Document:

Exhibit 10.16

 

RUDDICK CORPORATION

 

KEY EMPLOYEE LIFE INSURANCE PLAN

 

 

The Ruddick Corporation
Key Employee Life Insurance Plan is established to provide certain key employees of Ruddick Corporation and other participating
companies with life insurance and other benefits in place of the group term life insurance provided to other employees of Ruddick
Corporation and other participating companies.

 

ARTICLE I

TITLE, EFFECTIVE DATE AND INTENT

 

1.01.   Title.
This Plan shall be known as the Ruddick Corporation Key Employee Life Insurance Plan.

1.02    Effective
Date. This Plan was effective as of March 1, 2004 or as soon thereafter as the Insurer approved and placed in force and effect
the insurance to be provided under this Plan.

1.03    Intent.
This Plan is intended to provide benefits that constitute life insurance within the meaning of Code Section 7702 that are excludable
from gross income in accordance with Code Section 101.

 

ARTICLE II

DEFINITIONS

 

When used herein, the following
terms shall have the meanings indicated unless a different meaning is clearly required by the context:

2.01    “A&E”
means American & Efird, Inc., a North Carolina corporation, and any successor to American & Efird, Inc.

2.02    “Affiliate”
means (i) any corporation or other entity that is required to be aggregated with the Company under Code Sections 414(b), (c), (m)
or (o), and (ii) any entity in

 

 

which the Company has an ownership interest and which the Company designates as an Affiliate for
purposes of the Plan.

2.03    “Beneficiary”
means, with respect to a Participant, the person(s) designated or identified in accordance with Section 9.05 to receive the Participant’s
Certificate benefit in the event of the Participant’s death, pursuant to Section 9.04

2.04    “Cash
Value Investment Account” means the account maintained under the Plan as part of a Participant’s Certificate to
record a Participant’s interest in the cash value of the Certificate including Company Contributions and Participant Contributions
credited to such account.

2.05    “Certificate”
means the group variable universal life insurance certificate on the life of each Participant issued by the Insurer pursuant to
this Plan.

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

2.07    “Committee”
means the committee appointed by the Company’s Board of Directors to administer the Plan.

2.08    “Company”
means Ruddick Corporation, a North Carolina corporation, and any successor to Ruddick Corporation.

2.09    “Company
Contribution” means the Participating Company’s contribution to a Cash Value Investment Account pursuant to Section
7.01.

2.10    “Employee”
means a person who is employed by a Participating Company.

2.11    “Harris
Teeter” means Harris Teeter, Inc., a North Carolina corporation, and any successor to Harris Teeter, Inc.

2.12    “Insurer”
means Massachusetts Mutual Life Insurance Company or a successor insurance company providing the life insurance and other benefits
pursuant to this Plan.

2.13    “Investment
Election” means an election, made in such form and in accordance with such rules and procedures as the Committee may
direct, pursuant to which a Participant may elect the Separate Accounts in which the amounts credited to his Cash Value Investment
Account will be invested.

2.14    “Participant”
means an Employee who is or hereafter becomes eligible to participate in the Plan and does participate by enrolling in the manner
specified herein.

2.15    “Participant
Contribution” means the contribution made by a Participant to a Participant’s Cash Value Investment Account, pursuant
to Section 7.02.

 

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2.16    “Participant
Contribution Election” means a written, electronic or other form of election determined satisfactory by the Committee
pursuant to which a Participant may elect to defer under the Plan a portion of his Salary on an after-tax basis.

2.17    “Participating
Company” means the Company, A&E and Harris Teeter. In addition, any other Affiliate in the future may adopt (or be
deemed to adopt pursuant to this Section 2.17) the Plan with the consent of the Company. Unless the Company specifies otherwise,
any company that adopts the Plan by written resolution of its board of directors or other managing body will be deemed accepted
as a Participating Company as of the date specified in such resolution.

2.18    “Plan”
means the Ruddick Corporation Key Employee Life Insurance Plan as contained herein, and as may be amended from time to time hereafter.

2.19    “Prior
Plan” means (i) the Key Employee Life Insurance Plan for Key Employees of American & Efird, Inc., (ii) the Key Employee
Life Insurance Plan for Key Employees of Harris Teeter, Inc. or (iii) the Key Employee Life Insurance Plan for Key Employees of
Ruddick Corporation.

2.20    “Salary”
means the base annual salary paid by the Participating Company to a Participant, including amounts of compensation deferred under
any deferred compensation plan or arrangement, but excluding any annual bonuses. For American & Efird associates paid on commission,
salary means average annual income from previous three (3) years. For purposes of determining the Company Contribution to a Participant’s
Cash Value Investment Account under Section 7.01 and the death benefit determined in accordance with Article VII, Salary shall
be determined as of January 1 each year (or, if a Participant is not employed as of such January 1, as of such Participant’s
subsequent employment date) and shall not be adjusted until the following January 1.

2.21    “Separate
Accounts” means the separate investment accounts described in Article VIII.

2.22    “Valuation
Date” means each business day on which the New York Stock Exchange is open for the normal transaction of business.

 

 

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ARTICLE III

ELIGIBILITY AND PARTICIPATION

 

3.01    Eligibility.
The eligibility rules for determining participation in the Plan have been established by the Company, Harris Teeter, and
American & Efird. After meeting the specific eligibility criteria below, and upon approval by the Chairman of the Board, President
and Chief Executive Officer of Ruddick Corporation, an Employee will become eligible for participation in the Plan.

(a)    Harris
Teeter

1.     
Group A – The associate must be an officer of Harris Teeter with a rank of Vice President or above whose participation
in the Plan is approved by Harris Teeter and the Company.

2.     
Group B – The associate must be a Director, or a position equivalent to a Director, an Operations Manager, or a District
Manager of Harris Teeter whose participation in the Plan is approved by Harris Teeter and the Company.

3.     
Group C – The associate was a participant in the Plan prior to the change from New England to MassMutual, and is not
or ceases to be eligible under Sections 3.01(a)(1) or (2) above and whose participation in the Plan is approved by Harris Teeter
and the Company.

(b)    American
& Efird

1.     
Group A – The associate must be an officer of A&E who is in the group of employees eligible for incentive pay
(“incentive group”) and whose participation in the Plan is approved by A&E and the Company.

 

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2.     
Group B – The associate is included in the incentive group and is not or ceases to be eligible under Section 3.01(b)
above and whose participation in the Plan is approved by A&E and the Company.

3.     
Group C – The associate was a participant in the Plan prior to the change from New England to MassMutual, and is not
included in the incentive group. This group will also include participants approved by A&E and the Company who cease to be
included in the incentive group.

(c)    The
Company

1.     
Group A – The associate must be an officer of the Company with a rank of Vice President or above or the Company’s
Secretary whose participation in the Plan is approved by the Company.

2.     
Group B – The associate is the Company’s Assistant Treasurer or a Director of Internal Audit of the Company
whose participation in the Plan is approved by the Company.

3.02    Participation.
An eligible Employee shall become a Participant upon (i) the execution and delivery of an application to the Insurer (ii) approval
and acceptance of such application by the Insurer and (iii) By executing such application, the Employee agrees to comply with the
terms and conditions of the Plan, as contained herein and in the application, and acknowledges that the insurance provided under
the Plan replaces the group term life insurance coverage currently provided by the Company. An Employee shall continue to be a
Participant until the earlier to occur of (i) termination of the Plan by the Company or (ii) termination of the Participant’s
employment with the Participating Company for any reason.

3.03    Prior
Plan Participants. Each Participant who participated in a Prior Plan as of February 29, 2004 shall be required to contribute
to the Plan the cash surrender value of the certificate held by such Participant under the Prior Plan (the “old policy”).
Such contribution 

 

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shall be made either (i) pursuant to a Code Section 1035 “tax-free” exchange or (ii) by the Participant
contributing a cash payment equal to the cash surrender value of the old policy to the Plan.

 

ARTICLE IV

THE LIFE INSURANCE CONTRACT

 

4.01    Ownership
of Certificate. The Participant shall be the sole owner of the Certificate covering the Participant and may exercise all rights
of ownership of the Certificate, subject to the restrictions contained herein, including the right to designate a Beneficiary under
the Certificate and the manner in which the proceeds are to be paid.

4.02    Payment
of Premiums. The Participating Company shall pay any premiums due on the Certificate of each Participant as long as the Participant
remains a Participant under the Plan.

4.03    Disability
Premium Refunds. If the Certificate provides for waiver of premiums in the event of disability, the Participant shall reimburse
the Participating Company any amount refunded to the Participant for any premium paid by the Participating Company in excess
of the Participant’s contribution, if any, in the event that the Insurer determines that it will waive the premium due to
disability of the Participant.

4.04    Assignment for Estate Planning.
If the Participant desires to assign all incidents of ownership of the Certificate in order to remove any proceeds of the Certificate
from the Participant’s gross estate for estate tax purposes, the Participant may make such assignment in accordance with
the terms and conditions of the Certificate.

4.05    Loans. Borrowing by a Participant against
the cash value of the Certificate is permitted in limited circumstances. Requests for borrowing must be submitted to the Vice President-Finance
and Chief Financial Officer of the Company for approval.

 

ARTICLE V

DEATH BENEFITS

 

5.01    Amount of Coverage.

 

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(a)    Participants
Other Than A&E Group C Participants. Each Participant (other than Participants who are employed by A&E and in Group
C (as defined in Section 3.01(b)(3))) shall be provided with a death benefit under the Participant’s Certificate equal to
the greater of (i) the Participant’s death benefit under the Prior Plan as of February 29, 2004 or (ii) two and one-half
(21⁄2) times the Participant’s Salary.

(b)    A&E
Group C Participants. Each Participant employed by A&E who is in Group Category C (as defined in Section 3.01(b)(3)) shall
be provided with a death benefit under the Participant’s Certificate equal to the greater of (i) the Participant’s
death benefit under the Prior Plan as of February 29, 2004 or (ii) two and one-half (21⁄2) times the Participant’s Salary,
or (iii) for associates paid on commission, two and one-half (21⁄2) times the three (3) year average of annual income; provided,
however, the face amount for participants who cease to be in the incentive group and are paid on commission will be based
on the following schedule:

(iv)     year 1 – based on previous year’s salary;

(v)      year 2 – based on the current year’s commissions or current salary;

(vi)     year 3 – based on the current year’s commissions or current salary; and

(vii)    year 4 and future years – based on three year average of commissions or current salary

5.02    Effective
Date of Coverage.

(a)    Harris
Teeter

1.     
 New Hire – The Certificate shall be effective on the 91st day of employment for an associate who is hired
associate and is part of an eligible group.

 

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2.     
 Promotion – The Certificate shall be effective on the 1st day of the month after an associate is promoted
and becomes part of an eligible group.

(b)    American
& Efird

The Certificate shall be effective
January 1st of each year after an associate is hired and is part of an eligible group or an associate is promoted and
becomes part of an eligible group.

(c)    The
Company

The Certificate will be effective
upon notification by the Company Insurer that an associate is hired and is part of an eligible group or an associate is promoted
and becomes part of an eligible group.

 

5.03    Increases
or Decreases in Coverage. The amount of the insurance coverage shall be adjusted annually as of the first day of January of
each year to reflect any changes to the Participant’s Salary. In the event that the amount of life insurance coverage is
to be decreased, the Participant shall have the right to maintain the full amount of life insurance coverage then in force by paying
to the Company the portion of the premium attributable to the excess coverage or by converting funds in the Participant’s
Cash Value Investment Account.

 

ARTICLE VI

CASH VALUE INVESTMENT ACCOUNTS

 

6.01    Establishment
of Accounts. Each Participant shall be provided with a Certificate and the Committee will establish and maintain a Cash Value
Investment Account on behalf of each Participant. To the extent provided herein, each Cash Value Investment Account will be (i)
credited with any initial contribution made by a Participant pursuant to Section 3.03, Participant Contributions and Company Contributions
and (ii) adjusted to reflect investment 

 

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gains and losses of the Separate Accounts attributable to such Cash Value Investment Account.
Each Cash Value Investment Account of a Participant will be maintained until the value thereof has been distributed to or on behalf
of such Participant or his Beneficiary.

6.02    Adjustment
for Earnings and Losses. Quarterly and Annual statements from the Insurer will be distributed to Participants reflecting the
investment earnings, gains and losses of the Separate Accounts Participant’s Cash Value Investment Account.

6.03    Vesting.
A Participant will at all times be fully vested in his Cash Value Investment Account.

 

ARTICLE VII

CONTRIBUTIONS

 

7.01    Company
Contributions. Upon becoming eligible to participate in the Plan, each Participant shall be assigned to a Group Category by
the Participant’s employing Participating Company. The Participating Company shall make a monthly Company Contribution to
a Participant’s Cash Value Investment Account for each Participant in an amount equal to the amount set forth by each such
Group Category below:

Group Category    Company
Contribution

 

Group A                2.4% times Salary times 1/12

 

Group B                1.2% times Salary times 1/12

 

Group C                None

 

7.02    Participant Contributions.

(a)    General
Rule. A Participant may elect to contribute under the Plan additional premium on an after-tax basis and by completing and delivering
to the Insurer a Participant Contribution Election setting forth the terms of his election. This additional contribution will be
in the form of an ACH transfer or a check made payable to the Insurer.

(b)    Term.
Each Participant’s Participant Contribution Election will remain in effect until the earliest of (i) the date the Participant
ceases to be eligible to participate in 

 

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the Plan or (ii) the date the Participant makes a subsequent Participant Contribution Election
or revokes such Participant Contribution Election.

(c)    Revocation.
A Participant may revoke his Participant Contribution Election by delivering a written, electronic or other form of notice of revocation
as determined by the Insurer to the insurer, and such revocation will be effective as soon as practicable after the date on which
it is received by the Insurer. A Participant who revokes a Participant Contribution Election may make a new Participant Contribution
Election at any time.

7.03    Restrictions
on Contributions. The Committee may limit or restrict the Company Contributions to a Participant’s Cash Value Investment
Account or take any other action to the extent necessary or desirable to prevent (i) the cash surrender value of the Certificate
from exceeding the amount necessary to fund future premiums under the Certificate in accordance with Code Section 7702 or (ii)
the Certificate form being deemed a modified endowment contract within the meaning of Code Section 7702A.

 

ARTICLE VIII

SEPARATE ACCOUNTS

 

8.01    Participant
Direction of Investments. Each Participant may direct the manner in which his Cash Value Investment Account will be invested
in and among the Separate Accounts by making an Investment Election in accordance with the following terms:

(a)    Investment
of Contributions. Each Participant may make an Investment Election prescribing the percentage of future Participant Contributions
and Company Contributions that will be invested in each Separate Account. An initial Investment Election of a Participant will
be made as of the date the Participant commences participation in the Plan and will apply to all contributions credited to such
Participant’s Cash Value Investment Account after such date. Such Participant may make subsequent Investment Elections as
of any Valuation Date, and each such election will apply to all such specified contributions credited to such Participant’s
Cash Value Investment Account after the Insurer has a reasonable opportunity to process such election pursuant to such procedures
as the Insurer may determine from time to time. Any Investment Election made pursuant to this Section 8.01(a) with respect to future
contributions will 

 

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remain effective until changed by the Participant. Notwithstanding the foregoing, the Committee may select a
Separate Account to initially receive any amounts transferred to the Plan in accordance with Section 3.03.

(b)    Investment
of Existing Account Balances. Each Participant may make an Investment Election prescribing the percentage of his existing Cash
Value Investment Account balance that will be invested in each Separate Account. Such Participant may make such Investment Elections
as of any Valuation Date, and each such election will be effective after the Insurer has a reasonable opportunity to process such
election.

 

ARTICLE IX

TERMINATION OF EMPLOYMENT OR PARTICIPATION

 

9.01    Definition.
For purposes of this Article IX, a “Termination” is defined as (i) termination of the Plan by the Company, (ii)
the Participant’s termination of employment with a Participating Company, whether voluntary or involuntary, or (iii) the
Participant’s retirement as an Employee of a Participating Company.

9.02    Premiums
and Company Contributions. In the event of a Termination, the Participating Company will cease paying the premiums, if any,
on the Certificate of the Participant and shall not make any Company Contributions following such Termination.

9.03    Options.
In the event of a Termination, the Participant may exercise any option then available under the Certificate.

9.04    Death
Benefits. If a Participant dies, the Beneficiary designated by such Participant in his latest beneficiary designation filed
with the Insurer will be entitled to receive the Face Amount of the Certificate.

9.05    Beneficiary
Designation. Participants will designate and from time to time may redesignate a Beneficiary.

 

11

 

 

ARTICLE VIII

CLAIMS

 

10.01    Initial Claim.
Claims for benefits under the Plan may be filed with the Insurer on forms or in such other written documents as the Insurer may
prescribe. The Insurer will furnish to the claimant written notice of the disposition of a claim within 90 days (or 180 days in
the event of special circumstances) after the application therefore is filed. In the event the claim is denied, the notice of the
disposition of the claim will provide the specific reasons for the denial, citations of the pertinent provisions of the Plan, and,
where appropriate, an explanation as to how the claimant can perfect the claim and/or submit the claim for review.

10.02    Appeal.
Any Participant or a Beneficiary who has been denied a benefit will be entitled, upon request to the Insurer, to appeal the denial
of his claim. The claimant (or his duly authorized representative) may review pertinent documents related to the Plan in the Insurer’s
possession in order to prepare the appeal. The request for review, together with a written statement of the claimant’s position,
must be filed with the Insurer no later than 60 days after receipt of the written notification of denial of a claim provided for
in Section 10.01. The Insurer’s decision will be made within 60 days (or 120 days in the event of special circumstances)
following the filing of the request for review. If unfavorable, the notice of the decision will explain the reasons for denial
and indicate the provisions of the Plan or other documents used to arrive at the decision. The Insurer’s decision or review
shall be final and conclusive upon all persons interested therein, except to the extent otherwise provided by applicable law.

10.03    Satisfaction
of Claims. Any payment to a Participant or a Beneficiary will to the extent thereof be in full satisfaction of all claims hereunder
against the Insurer and the Participating Company, any of whom may require such Participant or Beneficiary, as a condition to such
payment, to execute a receipt and release therefore in such form as will be determined by the Insurer or the Participating Company.
If receipt and release is required but the Participant or Beneficiary (as applicable) does not provide such receipt and release
in a timely enough manner to permit a timely distribution in accordance with the general timing of distribution provisions of the
Plan, the payment of any affected distribution may be delayed until the Insurer or the Participating Company receive a proper receipt
and release.

 

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ARTICLE IXI

ADMINISTRATION

 

This
Plan shall be administered by the Committee, which shall consist of not less than two (2) members appointed by the Board of
Directors of the Company. The Board of Directors of the Company may from time to time appoint members of the Committee in substitution
for the members previously appointed and may fill vacancies, however caused. The Committee shall have all powers necessary to enable
it to carry out its duties in the administration of the Plan and may delegate any or all duties and responsibilities to
other entities or individuals as it deems necessary or appropriate. Not in limitation, but in application
of the foregoing, the Committee shall have the duty and power to determine all questions that may arise hereunder as to the status
and rights of Participants in the Plan. The Committee shall act by a majority of the number then constituting the Committee, and
such action may be taken either by vote at a meeting or in writing without a meeting. The Committee shall keep a complete record
of all its proceedings and all data relating to the administration of the Plan. The Committee shall select one of its members as
a chairman. The Committee shall appoint a Secretary to keep minutes of its meetings, and the Secretary may or may not be a member
of the Committee. The Committee shall make such rules and regulations for the conduct of its business as it shall deem advisable.

 

ARTICLE X

AMENDMENT AND TERMINATION

 

The Company reserves the
right, at any time or from time to time, by action of the Board of Directors of the Company, to modify or amend in whole or in
part any or all provisions of the Plan. In addition, the Company reserves the right, by action of the Board of Directors of the
Company, to terminate the Plan at any time. In the event of such termination by the Company, the Participant shall have the right
to receive the Certificate and exercise his rights in accordance with Article IX hereof.

 

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ARTICLE XI

MISCELLANEOUS

 

11.01    Governing
Law. This Plan shall be governed by and construed in accordance with the laws of the State of North Carolina to the
extent not preempted by applicable federal law.

11.02    Taxes.
The Plan is intended to provide death benefits that are excludable from gross income in accordance with Code Section 101. While
the Certificate is in effect, the Participant is subject to income taxation each year based on the value of the economic benefit
attributable to the life insurance protection provided under the Certificate. The Participating Company will have the full power
and authority to withhold and pay any estate, inheritance, income, employment or other tax which it will be required to pay or
withhold out of any monies or other property in the Participating Company’s hand for the account of the Participant or Beneficiary
whose interests hereunder are so affected (including, without limitation, by reducing and offsetting the Participant’s or
Beneficiary’s Cash Value Investment Account balance). Prior to making any payment, the Participating Company may require
such releases or other documents from any lawful taxing authority as it deems necessary.

11.03    Binding
Effect. Obligations incurred by the Participating Company pursuant to this Plan shall be binding upon and inure to the benefit
of the Participating Company, its successors and assigns, and to each Participant and his successors, assigns and beneficiaries.

11.04    Headings;
Gender and Number. The headings of the various articles and sections in the Plan are solely for convenience and will not be
relied upon in construing any provisions hereof. Any reference to a section will refer to a section of the Plan unless specified
otherwise. Use of any gender in the Plan will be deemed to include all genders when appropriate, and use of the singular number
will be deemed to include the plural when appropriate, and vice versa in each instance.

11.05    Entire
Plan. This document and any amendments hereto contain all the terms and provisions of the Plan and shall constitute the entire
Plan, any other alleged terms or provisions being of no effect.

 

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THIS PLAN is adopted
this 11th day of April, 2007, to be effective March 1, 2004.

 

RUDDICK CORPORATION

 

 

By:/s/ JOHN WOODLIEF

John Woodlief, Vice President –
Finance and Chief Financial Officer

ATTEST:

 

/S/ DOUGLAS J. YACENDA

Douglas J. Yacenda, Secretary

[CORPORATE SEAL]

 

15Converted by EDGARwiz

Exhibit 10.22

CHANGE IN CONTROL 

AND SEVERANCE AGREEMENT

BETWEEN

RUDDICK CORPORATION and RODNEY C. ANTOLOCK

This Change in Control and Severance Agreement (“Agreement”) is made and entered into as of this
19th day of September, 2007, by and between Rodney C. Antolock, an individual (“Executive”), and Ruddick Corporation, a North Carolina corporation in Charlotte, North Carolina
(“Company”).  As used herein, the term “Company” shall include the Company and any and all of its subsidiaries, unless the context otherwise requires, and shall specifically
include any subsidiary that directly employs the Executive without further action by the subsidiary.

RECITALS

WHEREAS, the Board of Directors of the Company (“Board”) recognizes that, as is the case
with many publicly held corporations, the possibility of a Change in Control (as defined in Section 2 hereof) exists and that such possibility, and the resultant uncertainty as to the
Executive’s responsibilities, compensation, or continued employment, may result in the departure or distraction of the Executive which may be detrimental to the financial performance of the
Company; and 

WHEREAS, the Board believes it is important to the Company and the interests of its stockholders,
should the Company receive acquisition or combination proposals from outside parties, to enable the Executive, without being distracted by the uncertainties of his own employment situation, to
perform his regular duties and to act objectively in connection with any such proposals; and 

WHEREAS, the Board further recognizes that it is in the best interests of the Company and Executive
to provide a reasonable level of financial protection to the Executive in the event of certain non-change in control severance situations to resolve any related uncertainty related to such issues and
encourage continuity of management; and

WHEREAS, the Company considers it essential to the best interests of the Company, its shareholders,
and its employees generally to agree to provide the benefits set forth below; and

WHEREAS, the Company and the Executive desire to enter into the agreements set forth herein, and the
Company and the Executive hereby agree to the terms set forth below.

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

1.

Employment.

The parties acknowledge that this Agreement does not alter Executive’s status as an “at
will” employee of the Company.

2.

Definitions.  For purposes of this Agreement, the following terms shall have the meanings
specified below.

“Cause” shall mean (a) fraud; (b) embezzlement; (c) conviction or other final
adjudication of guilt of Executive of any felony; (d) a material breach of, or the willful failure by Executive to perform and discharge Executive’s duties, responsibilities and obligations
under this Agreement; (e) any act of moral turpitude or willful misconduct by Executive intended to result in personal enrichment of Executive at the expense of the Company, or any of its affiliates
or which has a material adverse impact on the business or reputation of the Company or any of its affiliates; (f) intentional material damage to the property or business of the Company; or (g) gross
negligence.  The determination of Cause under (d), (e), (f) and (g) shall be made by the Board in its reasonable judgment.

“Change in Control” shall mean a “change in ownership,” a
“change in effective control,” or a “change in the ownership of substantial assets” of a corporation as generally described in Treasury Regulation Section 1.409A-3(i)(5) and as
specifically set forth below (which events are collectively referred to herein as “Change in Control events”).  Notwithstanding any provision herein to the contrary, to qualify as a
Change in Control, the occurrence of the Change in Control event must be objectively determinable and any requirement that any person, such as the Compensation Committee of the Board, certify the
occurrence of a Change in Control event must be strictly ministerial and not involve discretionary authority.  To constitute a Change in Control with respect to the Executive, the Change in
Control event must relate to (i) the corporation for which the Executive is performing services at the time of the Change in Control or (ii) the corporation that is a majority shareholder of a
corporation identified in clause (i) above, or any corporation in a chain of corporations in which each corporation is a majority shareholder of another corporation in the chain, ending in a
corporation identified in clause (i) above.

(a)

A “change in ownership” of a corporation occurs on the
date that any one person or more than one person acting as a group, acquires ownership of stock of the corporation that, together with stock held by such person or group, constitutes more than 50
percent of the total fair market value or total voting power of the stock of such corporation.  However, if any one person, or more than one person acting as a group, is considered to own more
than 50 percent of the total fair market value or total voting power of the stock of a corporation, the acquisition of additional stock by the same person or persons is not considered to cause a
change in ownership of the corporation (or to cause a change in the effective control of the corporation (within the meaning of paragraph (b) below)).  

(b)

Notwithstanding that a corporation has not undergone a change in
ownership under paragraph (a) above, a “change in effective control” of a corporation occurs on the date of either:

(i)

Any one person, or more than one person acting as a group, acquires
(or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the corporation possessing 30 percent or more of the
total voting power of the stock of such corporation; or

2

(ii)

A majority of members of the corporation’s board of directors
is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the corporation’s board of directors prior to the date of the
appointment or election.

For purposes of this paragraph (b), the term “corporation” refers to Ruddick
Corporation.  

(c)

A “change in the ownership of substantial assets” of a
corporation occurs on the date that any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition
by such person or persons) assets from the corporation that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of the
corporation immediately prior to such acquisition or acquisitions.  For this purpose, gross fair market value means the value of the assets of the corporation, or the value of the assets being
disposed of, determined without regard to any liabilities associated with such assets.  For purposes of this paragraph (c), the term “corporation” refers to Ruddick Corporation and
Harris Teeter, Inc. 

“CIC Accrued Bonus” shall mean the greater of the amounts determined based
upon the bonus schedule in effect pursuant to the Ruddick Corporation Cash Incentive Plan calculated based upon the Harris Teeter, Inc. operating profit percentage for the fiscal period to date as of
the most recent fiscal quarter ending on or before (a) the date of the Executive’s termination or (b) the Change in Control.

“CIC Average Prior Bonus Payments” shall mean the greater of the average of
the Executive’s prior three (3) year’s total bonus payments paid with respect to the three (3) full fiscal years ending (a) on or prior to the Change in Control or (b) on or prior to the
date of the Executive’s termination.

 

“CIC Prorated Bonus” shall mean the amount determined based upon the bonus
schedule in effect pursuant to the Ruddick Corporation Cash Incentive Plan calculated based upon the Harris Teeter, Inc. operating profit percentage for the fiscal period to date as of the most
recent fiscal quarter ending on or before the Change in Control.

 “Code” shall mean the Internal Revenue Code of 1986, as amended.

“Disability” or “Disabled” shall mean that the Executive: (1) is
unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, or (2) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for
a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health or disability insurance plan covering Company
employees.

3

 “Good Reason” shall mean the termination by Executive of
Executive’s employment with the Company and all its affiliates and subsidiaries that are considered a single employer within the meaning of Sections 414(b) and 414(c) of the Code within
twenty-four (24) months following a Change in Control which is due to (i) a material diminution of Executive’s responsibilities, or working conditions, or duties; (ii) a material diminution in
the Executive’s base salary or potential incentive compensation; (iii) a material negative change in the terms or status of this Agreement; or (iv) a forced relocation of the Executive outside
of a thirty (30) mile radius of the intersection of Trade and Tryon Streets in Charlotte, North Carolina; provided, however, the Executive shall provide written notice to the Company of the initial
existence of the condition causing the change in terms or status no more than ninety (90) days after the change in terms or status occurs and the Company shall have thirty (30) days to resolve the
issue causing the change in terms or status.  If the Company resolves such issue, then Executive’s employment shall not be subject to the Good Reason provisions of this Agreement as to such
issue.

“Severance Accrued Bonus” shall mean the amount determined based upon the
bonus schedule in effect pursuant to the Ruddick Corporation Cash Incentive Plan calculated based upon the Harris Teeter, Inc. operating profit percentage for the fiscal period to date as of the most
recent fiscal quarter ending on or before the date of the Executive’s termination.

“Severance Average Prior Bonus Payments” shall mean the average of the
Executive’s prior three (3) year’s total bonus payments paid with respect to the three (3) full fiscal years ending on or prior to the date of the Executive’s termination.

“Specified Benefits Period” shall mean:

(a)

One (1.0) year if Executive's employment is terminated prior to or
more than twenty-four (24) months following a Change in Control; or

(b)

Two (2.0) years if Executive's employment is terminated within
twenty-four (24) months following a Change in Control.

3.

Term.

The Agreement shall commence on the date hereof and shall continue in effect until terminated by written
agreement between the Company and the Executive or until the Executive’s employment with the Company has been terminated.

4.

Severance Benefit.  (a) In the event Executive’s employment is terminated by the Company
prior to a Change in Control or more than twenty-four (24) months following a Change in Control other than for Cause, death, or Disability, the Company shall pay to Executive, in a single lump sum,
an amount equal to one (1.0) times: (i) the Executive’s current base salary; plus (ii) the greater of the Executive’s current year  Severance Accrued Bonus compensation or the
Severance Average Prior Bonus Payments.  Subject to Section 20 below, such amount shall be payable immediately upon Executive’s termination of employment and the lapse of any rescission
rights of Executive under the release referred to below.

(b) In the event Executive’s employment is terminated by the Company prior to a Change in Control or
more than twenty-four (24) months following a Change in Control other than for Cause, the Company shall pay to Executive, in a single lump sum, a partial year pro-rated bonus under the Ruddick
Corporation Cash Incentive Plan.  Such bonus amount shall be determined by 

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multiplying the Severance Accrued Bonus amount by a fraction, the numerator of which is the number of full and partial months
of Executive's employment during the Company's fiscal year that includes Executive's termination and the denominator of which is twelve (12).  Subject to Section 20 below, such amount shall be
payable to Executive in a lump sum immediately upon Executive's termination of employment and the lapse of any rescission rights of Executive under the release referred to below.

(c) Notwithstanding the above provisions of this Section 4, the payment of any amounts under this Section 4
shall be contingent upon the Executive agreeing to, executing and not rescinding, a release of claims that Executive may have against the Company and its affiliates, subsidiaries, predecessors,
successors, assigns, attorneys, employees, officers, directors and stockholders.  Such release of claims shall be in a form acceptable to the Company and shall include any and all claims that
may be legally released that arise prior to and as a result of Executive’s termination of employment.

5.

Change in Control Benefit.  (a) In the event Executive’s employment is terminated by the
Company within twenty-four (24) months after a Change in Control other than for Cause, death, or Disability, or if a Good Reason termination occurs, the Company shall pay to Executive, in a single
lump sum, an amount equal to two (2.0) times: (i) the Executive’s current base salary; plus (ii) the greater of the Executive’s current year  CIC Accrued Bonus compensation or the CIC
Average Prior Bonus Payments.  Subject to Section 20 below, such amount shall be payable immediately upon Executive’s termination of employment.  

(b) In the event Executive’s employment is terminated by the Company within twenty-four (24) months
after a Change in Control other than for Cause, or if a Good Reason termination occurs, the Company shall also pay to Executive, in a single lump sum, a partial year pro-rated bonus under the Ruddick
Corporation Cash Incentive Plan.  Such bonus amount shall be determined by multiplying the CIC Prorated Bonus amount by a fraction, the numerator of which is the number of full and partial
months of Executive's employment during the Company's fiscal year to the date of Change in Control and the denominator of which is twelve (12).  Subject to Section 20 below, such amount shall be
payable to Executive in a lump sum immediately upon Change in Control.  It is anticipated that the Executive will receive as part of his continuing compensation a pro-rated bonus for the period
following a Change in Control through the Executive’s termination of employment.

6.

Stock Option and Award Plan.  In the event Executive's employment is terminated by the Company
either before or after a Change in Control other than for Cause, or if a Good Reason termination occurs, Executive shall be entitled to payment of a bonus under the Addendum to the Ruddick
Corporation 2002 Comprehensive Stock Option and Award Plan based upon the  Company's actual performance up to the date Executive's employment is terminated.  The bonus, to the extent paid,
shall be those shares, or the cash equivalent thereof, of Restricted Stock that are performance-based and were awarded to the Executive, subject to achievement of performance criteria, during the
November prior to the termination of the Executive’s employment, unless previously awarded, and this bonus shall become 100% vested.  Subject to  Section 20 below, such amount shall be
payable to Executive in a lump sum immediately upon Executive's termination of employment.

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7.

Other Benefits.  In the event Executive's employment is terminated by the Company either before
or after a Change in Control other than for Cause, death, or Disability, or if a Good Reason termination occurs, the Company shall continue to provide for the Specified Benefits Period following
Executive's termination of employment: (i) employee and, if applicable, dependent medical/dental coverage under the Company's group health plan at the premium rates applicable for active
employee and dependent rates and (ii) the following benefits fully paid by the Company:

(a)

Disability benefits comparable to those provided to the executive
under the company-paid long-term and short-term disability plans, including salary continuation plans;

(b)

Key Employee Life Insurance Plan benefits; and

(c)

Executive Bonus Insurance and related tax gross-ups.

Alternatively, Executive may waive coverage under any or all of such benefit plans and Company shall pay an additional lump
sum payment to Executive equal to the Company’s cost of the waived benefits and related tax gross-up, if applicable, for the Specified Benefits Period.  Notwithstanding the above, if the
Company is not able to provide any of the benefits described above under the terms of the applicable plan documents, Company shall pay Executive an additional lump sum payment equal to the
Company’s cost and related tax gross-up, if applicable, for the portion of the Specified Benefits Period for which such coverage cannot be provided.  Payments or reimbursements under this
Section 7 shall be delayed as necessary to comply with Section 409A of the Code and Section 20 of this Agreement.  Any payments or reimbursements that are delayed to comply with Section 409A of
the Code and Section 20 shall be paid to Executive in a lump sum as soon as practicable after the end of the six-month period following the date of Executive's termination of employment.

8.

Excess Parachute Payments.

To the extent that payments under Sections 5, 6, and 7  together with any other payments or benefits
that Executive becomes entitled to as a result of Executive’s termination of employment following a Change in Control, cause a “parachute payment,” as defined in Section 280G(b)(2) of
the Code, the Company shall indemnify Executive and hold Executive harmless against all claims, losses, damages, penalties, expenses, and excise taxes relating thereto.  To effect this
indemnification, the Company shall pay Executive an additional amount that is sufficient to pay any excise tax imposed by Section 4999 of the Code on payments and benefits to which Executive is
entitled without the additional amount plus any penalties or interest imposed by the Internal Revenue Service in regard to such amounts, plus another additional amount sufficient to pay all the
excise and income taxes on the additional amounts.  Notwithstanding the above, if the payments under Sections 5, 6 and 7, together with any other payments or benefits that Executive becomes
entitled to as a result of a Change in Control, cause a “parachute payment” that exceeds the limit of Section 280G(b)(2)(A)(ii) of the Code by ten percent (10%) or less, the amounts payable
under this Agreement shall be reduced to the highest amount payable that will not result in the imposition of an excise tax under Section 4999 of the Code.  The determination of any additional
amount that must be paid under this section at any time shall be made in good faith by the independent auditors then employed by the Company.  Subject to Section 20 below, such amount, if any,
shall be paid no later than December 31 of the year that includes Executive's termination of employment.

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9.

Non-competition and Non-solicitation Agreement.  During the term of
this Agreement and for a period of twenty-four (24) months thereafter (“Non-compete Period”), Executive shall not directly or indirectly enter into an employment relationship or a
consulting arrangement (or other economically beneficial arrangement) with any grocer or grocer holding company which is a competitor of the Company (a “Competitor”) which would involve
Executive working in, consulting with respect to, overseeing or otherwise servicing any market area or customers over which Executive had responsibility at the time of his termination or during the
24-month period immediately prior to such termination. The obligations contained in this Section 9 shall not prohibit Executive from being an owner of not more than 5% of the outstanding stock of any
class of a Competitor corporation which is publicly traded, so long as Executive has no active participation in the business of such corporation.

9.1

During the Non-compete Period, Executive shall not directly
or indirectly, either as an independent contractor, employee, consultant, agent, partner, joint venturer or otherwise through another person or entity,  including but not limited to a
Competitor, (i) solicit, induce or attempt to induce (or aid any person or entity in doing so) any employee of the Company to leave the employ of the Company or in any way interfere with the
relationship between the Company and any employee thereof, (ii) hire or engage any person who was an employee of the Company or any subsidiary at any time during the six (6) month period preceding
Executive’s hiring or engagement of such employee, (iii) solicit or induce or attempt to induce (or aid any person or entity in doing so) any customer, supplier, or other person or entity in a
business relation with the Company to cease doing business with the Company, or in any way interfere with the relationship between any such customer, supplier, or person or entity in a business
relation with the Company or (iv) take any action or make any statements that interfere with the relationship between the Company and its shareholders.  For purposes of this Section 9, the
phrase “customer, supplier or other person or entity in a business relation with Company” shall mean those persons or entities with whom the Company did business, had work in progress or
delivered an offer to perform services during the 24-month period immediately prior to the termination of the Executive.

9.2

If, at the time of enforcement of this Section 9, a court
shall hold that the duration, scope or area restrictions stated herein are unreasonable under circumstances then existing, the parties agree that the maximum duration, scope or area reasonable under
such circumstances shall be substituted for the stated duration, scope or area and that the court shall be allowed to revise the restrictions contained herein to cover the maximum period, scope and
area permitted by law and that such revised restrictions may be enforced against Executive. Executive agrees that the restrictions contained in this Section 9 are reasonable and appropriate when
considered in light of the nature and extent of the business of the Company.

9.3

In the event of the breach or a threatened breach by
Executive of any of the provisions of this Section 9, the Company, in addition and supplementary to other rights and remedies existing in its favor, may apply to any court of law or equity of
competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce or prevent any violations of the provisions hereof (without posting a bond or other security). In
addition, in the event of an alleged breach or violation by Executive of this Section 9, the Non-compete Period shall be tolled until such breach or violation has been duly cured.

7

9.4

The existence of any claim or cause of action of Executive
against the Company, whether predicated in this Agreement or otherwise, shall not constitute a defense to the enforcement of Sections 9, 10 or 11 of this Agreement by the Company.

9.5

The Non-compete Period shall be extended commensurately for
any period of time during which the covenants set forth in this Section 9 are contested.

Notwithstanding the above, the provisions of this Section 9 shall not apply to Executive
in the event Executive's employment terminates following a Change in Control.

10.

Confidentiality.  Executive shall hold in a fiduciary capacity for the benefit of the Company
all confidential information relating to the Company or any of its affiliates, and their respective businesses, which shall have been obtained by Executive during Executive’s employment by the
Company or any of its affiliates. After termination of Executive’s employment with the Company for any reason, Executive shall not, without the prior written consent of the Company or as may
otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. Upon the termination of
Executive’s employment hereunder, Executive agrees to deliver promptly to the Company all Company files, customer lists, management reports, memoranda, research, Company forms, financial data
and reports and other documents supplied to or created by Executive in connection with Executive’s employment hereunder (including all copies of the foregoing) in Executive’s possession or
control and all of the Company’s equipment and other materials in Executive’s possession or control.

11.

Non-Disparagement.  Unless compelled to do so by a court of competent jurisdiction, Executive
agrees that, upon termination of this Agreement, he will not, in any way, disparage the Company, any of its subsidiaries, or related companies or any of its officers, directors, employees, or
shareholders.  Executive agrees that he will not discuss the business affairs of the Company, or the business and/or personal affairs of its board members, officers, employees, or shareholders
with any person for any purpose, and further, Executive agrees that if he is contacted by any person and asked for information concerning the Company or the aforementioned persons that Executive will
say only that he is duty bound to have no discussions with any person about any aspect of the operations of the Company or the business or personal affairs of the Company’s board members,
officers, or employees.  Executive agrees that he will not, nor shall he cause or encourage another person to publish any information about the Company, its board members, officers, employees,
or shareholders to any person or to any print or electronic media, including but not limited to, newspapers, magazines, periodicals, billboards, pamphlets, leaflets, web logs, message boards, e-mail,
or the internet.   The Company agrees that, unless compelled by a court of competent jurisdiction, it will not disparage Executive in a similar manner to the restrictions on Executive as
set forth above, and will take actions necessary to have any statements about Executive that are the result of inquiries by prospective employers or others seeking references made only by persons
mutually agreed to by the Executive and Company and providing only content and information mutually agreed to by the Executive and Company.  This mutual non-disparagement clause shall have
unlimited duration.

12.

Attorney’s Fees.  If Executive's employment is terminated by the Company within
twenty-four (24) months after a Change in Control, or if a Good Reason termination occurs, to the extent necessary, this Section 12 shall apply.  It is the intent of the parties that the
Executive not be required to incur the legal fees and expenses associated with the protection or enforcement of Executive's rights under this Agreement by litigation or other legal action because
such costs would 

8

substantially detract from the benefits intended to be extended to the Executive hereunder, nor be bound to negotiate any
settlement of Executive's rights hereunder under threat of incurring such costs.  Accordingly, if it should appear to the Executive that the Company is or has acted contrary to or is failing or
has failed to comply with any of its obligations under this Agreement for the reason that it regards this Agreement to be void or unenforceable or for any other reason, or that the Company has
purported to terminate Executive's employment for Cause or is in the course of doing so in either case contrary to this Agreement, or in the event that the Company or any other person takes any
action to declare this Agreement void or unenforceable, or institutes any litigation or other legal action designed to deny, diminish or to recover from Executive the benefits provided or intended to
be provided to Executive hereunder, and the Executive has acted in good faith to perform Executive's obligations under this Agreement, the Company irrevocably authorizes the Executive from time to
time to retain counsel of Executive's choice at the expense of the Company to represent  Executive in connection with the protection and enforcement of Executive's rights hereunder, including
without limitation, representation in connection with termination of Executive's employment contrary to this Agreement or with the initiation or defense of any litigation or other legal action,
whether by or against the Executive or the Company or any director, officer, stockholder or other person affiliated with the Company, in any jurisdiction.  The reasonable fees and expenses of
counsel selected from time to time by the Executive as hereinabove provided shall be paid or reimbursed to the Executive by the Company on a regular, periodic basis upon presentation by the Executive
of a statement or statements prepared by such counsel representing the
Executive and other officers or key executives of the Company in connection with the protection and enforcement of their rights under similar agreements between them and the Company, and, unless in
Executive's sole judgment use of common counsel could be prejudicial to Executive or would not be likely to reduce the fees and expenses chargeable hereunder to the Company, the Executive agrees to
use Executive's best efforts to agree with such other officers or executives to retain common counsel. 

13.

Assignment.

The parties acknowledge that this Agreement has been entered into due to, among other things, the special
skills of the Executive, and agree that this Agreement may not be assigned or transferred by Executive, in whole or in part, without the prior written consent of the Company.  

14.

Provisions Severable/Savings Clause.

If any provision or covenant, or any part thereof, of this Agreement should be held by any court to be
invalid, illegal or unenforceable, either in whole or in part, such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of the remaining provisions or
covenants, or any part thereof, of this Agreement, all of which shall remain in full force and effect.

15.

Waiver.  Failure of either party to insist, in one or more instances, on performance by the
other in strict accordance with the terms and conditions of this Agreement shall not be deemed a waiver or relinquishment of any right granted in this Agreement or of the future performance of any
such term or condition or of any other term or condition of this Agreement, unless such waiver is contained in a writing signed by the party making the waiver.

16.

Amendments and Modifications.  This Agreement may be amended or modified only by a writing
signed by the parties hereto.

17.

Governing Law.  The validity and effect of this Agreement shall be governed by and construed
and enforced in accordance with the laws of the State of North Carolina.

9

18.

Withholding.  The Company may withhold from any amount payable under this Agreement such United
States federal, state or local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.

19.

Successors and Assigns. This Agreement shall be binding on the respective parties’ successors
and assigns.

20.

Specified Employees.  If a payment is payable under the Agreement due to a “separation
from service” for purposes of the rules under Treasury Regulation Section 1.409A-3(i)(2) (payments to specified employees upon a separation from service) and the Executive is determined to be a
“specified employee” (as determined under Treasury Regulation Section 1.409A-1(i) and related Company procedures), then the payment shall be made on a date that is six months after the date
of the Executive’s separation from service to the extent necessary to comply with the requirements of Section 409A of the Code and related treasury regulations.

21.

Compliance With Section 409A.  Notwithstanding any other provision of this Agreement, to the
extent applicable, this Agreement is intended to comply with Section 409A of the Code and the regulations (or similar guidance) thereunder, as in effect from time to time.  To the extent any
provision of this Agreement is contrary to or fails to address the requirements of Section 409A of the Code and applicable treasury regulations, this Agreement shall be construed and administered as
necessary to comply with such requirements to the extent allowable under applicable treasury regulations until the Agreement is appropriately amended to comply with such requirements.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above
written.

RODNEY C. ANTOLOCK

/s/ RODNEY C. ANTOLOCK

RUDDICK CORPORATION

By: /s/ THOMAS W. DICKSON

Title: Chairman, President and CEO

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