Document:

EX-10.32

 Exhibit 10.32 

 
 

 
 BY EMAIL 
 Ms. Michelle
Almarode 
 September 16, 2021 
 Dear Michelle: 

This offer letter confirms and memorializes our recent discussions regarding the terms of your appointment as interim Chief Financial Officer of The Fresh
Market, Inc. (the “Company”), effective as of September 22, 2021 (the “Effective Date”). 
 1. Duties; Initial
Period. From the Effective Date until a date to be mutually agreed upon by you and the Company (the “Initial Period”), you shall serve as interim Chief Financial Officer of the Company. In that capacity, you will report to the Chief
Executive Officer of the Company and will be responsible for the supervision and control of all finance and accounting activities of the Company and will have such other duties as the Chief Executive Officer of the Company may reasonably determine.

 2. Base Salary. During the Initial Period, your annual base salary will be $385,000, payable in accordance with the Company’s
regular payroll practices. Your base salary will be modified from your existing base salary starting on the Effective Date and will be reviewed in the future. 

3. Annual Incentive Compensation. You will continue to participate in the Company’s annual incentive compensation plan
(“AIP”) in fiscal 2021 and be eligible to earn incentive compensation under the AIP based on Company financial measures reviewed and determined annually by the Company’s Board of Directors (“Board of Directors”) or a
committee thereof. During the Initial Period, your annual target incentive will be 75% of your annual base salary, prorated for fiscal 2021. The AIP is subject to change from time to time based on the discretion of the Board of Directors or a
committee thereof. 
 4. Employee Benefit Plans. You will continue to be entitled to participate in the Company’s employee
benefit plans, from time to time in effect, and generally available for the Company’s officers, subject to plan terms and applicable Company policies. Currently, the Company offers its officers group health and dental plans, life insurance,
business travel accident insurance, long-term disability insurance, a tax-qualified 40l(k) retirement savings plan and a non-qualified deferred compensation plan. 

5. Retention Bonus Payments. The Company will provide you with a retention bonus (“Retention Bonus”) equal to $50,000.00. The
Retention Bonus shall be payable should you remain actively employed by the company for 6 months from the date of assuming the interim CFO position, through March 15, 2022. This Retention Bonus will be in addition to any other Bonus monies due
to you through other company programs. You must remain actively employed, not out on any type of leave, and in compliance with the Company’s policies and directives concerning job performance and conduct as of each payout date in order to earn
and receive your Retention Bonus payment. The Retention Bonus payments made under this Agreement are subject to regular tax withholdings and other authorized deductions. 

 6. End of Initial Period. No later than 30 days prior to the end of the Initial
Period, the Company will notify you as to whether it wishes to offer you the position of Chief Financial Officer of the Company following the conclusion of the Initial Period. If the Company offers you the position of Chief Financial Officer and you
accept such position, you and the Company will enter into an employment agreement, which shall take effect immediately following the conclusion of the Initial Period. If the Company notifies you that it does not wish for you to continue as Chief
Financial Officer (on a non-interim basis), or if the Company offers you the position of Chief Financial Officer but you decline such offer, you will continue employment with the Company on the terms set forth
in your existing Employment Agreement, dated as of October 28, 2019, by and between you and the Company (“Employment Agreement”). 

7. Employment Agreement and Severance Benefit Plan. This offer letter provides you with the severance benefits afforded to the
Company’s executive officers under the Company’s Severance Plan (“Severance Plan”) and your existing Employment Agreement. Specifically, for the Initial Period, should there be a Change in Control (as defined in the Severance
Plan) you would be eligible to receive the severance benefits as would be afforded to any other executive officers of the Company. Your existing Employment Agreement contains restrictive covenants, which apply during and after your employment with
the Company, including confidentiality, non-disparagement, non-competition and non-solicitation of Company employees and others
who have a business relationship with the Company. 
 8. Other Considerations. As an executive officer of the Company, you will be
subject to certain Company policies, including the Company’s Code of Conduct. You represent that all information provided, or to be provided, to the Company or its agents with regard to your background check is and will be true, complete and
correct. You further represent to the Company that your accepting this offer is not prohibited by, and would not result in a breach under, any agreement to which you are party. 

9. At Will Employment. Your employment and compensation with the Company are “at will” meaning that either the Company or you
can terminate your employment at any time and for any or no reason. The terms of this offer letter, therefore, do not and are not intended to create either an express and/or implied contract of employment. 

10. IRC 409A. This offer is intended to comply with the short-term deferral rule under Treasury Regulation Section 1.409A-l(b)(4) and be exempt from Section409A of the Internal Revenue Code, and shall be construed and interpreted in accordance with such intent. If any provision contained in this offer conflicts with
the requirements of Section 409A (or the exemptions intended to apply under this offer), the Company and you agree to enter into an amendment to this offer to cause it to comply with the requirements of Section409A (or the applicable exemptions
thereto) and to deliver to you the intended economic benefits described herein. In no event, however, shall the Company be required to provide any form of gross-up payment to you for any taxes imposed by
Section 409A. Neither you nor any of your creditors or beneficiaries will have the right to subject any deferred compensation (within the meaning of Section 409A) payable under this offer letter or under any other plan, policy, arrangement
or agreement of or with the Company or any of its affiliates (this offer letter 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 you or for your benefit under any Company Plan may not be reduced by, or offset
against, any amount owing by you to the Company or any of its affiliates. Except as specifically permitted by Section 409A, the benefits and reimbursements provided to you under any Company Plan during any calendar year will not affect the
benefits and reimbursements to 

 
be provided to you 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 will be provided in accordance with Section 409A and its associated regulations. Further, in the case of reimbursement payments, such payments will be made to you on or before the last day of the calendar year following the calendar
year in which the underlying fee, cost or expense is incurred. 
 11. Entire Agreement. This offer letter, together with your
existing Employment Agreement and the applicable Company plan documents and policies, constitute the complete and exclusive agreement between us regarding this offer and your employment and supersede any prior representations or promises, whether
written or oral. In the event of any conflict between this offer letter and your existing Employment Agreement or the Severance Plan, the terms of this offer letter will govern and control. This offer letter may only be amended or modified in a
written agreement signed by you and a person authorized to act on behalf of the Company. This offer letter is governed by North Carolina law. 

 I look forward to working with you. Please indicate your acceptance of the terms of this offer letter by
signing where indicated below and returning an executed copy of this offer letter to me at your earliest convenience. 
 Very truly yours 

THE FRESH MARKET, INC. 
 Chris Himebauch 

Chief Human Resources Officer 

AGREED AND ACCEPTED: 
 /s/
Michelle Almarode             
 Michelle Almarode 

Date: September 20, 2021EX-10.33

 Exhibit 10.33 

THE FRESH MARKET HOLDINGS, INC. 

300 N. Greene Street, Suite 1100 

Greensboro, North Carolina 27401 

January 27, 2022 
 Michelle Almarode 

Re: Grant of Option (Grant Date: January 18, 2022) 

Dear Michelle: 
 We are pleased to inform you that you have been
granted an option (the “Option”) to purchase shares of common stock (“Shares”) of The Fresh Market Holdings, Inc. (the “Company”), on the terms and conditions set forth below. The Fresh Market, Inc.
is an indirect wholly-owned subsidiary of the Company, which in turn is majority-owned by an investment fund controlled by an affiliate of Apollo Global Management LLC. The Option has been granted pursuant to the Company’s Stock Option Plan
(the “Plan”), and the Option and underlying Shares are subject in all respects to the provisions of the Plan. Capitalized terms not otherwise defined in the text are defined in the Plan. 

 

	1.	 Number of Shares subject to the Option: 50,000 

 

	2.	 Exercise Price per Share: $7.20 

 

	3.	 Vesting: The Option shall vest upon the earlier of a Change in Control or any Investor Sale immediately
following which the Investor Percentage falls below 50%, provided that you remain employed through the date of such transaction. Notwithstanding the foregoing, effective upon an IPO and provided you remain employed through the date of the IPO, your
Option will vest as to 5% of the portion thereof that is unvested at the time of the IPO. 

  

	4.	 Termination of the Option. The Option shall terminate pursuant to the provisions of Section 5 of
the Plan. 

  

	5.	 Release from Transfer Restrictions. The transfer restrictions contained in Section 9(a) of the Plan
shall lapse on a Change in Control. In addition, following any Investor Sale, a number of Shares shall be released from the transfer restrictions contained in Section 9(a) of the Plan as is equal to (i) 50,000 Shares (subject to adjustment for
stock splits etc.) multiplied by the excess of 100% over the Investor Percentage, minus (ii) the number of Shares previously released under this paragraph 5 from the transfer restrictions contained in Section 9(a) of the Plan (subject to
adjustment for stock splits etc.); provided, that if immediately following any Investor Sale, the Investor Percentage falls below 30%, then all of the Shares shall be released from the transfer restrictions; provided further, that this paragraph 5
shall not be construed as releasing any Shares that are non-transferable by reason 

	 	
of a standstill agreement or related agreement entered into at the request of the managing underwriters of the Qualified Public Offering. For the avoidance of doubt, the number of Shares released
shall be based upon and include all Shares held or which may be acquired by you, including Shares subject to Options upon the subsequent exercise thereof. Further, following a Qualified Public Offering, there shall be released from the transfer
restrictions contained in Section 9(a) of the Plan, Shares having a fair market value equal to the tax withholding obligation due by reason of exercise of any Option within the thirty day period prior to the date it is scheduled to terminate
pursuant to Section 5 of the Plan. For purposes of this letter, (x) “Investor Sale” means of sale of Shares by an Apollo Investor in connection with or following a Qualified Public Offering, and (y) “Investor
Percentage” means the percentage derived by dividing (i) the number of Shares held by all Apollo Investors immediately following the applicable Investor Sale, by (ii) the number of Shares held by all Apollo Investors as of the
date hereof (subject to adjustment for stock splits etc.). Notwithstanding the foregoing, effective upon an IPO, a number of shares equal to the shares underlying the portion of the Option that vests pursuant to an IPO as provided in Section 3
above will be released from the transfer restrictions imposed by Section 9(a) of the Plan, provided that the foregoing will not be construed as releasing any shares that are non-transferable by reason of
a standstill agreement or related agreement entered into at the request of the managing underwriters of the IPO. For the avoidance of doubt, the shares released from the transfer restrictions pursuant to the preceding sentence will reduce the number
of shares that may subsequently be released upon an Investor Sale. 

  

	6.	 Representations. By accepting this Option, you represent, acknowledge and/or agree to the following, and
understand that the Company would not have granted this Option to you but for your representations, acknowledgements and agreements below. 

  

	 	(a)	 Shares Unregistered; Investor Knowledge. You acknowledge and agree that (i) neither the grant of
the Option nor the offer to acquire Shares upon exercise thereof has been registered under applicable securities laws; (ii) there is no established market for the Shares and it is not anticipated that there will be any such market for the
Shares in the foreseeable future; and (iii) your knowledge and experience in financial and business matters are such that you are capable of evaluating the merits and risks of any investment in the Shares. 

 

	 	(b)	 One-Time Benefit. You acknowledge and agree that: (i) this
award is a one-time benefit, which does not create any contractual or other right to receive future awards, or benefits in lieu of awards; (ii) all determinations with respect to any such future awards, including, but not limited to, the times
when awards shall be granted, the number of shares subject to each award, the exercise or purchase price, and the time or times when each award shall vest, will be at the sole discretion of the Company; (iii) this award is not

	 	
part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits
or similar payments; and (iv) THAT THIS AWARD SHALL NOT CREATE A RIGHT TO FURTHER EMPLOYMENT WITH THE COMPANY OR ITS AFFILIATES AND SHALL NOT INTERFERE WITH THE ABILITY OF THE COMPANY OR ANY OF ITS AFFILIATES TO TERMINATE YOUR EMPLOYMENT
RELATIONSHIP AT ANY TIME, AND UPON TERMINATION OF YOUR EMPLOYMENT FOR ANY REASON WHATSOEVER, ANY RIGHTS IN RESPECT OF THE OPTION OR THE UNDERLYING SHARES TO WHICH YOU WOULD HAVE BEEN ENTITLED HAD YOUR EMPLOYMENT NOT TERMINATED SHALL LAPSE UPON THE
DATE OF TERMINATION UNLESS EXPRESSLY STATED OTHERWISE HEREIN OR THE PLAN, AND YOU SHALL NOT BE ENTITLED TO ANY COMPENSATION IN RESPECT OF LOSS OF ALL OR ANY OF THE OPTION OR UNDERLYING SHARES. 

 

	 	(c)	 Employee Data Privacy. You consent to the collection, use and transfer of personal data as described in
this paragraph 5(c). You understand that the Company and its Affiliates hold certain personal information about you including, but not limited to, your name, home address and telephone number, date of birth, social security number, salary,
nationality, job title, common shares or directorships held in the Company, details of all other entitlement to common shares awarded, cancelled, exercised, vested, unvested or outstanding in your favor, for the purpose of managing and administering
this award (“Data”). You further understand that the Company and/or its Affiliates will transfer Data among themselves as necessary for the purposes of implementation, administration and management of this award, and that the
Company and/or any of its Affiliates may each further transfer Data to any third parties assisting the Company in such implementation, administration and management, or to any potential acquirer of the Company or its Affiliates. You authorize them
to receive, possess, use, retain and transfer Data in electronic or other form, for the purposes of implementing, administering and managing this award, including any requisite transfer of such Data as may be required for the administration of this
award and/or the subsequent holding common shares on your behalf to a broker or other third party with whom the shares acquired on exercise may be deposited, or, in the case of a potential acquirer, for the purpose of performing diligence on
the Company or its Affiliates. You understand that he or she may, at any time, view the Data, require any necessary amendments to it or withdraw the consent herein in writing by contacting the local human resources representative.

  

	 	(d)	 Confidentiality. You agree not to disclose or discuss in any way the terms of this award to or with
anyone other than members of your immediate family, or your personal counsel or financial advisors (and you will advise such persons of the confidential nature of this award). 

	7.	 Federal Taxes: The Option granted to you is treated as a “nonqualified option” for federal tax
purposes, so when you exercise the Option, the excess of the value of the Shares issued on exercise over the exercise price paid for the Shares is income to you, subject to wage-based withholding and reporting. State and local taxes may also apply.
You should consult your personal tax advisor for more information concerning the tax treatment of your Option. The Company is not making any representations concerning the tax treatment of the Option except that the Company will not treat the grant
of the Option itself as taxable income to you, and is not responsible for any taxes, interest or penalties you incur in connection with your Option, even if the taxing authorities successfully challenge any position taken by the Company in respect
of wage withholding and reporting or otherwise. 

 We are excited to give you this opportunity to share in our future success. Please
indicate your acceptance of this option grant and the terms of the Plan by signing and returning a copy of this letter. 
 Sincerely, 

 

			
	 THE FRESH MARKET HOLDINGS, INC.

	
	             

	 Name:
	 	 Jason Potter

	 Title:
	 	 Authorized Signatory

	
	 Agreed to and Accepted by:

	
	 /s/ Michelle Almarode

	 Name:
	 	 Michelle Almarode

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