Document:

Exhibit
10.4

 

EXHIBIT
G

 

Exit
Facility Term Sheet

 

Summary
of Terms and Conditions

 

Capitalized terms
used but not defined in this Exhibit G (the “Term Sheet”) shall have the meanings set forth
in the Senior Secured Super-Priority Debtor-In-Possession Credit Agreement (the “DIP Credit Agreement”)
to which this Exhibit G is attached and in the other Exhibits attached hereto. In the case of any such capitalized
term that is subject to multiple and differing definitions, the appropriate meaning thereof in this Exhibit G shall
be determined by reference to the context in which it is used.

Exit Facility Term Sheet

 

	Borrowers:	Reorganized Tailored Brands, Inc., a Texas corporation (“Parent”), The Men’s Wearhouse, Inc., a Texas corporation (the “Company” or the “Borrower Representative”) and certain of its domestic subsidiaries to be mutually agreed (the “Borrowers”) and Moores The Suit People Corp., a Nova Scotia unlimited company (the “Canadian Borrower”).
	 	 
	Administrative Agent and Collateral Agent:	JPMorgan Chase Bank, N.A. (in its capacity as administrative agent, the “Administrative Agent”, and in its capacity as collateral agent, the “Collateral Agent”).   JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian Administrative Agent (and together with the Administrative Agent, the “Agents”).
	 	 
	Sole Lead Arranger and Bookrunner:	JPMorgan Chase Bank, N.A. (the “Lead Arranger”).
	 	 
	Lenders:	JPMorgan Chase Bank, N.A., JPMorgan Chase Bank, N.A., Toronto Branch and a syndicate of financial institutions arranged by the Lead Arranger and reasonably acceptable to the Company (other than any Disqualified Lender) who become Lenders providing Exit Revolving Loans (as defined below)  (collectively, the “Lenders”).
	 	 
	Swingline Lender:	JPMorgan Chase Bank, N.A., as the swing line lender (in such capacity, the “Swing Line Lender”).
	 	 
	Issuing Bank:	JPMorgan Chase Bank, N.A. and such other Lender as may be designated by the Company and agreed to by such Lender, as the issuing bank (in such capacity, the “Issuing Bank”).
	 	 
	Exit Revolving Facility:	A $430,000,000 senior secured revolving credit facility available from time to time from the Conversion Date until March 31, 2021; such available amount being reduced to $400,000,000 on April 1, 2021  and through the Maturity Date (as defined below) (as the same may be increased or decreased in accordance with the terms therein, the “Exit Revolving Facility”, the commitments thereunder, the “Exit Revolving Commitments” and the loans thereunder, the “Exit Revolving Loans”), which shall include a $75,000,000 sublimit for the issuance of standby and documentary letters of credit (each, a “Letter of Credit”) and a $40,000,000 sublimit for swing line loans (each, a “Swing Line Loan”).  Letters of Credit will be issued by the Issuing Bank and Swing Line Loans will be made available by the Swing Line Lender, and each of the Lenders under the Exit Revolving Facility will purchase an irrevocable and unconditional participation in each Letter of Credit and each Swing Line Loan.  Such Letters of Credit may be denominated in US Dollars, Canadian Dollars or any LC Alternative Currency (as defined in the Pre-Petition ABL Credit Agreement).

 

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	Definitive Documentation:	The definitive documentation for the Exit Revolving Facility (the “Definitive Documentation”) shall, except as otherwise set forth herein, be based on and substantially consistent with the Credit Agreement, dated as of  June 18, 2014 (as amended by that certain Joinder Agreement, dated as of June 18, 2014, that certain Amendment No. 1, dated as of July 28, 2014, that certain Joinder Agreement, dated as of January 31, 2016, that certain Joinder Agreement, dated as of June 30, 2016, that certain Amendment No. 2, dated as of October 25, 2017, and that certain Amendment No. 3, dated as of April 30, 2019), by and among Parent, the Company, certain U.S. subsidiaries of Parent party thereto, Moores The Suit People Corp., a Nova Scotia unlimited company, JPMorgan Chase Bank, N.A., as the administrative agent and the collateral agent, and certain lenders party thereto from time to time (the “Pre-Petition ABL Credit Agreement”), (i) as modified by the terms set forth herein and the transactions contemplated by the RSA, (ii) subject to modifications to reflect changes in law or accounting standards since the date of such precedent and administrative agency, collateral agency and operational requirements of the Administrative Agent and Collateral Agent (including, without limitation, to incorporate provisions relating to LIBOR successor language, bail-in provisions and QFC stay rules) and (iii) with such other terms and conditions as may be reasonably agreed between the Borrowers, the Administrative Agent and the Lenders. The Definitive Documentation shall be negotiated in good faith within a reasonable time period to be determined based on the expected date of the Court’s entry of the Confirmation Order. This paragraph, collectively, is referred to herein as the “Documentation Principles”.  
	 	 
	Purpose:	The proceeds of the Exit Revolving Facility will be used by the Borrowers (a) on the Conversion Date, together with the proceeds of borrowings under any other long term Indebtedness for borrowed money that is incurred in connection with the Acceptable Plan, and cash on hand, (i) to pay the consideration for the reorganization that is consummated in accordance with the Acceptable Plan (the “Reorganization”), (ii) for the refinancing of any Pre-Petition Indebtedness (including the Indebtedness outstanding (if any) under the Pre-Petition ABL Credit Agreement) and the replacement of the Indebtedness outstanding under the DIP Credit Agreement pursuant to the conversion described in Section 2.23 of the DIP Credit Agreement, (iii) for the payment of any close-out fees in connection with the termination of hedging obligations, if any, of the Borrower and its subsidiaries (including accrued and unpaid interest and applicable premiums), to consummate the Reorganization and other transactions contemplated by the Acceptable Plan (collectively, the “Transactions”) and (iv) to pay fees, costs and expenses related to the Transactions and relating to the Cases (including professional fees) and for other general corporate purposes and (b) on and after the Conversion Date, to finance the working capital needs and other general corporate purposes of the Borrower Representative and its subsidiaries (including for capital expenditures, acquisitions, working capital and/or purchase price adjustments, the payment of transaction fees and expenses (in each case, including in connection with the Reorganization), other investments, restricted payments and any other purpose not prohibited by the Definitive Documentation).

 

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	Incremental Facility:	In an amount not to exceed $50,000,000 in the aggregate, and otherwise substantially similar to the Pre-Petition ABL Credit Agreement, subject to the Documentation Principles.  
	 	 
	Maturity Date:	The earlier of (i) 4 years after the Petition Date and (ii) the date that is 91 days prior to the final scheduled maturity of any Indebtedness outstanding under the Exit Facility Agreement (as defined in the Term Credit Agreement).
	 	 
	Availability:	
        Exit Revolving Loans and Letters of Credit
        (subject to the Letter of Credit sublimit set forth above) under the Exit Revolving Facility may be made to the Borrowers on a
        revolving basis up to the lesser of (i) Exit Revolving Commitments and (ii) the Borrowing Base then in effect (the lesser of (i)
        and (ii) being hereinafter referred to as the “Line Cap”).

         

        The “Borrowing Base”
        shall be equal to the sum, at the time of calculation of (a) 90% of the face amount of eligible credit card account receivables
        of the Loan Parties; plus (b) 85% of the face amount of eligible accounts receivables; plus (c) the lesser of (i)
        90% of the appraised net orderly liquidation value of eligible inventory and (ii) the net book value of eligible inventory (provided
        that in no event shall the amount included in the Borrowing Base pursuant to this clause (c) attributable to uncut fabric bolsters
        exceed $10,000,000 at any time); plus (d) the lesser of (i) 85% of the appraised net orderly liquidation value of eligible
        rental inventory and (ii) the net book value of eligible rental inventory (provided that in no event shall the amount included
        in the Borrowing Base pursuant to this clause (d) exceed 20% of the total Borrowing Base) minus (e) customary reserves imposed
        by the Administrative Agent in its Permitted Discretion, minus (f) the Availability Block (as defined below).

         

        The Administrative Agent may, in its Permitted
        Discretion upon prior notice (other than during a Dominion Period in which case notice shall not be required) to the Borrower Representative,
        reduce the advance rates set forth above, adjust Reserves or reduce one or more of the other elements used in computing the Borrowing
        Base.

         

        The amount of any reserve established
by the Administrative Agent shall have a reasonable relationship to the event, condition or other matter which is the basis for
such reserve. Reserves will include, without limitation, specific items arising from field exams/appraisals/audits. Notwithstanding
anything herein to the contrary, Administrative Agent shall not establish duplicate reserves to the address the same event, condition
or matter otherwise addressed within the applicable eligibility definitions and shall not duplicate other reserves then established.

 

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	 	Eligible credit card accounts receivables, eligible account receivables, eligible inventory and eligible rental inventory shall be defined in a manner generally consistent with the Documentation Principles, with such changes, if any, as may be mutually agreed.

                                     

                                    “Permitted Discretion” means a determination of the Administrative Agent made in good faith and in the exercise of reasonable (from the perspective of a secured asset-based lender) business judgment.

                                     

                                    Notwithstanding the foregoing, to the extent the Administrative Agent has not received an Inventory appraisal for the Borrowers that is reasonably satisfactory to the Administrative Agent by December 31, 2020, the Administrative Agent shall impose an availability block equal to not greater than 10% of the Line Cap (the “Availability Block”) until such time as such Inventory appraisal (that is reasonably satisfactory to the Administrative Agent) has been completed; provided that if such Inventory appraisal (that is reasonably satisfactory to the Administrative Agent) has not been completed by March 31, 2021, an Event of Default shall be deemed to have occurred and be continuing as a result thereof.

	 	 
	Amortization:	None.
	 	 
	Voluntary Prepayments and Commitment Reductions:	Voluntary prepayments of borrowings and voluntary reductions of the unutilized portion of the commitments under the Exit Revolving Facility will be permitted at any time, in minimum principal amounts to be mutually agreed upon between the Borrowers and the Administrative Agent consistent with the Documentation Principles, without premium or penalty, subject to reimbursement of the Lenders’ redeployment costs (other than lost profits) in the case of a prepayment of Eurodollar Borrowings prior to the last day of the relevant interest period.
	 	 
	Mandatory Prepayments:	Substantially similar to the Pre-Petition ABL Credit Agreement, subject to the Documentation Principles.
	 	 
	Interest Rates and Fees:	The Exit Revolving Facility shall bear interest and accrue fees at the rates set forth on Annex I hereto.
	 	 
	Guarantees:	All obligations of the Borrowers under the definitive credit agreement for the Exit Revolving Facility (the “Exit Credit Agreement”) and the related guarantee and collateral agreement, mortgage agreements (if any) and other collateral documents (together with the Exit Credit Agreement, the “Loan Documents”) (collectively, the “Borrowers Obligations”) will be unconditionally guaranteed jointly and severally on a senior basis (the “Guarantees”) by each existing and subsequently acquired or organized direct or indirect domestic subsidiary of the Parent and the direct or indirect Canadian subsidiaries of the Canadian Borrower (other than customary excluded subsidiaries as set forth in the Pre-Petition ABL Credit Agreement) (the “Subsidiary Guarantors”, together with the Borrowers and the Canadian Borrower, the “Loan Parties”).

 

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	Security:	
        Subject to the intercreditor agreement
        described below under “Intercreditor Agreement” and other customary limitations and exclusions to be
        mutually agreed, the Borrowers’ Obligations and the Guarantees (collectively the “Secured Obligations”)
        will be secured on a first priority basis by substantially all assets of the Loan Parties (collectively, the “Collateral”).

         

        All of the foregoing described
in this section and the “Guarantees” section above, the “Collateral and Guarantee Requirement”.

	 	 
	Conditions Precedent to the Conversion Date:	
        The availability
        of the Exit Revolving Facility on the Conversion Date and any extension of credit thereunder will be subject solely to satisfaction
        (or waiver) of the following conditions:

         

        ·    
        execution and delivery by the Loan Parties of the Definitive Documentation to be delivered at closing;

         

        ·           delivery of promissory notes to the Lenders on the Conversion Date, if requested at least two (2) Business Days before the
        Conversion Date;

         

        ·    
        delivery of board resolutions and organizational documents of the Loan Parties;

         

        ·    
        delivery of incumbency/specimen signature certificate of the Loan Parties;

         

        ·    
delivery of customary legal opinions by counsel to the Borrowers;

         

        ·    
there shall not have occurred since the Petition Date any event or condition that has had or would be reasonably expected,
either individually or in the aggregate, to have a Material Adverse Effect (for purposes of this condition, defined in a manner
substantially similar to the Pre-Petition ABL Credit Agreement) but including a carve-out to be agreed with respect to the impacts
of the cases and COVID-19 in determining whether a “Material Adverse Effect” has occurred or exists under clause (a)
thereof;

         

        ·   
the Agents shall have received a certificate (in substantially the same form as the corresponding certificate delivered
in connection with the Pre-Petition ABL Credit Agreement) of the chief financial officer (or financial officer in a similar role)
of the Company, stating that it and its subsidiaries, taken as a whole, as of the Conversion Date, are solvent, in each case,
after giving effect to the consummation of the Acceptable Plan;

 

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	 	·    
all fees due and payable to the Agents, Collateral Agent and Lenders shall have been paid (or shall have been caused to be paid),
and all expenses to be paid or reimbursed to the Agents, Collateral Agent and Lenders that have been invoiced at least three (3)
Business Days prior to the Conversion Date shall have been paid (or shall have been caused to be paid);

 

·    
the Loan Parties shall have provided the documentation and other information to the Lenders that are required by regulatory authorities
under applicable “know-your-customer” rules and regulations, including the Patriot Act, at least three (3) Business
Days prior to the Conversion Date (or such later date agreed to by the Administrative Agent) to the extent requested ten (10)
days prior to the Conversion Date;

 

·    
the Court shall have entered (A) the Confirmation Order and (B) one or more orders authorizing and approving the extensions of
credit in respect of the Exit Credit Agreement, each in the amounts and on the terms set forth herein, and all transactions contemplated
by the Exit Credit Agreement, and, in each case, such orders shall be in full force and effect and shall not have been stayed,
reversed, vacated or otherwise modified;

 

·    
the Collateral and Guarantee Requirement (excluding certain customary post-closing items to be mutually agreed) shall have been
satisfied or waived and a satisfactory Intercreditor Agreement with respect to the take back debt shall have been executed and
delivered and be in full force and effect;

 

·    
the effective date under the Acceptable Plan shall have occurred, or shall occur contemporaneously with the effectiveness of the
Exit Revolving Facility and all conditions precedent thereto as set forth therein shall have been satisfied or waived, including,
without limitation, the satisfaction in full of the Indebtedness under the Pre-Petition ABL Credit Agreement and the DIP Credit
Agreement;

 

·    
the accuracy of representations and warranties in all material respects (without duplication of any materiality qualifier) on
the Conversion Date (except to the extent any such representation or warranty is stated to relate solely to an earlier date, in
which case such representation or warranty shall be true and correct in all material respects (without duplication of any materiality
qualifier) as of such earlier date);

 

·    
the absence of the existence of any default or event of default under the Loan Documents on the Conversion Date;

 

·    
the receipt by the Agents and the Lenders of an updated business plan in form reasonably consistent with the business plan received
prior to the filing of the Chapter 11 cases;

 

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	 	·    
        the Loan Parties shall have delivered a borrowing base certificate dated as of the Conversion Date calculated with respect to
        the month ending at least 15 days prior to the Conversion Date, reflecting Availability as of the Conversion Date of not less than 25% of the Line Cap (after giving effect to all payments required to be made in
        connection with the Conversion Date, the release of any Restricted Cash (and corresponding pay down of amounts outstanding
        under the DIP ABL Facility) on or prior to the Conversion Date, and the release of reserves which are no longer applicable after such payments); and

 

·    
the aggregate amount of Indebtedness of the Company and its Restricted Subsidiaries (excluding the obligations under the Exit
Revolving Facility and obligations outstanding on the Petition Date or permitted under the DIP Credit Agreement and permitted
to remain outstanding pursuant to the RSA) shall not exceed $425,000,000 on a pro forma basis after giving to the Transactions
on the Conversion Date.

	 	 
	Conditions to All Borrowings:	
        The conditions
        to all borrowings will be limited to:

         

        (1) prior
        written notice of borrowing,

         

        (2) the
        accuracy in all material respects (or in respect of representations and warranties qualified as to materiality, Material Adverse
        Effect or similar language, in all respects) of representations and warranties,

         

        (3) the
        absence of any default or Event of Default,

         

        (4) the
        absence of any overadvance as a result of such borrowing, and

         

        (5)
after giving pro forma effect to any borrowing and any use of proceeds thereof, the aggregate amount of unrestricted cash and
cash equivalents of the Borrowers and Guarantors (exclusive of any (i) cash contained in any escrow accounts, payroll accounts,
tax withholding accounts, trust or fiduciary accounts held exclusively for the benefit of third persons or employee wage and benefit
accounts and (ii) other amounts permitted to be paid by the Company or its Restricted Subsidiaries in accordance with the Definitive
Documentation for which the Company or its Restricted Subsidiaries has issued checks or has initiated wires or ACH transfers (but
which amounts have not, as of such time, been subtracted from the balance in the relevant account of the Company or its Restricted
Subsidiary as of such date of determination)) shall not exceed $50,000,000.

	 	 
	Representations and Warranties:	Substantially similar to the Pre-Petition ABL Credit Agreement, subject to the Documentation Principles.

 

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	Affirmative Covenants:	
        Substantially similar to the Pre-Petition
        ABL Credit Agreement, subject to the Documentation Principles; provided that the following modifications will be made:

         

        1. The definition of “Enhanced Reporting
        Period” shall be amended and restated in its entirety as follows:

         

        ““Enhanced Reporting Period”
        means any period (a) commencing at any time when Availability shall be less than the greater of (i) 20% of the Line Cap and (ii)
        $80,000,000 and (b) ending when Availability shall have been greater than the greater of (i) 20% of the Line Cap then in effect
        and (ii) $80,000,000 for a period of 30 consecutive days.”

         

        2. The definition of “Payment Conditions”
        shall be amended and restated in its entirety as follows:

         

        “Payment Conditions”
        means, at the time of determination with respect to a specified transaction or payment, that (a) no Default or Event Default then
        exists or would arise as a result of the entering into of such transaction or the making of such payment, and (b) on a Pro Forma
        Basis after giving effect to such transaction or payment and any incurrence or repayment of Indebtedness in connection therewith,
        both (I) Availability on such date and for each of the 90 days preceding such transaction or payment is equal to or greater than
        the greater of (x) $80,000,000 and (y) 20% of the Line Cap and (II) the Fixed Charge Coverage Ratio for the most recently ended
        four fiscal quarter period for which financial statements have been delivered to the Administrative Agent pursuant to Section 5.01(a)
        or (b) is at least 1.1 to 1.0; provided that, in each case, Parent shall have delivered to the Administrative Agent a reasonably
        detailed calculation of such Availability and, if applicable, the Fixed Charge Coverage Ratio. In connection with any transaction,
        event, or payment subject to Payment Conditions, the Lead Borrower shall have delivered a customary officer’s certificate
        to the Administrative Agent certifying as to compliance with the requirements of clauses (a) and (b), together with
        reasonably detailed supporting calculations therefor.

         

        3. The definition of “Reduced Availability
        Period” shall be amended and restated in its entirety as follows:

         

        ““Reduced Availability Period”
        means any period (a) commencing at any time when Availability shall be less than the greater of (i) 12.5% of the Line Cap and (ii)
        $40,000,000 and (b) ending when Availability shall have been greater than the greater of (i) 12.5% of the Line Cap then in effect
        and (ii) $40,000,000 for a period of 30 consecutive days.”

         

        4. The definition of “Weekly Reporting
        Period” shall be amended and restated in its entirety as follows:

         

        ““Weekly Reporting
Period” means any period (a) commencing at any time when Availability shall be less than the greater of (i) 12.5% of
the Line Cap then in effect and (ii) $40,000,000 and (b) ending when Availability shall have been greater than the greater of
(i) 12.5% of the Line Cap then in effect and (ii) $40,000,000 for a period of 30 consecutive days.”

 

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	 	5. Section 5.12(a) shall be amended and
restated in its entirety as follows:

 

“(a) at any time after Availability
shall have been less than the greater of (i) 20% of the Line Cap then in effect and (ii) $60,000,000 for three (3) consecutive
Business Days, the Administrative Agent may request a second appraisal in the then-current twelve-month period,”

 

6. Section 5.13(a) shall be amended and
restated in its entirety as follows:

 

“(a) at any time after Availability shall have been less
than the greater of (i) 20% of the Line Cap then in effect and (ii) $60,000,000 for three (3) consecutive Business Days, the Administrative
Agent may elect to conduct a second field examination in the then-current twelve-month period,”

	 	 
	Negative Covenants:	Substantially similar to the Pre-Petition ABL Credit Agreement, subject to the Documentation Principles and subject to customary and usual exceptions, qualifications and “baskets” to be mutually agreed and set forth in the Exit Credit Agreement; provided that so long as the Payment Conditions are met the Company shall be permitted to make unlimited restricted payments, investments, junior debt payments, asset dispositions and incur debt and liens (so long as any such liens are junior in priority to those granted to the Collateral Agent with respect to the ABL Priority Collateral (as defined in the Intercreditor Agreement) subject to satisfactory intercreditor agreements acceptable to the Agents). 
	 	 
	Financial Covenant:	
        1. From the Conversion Date until the date
        that is the first anniversary of the Conversion Date, the Loan Parties will not permit Availability at any time to be less than
        the greater of (i) 10% of the Line Cap and (ii) $40,000,000.

         

        2. From and after the first anniversary
        of the Conversion Date, the Loan Parties will not permit the Fixed Charge Coverage Ratio for any period of four fiscal quarters
        ending immediately prior to the occurrence of a Covenant Period for which financial statements have been, or were required to be,
        delivered pursuant to Section 5.01 of the Credit Agreement, to be less than 1.00 to 1.00.

         

        The definition of “Covenant Period”
        shall be amended and restated in its entirety as follows:

         

        ““Covenant Period”
means any period (a) commencing on any date when Availability shall have been less than the greater of (i) 10% of the Line Cap
and (ii) $40,000,000 and (b) ending on the first day thereafter when Availability shall have been at least the greater of (i)
10% of the Line Cap then in effect and (ii) $40,000,000 for at least 30 consecutive days.”

 

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	Unrestricted Subsidiaries:	Usual and customary for transactions of this type, subject to the Documentation Principles.
	 	 
	Events of Default:	Usual and customary for transactions of this type, subject to the Documentation Principles.
	 	 
	Voting:	Usual and customary for transactions of this type, subject to the Documentation Principles.
	 	 
	Required Lenders	Lenders having aggregate Credit Exposure and unused Exit Revolving Commitments representing more than 50% of the sum of the total Credit Exposure and unused Exit Revolving Commitments at such time.
	 	 
	Intercreditor Agreement:	Usual and customary for transactions of this type, subject to the Documentation Principles and based on that certain Intercreditor Agreement, dated as of June 18, 2014, among the Pre-Petition Agent, the Pre-Petition Term Agent, and the other parties thereto, except as otherwise agreed by the Administrative Agent and the Lenders. 
	 	 
	Cost and Yield Protection:	Usual and customary for transactions of this type, subject to the Documentation Principles.
	 	 
	Defaulting Lenders:	Usual and customary for transactions of this type, subject to the Documentation Principles.
	 	 
	Assignments and Participations:	Usual and customary for transactions of this type, subject to the Documentation Principles.   
	 	 
	Expenses and Indemnification:	Usual and customary for transactions of this type, subject to the Documentation Principles (including, but limited to, the reasonable fees and expenses of no more than one primary U.S. counsel and one primary Canadian counsel to the Lenders and the Agents, which counsel shall be Morgan Lewis & Bockius LLP and McMillan LLP, and local bankruptcy counsel).
	 	 
	Governing Law and Forum:	New York except as to certain collateral documents to be governed by local law.

 

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ANNEX I to

EXHIBIT G

 

	INTEREST RATES:	
        The interest rates per annum applicable
        to the Exit Revolving Loans denominated in Dollars will be (i) (a) the Adjusted LIBO Rate (subject to a “floor” of
        0.75%), plus (b) the Applicable Rate (as hereinafter defined) (such loans herein referred to as “Eurodollar
        Exit Revolving Loans”) or, at the option of the Borrowers, (ii) (a) the Alternate Base Rate plus (b) the Applicable
        Rate (such loans herein referred to as “ABR Exit Revolving Loans”). “Applicable Rate”
        means a percentage per annum to be determined in accordance with the applicable pricing grid set forth below, based on average
        daily availability for the preceding fiscal quarter for which the calculation is being made.

         

        The Canadian Borrower may elect that the
        Canadian Dollar Exit Revolving Loans comprising each borrowing bear interest at a rate per annum equal to (a) the Canadian Prime
        Rate (such loans herein referred to as “Canadian Prime Rate Exit Revolving Loans”) plus
        the Applicable Rate or (b) the CDOR Rate (such loans herein referred to as “CDOR Exit Revolving Loans”)
        plus the Applicable Rate.

         

        The Borrowers may select interest periods
        of one, two, three or six (or twelve with applicable Lender consent) months for Eurodollar Exit Revolving Loans. The Canadian Borrower
        may select interest periods of one, two, three or six months for CDOR Exit Revolving Loans. Interest on Eurodollar Exit Revolving
        Loans and CDOR Exit Revolving Loans shall be payable at the end of the selected interest period, but no less frequently than quarterly.
        Interest on ABR Exit Revolving Loans and Canadian Prime Rate Exit Revolving Loans shall be payable on the first business day of
        each calendar month.

         

        Each Swing Line Loan shall be denominated
        in Dollars or Canadian Dollars and bear interest at the Alternate Base Rate plus the Applicable Rate for ABR Exit Revolving Loans
        under the Exit Revolving Facility.

         

        If any principal of or interest
on any Exit Revolving Loan or any fee or other amount payable by the Borrowers is not paid when due (after giving effect to any
applicable grace period), whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest,
after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Exit Revolving Loan,
2% per annum plus the rate otherwise applicable to such Exit Revolving Loan or (ii) in the case of any other amount, 2% per annum
plus the rate applicable to ABR Exit Revolving Loans (or Canadian Prime Rate Exit Revolving Loans if such Exit Revolving Loan
is denominated in Canadian Dollars).

 

     

     

    

 

	 	“Alternate Base Rate”
means, for any day, a rate per annum equal to the greatest of (a) the rate of interest publicly announced by the Administrative
Agent as its prime rate in effect at its principal office in New York City (the “Prime Rate”) on such
day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% per annum and (c) the Adjusted LIBO Rate on such day for a deposit
in dollars with a maturity of one month plus 1% per annum.

 

“Adjusted LIBO Rate”
means the London interbank offered rate as administered by the ICE Benchmark Administration (or any other Person that takes over
the administration of such rate), as adjusted for statutory reserve requirements. The Loan Documents shall incorporate LIBO Rate
replacement language consistent with the LIBO Rate replacement provisions proposed by the Alternative Reference Rate Committee,
subject to the approval of the Borrowers and in accordance with JPMorgan Chase Bank, N.A. approved in-house requirements and regulatory
guidelines.

 

“Canadian Prime Rate”
means, on any day, the rate determined by the Administrative Agent to be the higher of (i) the rate equal to the PRIMCAN Index
rate that appears on the Bloomberg screen at 10:15 a.m. Toronto time on such day (or, in the event that the PRIMCAN Index is not
published by Bloomberg, any other information services that publishes such index from time to time, as selected by the Administrative
Agent in its reasonable discretion) and (ii) the average rate for 30 day Canadian Dollar bankers’ acceptances that appears
on the Reuters Screen CDOR Page (or, in the event such rate does not appear on such page or screen, on any successor or substitute
page or screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from
time to time, as selected by the Administrative Agent in its reasonable discretion) at 10:15 a.m. Toronto time on such day, plus
1% per annum; provided, that if any the above rates shall be less than zero, such rate shall be deemed to be zero. Any change
in the Canadian Prime Rate due to a change in the PRIMCAN Index or the CDOR Rate shall be effective from and including the effective
date of such change in the PRIMCAN Index or CDOR Rate, respectively.

 

“CDOR Rate” means, for an interest
period equal to one, two, three or six months (as selected by the Canadian Borrower), the Canadian deposit offered rate which,
in turn means on any day the sum of (a) the annual rate of interest determined with reference to the arithmetic average of the
discount rate quotations of all institutions listed in respect of the relevant interest period for Canadian Dollar-denominated
bankers’ acceptances displayed and identified as such on the “Reuters Screen CDOR Page” as defined in
the International Swaps and Derivatives Association, Inc. definitions, as modified and amended from time to time (the “CDOR
Screen Rate”), as of 10:00 a.m. Toronto local time on the first day of the applicable interest period and, if such day
is not a business day, then on the immediately preceding business day (as adjusted by the Administrative Agent after 10:00 a.m.
Toronto local time to reflect any error in the posted rate of interest or in the posted average annual rate of interest) plus
(b) 0.10% per annum; provided that (x) if the CDOR Screen Rate shall be less than 0.75%, such rate shall be deemed to be
0.75% and (y) if the CDOR Screen Rate is not available on the Reuters Screen CDOR Page on any particular day, then the Canadian
deposit offered rate component of such rate on that day shall be calculated as the cost of funds quoted by the Administrative
Agent to raise CAD Dollars for the applicable interest period as of 10:00 a.m. Toronto local time on such day for commercial loans
or other extensions of credit to businesses of comparable credit risk; or if such day is not a business day, then as quoted by
the Administrative Agent on the immediately preceding business day.

 

     

     

    

 

	PRICING GRID:	
        (a)  
        From and after the Conversion Date until the date on which the compliance certificate is delivered in accordance with the
        terms of the Exit Credit Agreement for the first full fiscal quarter of the Company after the Conversion Date, the percentage per
        annum set forth in Level III of the pricing grid below; and

         

        (b)  
at all times after the compliance certificate is delivered in accordance with the terms of the Exit Credit Agreement for
the first full fiscal quarter of the Company after the Conversion Date, the applicable percentages per annum set forth in the
pricing grid below, in each case based on the average daily availability for the preceding fiscal quarter for which the calculation
is being made:

 

	 	Level	Average Daily

 Availability	Applicable 

Margin for 

Eurodollar/

 CDOR Exit 

Revolving Loans	Applicable 

Margin for 

ABR/ 

Canadian 

Prime Rate 

Exit Revolving 

Loans
	 	I	Greater than  66.7% of the Line Cap	2.25%	1.25%
	 	II	Greater than or equal to 33.3% of the Line Cap but less than or equal to 66.7%  of the Line Cap	2.50%	1.50%
	 	III	Less than 33.3% of the Line Cap	2.75%	1.75%

 

     

     

    

 

	

        CALCULATION OF INTEREST AND FEES:

         
	

        All calculations of interest and
fees shall be made on the basis of actual number of days elapsed in a 360 day year, except that interest computed by reference
to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of
a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including
the first day but excluding the last day). Changes to the pricing grid level shall be based on average daily availability for
the preceding fiscal quarter for which the calculation is being made.

	 	 
	UNUSED LINE FEE:	
        Commencing on the Conversion Date, an unused
        line fee (the “Unused Line Fee”) shall be payable on the average daily unused portions of the commitments
        under the Exit Revolving Facility at a rate equal to 0.30% per annum.

         

        The Unused Line Fee shall be payable
in arrears on the first Business Day of each January, April, July and October, commencing on the first such date to occur after
the Conversion Date, and on the date on which the Exit Revolving Commitments terminate.

	 	 
	LETTER OF CREDIT FEES:	
        Letter of Credit fees shall be payable
        on the maximum amount available to be drawn under each outstanding Letter of Credit at a rate per annum equal to the Applicable
        Margin for Eurodollar Exit Revolving Loans.

         

        In addition, a fronting fee shall
be payable at a rate per annum equal to an amount equal to 0.125%. Participation fees and fronting fees accrued through and including
the last day of each calendar month shall be payable on the first Business Day of the next succeeding month, commencing on the
first such date to occur after the Conversion Date; provided that all such fees shall be payable on the date on which the
Exit Revolving Commitments terminate and any such fees accruing after the date on which the Exit Revolving Commitments terminate
shall be payable on demand.Document

Exhibit 10.2

SEPARATION AGREEMENT AND RELEASE 

This Separation Agreement and Release (this “Agreement”) dated as of July 14, 2020 (the “Execution Date”), by and between Coca-Cola Consolidated, Inc., a Delaware corporation (the “Company”), and William J. Billiard (“Executive”).
RECITALS
WHEREAS, Executive currently serves as Senior Vice President, Chief Accounting Officer of the Company;
WHEREAS, Executive’s employment with the Company will terminate as of the end of August 9, 2020 (the “Separation Date”); and
WHEREAS, the Company and Executive desire to set forth in writing their agreement regarding Executive’s separation, the benefits to be provided to Executive in connection with such separation and Executive’s post-separation responsibilities to the Company.
NOW, THEREFORE, in consideration of the foregoing premises and the respective agreements of the Company and Executive set forth below, the Company and Executive, intending to be legally bound, agree as follows:
1.Confirmation of Separation from Employment.  Executive hereby confirms his separation from employment and resignation from all positions and offices Executive held at any time with the Company and its subsidiaries and affiliates (collectively, “Company Group”), all effective as of the Separation Date.  
2.Salary and Benefits through Separation Date.  As compensation for his services through the Separation Date, the Company shall continue to pay and provide Executive his annual base salary and benefits, all as in effect immediately prior to the Execution Date.  
3.Separation Benefits.  
(a)The Company will pay Executive Eighteen Thousand Six Hundred One AND 36/100 Dollars ($18,601.36) each regular bi-weekly pay period for twenty-six (26) consecutive pay periods. The payments described in this Section 2(a) will commence within fifteen (15) business days following the later of (i) the Separation Date and (ii) Company’s receipt of an effective release hereunder from Executive and, once they commence, will include any unpaid amounts described in Section 2(a) accrued from your Separation Date.  
(b)Executive’s active participation in the Company’s 2020 Annual Bonus Plan shall cease as of the Separation Date and Executive’s award thereunder will be based on the Company’s performance during the 2020 performance period and prorated for the portion of the performance period of Executive’s employment through the Separation Date, such prorated award to be paid to Executive no later than March 15, 2021.

(c)Executive’s active participation in the Company’s 2018-2020 and 2019-2021 Long-Term Performance Plans shall cease as of the Separation Date and Executive’s awards thereunder will be based on the Company’s performance during the 2018-2020 and 2019-2021 performance periods and prorated for the portion of the performance periods of Executive’s employment through the Separation Date, such prorated awards to be paid to Executive no later than March 15 following the end of the applicable performance period.  Executive will have no right to participation in the Company’s 2020-2022 Long-Term Performance Plan, and any award made to Executive thereunder is forfeited. 

(d)The Company will provide to Executive, free of charge, outplacement services at an outplacement firm and service level selected by the Company, for a consecutive six-month period of Executive’s choice following the Effective Date (as defined in Section 13(f)).

(e)All payments made hereunder will be subject to applicable standard deductions and withholdings.
(f)Notwithstanding the foregoing, the Company shall not be obligated to provide Executive the foregoing separation benefits described in this Section 3 if Executive is not in substantial compliance with the material terms of this Agreement as of the dates of the payments.
4.Return of Property.  Executive represents and covenants that, no later than the expiration of the Separation Date, he will have returned to the Company all property of the Company Group (including, but not limited to, passwords/encryption keys for all Company-related files or equipment, all confidential information, trade secrets, keys and access cards to the Company’s offices, all equipment, documents, customer lists, written information, forms, formulae, plans, manuals, designs, blueprints, notebooks, tools, credit cards, passwords, documents or other hard copy, audio/visual, or electronic material or data, software or firmware, records, or copies of the same, belonging to the Company, which are in Executive’s possession or control, without retaining any copy or summary thereof).
5.Continuing Cooperation.  Until the expiration of the applicable statutes of limitation, Executive agrees to provide continuing cooperation to the Company in the defense of any asserted or unasserted claims, charges or lawsuits pending against the Company Group or made against it in connection with Executive’s employment with the Company Group.  Such cooperation shall include, but not be limited to, providing the Company with information, affidavits, deposition testimony or testimony as a witness in any forum.  Executive shall be reimbursed for any reasonable, out-of-pocket expenses incurred at the Company’s request in connection with providing such continuing cooperation.
6.Representations and Warranties.  Executive represents and warrants to the Company that Executive has not engaged in any act of fraud, embezzlement or material dishonesty with respect to the Company or any of its employees, suppliers, clients, affiliates or customers.  If the Company becomes aware of a breach of Executive’s representation and warranty, the Company shall be entitled to recover from the Executive previous payments of the separation benefits described in Section 2(a) and terminate any future separation benefits due under this Agreement.  The Company shall also be entitled to receive from Executive all costs of collecting amounts due under this Section, including its attorneys’ fees. The Company may offset all amounts due it hereunder against any other amounts the Company or any of its affiliates may owe to Executive.
7.Non-Disparagement.  Without limitation as to time, Executive agrees that Executive shall refrain from making any derogatory, disparaging or negative comments, written or oral, about the Company, or any of the CCCI Releasees (as defined in Section 12(h)), to the press, to present or former Company Group employees or customers, to any individual or entity with whom or which the Company Group has a current or prospective business relationship, or to anyone else which could adversely affect the conduct of the Company’s business or the Company’s reputation.
8.Non-Competition; Non-Interference.  During the twelve (12) months following the Separation Date and for six (6) months thereafter, Executive shall not:
(a)directly or indirectly provide or perform any services for a “Competing Enterprise” (as defined below), whether as an employee, consultant, agent, contractor, officer, director or any other capacity; or
(b)interfere, directly or indirectly, with any of the Company’s relationships with its existing or potential employees, suppliers or customers.
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For purposes of this Agreement, the term “Competing Enterprise” means PepsiCo, Inc. or its affiliates and any bottler of beverage products distinguished by trademarks owned by PepsiCo, Inc. or its affiliates.
9.Confidential Information.  Without limitation as to time, Executive shall not disclose to others or use, whether directly or indirectly, any Confidential Information (as hereinafter defined).  For purposes of this Agreement, the term “Confidential Information” means information about the Company Group or any of its clients or customers that was learned by Executive in the course of his employment by the Company, including, without limitation, any proprietary knowledge, trade secrets, data, formulae, information and client and customer lists and all papers, resumes and records (including computer records) of the documents containing such Confidential Information, but excludes information (i) which is in the public domain through no unauthorized act or omission of Executive; or (ii) which becomes available to Executive on a non-confidential basis from a source other than the Company without breach of such source’s confidentiality or non-disclosure obligations to the Company.
10.Protected Disclosures.  Pursuant to the Defend Trade Secrets Act of 2016 (18 U.S.C. § 1833(b)), Executive will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret of the Company that (i) is made (A) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.  If Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the trade secret to Executive’s attorney and use the trade secret information in the court proceeding, if Executive (i) files any document containing the trade secret under seal and (ii) does not disclose the trade secret, except pursuant to court order.  Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or to create liability for disclosures of trade secrets that are expressly allowed by such section.  Notwithstanding any provision in any agreement between Executive and the Company, Executive may disclose any confidential or non-public information (i) to report possible violations of federal law or regulation to any governmental agency or entity, including, but not limited to, the Department of Justice, the Securities and Exchange Commission, the United States Congress and any agency Inspector General, or to make other disclosures that are protected under the whistleblower provisions of federal law or regulation or (ii) as required by law or order by a court; provided, however, Executive agrees to notify the Company in advance if Executive is required to provide information or testimony in connection with any action brought by a non-governmental or non-regulatory person or entity.
11.Injunctive Relief.  Executive agrees that the provisions herein are important to and of material consideration to the Company and that the Company considers that monetary damages alone are an inadequate remedy to the Company for any breach of the provisions herein.  Executive further stipulates that, upon any material breach by Executive of the provisions herein, the Company shall be entitled to injunctive relief against Executive from a court having personal jurisdiction of Executive.  This Section 11 shall not be deemed to limit the legal and equitable remedies available to the Company or to limit the nature and extent of any claim by the Company for damages caused by Executive for breach of this Agreement.
12.Comprehensive Release of Claims and Covenant Not to Sue.
(a)Executive agrees that, in consideration for the separation benefits provided for under Section 3, Executive, for himself, and for his heirs, executors, administrators and assigns, hereby releases, waives and forever discharges the CCCI Releasees from any and all claims or liabilities of whatever kind or nature which he ever had or which he now has, known or unknown, against any and all CCCI Releasees that are attributable to or arose during all periods of time occurring on or prior to the Execution Date (collectively, the “Released Claims”).
(b)The Released Claims expressly include, without limitation, to the fullest extent allowed by law, any and all actions, claims, allegations or violations that Executive might have or raise (i) under or in relation to Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act) (the “ADEA”); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990 
3

and the Americans with Disabilities Amendments Act; the Rehabilitation Act; the Lilly Ledbetter Fair Pay Act; the Genetic Information Nondiscrimination Act; the National Labor Relations Act; the Family and Medical Leave Act of 1993, as amended; the Civil Rights Act of 1866, as amended; the Worker Adjustment Retraining and Notification Act; the Executive Retirement Income Security Act of 1974; any applicable Executive Order programs; the Sarbanes-Oxley Act of 2002, or its state or local counterparts; any other federal, state or local civil, whistleblower or human rights law, or any other federal, state, local or municipal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; (ii) for or in relation to any breach of contract, negligence, breach of fiduciary duty, breach of implied duty of good faith and fair dealing, unfair competition, defamation, wrongful or unlawful discharge, constructive discharge, retaliation, invasion of privacy, personal injury, loss or injury to property, intentional or negligent infliction of emotional distress, disputed or unpaid wages, salary, bonuses, earnings, equity awards, deferred compensation or other forms of compensation; and (iii) including all claims of any nature whatsoever arising out of Executive’s employment with the Company and any claim for costs, fees or other expenses, including attorneys’ fees incurred in the matters provided for in this release.
(c)Except to the extent contemplated by Section 12(f), Executive covenants not to sue or bring a claim or any legal action whatsoever against any of the CCCI Releasees with respect to any Released Claim in any forum for any reason.  If Executive sues or brings any action against any CCCI Releasee in violation of the foregoing covenant not to sue, Executive agrees that Executive shall pay all reasonable fees, costs and expenses incurred by the CCCI Releasees in defending against any such suit or action, including, but not limited to, reasonable attorneys’ fees. 
(d)Executive understands that Executive may later discover claims or facts that may be different than, or in addition to, those that Executive now knows or believes to exist regarding the subject matter of the Released Claims, and which, if known at the time of signing this Agreement, may have materially affected this Agreement and Executive’s decision to enter into this Agreement and grant the release and covenant not to sue contained herein.  Nevertheless, Executive, for himself, and for his heirs, executors, administrators and assigns, intends to fully, finally and forever settle and release all Released Claims that now exist, may exist or previously existed, as set forth herein, whether known or unknown, foreseen or unforeseen, matured or unmatured, suspected or unsuspected, existing or claimed to exist, fixed or contingent, both at law and in equity, and the release given herein is and will remain in effect as a complete release, notwithstanding the discovery or existence of such different or additional facts.
(e)In signing this Agreement, Executive acknowledges and intends that it shall be effective to the fullest extent allowed by law as a bar to each and every one of the Released Claims hereinabove mentioned or implied.  If it is determined by a court of competent jurisdiction that any Released Claim cannot be waived as a matter of law, Executive expressly agrees that the release contained herein shall nevertheless remain valid and fully enforceable as to the remaining Released Claims.
(f)Nothing in this Agreement prohibits or restricts Executive from filing a claim with or participating in an investigation conducted by the United States Equal Employment Opportunity Commission, or any state or local fair employment practices agency, or any similar federal or state agency that is responsible for enforcing a law on behalf of the government.  However, Executive understands and agrees that under this Agreement Executive is waiving, discharging and releasing any claim against the CCCI Releasees for obtaining any personal or monetary relief for Executive, or any legal fees, based on or arising out of any such claim or investigation.
(g)Notwithstanding any contrary provision of this Agreement, this Agreement does not waive or release Executive’s rights or claims to any benefits that are vested and accrued immediately prior to the Separation Date under an employee benefit plan or program maintained by the Company Group or claims for advancement or indemnification permitted by and pursuant to (i) the Company’s organizational documents or policies or (ii) any liability insurance policy maintained by the Company in each case relating to advancement of expenses or indemnification of directors, officers and employees of the Company.
4

(h)For purposes of this Agreement, the term “CCCI Releasees” means each member of the Company Group and its predecessors, affiliates, parents, subsidiaries and joint ventures, its present, former and future successors and assigns and all of its present, former and future owners, directors, managers, officers, stockholders, members, employees, representatives, agents, assigns, insurers, trustees, employee benefit plans and programs (and the trustees, administrators, fiduciaries and insurers of such plans and programs) and attorneys, both individually and in their representative capacities.
13.Compliance with Older Workers Benefit Protection Act.  By signing this Agreement, Executive specifically acknowledges and represents that:
(a) Executive has been given a consideration period of twenty-one (21) days within which to consider the terms of this Agreement; Executive may execute this Agreement prior to the expiration of the consideration period, in order to expedite the execution of this Agreement and the payment of the consideration hereunder; if the full twenty-one (21) day consideration period has not elapsed at the time Executive signs this Agreement, by Executive’s signature at that time and on that date, Executive expressly acknowledges that Executive has knowingly and voluntarily chosen to sign this Agreement before the expiration of the consideration period;
(b) The Released Claims include any and all claims Executive has or may have arising out of or related to Executive’s employment with the Company or termination of that employment, including any and all claims under the ADEA;
(c) The ADEA claims being waived, released and discharged pursuant to Section 12 do not include any claims that may arise after the date Executive signs this Agreement;
(d) The benefits the Company will provide to Executive under this Agreement include consideration and benefits that Executive was not otherwise entitled to receive before signing this Agreement;
(e) Executive is hereby advised, and hereby acknowledges that Executive has been advised, to consult with an attorney of Executive’s choice and at Executive’s expense prior to signing this Agreement;
(f) In accordance with the notice provisions set forth in Section 21, Executive may revoke this Agreement at any time within seven (7) calendar days after the day Executive signs this Agreement (that is, at any time within seven (7) days after the Execution Date), and this document will not become effective or enforceable as to any claims under the ADEA until the eighth day after the Execution Date, on which day (the “Effective Date”), this Agreement will automatically become effective and enforceable (unless previously revoked within that seven (7)-day period); and
(g) The terms of this Agreement are clear and understandable to Executive; and EXECUTIVE HAS CAREFULLY READ THIS DOCUMENT, AND FULLY UNDERSTANDS EACH AND EVERY TERM.  
14.No Admission.  Executive acknowledges that the Company does not admit any liability or wrongdoing by entering into this Agreement.  Neither this Agreement nor anything contained herein shall be admissible in any proceeding as evidence of or an admission by the Company of any violation of any law or regulation or of any liability whatsoever to Executive.  Notwithstanding the foregoing, this Agreement may be introduced into a proceeding solely for the purpose of enforcing this Agreement.
15.Severability and Reformation.  If any part or provision of this Agreement is found to be illegal, invalid or unenforceable by a court of competent jurisdiction, the illegal, invalid or unenforceable terms shall be redefined and this Agreement shall be deemed amended to the extent required to render the otherwise illegal, invalid or unenforceable provision, and the rest of this Agreement, legal, valid and enforceable.  If such court declines to 
5

amend this Agreement as provided for herein, Executive agrees that such illegal, invalid or unenforceable provision shall be fully severable, and this Agreement and its terms shall be construed and enforced as if such illegal, invalid or unenforceable provision had never been a part of this Agreement.
16.No Waiver.  No waiver by Executive or the Company of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.
17.Complete Agreement.  This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes and cancels all prior or contemporaneous oral or written agreements and understandings between them with respect to the subject matter hereof.
18.Governing Law; Venue.  This Agreement and the legal relations thus created hereunder shall be governed by and construed in accordance with the laws of the State of North Carolina (without regard to conflict of laws principles).  In the event of any dispute arising as to the parties’ rights and obligations hereunder or otherwise relating to Executive’s employment with the Company and the termination of that employment, the Company and Executive expressly consent to the sole and exclusive venue and jurisdiction of the federal and state courts of the State of North Carolina, sitting in Mecklenburg County, North Carolina, and hereby waive any defense of inconvenient forum and any right of jurisdiction on account of Executive’s place of residence or domicile.   
19.Counterparts; Electronic Transmission of Signatures.  This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which taken together shall constitute one and the same instrument.  Transmission of images of signed signature pages by facsimile, e-mail or other electronic means shall have the same effect as the delivery of original signed documents in person, and an electronically transmitted copy of a fully executed document shall be sufficient for the enforcement of this Agreement.
20.Assignment.  Executive represents and warrants that Executive has not assigned or in any other manner conveyed any right or claim that Executive has or may have to any third party, and Executive shall not assign or convey to any assignee for any reason any right or claim covered by this Agreement, this Agreement, or the consideration, monetary or other, to be received by Executive hereunder.  The Company may assign its rights and obligations under this Agreement to any third party at its discretion.
21.Notice Provisions for Signing; Revocation Right.  If Executive chooses to revoke his acceptance of this Agreement after having signed it, Executive must provide notice of such revocation delivered to the Company no later than midnight, Eastern Time, on the last day of the seven (7)-day revocation period.  To revoke, notice of the same shall be given by submitting a written statement of revocation via hand delivery or mail to the Company’s representative at the notice address provided below.  To be effective, Executive’s revocation must be in writing and explicitly revoke this Agreement.  No attempted revocation after the expiration of such seven (7)-day period shall have any effect on the terms of this Agreement.  If Executive revokes this Agreement prior to the Effective Date, its terms and provisions shall be void and without legal effect, and the Company shall have no obligation to provide Executive with any further consideration hereunder.  The notice address for the Company shall be as set forth below:
Coca-Cola Consolidated, Inc.
4100 Coca-Cola Plaza
Charlotte, NC  28211
ATTN:  Executive Vice President & General Counsel

22.Further Acknowledgement.  Executive has read and carefully considered this Agreement, has had an opportunity to ask questions about it and has had any questions answered to his satisfaction.  Further, the Company has indicated that Executive is free to discuss this Agreement with Executive’s spouse and Executive’s attorney.  Executive is signing this Agreement knowledgeably, voluntarily and without coercion of any kind.
6

23.Section 409A of the Code.  This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986 (and any regulations and guidelines issued thereunder) (“Section 409A”) to the extent this Agreement is subject thereto, and this Agreement shall be interpreted on a basis consistent with such intent.  If an amendment of this Agreement is necessary in order for it to comply with Section 409A, the parties hereto will negotiate in good faith to amend the Agreement in a manner that preserves the original intent of the parties to the extent reasonably possible.  No action or failure by the Company in good faith to act, pursuant to this Section, shall subject Company to any claim, liability, or expense, and Company shall not have any obligation to indemnify or otherwise protect Executive from the obligation to pay any taxes pursuant to Section 409A.
–Signature Page Follows –

7

IN WITNESS WHEREOF, Executive and the Company have executed this Separation Agreement and Release as of the Execution Date.
COMPANY:

Coca-Cola Consolidated, Inc.

By:  /s/ Scott Anthony 
Name:   Scott Anthony
Title:  Executive Vice President and 
        Chief Financial Officer

EXECUTIVE:

/s/ William J. Billiard 
William J. Billiard

8

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