Document:

sptn-ex104_166.htm

Exhibit 10.4

 

 

 

 

 

 

18_AIP_Plan

[Insert Fiscal Year] Annual Incentive Plan

 

This document sets forth the SpartanNash Company Annual Incentive Plan “AIP” for awards made during the fiscal year beginning [Insert Start of Fiscal Year] (“Fiscal Year”). 

 

1.Authority and Administration. This AIP is authorized and administered by the Compensation Committee of the Board of Directors of SpartanNash Company (the “Committee”). 

 

2.Target Award Amount. Each Participant, other than participants who manage retail stores, will have their AIP bonus based on [Insert Performance Measurement]. Retail Store participants including Retail District Managers and VP’s, will have business unit financial goals as noted in Appendix B to this Plan Document. Each Participant’s threshold, target and maximum AIP award opportunity will be communicated to him or her separately in writing. AIP award opportunities will be expressed as a percentage of base compensation. For the purposes of this AIP, “base compensation” means (a) an associate’s annual base salary actually paid during the Fiscal Year for salaried (exempt) associates, and (b) all earnings (including regular time, overtime and vacation) paid for the Fiscal Year for hourly (non-exempt) associates.

 

3.Performance Metrics. No portion of an AIP award will be earned unless SpartanNash achieves the threshold level of performance of [Insert Performance Measurement(s)]1. If the threshold level of [Insert Performance Measurement(s)] is achieved, each AIP award will be paid to the extent SpartanNash achieves at least the threshold level of performance for the applicable performance measurement or the Participant’s business unit achieves financial goals (as applicable). In addition, the Participant must otherwise satisfy the requirements of this AIP Plan.  Each Participant will be notified in writing of the Performance Metrics s/he must achieve against.   

 

4. Payout Scale for [Insert Performance Measurement(s)] Metric. For the [Insert Performance Measurement(s)] metric, AIP award payouts will be earned according to the payout scale attached in Appendix A. SpartanNash must achieve the threshold level of performance for [Insert Performance Measurement(s)] for any payout of any other portion of an AIP award.   

 

5.[Insert Description] Modifier. [Insert Narrative Description of Modifier, if any].

 

1

Exhibit 10.4

 

6. Clawback. All payouts under the AIP are subject to the Company’s “clawback” policy for the recovery of incentive compensation, as such policy may be amended from time to time.

 

7.Termination. Except as provided in any Employment Agreement or Executive Severance Agreement: 

 

	
 
	
a)
	
If a Participant terminates employment during the Fiscal Year due to Retirement, Total Disability or death, then any earned portion of an AIP award will be prorated based on base compensation paid during the time the Participant was employed during the Fiscal Year.

 

	
 
	
b)
	
A Participant whose employment is terminated as part of an involuntary reduction in force (“RIF”), or whose position is eliminated, is eligible to receive a prorated payout based on the base compensation paid during the plan year prior to the termination date.

 

	
 
	
c)
	
Upon a Change in Control before the end of the Fiscal Year, associates will earn an incentive payout equal to the greater of the target award or the projected award, with the projected award to be determined by estimating the actual performance as of the end of the Fiscal Year based on actual performance in the Fiscal Year as of the date of the Change in Control and  payment will be made no later than the 15th day of the third month following the Change in Control. The amount of incentive payout will be prorated based on the number of completed weeks in the Fiscal Year prior to the Change in Control. If a Change in Control occurs after the end of the Fiscal Year but prior to payout, any earned incentive award would be paid no later than the 15th day of the third month following the Change in Control.

 

	
 
	
8.
	
Plan Eligibility.

 

	
 
	
a)
	
An associate must be hired or promoted into an eligible role on or before October 1 of the Fiscal Year to be a Participant. 

 

	
 
	
b)
	
A Participant must be actively employed on the last day of the Fiscal Year and on the payout date to be eligible for an AIP award payout unless employment has terminated subject to paragraph 7 above.

 

	
 
	
c)
	
AIP awards will be prorated for Participants who are promoted into an AIP eligible position after the beginning of the Fiscal Year and have a minimum of three months of plan participation. Proration is based on the compensation paid in the Fiscal Year the associate worked in an AIP eligible position. 

 

	
 
	
d)
	
A Participant who moves from one AIP eligible position to another with a greater AIP target opportunity (or vice versa), or from an AIP eligible position to an ineligible position, will receive a prorated payout (if one is 

2

Exhibit 10.4

	
 
		
earned) that multiplies the target(s) by the compensation paid during the time the Participant worked in the position eligible for that target opportunity. 

 

	
 
	
e)
	
A Participant on a non-FMLA leave will receive a prorated portion of any earned AIP award based on actual weeks worked during the Fiscal Year. Associates who are on any type of leave at the beginning of the Fiscal Year and who terminate employment prior to returning to work will not be eligible for an award.

 

	
 
	
9.
	
General Terms and Conditions. 

 

	
 
	
a)
	
Definitions.  The following terms shall have the definitions stated. Other defined terms shall have the meanings ascribed to them above. 

	
 
	
i.
	
“Beneficiary” means the individual, trust or other entity designated by the Participant to receive any Incentive Award payable with respect to the Participant under the AIP after the Participant’s death. A Participant may designate or change a Beneficiary by filing a signed designation with the Committee in a form approved by the Company. A Participant’s will or other estate planning document is not effective for this purpose. If a designation has not been completed properly and filed with the Committee or is ineffective for any other reason, the Beneficiary shall be the Participant’s Surviving Spouse. If there is no effective designation and the Participant does not have a Surviving Spouse, the remaining Incentive Award under this AIP, if any, shall be paid to the Participant’s estate. 

	
 
	
ii.
	
“Board” means the Board of Directors of the Company. 

	
 
	
iii.
	
“Business Unit” means any subsidiary, department, division, profit center or other operational unit of the Company or any subsidiary as to which the Committee shall establish a Goal under the AIP applicable in a Fiscal Year.

	
 
	
iv.
	
“Change in Control” has the meaning given to it in the SpartanNash Company Supplemental Executive Retirement Plan. 

	
 
	
v.
	
“Code” means the Internal Revenue Code of 1986, as amended. 

	
 
	
vi.
	
“Company” means SpartanNash Company, a Michigan corporation, and its Subsidiaries. 

	
 
	
vii.
	
“Incentive Award” means a bonus awarded and paid in cash to a Participant for services to the Company or a Business Unit that is based upon achievement of specified goals. 

	
 
	
viii.
	
 “Participant” means any person participating in the AIP.  

	
 
	
ix.
	
 “Retirement” means termination of employment as a result of retirement on or after the earlier of the date the Participant reaches (a) age 65; or (b) age 55, but only if such Participant has completed at least ten Years of Vested Service (as defined below) since the later of the Participant’s most recent date of hire or, if the Participant became an associate of the Company in connection 

3

Exhibit 10.4

	
 
		
with a merger or acquisition, the date of the Participant’s hire by the entity that is the subject of such merger or acquisition.

	
 
	
x.
	
 “Surviving Spouse” means the husband or wife of the Participant at the time of the Participant’s death who survives the Participant. If the Participant and the spouse die under circumstances that make the order of their deaths uncertain, it shall be presumed for purposes of this AIP that the Participant survived the spouse. 

	
 
	
xi.
	
“Total Disability” means the condition of a Participant who is and remains eligible for total and permanent disability benefits under § 223 of the Social Security Act, as amended. 

	
 
	
xii.
	
 “Year of Vested Service” means a calendar year in which a Participant is credited with at least 1,000 hours of employment with the Company or its Subsidiaries. For the purposes of this definition, “hours of employment” include actual hours of paid work, paid leave or other time off, and hours of work missed due to military service provided that the Participant returns to work while his or her rehire rights are protected by law. 

 

	
 
	
b)
	
Determination of Achievement. The Committee will determine achievement with respect to corporate performance goals by reference to such information as the Committee determines in its discretion.

 

	
 
	
c)
	
Adjustments to Awards. Adjustments to Incentive Awards may be made when deemed appropriate by the Committee. The Committee may establish any specific conditions under which an Incentive Award may be reduced, forfeited, or amended. The Committee delegates to the Chief Executive Officer the authority to determine that a Participant’s award will be reduced or withheld if the Chief Executive Officer determines that the reduction or withholding is warranted by the Participant’s performance. All decisions of the Committee shall be final and binding on all Participants and their respective heirs, representatives and Beneficiaries.

 

	
 
	
d)
	
Payment of Incentive Award; Form of Payment. The dollar amount of the Incentive Award for a Fiscal Year shall be paid to the Participant as soon as feasible following the completion and approval of the Incentive Award calculations for the Fiscal Year; provided, however, such Incentive Award shall be paid no later than the 15th day of the third month following the later of the end of the Fiscal Year in which the goals for the Incentive Award have been met and the date the Participant vests in the Incentive Award. In the event of the Participant’s death, Total Disability, or a Change in Control, payment shall be made no later than the 15th day of the third month following the date on which the Participant’s rights in the Incentive Award vest or, if already vested, the 15th day of the third month following the date of death, Total Disability, or Change in Control. 

 

4

Exhibit 10.4

 

	
 
	
e)
	
Stock in Lieu of Cash. To the extent authorized by the Committee and the Chief Human Resources Officer, a Participant may elect to receive a portion of his or her Incentive Award to be paid in cash under this AIP in the form of Common Stock under a plan or program established for that purpose, provided that the Participant is an eligible  participant under such plan. 

 

	
 
	
f)
	
No Continuing Participation. An Associate’s designation as a participant for a Fiscal Year will not continue in effect for any subsequent Fiscal Year unless and until the Committee designates the Associate as a Participant in the subsequent Fiscal Year. The Committee may terminate participation by any Participant at any time with or without cause. 

 

	
 
	
g)
	
Benefits Not Guaranteed; No Rights to Award. Neither the establishment and maintenance of the AIP nor participation in the AIP shall provide any guarantee or other assurance that Incentive Awards will be payable under the AIP. No Participant or other person shall have any claim to be granted any award or benefit under the AIP and there is no obligation of uniformity of treatment of Participants under the AIP. The terms and conditions of any award or benefit of the same type and the determination of the Committee to grant a waiver or modification of any award or benefit and the terms and conditions thereof need not be the same with respect to each Participant. 

 

	
 
	
h)
	
No Right to Participate. Nothing in this AIP shall be deemed or interpreted to provide a Participant or any non-participating Associate with any contractual right to participate in or receive benefits under the AIP. No designation of a person as a Participant for all or any part of the Fiscal Year shall create a right to any Incentive Award, compensation or other benefits of the AIP for any other Fiscal Year. 

 

	
 
	
i)
	
No Employment Right. Participation in this AIP shall not be construed as constituting a commitment, guarantee, agreement, or understanding of any kind that the Company or any subsidiary will continue to employ any individual and this AIP shall not be construed or applied as any type of employment contract or obligation. Nothing herein shall abridge or diminish the rights of the Company or any subsidiary to determine the terms and conditions of employment of any Participant or other person or to terminate the employment of any Participant or other person with or without cause at any time. 

 

	
 
	
j)
	
Not an ERISA Plan. The AIP is an incentive compensation program for participants. Because the AIP does not provide welfare benefits and does not provide for the deferral of compensation until termination of employment, it is established with the intent and understanding that it is 

5

Exhibit 10.4

	
 
		
not an employee benefit plan within the meaning of the federal Employee Retirement Income Security Act of 1974, as amended.

 

	
 
	
k)
	
No Assignment or Transfer. Neither a Participant nor any Beneficiary or other representative of a Participant shall have any right to assign, transfer, attach, or pledge any bonus amount or credit, potential payment, or right to future payments of any bonus amount or credit, or any other benefit provided under this AIP. Payment of any amount due or to become due under this AIP shall not be subject to the claims of creditors of the Participant or to execution by attachment or garnishment or any other legal or equitable proceeding or process, unless otherwise specifically ordered by any court of competent jurisdiction. 

 

	
 
	
l)
	
Withholding and Payroll Taxes. The Company shall deduct from any payment made under this AIP all amounts required by federal, state and local tax laws to be withheld and shall subject any payments made under the AIP to all applicable payroll taxes and assessments. 

 

	
 
	
m)
	
Incapacitated Payee. If the Committee determines that a person entitled to a payment hereunder is incapacitated, it may cause benefits to be paid to another person for the use or benefit of the Participant or the Participant’s Beneficiary at the time or times otherwise payable hereunder, in total discharge of the AIP’s obligations to the Participant or Beneficiary. 

 

	
 
	
n)
	
Governing Law. The validity, construction and effect of the AIP and any rules and regulations relating to the AIP shall be determined in accordance with the laws of the State of Michigan and applicable federal law. 

 

	
 
	
o)
	
Construction. The singular includes the plural and the plural includes the singular. Capitalized terms, except those at the beginning of a sentence or part of a heading, have the meaning defined in the AIP. The AIP is intended to be exempt from Section 409A of the Code by providing for short-term deferrals as described in Treasury Regulations § 1.409A-1(b)(4) and shall be interpreted and administered to achieve that purpose. 

 

	
 
	
p)
	
Severability. In the event any provision of the AIP shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions of the AIP and the AIP shall be construed and enforced as if the illegal or invalid provision had not been included. 

 

	
 
	
q)
	
No Limit on Other Compensation Arrangements. Nothing contained in the AIP shall prevent the Company or any subsidiary from adopting or continuing in effect other or additional compensation arrangements, including the grant of stock options and other stock-based awards, and 

6

Exhibit 10.4

such arrangements may be either generally applicable or applicable only in specific cases. 

	
	 

	
1 
	
 [Insert Definition(s) of Performance Measurement(s)]

 

 

 

 

 

 

 

Appendix A

All Participants except Retail Store participants

 

Payout Scale for [Insert Performance Measurement(s)] 

 

				
	
 
	
 
	
$ in millions
	
 

	
Performance Level
	
[Insert Performance Measurement] % of Budget
	
[Insert Performance Measurement]
	
Payout % of Target

	
Threshold
	
[Insert Percentages]
	
[Insert Dollar Thresholds]
	
[Insert Percentages]

	
-
	
 
	
 
	
 

	
-
	
 
	
 
	
 

	
-
	
 
	
 
	
 

	
Target
	
 
	
 
	
 

	
-
	
 
	
 
	
 

	
-
	
 
	
 
	
 

	
-
	
 
	
 
	
 

	
Maximum
	
 
	
 
	
 

 

 

 

[Insert Description] Modifiers

 

		
	
[Insert Description, if relevant]
	
Threshold

	
[Insert Categories]
	
[Insert Thresholds]

	
 
	
 

	
 
	
 

	
 
	
 

 

[Insert additional performance and/or payout conditions, if relevant.] 

 

7

 

Exhibit 10.4

 

Appendix B

Retail Store Participants

 

Includes: Retail VPs, District Managers, Store Directors, Assistant Store Directors, Department Managers and other eligible Retail Store Associates

 

Participants whose management and performance are based on the retail store metrics will have a combination of corporate and retail store financial goals. Retail participants will have 50% of AIP payout based on Corporate results and 50% will be based on retail store results. 

 

Each retail store will have its own budget for Earnings and Sales. Retail Store EBITDA must have a minimum attainment of 80% for the Sales goal to pay out. District Managers and VPs responsible for groups of stores will have their bonus attainment based on the collective attainment of the stores they are responsible for. 

 

Retail Store Goal payout scales are as follows:

 

		
	
[Insert Performance Measurement] – [Insert Percentage]% of Goal 

	
% of Budget**
	
Payout

	
[Insert Percentages]
	
[Insert Percentages]

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
** [Insert additional performance and/or payout requirements.]   

	
 

	
 

 

		
	
[Insert Performance Measurement] – [Insert Percentage]% of Goal 

	
% of Budget
	
Payout*

	
[Insert Percentages]
	
[Insert Percentages]

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

 

* [Insert additional performance and/or payout requirements.]

8sptn-ex105_67.htm

 

 

Exhibit 10.5

 

EXHIBIT A

 

SEPARATION OF EMPLOYMENT AGREEMENT AND GENERAL RELEASE

 

On December 23, 2021, SpartanNash Company and Yvonne Trupiano (the “Executive”) entered into a certain Employment Agreement, including this Exhibit A Separation of Employment Agreement and General Release.  This Agreement sets forth the terms of your separation of employment with SpartanNash Company (the “Company”). If you understand and agree with these terms, please sign in the space provided below. If you and the Company sign below, this will be a legally binding document representing the entire agreement between you and the Company regarding the subjects it covers. We will refer to this document as this “Agreement.”

 

Termination Date. Your last day of work with the Company will be April 29, 2022.

 

Consideration.  Subject to the Executive’s delivery and non-revocation of this Agreement, the Executive will receive the following:

 

	
(a)
	
The Company will pay the Executive an amount equal to one and one half times  the sum calculated by adding (i) the Executive’s annual Base Salary in effect immediately prior     to the date of termination plus (ii) the Executive’s target Annual Bonus for the year of termination. Payment shall be made in a lump sum payment within 60 days following the termination date.
	
 

 

	
 
	
(i)
	
Base Salary = $466,000 
	
 

	
 
	
(ii)
	
Target Annual Bonus = $279,600
	
 

Total = $745,600 x 1.5 = $1,118,400

 

	
(b)
	
During the one and one half year period following the termination date, if the Executive timely elects continued coverage (“COBRA”) under Section 4980B of the Internal Revenue Code (the “Code”), the Company will reimburse Executive for the monthly COBRA cost of continued medical and dental coverage under the health, dental and prescription drug plans of the Company for the Executive and the Executive’s eligible dependents, less the amount  that the Executive would be required to contribute for health, dental and prescription drug coverage if the Executive were an active employee of the Company; provided that such reimbursements shall not continue beyond the first to occur of (x) the date on which the Executive fails to pay the COBRA cost of such continuation coverage or (y) the date on which the Executive is eligible for substantially similar coverage from a subsequent employer. These reimbursements will commence within 60 days following the termination date and will be paid on the first payroll date of each month, provided that the Executive demonstrates proof of payment of the applicable        premiums prior to the applicable reimbursement payment date.
	
 

 

	
(c)
	
The Company shall pay the Executive a prorated Annual Bonus for the year in which the Executive’s termination of employment occurs. The prorated Annual Bonus shall be determined by multiplying the full year Annual Bonus that would otherwise have been payable to the Executive, based upon the achievement of the applicable performance goals, as determined    by the Board, by a fraction, the numerator of which is the number of days during which the Executive was employed by the Company in the fiscal year in which the termination date occurs and the denominator of which is 365 (“Prorated Bonus”). The Prorated Bonus, if any, shall be 
	
 

A-1

 
 

 

 

Exhibit 10.5

 

		
paid at the same time as bonuses are paid to other employees of the Company, but not later than two and a half months after the end of the fiscal year in which the termination date occurs.
	
 

 

	
(d)
	
The Company shall pay any other amounts earned, accrued and owing but not yet  paid under the Employment Agreement and any benefits accrued and due under any applicable benefit plans     and programs of the Company (“Accrued Obligations”), regardless of whether the Executive executes or revokes this Agreement.
	
 

 

	
(e)
	
During the period beginning on the termination date and ending on the earlier of (i) the end of the twelfth (12) month after the termination date; or (ii) the date on which the Executive receives a substantially equal benefit from a new employer, the Company will continue the Executive’s tax and financial planning benefits offered to Executive during the Term of Executive’s employment.
	
 

 

	
(f)
	
The Company agrees that it will cover the cost of the Executive’s 2022 executive physical, which was scheduled for the month of August, 2022 while Executive was an employee of Company and entitled to this benefit, provided that such physical occurs no later than December 15, 2022.  
	
 

 

	
(g)
	
The Company agrees to waive the noncompetition restrictions set forth in Section 14(a) of the Employment Agreement subject to Executive giving Company advance notice of Executive’s intent to accept employment with a competitor of Company and Company reserves the right in its sole discretion to withhold or deny consent. Notwithstanding anything to the contrary, Executive acknowledges, agrees, and covenants that all other restrictive covenants in Section 14 of the Employment Agreement between Company and the Executive shall remain in effect following the Termination Date indefinitely. 
	
 

 

Release of Claims. In exchange for the payment(s) described in the Consideration clause above, you hereby waive all claims available under federal, state or local law against the Company and the directors, officers, employees, employee benefit plans and agents of the Company arising out of your employment with the Company or the termination of that employment, including but not limited to all claims arising under the Americans with Disabilities Act, the Civil Rights Act of 1991, the Employee Retirement Income Security Act, the Equal Pay Act, the Genetic Information Non-discrimination Act, the Family and Medical Leave Act, Section 1981 of the United States Code, Title VII of the Civil Rights Act, the Age Discrimination in Employment Act and the Older Workers Benefit Protection Act, the Elliott-Larsen Civil Rights Act, Michigan Persons With Disabilities Civil Rights Act, Michigan Equal Pay Law, Michigan Whistleblower's Protection Act, Michigan Paid Medical Leave Act, Michigan Minimum Wage Law of 1964, Michigan Payment of Wages and Fringe Benefits Law, Michigan Sales Representatives Commission Act, if applicable, Michigan WARN Laws, the Bullard-Plawecki Employee Right to Know Act, the Social Security Number Privacy Act, the Internet Privacy Protection Act, and Michigan Occupational Safety and Health Act, as well as wrongful termination claims, breach of contract claims, discrimination claims, harassment claims, retaliation claims, whistleblower claims (to the fullest extent they may be released under applicable law), defamation or other tort claims, and claims for attorneys’ fees and costs. You are not waiving your right to vested benefits under the written terms of the retirement plan, claims for unemployment or workers’ compensation benefits, any medical claim incurred during your employment that is payable 

A-2

 
 

 

 

Exhibit 10.5

 

under applicable medical plans or an employer-insured liability plan, claims arising after the date on which you sign this Agreement, or claims that are not otherwise waivable under applicable law. In addition, you are not waiving any claim relating to directors’ and officers’ liability insurance coverage or any right of indemnification under the Company’s articles of incorporation and bylaws.

 

Non-Disparagement.  Executive agrees and covenants that Executive will not at any time, directly or indirectly, make disparaging remarks, comments or statements about the Company, its executives, officers, associates, shareholders, or board members.

 

Medicare Disclaimer. You represent that you are not a Medicare beneficiary as of the time you enter into this Agreement. To the extent that you are a Medicare beneficiary, you agree to contact a Company Human Resources Representative for further instruction.

 

Limit on Disclosures. You shall not disclose or cause to be disclosed the terms of this Agreement to any person (other than your spouse or domestic/civil union partner, attorney and tax advisor), except pursuant to a lawful subpoena, as set forth in the Reports to Government Entities clause below or as otherwise permitted by law prior to the time the Company discloses the terms of this Agreement. This provision is not intended to restrict  your legal right to discuss the terms and conditions of your employment.

 

Reports to Government Entities. Nothing in this Agreement, including the Limit on Disclosures or Release of Claims clause, restricts or prohibits you from initiating communications directly with, responding to any inquiries from, providing testimony before, providing confidential information to, reporting possible violations of law or regulation to, or filing a claim or assisting with an investigation directly with a self- regulatory authority or a government agency or entity, including the U.S. Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Department of Justice, the Securities and Exchange Commission, Congress, and any agency Inspector General (collectively, the “Regulators”), or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation. However, to the maximum extent permitted by law, you are waiving your right to receive any individual monetary relief from the Company or any others covered by the Release of Claims resulting from such claims or conduct, regardless of whether you or another party has filed them, and in the event you obtain such monetary relief, the Company will be entitled to an offset for the payments made pursuant to this Agreement. This Agreement does not limit your right to receive an award from any Regulator that provides awards for providing information relating to a potential violation of law. You do not need the prior authorization of the Company to engage in conduct protected by this paragraph, and you do not need to notify the Company that you have engaged in such conduct.

 

Please take notice that federal law provides criminal and civil immunity to federal and state claims for trade secret misappropriation to individuals who disclose trade secrets to their attorneys, courts, or government officials in certain, confidential circumstances that are set forth at 18 U.S.C. §§ 1833(b)(1) and 1833(b)(2), related to the reporting or investigation of a suspected violation of the law, or in connection with a lawsuit for retaliation for reporting a suspected violation of the law.

A-3

 
 

 

 

Exhibit 10.5

 

 

Nonadmission of Liability. Nothing in this Agreement is an admission of any wrongdoing, liability or unlawful activity by you or by the Company.

 

No Other Amounts Due. You acknowledge that the Company has paid you all wages, salaries, bonuses, benefits and other amounts earned and accrued, less applicable deductions, and that the Company has no obligation to pay any additional amounts other than the payment(s) described in the Consideration clause of this Agreement.

 

Signature. The Company hereby advises you to consult with an attorney prior to signing this Agreement. You acknowledge that you have had a reasonable amount of time [number of days] to consider the terms of this Agreement and you sign it with the intent to be legally bound.

 

Acknowledgment of Voluntariness and Time to Review. You acknowledge that:

 

	
 
	
•
	
you read this Agreement and you understand it;

	
 
	
•
	
you are signing this Agreement voluntarily in order to release your claims against the Company in exchange for payment that is greater than you would otherwise have received;
	
 

	
 
	
•
	
you have been offered at least 21 days to consider your choice to sign      this Agreement;
	
 

	
 
	
•
	
the Company advises you to consult with an attorney;

	
 
	
•
	
you know that you can revoke this Agreement within seven days of signing it and that the Agreement does not become effective until that seven-day period has passed. To revoke, contact Ileana McAlary, Chief Legal Officer.
	
 

	
 
	
•
	
you agree that changes to this Agreement before its execution, whether material or immaterial, do not restart your time to review this Agreement.
	
 

 

 

SpartanNash

 

Name:  Tony Sarsam

 

Date:

 

 

 

 

EXECUTIVE

 

 

Name:  Yvonne Trupiano

 

Date:  

A-4

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