be signed by Executive’s or by Executive’s permitted successor as provided in
Section 8 of this Agreement, (ii) state the number of Option Shares with respect to which the Option is being exercised, (iii) contain such representations as Berry may require pursuant to Section 9 of this Agreement, and
(iv) unless otherwise agreed to by Berry, either (A) be accompanied by payment in full of the aggregate Exercise Price of such Option Shares by bank cashiers check payable to Berry’s order and by payment in full of any amounts
required under Section 5 of this Agreement by bank cashiers check payable to the Corporation’s order or (B) be accompanied by a Netting Notice pursuant to Section 4(b). As soon as practicable after the Exercise Notice has been
received by Berry, Berry shall cause the Corporation to issue to Executive (or to such permitted successor) a certificate registered in the name of Executive (or such permitted successor) representing the number of Option Shares so purchased subject
to the reduction provided in Section 4(b) if a Netting Notice is delivered by Executive. 
 (b) In lieu of paying by means
of bank cashiers checks the aggregate Exercise Price of the Option Shares as to which the Option is being exercised and any amounts required under Section 5 of this Agreement with respect to such exercise, Executive (or Executive’s
permitted successor as provided in Section 8 of this Agreement) may deliver to Berry along with the Exercise Notice a notice that Executive elects to satisfy payment of such Exercise Price and obligations under Section 5 through the
netting permitted by this Section 4(b) (a “Netting Notice”). If a Netting Notice is so timely delivered by Executive (or such permitted successor), Executive shall receive from

  

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Berry upon exercise of the Option that number of Option Shares with an aggregate fair market value equal to the amount by which the aggregate fair market value of the Option Shares for which the
Option is being exercised exceeds the sum of (i) the aggregate Exercise Price of the Option Shares for which the Option is being exercised and (ii) the sum of the amounts required to be paid by Executive pursuant to Section 5 of this
Agreement with respect to such exercise. 
 For purposes of this Section 4(b), the fair market value of
Option Shares as to which the Option is being exercised shall be the fair market value of such Option Shares as of the date Executive (or such permitted successor) delivers the Exercise Notice accompanied by the Netting Notice to Berry (the
“Valuation Date”), determined by taking into account the minority status and illiquid status of such Option Shares as applicable. Unless otherwise agreed in writing by Berry and Executive (or such permitted successor), such fair
market value shall be determined by appraisal. The appraiser shall be selected by written agreement of Executive (or such permitted successor) and Berry. If no such agreement is reached by the
30th day after the Valuation Date, then each of Executive
(or such permitted successor) and Berry shall appoint one appraiser by the
10th day following the end of such 30-day period, and the
two appraisers so appointed shall then jointly designate a qualified person to perform the appraisal. 
 The
appraiser shall provide Executive (or such permitted successor) and Berry with a written draft of the appraiser’s determination of the fair market value of such Option Shares for their written comment by the
40th day following the date of the appraiser’s
appointment pursuant to the preceding paragraph. Each such person receiving the draft shall have 20 days from the end of such 40-day period in which to deliver any written comments on the draft to the appraiser; any such written comments shall also
be delivered by the commenting party at the same time to the other party. 
 By the
30th day after the end of such 20-day period, the
appraiser shall submit the appraiser’s final written determination of the fair market value of such Option Shares to Executive (or such permitted successor) and Berry. Such determination of the fair market value of such Option Shares by the
appraiser shall be conclusive and binding on all persons and entities unless the objecting party establishes either patent mathematical error in the appraisal or the existence of actual fraud on the part of any person or entity in the making either
of such determination or of the books and records on which such determination is based; in either case that materially affects the fair market value of such Option Shares as determined by the appraiser. 

The appraiser’s fees and expenses shall be borne by Executive. 

5. Withholdings. Executive shall pay to the Corporation any income tax, Federal Unemployment Tax Act, Federal Insurance
Contributions Act, or other amounts which the Corporation determines the Corporation and/or Berry is required by applicable law to withhold or otherwise collect from Executive as a result of exercise of the Option. 

 

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 6. Adjustments. (a) The amount of Option Shares and the Exercise Price shall be
appropriately adjusted, as determined in good faith by Berry, for any increase or decrease in the number of outstanding Common Shares resulting from payment of a Common Share dividend on the Common Shares, a subdivision or combination of Common
Shares, or from a reclassification of the Common Shares. 
 (b) After the merger of one or more entities into the Corporation,
any merger of the Corporation into another entity, any consolidation of the Corporation with one or more other entities, or any other reorganization of any form involving the Corporation as a party thereto involving any exchange, conversion,
adjustment or other modification of the Common Shares, Executive thereafter shall be entitled upon exercise of the Option to receive, in lieu of the number of Option Shares as to which the Option shall then be so exercised, the number and class of
shares or other securities or such other property to which Executive would have been entitled pursuant to the terms of the merger, consolidation, or reorganization, if at the time of such merger, consolidation, or reorganization Executive had been a
holder of record of a number of Common Shares equal to the number of Option Shares for which the Option is exercised, all as determined in good faith by Berry, subject to appropriate adjustment in the application of Section 4(b) as determined
by Berry if Executive provides a Netting Notice. Comparable rights shall accrue to Executive in the event of successive such mergers, consolidations, or reorganizations. 

(c) Neither this Agreement nor the Option shall affect in any way the right or power of the Corporation to make adjustments,
reclassifications, reorganizations, or changes of its capital or business structure, or to merge or consolidate, or to dissolve, liquidate or sell, or transfer all or part of its business or assets, or for Berry or any other Berry Party to
authorize, approve, or otherwise participate in, any such transaction. 
 7. Title Warranties. Berry represents and
warrants to Executive that to the extent the Option is exercised, Berry will be conveying to Executive good and valid title to the Option Shares thereby acquired by Executive, free and clear of all liens, claims, and encumbrances, and that such
Option Shares are fully paid and non-assessable. 
 8. Non-Transferability. The Option may not be sold, assigned,
pledged, or otherwise transferred, whether gratuitously or for consideration, whether consensually or by operation of law, including but not limited to pursuant to equitable distribution, divorce, or other marital proceedings, except that if either
(i) the Option becomes exercisable as to any Option Shares because of Executive’s death as the Vesting Event causing vesting of the Option or (ii) Executive should die after the Option becomes exercisable as to any Option Shares
because of a different Vesting Event but before the Option expires as to such Option Shares, then Executive’s successor by death may exercise the Option with respect to the Option Shares as to which the Option has become so exercisable prior to
the expiration of the Option as to such Option Shares subject to all the conditions and limitations provided in this Agreement. 
  

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 9. Registration; Investigation. Executive hereby acknowledges and agrees with Berry
(i) that neither the offer nor sale of the Option or of the Option Shares has been registered under the Securities Act of 1933 as amended (the “1933 Act”), the North Carolina Securities Act, or any other securities laws,
(ii) that the Option and, to the extent the Option is exercised, the Option Shares are being offered and sold to Executive pursuant to one or more exemptions from registration under the 1933 Act, the North Carolina Securities Act and other
applicable securities laws, (iii) that to the extent the Option is exercised the Option Shares may not be offered or sold by Executive except pursuant to such registration or an exemption from such registration and (iv) that the
Corporation does not have any obligation to cause any such registration or to take action so as to make an exemption available. Executive hereby represents and warrants to Berry, and agrees with Berry that to the extent Executive exercises the
Option, that as an existing executive employee of the Corporation Executive is fully familiar with the Corporation’s affairs, and is purchasing the Option Shares based on Executive’s own examination of the Corporation and not in
reliance on any representations or warranties made by Berry, the Corporation, any representative of Berry or the Corporation, or by any other person or entity, other than Berry’s representation and warranty in Section 7 of this Agreement.

 10. Tax Consequences. Executive acknowledges and agrees that (i) the Option has been granted to Executive in
connection with Executive’s performance of services to the Corporation, (ii) that exercise of the Option is expected to result in taxable income to Executive under Section 83 of the Internal Revenue Code, and (iii) that neither
Berry, the Corporation, any representative of Berry or the Corporation, or any other person or entity has made and does not make any representation or warranty to Executive of any tax consequences of the grant of the Option or the exercise of the
Option. 
 11. Employment. Neither this Agreement nor the transactions provided hereunder shall in any way amend, limit,
or otherwise affect the status of the employment relationship between the Corporation and Executive as employment terminable at will. 

12. Miscellaneous. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors
and assigns; provided that Executive may not assign or delegate any of Executive’s rights or obligations under this Agreement except with the prior written consent of Berry or except as provided in Section 8 of this Agreement. If
any provision of this Agreement is deemed invalid or otherwise unenforceable for any reason, such provision shall, at the option of the party benefited by such provision, either be reformed to the extent necessary to make such provision enforceable
or deemed deleted from this Agreement, in either case without affecting the remainder of this Agreement which shall continue in full force and effect. 

[SIGNATURE PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed on the date
first above written. 
  

			
	by	 	  

		 	Name: Ray D. Berry

  

			
	THE FRESH MARKET, INC.,
		
	by	 	  

		 	Name:

  

			
	by	 	  

		 	Name: [Name of Executive]

 EXHIBIT A 

EXAMPLE OF ALLOCABLE PORTION 

Assume that the Corporation has the following Shares outstanding and owned of record as follows: 

 

			
	 Holder
	  	Number of Shares
		
	 A
	  	40
	 B
	  	20
	 C
	  	20

 Assume the occurrence of an event
resulting in the creation of an option under the Agreement in A, B, and C to purchase 20 Shares from D. Each of A, B, and C timely delivers a Purchase Notice stating the maximum number of Shares which he is willing to purchase as follows:

 Holder Maximum Number Stated in Purchase Notice 

 

			
	 A
	  	20
	 B
	  	10
	 C
	  	2

 The initial allocation of
the 20 Shares to be purchased would be as follows: 
  

										
	 	  	A	  	B	  	C	  	Shares To Be Allocated	 
		  		  		  		  	20	  
					
	 Initial Allocation
	  	10	  	5	  	2	  	(17	) 
		  		  		  		  	 	 
		  		  		  		  	3	  

 In the initial
allocation, each of A, B, and C is allocated an amount of Shares equal to the lesser of (i) the maximum number of Shares stated in his Purchase Notice and (ii) his Pro Rata Portion, which is the percentage obtained by dividing the number
of Shares owned of record by the Holder, by the total number of Shares owned of record by all the Holders participating in the particular allocation. C’s Purchase Notice stated a maximum number of Shares less than C’s Pro Rata Portion,
resulting in an initial allocation of less than the total number of Shares available for allocation. After this initial allocation of 17 Shares, the remaining 3 Shares still available for purchase would be allocated as follows: 

 

										
	 Second Allocation
	  	2	  	1	  	0	  	(3	) 
		  	 	  	 	  	 	  	 	 
	 Total
	  	12	  	6	  	2	  	0	  

 After the second
allocation, all the Shares available for purchase have been allocated, so that no further allocations are made.The Fresh Market, Inc. Severance Plan

 Exhibit 10.12 

THE FRESH MARKET, INC. 

SEVERANCE PLAN 

SECTION 1. Purpose. The purpose of this Severance Plan (this “Plan”) is to promote the interests of The Fresh
Market, Inc. (the “Company”) and its stockholders by retaining certain management-level employees through the provision of severance protections to such employees in the event their employment is terminated under the circumstances
described in this Plan. 
 SECTION 2. Definitions. For purposes of this Plan, the following terms shall have the meanings
set forth below: 
 (a) “Affiliate” means, with respect to any specified Person, any other Person that,
directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person. 

(b) “Annual Base Salary” means, with respect to any Participant, such Participant’s annual rate of base salary in
effect immediately prior to such Participant’s Termination Date (excluding any reduction thereto that constitutes Good Reason). 

(c) “Annual Bonus” means (i) with respect to any Participant who is employed by the Company at the time of the
initial public offering of shares of common stock of the Company (the “IPO”), (A) if such Participant’s Termination Date occurs in the calendar year in which the IPO occurs or any of the three calendar years thereafter,
the Participant’s target annual bonus for the calendar year in which such Termination Date occurs (excluding any reduction thereto that constitutes Good Reason), and (B) if such Participant’s Termination Date occurs in the fourth
calendar year following the calendar year in which the IPO occurs or in any calendar year thereafter, the average of the regular annual cash bonuses actually paid to such Participant in the three calendar years prior to the calendar year in which
such Termination Date occurs and (ii) with respect to any Participant who is hired by the Company following the IPO, (A) if such Participant’s Termination Date occurs in the calendar year in which such Participant is hired by the
Company or any of the three calendar years thereafter, the Participant’s target annual bonus for the calendar year in which such Termination Date occurs (excluding any reduction thereto that constitutes Good Reason), and (B) if such
Participant’s Termination Date occurs in the fourth calendar year following the calendar year in which such Participant is hired by the Company or in any calendar year thereafter, the average of the regular annual cash bonuses actually paid to
such Participant in the three calendar years prior to the calendar year in which such Termination Date occurs. 
 (d)
“Board” means the Board of Directors of the Company. 

 (e) “Cause” means, with respect to any Participant, the occurrence of any
one of the following: 
 (i) the Participant’s willful and continued failure to perform substantially his or
her duties with the Company or any of its Affiliates (other than any such failure resulting from incapacity due to physical or mental illness); 

(ii) the Participant’s willful engaging in (A) gross misconduct that is materially and demonstrably injurious to
the Company or any of its Affiliates or (B) illegal conduct; 
 (iii) the Participant’s willful and
material breach of any agreement with the Company or any of its Affiliates (including the Employment Agreement entered into between the Participant and the Company (an “Employment Agreement”)); 

(iv) the Participant’s willful violation of any material provision of the Company’s Code of Business Conduct and
Ethics; or 
 (v) the Participant’s willful failure to cooperate with an investigation by any governmental
authority. 
 For the purposes of this provision, no act or failure to act on the Participant’s part shall be considered
“willful” unless it is done, or omitted to be done, by the Participant in bad faith or without reasonable belief that the Participant’s action or omission was in the best interests of the Company. The Company may terminate a
Participant’s employment for Cause pursuant to clause (i), (iii), (iv) or (v) above only after giving the Participant written notice of the specific circumstances that constitute Cause and if the Participant fails to cure the
circumstances that gave rise to Cause within 30 days following delivery of such notice. All determinations relating to a termination of a Participant’s employment for Cause shall be made by the Company in its sole discretion;
provided that, during the Protection Period, a termination of a Participant’s employment for Cause shall not be effective unless and until there has been delivered to the Participant a copy of a resolution duly adopted by the affirmative
vote of not less than a majority of the entire membership of the Board (excluding, if applicable, the Participant) at a meeting of the Board called and held for such purpose (after reasonable notice is provided to the Participant and the Participant
is given an opportunity, together with counsel, to be heard before the Board), finding that in the good faith opinion of the Board, the Participant has acted or failed to act in a manner described in clause (i), (ii), (iii), (iv) or
(v) above and specifying the particulars thereof in detail. 
  

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 (f) “Change in Control” means the occurrence of any of the following;
provided that a Change in Control shall not be deemed to have occurred unless the applicable event constitutes a change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the
Company (within the meaning of Treas. Reg. §1.409A-3(i)(5)): 
 (i) during any period of 24 consecutive
calendar months, individuals who were directors of the Company on the first day of such period (the “Incumbent Directors”) cease for any reason to constitute a majority of the Board; provided, however, that any
individual becoming a director subsequent to the first day of such period whose election, or nomination for election, by the Company’s stockholders was approved by a vote of at least a majority of the Incumbent Directors shall be considered as
though such individual were an Incumbent Director, but excluding, for purposes of this proviso, any such individual whose initial assumption of office occurs as a result of an actual or threatened proxy contest with respect to election or removal of
directors or other actual or threatened solicitation of proxies or consents by or on behalf of a “person” (as such term is used in Section 13(d) of the Exchange Act) (a “Person”), in each case, other than the Board or
any one or more Specified Stockholders; 
 (ii) the consummation of a merger, consolidation, statutory share
exchange or similar form of corporate transaction involving (x) the Company or (y) any of its subsidiaries, but in the case of this clause (y) only if Company Voting Securities are issued or issuable, or the sale or other disposition
of all or substantially all the assets of the Company to an entity that is not an Affiliate (each of the foregoing events being hereinafter referred to as a “Reorganization”), in each case, unless, immediately following such
Reorganization, (1) all or substantially all the individuals and entities who were the “beneficial owners” (as such term is defined in Rule 13d-3 under the Exchange Act (or a successor rule thereto)) of the securities eligible to
vote for the election of the Board (“Company Voting Securities”) outstanding immediately prior to the consummation of such Reorganization continue to beneficially own, directly or indirectly, more than 50% of the combined voting
power of the then outstanding voting securities of the corporation or other entity resulting from such Reorganization (including a corporation that, as a result of such transaction, owns the Company or all or substantially all the Company’s
assets either directly or through one or more subsidiaries) (the “Continuing Company”) in substantially the same proportions as their ownership, immediately prior to the consummation of such Reorganization, of the outstanding
Company Voting Securities (excluding, for purposes of determining such proportions, any outstanding voting securities of the Continuing Company that such beneficial owners hold immediately following the consummation of the Reorganization as a result
of their ownership prior to such consummation of voting securities of any corporation or other entity involved in or forming part of such Reorganization other than the Company), (2) no Person (excluding (x) any employee benefit plan (or
related trust) sponsored or maintained by the Continuing Company or any corporation controlled by the Continuing Company and (y) any one or more Specified Stockholders) 

 

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beneficially owns, directly or indirectly, 20% or more of the combined voting power of the then outstanding voting securities of the Continuing Company and (3) at least a majority of the
members of the board of directors of the Continuing Company (or equivalent body) were Incumbent Directors at the time of the execution of the definitive agreement providing for such Reorganization or, in the absence of such an agreement, at the time
at which approval of the Board was obtained for such Reorganization; 
 (iii) the stockholders of the Company
approve a plan of complete liquidation or dissolution of the Company unless such liquidation or dissolution is part of a transaction or series of transactions described in paragraph (ii) above that does not otherwise constitute a Change in
Control; or 
 (iv) any Person, corporation or other entity or “group” (as used in
Section 14(d)(2) of the Exchange Act) (other than (A) the Company, (B) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or an Affiliate, (C) any company owned, directly or
indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the voting power of the Company Voting Securities or (D) any one or more Specified Stockholders) becomes the beneficial owner, directly
or indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company Voting Securities; provided, however, that for purposes of this subparagraph (iv), the following acquisitions shall
not constitute a Change in Control: (x) any acquisition directly from the Company, (y) any acquisition by an underwriter temporarily holding such Company Voting Securities pursuant to an offering of such securities or (z) any
acquisition pursuant to a Reorganization that does not constitute a Change in Control for purposes of subparagraph (ii) above. 

(g) “Change in Control Date” means the date on which a Change in Control occurs. 

(h) “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto, and
the regulations promulgated thereunder, as in effect from time to time. 
 (i) “Disability” means, with respect
to any Participant, that the Participant becomes eligible to receive income replacement benefits under any long-term disability plan covering employees of the Company or its Affiliates. 

(j) “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, or any
successor statute thereto, and the regulations promulgated thereunder as in effect from time to time. 
 (k) “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor statute thereto, and the regulations promulgated thereunder as in effect from time to time. 

 

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 (l) “Excise Tax” means the excise tax imposed by Section 4999 of the
Code, together with any interest or penalties imposed with respect to such tax. 
 (m) “Fair Market Value”
means, except as otherwise provided in the applicable equity-based award agreement, (i) the closing per-share sales price of the Shares (A) as reported by the NASDAQ Global Select Market for such date or (B) if the Shares are listed
on any other national stock exchange, as reported on the stock exchange composite tape for securities traded on such stock exchange for such date or, with respect to each of clauses (A) and (B), if there were no sales on such date, on the
closest preceding date on which there were sales of Shares or (ii) in the event there shall be no public market for the Shares on such date, the fair market value per Share as determined in good faith by the Board or a subcommittee thereof.

 (n) “Good Reason” means (i) at any time other than during the Protection Period, the occurrence of any
of the events or circumstances set forth in clauses (A) through (D) below and (ii) during the Protection Period, the occurrence of any of the events or circumstances set forth in clauses (A) through (H) below, in either
case, with respect to a Participant and without the Participant’s express prior written consent and other than as a result of the Participant’s Disability: 

(A) the failure of the Company to pay the Participant any material compensation when due; 

(B) the delivery by the Company of a notice to the Participant of the intent to terminate the Participant’s
employment for any reason, other than for Cause or Disability, in each case in accordance with this Plan, regardless of whether such termination is intended to become effective during or after the term of this Plan; 

(C) any reduction of the Participant’s Base Salary, other than a reduction by no more than 10% within any two-year
period that similarly affects substantially all executive officers of the Company and its Affiliates; 
 (D) any
change of the Participant’s principal place of employment to a location more than 50 miles from the Participant’s principal place of employment immediately prior to the change, which change increases the Participant’s commute
from the Participant’s principal residence; 
 (E) any reduction in the Participant’s target annual
bonus or target long-term incentive opportunity from the target level in effect immediately prior to the Change in Control, other than a reduction by no more than 10% within any two-year period that similarly affects substantially all executive
officers of the Company and its Affiliates; 
 (F) any material reduction in the Participant’s retirement or
welfare benefits from the levels in effect immediately prior to the Change in Control, other than a reduction that similarly affects substantially all executive officers of the Company and its Affiliates; 

 

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 (G) any material adverse change in the Participant’s positions, duties,
responsibilities or reporting relationships from the Participant’s positions, duties, responsibilities or reporting relationships immediately prior to the Change in Control, or any assignment to the Participant of duties or responsibilities
that are materially inconsistent in an adverse respect with the Participant’s positions as in effect immediately prior to the Change in Control; or 

(H) the removal of the Participant from, or any failure to re-elect the Participant to, any of the offices the Participant
held immediately prior to the Change in Control. 
 The Participant’s right to terminate employment for Good Reason shall not be affected
by the Participant’s incapacity due to physical or mental illness. A termination of employment by the Participant for Good Reason shall be effectuated by giving the Company written notice (“Notice of Termination for Good
Reason”), not later than 90 days following the date that the Participant would reasonably be expected to be aware of the occurrence of the circumstance that constitutes Good Reason, setting forth in reasonable detail the specific
conduct of the Company that constitutes Good Reason and the specific provisions of this Plan on which the Participant relied. The Company shall be entitled, during the 30-day period following receipt of a Notice of Termination for Good Reason, to
cure the circumstances that gave rise to Good Reason, provided that the Company shall be entitled to waive its right to cure or reduce the cure period by delivery of written notice to that effect to the Participant (such 30-day or shorter
period, the “Cure Period”). If, during the Cure Period, such circumstance is remedied, the Participant shall not be permitted to terminate employment for Good Reason as a result of such circumstance. If, at the end of the Cure
Period, the circumstance that constitutes Good Reason has not been remedied, the Participant shall be entitled to terminate employment for Good Reason during the 30-day period (or 180-day period if such circumstance occurred during the Protection
Period) that follows the end of the Cure Period (the “Termination Period”). If the Participant does not terminate employment during the Termination Period, the Participant shall not be permitted to terminate employment for Good
Reason as a result of such circumstance. 
 (o) “Payment” means any payment, benefit or distribution by the
Company, any of its Affiliates or any trust established by the Company or its Affiliates, to or for the benefit of a Participant, whether paid, payable, distributed, distributable or provided pursuant to this Plan or otherwise, including any
payment, benefit or other right that constitutes a “parachute payment” within the meaning of Section 280G. 
 (p)
“Protection Period” means the period commencing on the Change in Control Date and ending on the second anniversary thereof. 

(q) “Section 280G” means Section 280G of the Code. 

 

 6 

 (r) “Section 409A” means Section 409A of the Code. 

(s) “Severance Multiple” means, with respect to any Participant: (i) if the Participant is the Chief Executive
Officer as of the Participant’s Termination Date, 2; (ii) if the Participant is an Executive Vice President or Senior Vice-President as of the Participant’s Termination Date, 1.5; and (iii) if the Participant is a Vice-President
as of the Participant’s Termination Date, 1; provided that, for the purpose of this definition, any change in title or position prior to such Termination Date that would constitute Good Reason shall be disregarded. 

(t) “Shares” means shares of common stock of the Company, $0.01 par value, or such other securities of the Company into
which such shares shall be changed by reason of a recapitalization, merger, consolidation, split-up, combination, exchange of shares or other similar transaction. 

(u) “Specified Stockholder” means (i) Ray Berry and the Estate of Beverly Berry; (ii) any spouse of Ray Berry;
(iii) the lineal descendents of Ray Berry; (iv) the spouses and children, including adopted children, of the lineal descendents of Ray Berry; (v) any trust for the direct or indirect benefit of, exclusively, any persons named in
clauses (i) through (iv); and (vi) any entity in which all the equity interests are owned by persons named in clauses (i) through (v). 

(v) “Termination Date” means the date on which the termination of a Participant’s employment, in accordance with
the terms of this Plan, is effective. 
 SECTION 3. Eligibility. The participants in this Plan
(“Participants”) are those individuals designated by the Board from time to time to participate in this Plan and whose names are set forth on Exhibit A hereto, who have entered into an Employment Agreement. 

SECTION 4. Termination of Employment at Any Time Other Than During the Protection Period by the Company Without Cause or by the
Participant for Good Reason. Subject to Section 7, if a Participant’s employment is terminated either (x) by the Company or any of its Affiliates other than for Cause, death or Disability or (y) by resignation of the
Participant with Good Reason, in each case, at any time other than during the Protection Period but other than in the circumstances described in Section 6, then the Participant shall be entitled to the following payments and benefits;
provided that no such payments and benefits shall be paid to the Participant until the Participant’s termination of employment qualifies as a separation from service (within the meaning of Section 409A): 

(a) Severance Pay. The Company shall pay the Participant an amount equal to the product of (i) the Participant’s
Severance Multiple and (ii) the Participant’s Annual Base Salary (the “Salary Multiple”), payable in equal monthly installments over a number of years equal to the Severance Multiple, beginning on the 61st day following
the Participant’s Termination Date. 
  

 7 

 (b) Prorated Annual Bonus. The Company shall pay the Participant an amount equal to
the product of (i) the annual cash bonus the Participant would have received under the annual incentive plan in which the Participant participates immediately prior to the Participant’s Termination Date with respect to the calendar year in
which such Termination Date occurs had he or she remained actively employed throughout such calendar year and (ii) a fraction, the numerator of which is the number of days in such calendar year through such Termination Date, and the denominator
of which is 365, in a lump-sum payment on the later of (A) the 61st day following such Termination Date and (B) the date payments under such plan are made with respect to such calendar year to participants who remain actively employed by
the Company or its Affiliates throughout the remainder of such calendar year. 
 (c) Continued Welfare Benefits.
Commencing on the Participant’s Termination Date and continuing for the number of years thereafter equal to the Severance Multiple, the Company shall provide, or reimburse the Participant for, medical and welfare benefits for the Participant
and the Participant’s spouse and dependents (in each case, as provided in the applicable plan) at least equal to the levels of benefits provided by the Company and its Affiliates immediately prior to such Termination Date (without regard to any
reduction giving rise to Good Reason); provided, however that if the Participant becomes reemployed with another employer and is eligible to receive medical and welfare benefits under such employer’s plans, the benefits described
herein shall cease (the continued benefits described in this Section 4(c), the “Welfare Benefits Continuation”). Nothing in this Section 4(c) shall operate to reduce, or be construed as reducing, the Participant’s
group health plan continuation rights under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, in any manner. 

(d) Accrued Rights. The Participant shall be entitled to payments of any unpaid annual base salary, annual bonus or other amounts
earned or accrued through the Participant’s Termination Date (the rights to such payments, the “Accrued Rights”). The Accrued Rights shall be payable on their respective scheduled payment dates. 

SECTION 5. Termination of Employment During the Protection Period by the Company Without Cause or by the Participant for Good
Reason. Subject to Section 7, if a Participant’s employment is terminated either (x) by the Company or its Affiliates other than for Cause, death or Disability or (y) by resignation of the Participant with Good Reason, in
each case, during the Protection Period, then the Participant shall be entitled to the following payments and benefits; provided that no such payments and benefits shall be paid to the Participant until the Participant’s termination of
employment qualifies as a separation from service (within the meaning of Section 409A): 
 (a) Severance Pay. The
Company shall pay the Participant (i) the Salary Multiple, payable in equal monthly installments over a number of years equal to the Severance Multiple, beginning on the 61st day following the Participant’s Termination Date;
provided that such amount (or any portion thereof) shall be payable in a lump-sum payment on the 61st day following such Termination Date to the extent permitted under Section 409A, and (ii) an amount equal to the product of
(A) the Participant’s Severance Multiple and (B) the Participant’s Annual Bonus (the amount described in this clause (ii), the “Bonus Multiple”), payable in a lump-sum payment on the 61st day following such
Termination Date. 
  

 8 

 (b) Prorated Annual Bonus. The Company shall pay the Participant an amount equal to
the product of (i) the Participant’s target annual bonus for the calendar year in which the Participant’s Termination Date occurs and (ii) a fraction, the numerator of which is the number of days in such calendar year through
such Termination Date, and the denominator of which is 365, payable in a lump-sum payment on the 61st day following such Termination Date. 

(c) Accelerated Vesting of Equity-based Awards. Each equity-based award held by the Participant, if not yet fully vested as of the
Termination Date, shall fully vest as of the Termination Date. 
 (d) Continued Welfare Benefits. The Participant shall
be entitled to the Welfare Benefits Continuation, for the time period and subject to the conditions set forth in Section 4(c). 

(e) Accrued Rights. The Participant shall be entitled to the Accrued Rights, payable on the terms set forth in Section 4(d).

 SECTION 6. Anticipatory Termination. If (a) a Participant’s employment is terminated by the Company without
Cause within the six months immediately prior to the Change in Control Date or (b) an action is taken with respect to a Participant within the six months immediately prior to the Change in Control Date that would constitute Good Reason if taken
during the Protection Period (treating the Participant’s Termination Date as the Change in Control Date for purposes of the Good Reason definition), and the Participant reasonably demonstrates that such termination or action (i) was at the
request of a third party that had indicated an intention or taken steps reasonably calculated to effect a Change in Control or (ii) otherwise arose in connection with, or in anticipation of, a Change in Control that has been threatened or
proposed, so long as such Change in Control actually occurs, then, subject to Section 7, (A) the Company shall pay the Participant the Bonus Multiple, payable in a lump-sum payment on the later of (x) the 61st day following the
Participant’s Termination Date and (y) the Change in Control Date, (B) to the extent permitted by Section 409A, any unpaid installments of the Salary Multiple owing to the Participant pursuant to Section 4(a) shall be
accelerated and paid in a lump sum on the later of (x) the 61st day following such Termination Date and (y) the Change in Control Date, and (C) each equity-based award held by the Participant as of the Termination Date, if not yet
fully vested as of the Termination Date, shall fully vest on the Change in Control Date. If any such termination or action occurs while an agreement is pending and the effective provisions of such agreement provide for a transaction or transactions
that if consummated would constitute a Change in Control, then such termination or action shall be deemed to have occurred in connection with a Change in Control. 

SECTION 7. Release of Claims. Notwithstanding any provision of this Plan to the contrary, if the Company provides a Participant
with a Separation Agreement 
  

 9 

 
and Release in the form of Exhibit B within five days of the Participant’s Termination Date, then, unless on or prior to the 60th day following such Termination Date, (i) the
Participant shall have executed and delivered such release and (ii) such release shall have become effective and irrevocable in accordance with its terms, (A) no payments shall be paid or made available to the Participant under
Section 4(a), 4(b), 5(a), 5(b) or 6 (other than with respect to the vesting of equity-based awards) and (B) the Company shall be relieved of all obligations to provide or make available any further benefits to the Participant pursuant to
Section 4(c) or 5(d). 
 SECTION 8. Restrictive Covenants. Notwithstanding any provision of this Plan to the
contrary, if (a) a Participant violates any of his or her obligations in his or her Employment Agreement in a manner that is materially and demonstrably injurious to the Company or any of its Affiliates or (b) a Participant challenges or
contests the reasonableness, validity or enforceability of any limitations or obligations contained in his or her Employment Agreement, then the Company shall be relieved of all obligations to provide or make available any further payments or
benefits to the Participant pursuant to this Plan. 
 SECTION 9. Other Termination. If a Participant’s employment is
terminated in any circumstance not described in Section 4, 5 or 6 (including as a result of death or Disability), the Participant shall not be entitled to any compensation or benefits from the Company under this Plan. 

SECTION 10. Tax Matters. (a) Withholding. The Company will deduct and withhold from any amounts payable under this
Plan such Federal, state, local, foreign or other taxes as are required to be withheld pursuant to any applicable law or regulation. 

(b) Effect of Sections 280G and 4999 of the Code. Anything in this Plan to the contrary notwithstanding, in the event it shall be
determined that any Payment to or in respect of a Participant would be subject to the Excise Tax, then the Payments shall be reduced (but not below zero) but only to the extent that such reduction in the Payments would result in the Participant
retaining a larger amount, on an after-tax basis (including all Federal, state, local and other income taxes and the Excise Tax), than if the Participant received the entire amount of such Payments. The Company shall reduce or eliminate the Payments
in the following order: (1) the portion of the Payments that is attributable to any accelerated vesting of options to purchase Shares with a per Share exercise price greater than the Fair Market Value per Share on the Change in Control Date
(“Underwater Options”), (2) cash payments that do not constitute deferred compensation (within the meaning of Section 409A), (3) equity-based awards other than Underwater Options, (4) welfare or in-kind benefits
and (5) cash payments that do constitute deferred compensation, in each case in reverse order beginning with payments or benefits that are to be paid the farthest in time from the Determination (as defined below). The determination of whether
the Payments shall be reduced as provided in this Section 10(b) and the amount of such reduction shall be made at the Company’s expense by the Company’s accounting firm or tax firm (the “Accounting Firm”), which shall
provide its determination (the “Determination”), together with detailed supporting calculations and documentation, to the Company and the Participant within 30 business days after the

  

 10 

 
Participant’s Termination Date and, if the Participant’s employment is terminated in the circumstances described in Section 6, within 30 business days after the Change in Control
Date. If the Accounting Firm determines that no Excise Tax is payable by the Participant with respect to the Payments, it shall furnish the Participant with an opinion reasonably acceptable to the Participant that no Excise Tax will be imposed with
respect to any Payments and, absent manifest error, such Determination shall be binding, final and conclusive upon the Company and the Participant. 

(c) Section 409A of the Code. (i) It is intended that the provisions of this Plan comply with Section 409A, and all
provisions of this Plan shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A. 

(ii) No Participant nor any creditors or beneficiaries of any Participant shall have the right to subject any deferred
compensation (within the meaning of Section 409A) payable under this Plan or under any other plan, policy, arrangement or agreement of or with the Company or any of its Affiliates (this Plan and such other plans, policies, arrangements and
agreements, the “Company Plans”) to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment. Except as permitted under Section 409A, any deferred compensation (within the meaning
of Section 409A) payable to a Participant or for a Participant’s benefit under any Company Plan may not be reduced by, or offset against, any amount owing by the Participant to the Company or any of its Affiliates. 

(iii) Each installment payment payable to a Participant provided for in any Company Plan shall be deemed to be a
“separate payment” within the meaning of Treas. Reg. Section 1.409A-2(b)(iii) or any successor thereto. 

(iv) To the extent required by Section 409A, any amount payable under a Company Plan that constitutes deferred
compensation (within the meaning of Section 409A) subject to, and not exempt from, Section 409A, payable or provided to a Participant upon a termination of employment shall only be paid or provided to the Participant upon the
Participant’s separation from service (within the meaning of Section 409A). If, at the time of a Participant’s separation from service, (A) the Participant is a specified employee (within the meaning of Section 409A and
using the identification methodology selected by the Company from time to time) and (B) the Company shall make a good faith determination that an amount payable under a Company Plan constitutes deferred compensation the payment of which is
required to be delayed pursuant to the six-month delay rule set forth in Section 409A in order to avoid taxes or penalties under Section 409A, then the Company (or its Affiliate, as applicable) shall not pay such amount on the otherwise
scheduled payment date but shall instead accumulate such amount and pay it on the first business day after such six-month period, together with interest, at the prime rate then in effect at Bank of America or any successor thereto. 

 

 11 

 (v) Except as specifically permitted by Section 409A, the benefits and
reimbursements provided to the Participant under any Company Plan during any calendar year shall not affect the benefits and reimbursements to be provided to the Participant under the relevant section of such Company Plan in any other calendar year,
and the right to such benefits and reimbursements cannot be liquidated or exchanged for any other benefit and shall be provided in accordance with Treas. Reg. Section 1.409A-3(i)(1)(iv) or any successor thereto. Further, in the case of
reimbursement payments, such payments shall be made to the Participant on or before the last day of the calendar year following the calendar year in which the underlying fee, cost or expense is incurred. 

(vi) The Participant shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be
imposed on the Participant or for the Participant’s account in connection with any Company Plan (including any taxes and penalties under Section 409A), and neither the Company nor any of its Affiliates shall have any obligation to
indemnify or otherwise hold the Participant harmless from any or all such taxes or penalties. 
 SECTION 11.
Miscellaneous. (a) Duration; Termination. This Plan shall become effective upon the date of its adoption by the Board (the “Effective Date”), and shall remain in effect until terminated pursuant to a resolution of
the Board; provided, however, that such termination shall not become effective prior to the one-year anniversary of the date that the Board provides notice to the Participants of such termination. Notwithstanding the foregoing, in the
event of a Change in Control during the period of this Plan’s effectiveness, this Plan shall continue in full force and effect in accordance with its terms and shall not terminate or expire until all the Company’s obligations to all
Participants have been satisfied in full; provided, however, that, notwithstanding any extension of the period of this Plan’s effectiveness, Sections 5 and 6 of this Plan shall only be effective with respect to the first Change in
Control that occurs following the Effective Date and the Participants shall not be entitled to any payments or benefits pursuant to Section 5 or 6 of this Plan with respect to any subsequent Change in Control. 

(b) Amendment or Modification. The Board may amend or modify this Plan (including Exhibits A and B) at any time; provided,
however, that, except as specifically provided in Section 11(a), (i) the Board shall notify any Participant one year in advance of any amendment that is adverse to the interests of such Participant and (ii) on and after the
Change in Control Date, this Plan may not be amended at any time in any manner that is adverse to the interests of a Participant without the prior written consent of such Participant. The failure of a Participant to insist upon strict adherence to
any term of this Plan on any occasion shall not be considered a waiver of such Participant’s rights or deprive such Participant of the right thereafter to insist upon strict adherence to that term or any other term of this Plan. No failure or
delay by any Participant in exercising any right or power hereunder will operate as a waiver thereof, nor will any single or partial exercise of any such right or power, or any abandonment of any steps to enforce such right or power, preclude any
other or further exercise thereof or the exercise of any other right or power. 
  

 12 

 (c) Severability. If any term or provision of this Plan is invalid, illegal or
incapable of being enforced by any applicable law or public policy, all other conditions and provisions of this Plan shall nonetheless remain in full force and effect. 

(d) Survival. The provisions of this Plan shall survive and remain binding and enforceable, notwithstanding the expiration or
termination of the Protection Period or this Plan, the termination of a Participant’s employment with the Company for any reason or any settlement of the financial rights and obligations arising from a Participant’s participation
hereunder, to the extent necessary to preserve the intended benefits of such provisions. 
 (e) Disputes. (i) Except
as otherwise specifically provided herein, all disputes, controversies and claims arising between the Company and any Participant concerning the subject matter of this Plan shall be settled by arbitration in accordance with the rules and procedures
of the American Arbitration Association in effect at the time that the arbitration begins, to the extent not inconsistent with this Plan. The location of the arbitration will be Greensboro, North Carolina or such other place as the parties to the
dispute may mutually agree. In rendering any award or ruling, the arbitrator or arbitrators shall determine the rights and obligations of the parties according to the substantive and procedural laws of the State of North Carolina. The arbitration
shall be conducted by an arbitrator selected in accordance with the aforesaid arbitration procedures. Any arbitration pursuant to this Section 11(e) shall be final and binding on the parties, and judgment upon any award rendered in such
arbitration may be entered in any court, Federal or state, having jurisdiction. Subject to Section 11(e)(iii), the parties to any dispute shall each pay their own costs and expenses (including arbitration fees and attorneys’ fees) incurred
in connection with arbitration proceedings and the fees of the arbitrator shall be paid in equal amounts by the parties. Nothing in this Section 11(e) shall preclude the Company or any Participant from seeking temporary injunctive relief from
any Federal or state court located within the County of Guilford, North Carolina in connection with or as a supplement to an arbitration hereunder. 

(ii) Without limiting the generality of Section 11(e)(i), to the extent permitted by applicable law, by participating
in this Plan, each Participant irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Plan. 

(iii) In the event that a Participant is the prevailing party on at least one material issue in any contest, dispute or
proceeding by the Company, the Participant or any other Person with respect to the validity or enforceability of, or liability under, any provision of this Plan, the Company shall reimburse, upon the Participant’s demand, any and all reasonable
legal (including arbitration) fees and expenses incurred by the Participant prior to the tenth anniversary of the expiration of this Plan (as specified in Section 11(a)) in connection with such contest, dispute or proceeding. 

(f) No Mitigation or Offset; Enforcement of this Plan. The Company’s obligation to make the payments provided for in this
Plan and otherwise to perform its 
  

 13 

 
obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action that the Company may have against any Participant or others. In no
event shall any Participant be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Participant under any of the provisions of this Plan and, except as otherwise expressly provided for in
this Plan, such amounts shall not be reduced whether or not the Participant obtains other employment. 
 (g) Relation to
Other Plans. Nothing in this Plan shall prevent or limit a Participant’s continuing or future participation in any plan, practice, policy or program provided by the Company or any Affiliate thereof for which the Participant may qualify, nor
shall anything in this Plan limit or otherwise affect any rights the Participant may have under any contract or agreement with the Company or any Affiliate thereof. Vested benefits and other amounts a Participant is otherwise entitled to receive
under any incentive compensation (including any equity award agreement), deferred compensation, retirement, pension or other plan, practice, policy or program of, or any contract or agreement with, the Company or any Affiliate thereof shall be
payable in accordance with the terms of each such plan, practice, policy, program, contract or agreement, as the case may be. Notwithstanding the foregoing provisions of this Section 11(g), the amounts payable under this Plan shall be paid in
lieu of, and by participating in this Plan the Participant waives the right to receive, any cash severance payment that the Participant is otherwise eligible to receive upon termination of employment under any other severance plan, practice, policy
or program of the Company or any Affiliate thereof. 
 (h) Successors. This Plan shall bind any successor (a
“Successor”) to all or substantially all of the business or assets of the Company (whether direct or indirect, by purchase, merger, consolidation or otherwise), in the same manner and to the same extent that the Company would have
been obligated under this Plan if no such succession had taken place. In the case of any transaction in which a Successor would not, pursuant to the foregoing provision or by operation of law, be bound by this Plan, the Company shall require such
Successor expressly and unconditionally to assume and agree to perform the Company’s obligations under this Plan, in the same manner and to the same extent that the Company would have been required to perform such obligations if no such
succession had taken place. The term “Company”, as used in this Plan, shall mean the Company as hereinbefore defined and any Successor and any assignee to such business or assets that by reason hereof becomes bound by this Plan.

 (i) Default in Payment. Any payment not made within ten business days after it is due in accordance with this Plan
shall thereafter bear interest, compounded annually, at the prime rate in effect from time to time at Bank of America or any successor thereto. 

(j) Governing Law. This Plan shall be deemed to be made in the State of North Carolina, and, to the extent not preempted by ERISA,
the validity, interpretation, construction and performance of this Plan in all respects shall be governed by the laws of the State of North Carolina without regard to its principles of conflicts of law. 

 

 14 

 (k) Headings and References. The headings of this Plan are inserted for convenience
only and neither constitute a part of this Plan nor affect in any way the meaning or interpretation of this Plan. When a reference in this Plan is made to a Section, such reference shall be to a Section of this Plan unless otherwise indicated.

 (l) Construction. For purposes of this Plan, the words “include” and “including”, and variations
thereof, shall not be deemed to be terms of limitation but rather shall be deemed to be followed by the words “without limitation”. The term “or” is not exclusive. The word “extent” in the phrase “to the
extent” shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply “if”. 

(m) Notices. All notices or other communications required or permitted by this Plan will be made in writing and all such notices
or communications will be deemed to have been duly given when delivered or (unless otherwise specified) mailed by United States certified or registered mail, return receipt requested, postage prepaid, addressed as follows: 

 

			
	If to the Company:	  	The Fresh Market, Inc.
		  	628 Green Valley Road, Suite 500
		  	Greensboro, North Carolina 27408
		
		  	Attention: General Counsel
		  	Facsimile: (336) 272-1664
		
	With a copy to:	  	Cravath Swaine & Moore, LLP
		  	825 Eighth Avenue
		  	New York, NY 10019
		
		  	Attention: Eric Hilfers, Esq.
		  	Facsimile: (212) 474-3700
		
	If to the Participant:	  	The Participant’s address as most recently supplied to the Company and set forth in the Company’s records

or to such other address as any party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall
be effective only upon receipt. 
            Adopted by
the Board of Directors of The 
 Fresh Market, Inc. as of [    ], 2010. 

 

 15 

 EXHIBIT A 

[List of Participants] 

 EXHIBIT B 

SEPARATION AGREEMENT AND RELEASE 

I. Release. For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the undersigned,
with the intention of binding himself/herself, his/her heirs, executors, administrators and assigns, does hereby release and forever discharge The Fresh Market, Inc., a Delaware corporation (the “Company”), and its present and
former subsidiaries and affiliates, together with their present and former officers, directors, executives, agents, employees, successors, predecessors and assigns (collectively, the “Released Parties”), from any and all claims,
actions, causes of action, demands, rights, damages, debts, accounts, suits, expenses, attorneys’ fees and liabilities of whatever kind or nature in law, equity or otherwise, whether now known or unknown (collectively, the
“Claims”), which the undersigned now has, owns or holds, or has at any time heretofore had, owned or held against any Released Party, arising out of or in any way connected with the undersigned’s employment relationship with
the Company, its subsidiaries, predecessors or affiliates, or the termination thereof, under any Federal, state or local statute, rule, or regulation, or principle of common, tort or contract law, including, but not limited to, the Fair Labor
Standards Act of 1938, as amended, 29 U.S.C. §§ 201 et seq., the Family and Medical Leave Act of 1993, as amended (the “FMLA”), 29 U.S.C. §§ 2601 et
seq., Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. §§ 2000e et seq., the Age Discrimination in Employment Act of 1967, as amended, 29 U.S.C.
§§ 621 et seq., the Americans with Disabilities Act of 1990, as amended, 42 U.S.C. §§ 12101 et seq., the Worker Adjustment and Retraining Notification Act of 1988, as
amended, 29 U.S.C. §§ 2101 et seq., the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. §§ 1001 et seq., and any other equivalent or similar
Federal, state, or local statute; provided, however, that nothing herein shall release the Company of (i) its obligations under that certain Severance Plan of the Company in which the undersigned participates (including the
Accrued Rights (as defined therein)) and (ii) any director and officer indemnification or insurance obligations in favor of the undersigned. The undersigned understands that, as a result of executing this Separation Agreement and Release,
he/she will not have the right to assert that the Company or any other Released Party unlawfully terminated his/her employment or violated any of his/her rights in connection with his/her employment or otherwise. 

The undersigned affirms that he/she has not filed or caused to be filed, and is not presently a party to, any Claim, complaint or action
against any Released Party in any forum or form and that he/she knows of no facts that may lead to any Claim, complaint or action being filed against any Released Party in any forum by the undersigned or by any agency or group. The undersigned
further affirms that he/she has been paid and/or has received all leave (paid or unpaid), compensation, wages, bonuses and/or benefits to which he/she may be entitled and that no other leave (paid or unpaid), compensation, wages, bonuses, and/or
benefits are due to him/her from the Company and its subsidiaries, except as specifically provided in this Separation Agreement and Release. The undersigned furthermore affirms that he/she has no known workplace injuries or occupational diseases and
has been provided and/or has not been denied any 

 
leave requested under the FMLA. If any agency or court assumes jurisdiction of any such Claim, complaint or action against any Released Party on behalf of the undersigned, the undersigned will
request such agency or court to withdraw the matter. 
 The undersigned further declares and represents that he/she has
carefully read and fully understands the terms of this Separation Agreement and Release and that he/she has been advised and had the opportunity to seek the advice and assistance of counsel with regard to this Separation Agreement and Release, that
he/she may take up to and including [21][45] days from receipt of this Separation Agreement and Release, to consider whether to sign this Separation Agreement and Release, that he/she may revoke this Separation Agreement and Release within seven
calendar days after signing it by delivering to the Company written notification of revocation, and that he/she knowingly and voluntarily, of his/her own free will, without any duress, being fully informed and after due deliberate action, accepts
the terms of and signs the same as his own free act. 
 II. Protected Rights. The Company and the undersigned agree that
nothing in this Separation Agreement and Release is intended to or shall be construed to affect, limit or otherwise interfere with any non-waivable right of the undersigned under any Federal, state or local law, including the right to file a charge
or participate in an investigation or proceeding conducted by the Equal Employment Opportunity Commission (“EEOC”) or to exercise any other right that cannot be waived under applicable law. The undersigned is releasing, however,
his/her right to any monetary recovery or relief should the EEOC or any other agency pursue Claims on his/her behalf. Further, should the EEOC or any other agency obtain monetary relief on his/her behalf, the undersigned assigns to the Company all
rights to such relief. 
 III. Severability. If any term or provision of this Separation Agreement and Release is
invalid, illegal or incapable of being enforced by any applicable law or public policy, all other conditions and provisions of this Separation Agreement and Release shall nonetheless remain in full force and effect so long as the economic and legal
substance of the transactions contemplated by this Separation Agreement and Release is not affected in any manner materially adverse to any party. 

IV. GOVERNING LAW. THIS SEPARATION AGREEMENT AND RELEASE SHALL BE DEEMED TO BE MADE IN THE STATE OF NORTH CAROLINA, AND THE
VALIDITY, INTERPRETATION, 
  

 2 

 
CONSTRUCTION AND PERFORMANCE OF THIS AGREEMENT IN ALL RESPECTS SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NORTH CAROLINA WITHOUT REGARD TO ITS PRINCIPLES OF CONFLICTS OF LAW. 

Effective on the eighth calendar day following the date set forth below. 

 

							
	THE FRESH MARKET, INC.
			
		 	by	 	  

		 		 	Name:	 	
		 		 	Title:	 	
	
	EMPLOYEE,
			
		 		 	  

		 		 	[NAME]
		 		 	Date
		 		 	Signed:	 	  

 

 3

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