Document:

EXHIBIT 10.2

 

AMENDMENT NO. 1 TO

WARRANT NO. 2004-1 TO PURCHASE

200,000 SHARES OF COMMON STOCK,

PAR VALUE $0.01 PER SHARE

 

This Amendment No. 1, dated December 23, 2004
amends that certain Warrant No. 2004-1 dated November 10, 2004 to purchase
200,000 shares of Common Stock, par value $0.01 per share, of BioSphere
Medical, Inc., registered in the name of Cerberus Partners, L.P. (the “Warrant”).  Terms that are capitalized herein but not
defined shall have the meanings ascribed to them in the Warrant.

 

For good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, and acting in accordance with Section 9
of the Warrant, the undersigned Company and Holder hereby agree as follows:

 

1.                                       The
Warrant is hereby amended such that a new legend is hereby added to the cover
page thereof which reads as follows:

 

“THIS
WARRANT IS SUBJECT TO THE TERMS AND CONDITIONS OF THAT CERTAIN RESTRICTED
COVENANTS AGREEMENT (THE “AGREEMENT”) DATED DECEMBER 23, 2004 BY AND
BETWEEN BIOSPHERE MEDICAL, INC. (THE “COMPANY”) AND EACH OF THE OTHER PARTIES
THERETO.  COPIES OF THE AGREEMENT MAY BE
OBTAINED BY WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.”

 

2.                                       A
new Section 1(d) is hereby added to the Warrant which reads as follows:

 

“(d)  Limitation
on Exercise.  Notwithstanding
anything in this Warrant to the contrary, including without limitation any
provisions of this Section 1, a Holder shall not be entitled to exercise
this Warrant (i) to the extent that such exercise, when aggregated with any
shares of Common Stock theretofore and simultaneously therewith issued to the
Holder upon conversion by the Holder of shares of the Company’s Series A
Preferred Stock, $.01 par value, would result in a change of control (within
the meaning of Nasdaq Marketplace Rule 4350(i)(1)(B)), or (ii) to the extent
that such exercise, when aggregated with any shares of Common Stock theretofore
or simultaneously therewith issued to the Holder upon conversion of shares of
the Company’s Series A Preferred Stock, $.01 par value,  would result in the issuance of more than
19.9% of the Company’s Common Stock outstanding as of November 10, 2004,
for purposes of Nasdaq Marketplace Rule 4350(i)(1)(D).”

 

 

3.                                       The
first sentence of Section 16 of the Warrant is hereby deleted in its
entirety and a new first sentence of Section 16 is hereby added in lieu
thereof which reads as follows:

 

“Section 16.  Assignment. 
Subject to the terms hereof and compliance with applicable federal and
state securities laws, this Warrant may be transferred by the Holder with
respect to any or all of the Warrant Shares then purchasable hereunder;
provided however, that notwithstanding anything herein to the contrary, so long
as that certain Restricted Covenants Agreement dated December 23, 2004 by
and between the Company and the other parties thereto (the “Agreement”) remains
in effect, this Warrant may be transferred by the Holder only if the designated
transferee agrees in writing, as a condition to such transfer, to be bound by
all of the terms and conditions of such Agreement.”

 

4.                                       Except
as expressly set forth herein, the Warrant and all of the terms and conditions
set forth therein shall remain in full force and effect and such Warrant is
hereby ratified and confirmed.

 

	
   

  	
  BIOSPHERE
  MEDICAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Martin J. Joyce

  	
   

  
	
   

  	
  Name:
   Martin Joyce

  
	
   

  	
  Title:
  Vice President and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  Agreed and acknowledged as

  of the date set forth above

  	
   

  
	
   

  	
   

  
	
  Cerberus Partners, L.P.

  	
   

  	
   

  
	
  Name of Holder

  	
   

  	
   

  
	
   

  	
   

  
	
  By: Cerberus Associates, LLC, its General Partner

  	
   

  
	
   

  	
   

  
	
  Name:

  	
  /s/ Seth Plattus

  	
   

  	
   

  
	
   

  	
   

  
	
  Managing DirectorEXHIBIT
10.3

 

AMENDMENT
NO. 1 TO

WARRANT NO. 2004-2 TO PURCHASE

200,000 SHARES OF COMMON STOCK,

PAR VALUE $0.01 PER SHARE

 

This Amendment No. 1, dated December 23, 2004 amends that certain
Warrant No. 2004-2 dated November 10, 2004 to purchase 200,000 shares of
Common Stock, par value $0.01 per share, of BioSphere Medical, Inc., registered
in the name of Sepracor Inc. (the “Warrant”). 
Terms that are capitalized herein but not defined shall have the
meanings ascribed to them in the Warrant.

 

For good and valuable consideration, the receipt and adequacy of which
is hereby acknowledged, and acting in accordance with Section 9 of the
Warrant, the undersigned Company and Holder hereby agree as follows:

 

1.                                       The
Warrant is hereby amended such that a new legend is hereby added to the cover
page thereof which reads as follows:

 

“THIS WARRANT IS SUBJECT
TO THE TERMS AND CONDITIONS OF THAT CERTAIN RESTRICTED COVENANTS AGREEMENT (THE
“AGREEMENT”) DATED DECEMBER 23, 2004 BY AND BETWEEN BIOSPHERE MEDICAL,
INC. (THE “COMPANY”) AND EACH OF THE OTHER PARTIES THERETO.  COPIES OF THE AGREEMENT MAY BE OBTAINED BY
WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.”

 

2.                                       A
new Section 1(d) is hereby added to the Warrant which reads as follows:

 

“(d)  Limitation
on Exercise.  Notwithstanding
anything in this Warrant to the contrary, including without limitation any
provisions of this Section 1, a Holder shall not be entitled to exercise
this Warrant (i) to the extent that such exercise, when aggregated with any
shares of Common Stock theretofore and simultaneously therewith issued to the
Holder upon conversion by the Holder of shares of the Company’s Series A
Preferred Stock, $.01 par value, would result in a change of control (within
the meaning of Nasdaq Marketplace Rule 4350(i)(1)(B)), or (ii) to the extent
that such exercise, when aggregated with any shares of Common Stock theretofore
or simultaneously therewith issued to the Holder upon conversion of shares of
the Company’s Series A Preferred Stock, $.01 par value,  would result in the issuance of more than
19.9% of the Company’s Common Stock outstanding as of November 10, 2004,
for purposes of Nasdaq Marketplace Rule 4350(i)(1)(D).”

 

 

3.                                       The
first sentence of Section 16 of the Warrant is hereby deleted in its
entirety and a new first sentence of Section 16 is hereby added in lieu
thereof which reads as follows:

 

“Section 16.  Assignment. 
Subject to the terms hereof and compliance with applicable federal and
state securities laws, this Warrant may be transferred by the Holder with respect
to any or all of the Warrant Shares then purchasable hereunder; provided
however, that notwithstanding anything herein to the contrary, so long as that
certain Restricted Covenants Agreement dated December 23, 2004 by and
between the Company and the other parties thereto (the “Agreement”) remains in
effect, this Warrant may be transferred by the Holder only if the designated
transferee agrees in writing, as a condition to such transfer, to be bound by
all of the terms and conditions of such Agreement.”

 

4.                                       Except
as expressly set forth herein, the Warrant and all of the terms and conditions
set forth therein shall remain in full force and effect and such Warrant is
hereby ratified and confirmed.

 

	
   

  	
  BIOSPHERE
  MEDICAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Martin
  J. Joyce

  	
   

  
	
   

  	
  Name:  Martin Joyce

  
	
   

  	
  Title: Vice
  President and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  Agreed and acknowledged as

  of the date set forth above

  	
   

  
	
   

  	
   

  
	
  Sepracor Inc.

  	
   

  	
   

  
	
  Name of Holder

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Timothy J. Barberich

  	
   

  	
   

  
	
   

  	
   

  
	
  Name:  Timothy
  J. Barberich

  	
   

  
	
   

  	
   

  
	
  Title: Chairman and Chief Executive OfficerExhibit 4.1

 

NASH FINCH COMPANY

DIRECTOR DEFERRED COMPENSATION PLAN

 

1.                                       Description.

 

1.1           Name.  The name of the Plan is the “Nash Finch
Company Director Deferred Compensation Plan.”

 

1.2           Purpose.  The purpose of the Plan is to provide each
Qualified Director with the opportunity to defer receipt of Director Cash
Compensation through credits to his or her Share Account or Cash Account.

 

1.3           Type.  The Plan is maintained primarily for the
purpose of providing deferred compensation for Qualified Directors and is
intended to be unfunded for tax purposes. 
The Plan is intended to satisfy in form and operation the requirements
of Code section 409A.  The Plan will be
construed and administered in a manner that is consistent with and gives effect
to the foregoing.

 

1.4           Relationship to 1997 Non-Employee
Director Stock Compensation Plan. 
The Company previously adopted the Nash Finch Company 1997 Non-Employee
Director Stock Compensation Plan (the “1997 Plan”), a plan which, as amended,
is similar in purpose and type to the Plan. 
Because of changes in the Code that change the taxation of non-qualified
deferred compensation arrangements for amounts deferred on or after January 1,
2005, the Company has elected (i) to amend the 1997 Plan to provide that no
additional deferrals may be made by participants in that plan after December
31, 2004, and (ii) to adopt this new Plan for amounts deferred after December
31, 2004, in each case determining the timing of any deferral in a manner
consistent with Code section 409A and the regulations, rulings and guidance
issued thereunder by the U.S. Treasury Department and the Internal Revenue
Service.

 

2.                                       Participation.

 

2.1           Eligibility.  Each individual who is a Qualified Director
is eligible to participate in the Plan. 
A Participant who has suspended his or her deferral elections in
connection with an Unforeseeable Emergency is not eligible to elect additional
deferrals with respect to the remainder of the Plan Year during which the
suspension occurs.

 

2.2                                 Enrollment and Commencement of Participation.

 

(a)           As a condition to
participation, each Qualified Director as of the first day of a Plan Year shall
complete, execute and return to the Administrator an election form and a
beneficiary designation form prior to the first day of such Plan Year, or such
earlier deadline as may be established by the Plan Rules.

 

(b)           An individual who
first becomes a Qualified Director after the first day of a Plan Year must, in
order to participate for the remainder of that Plan Year, complete and return
to the Administrator the documents specified in Section 2.2(a) within thirty
(30) days after he or she first becomes a Qualified Director, or by such
earlier deadline as may be established by Plan Rules.  In such event, such person shall not be
permitted to defer under this Plan any portion of his or her Director Cash
Compensation that is paid with respect to services performed prior to his or
her participation commencement date.

 

(c)           Each Qualified
Director shall commence participation in the Plan on the date that the
Administrator determines that the Qualified Director has met all participation
requirements, including returning all required documents to the Administrator
within the specified time period.

 

 

The
Administrator shall process a Participant’s deferral election as soon as
administratively practicable after such deferral election is submitted to and
accepted by the Administrator.

 

(d)           If a Qualified
Director fails to meet all requirements contained in this Section 2.2 within
the period required, that Qualified Director shall not be entitled to
participate in the Plan during such Plan Year.

 

2.3           Condition of Participation.  Each Qualified Director, as a condition of
participation in the Plan, is bound by all the terms and conditions of the Plan
and the Plan Rules, including but not limited to the reserved right of the
Company to amend or terminate the Plan, and must furnish to the Administrator
such pertinent information, and execute such election forms and other
instruments, as the Administrator or Plan Rules may require by such dates as
the Administrator or Plan Rules may establish.

 

2.4           Termination of Participation.  A Participant will cease to be such as of the
date on which he or she is not then eligible to make deferrals and his or her
entire Account balance has been distributed.

 

3.                                       Deferral Elections.

 

3.1                                 Minimum
and Maximum Deferrals

 

(a)           Full Plan Year.  For each full Plan Year, a Participant may
elect to defer the payment of his or her Director Cash Compensation by any one
percent increment from one percent to a maximum of 100%.  The percentage so elected for Director Cash
Compensation will automatically apply to the Participant’s Director Cash
Compensation as adjusted from time to time. 
The Participant may also elect to defer any dollar amount of Director
Cash Compensation, in even $1,000 increments, so long as the total amount
deferred will not, in any case, exceed the applicable maximum deferral amount
as specified above.  For an election to
be effective, a Participant must elect to defer a minimum of $5,000 of his or
her annual Director Cash Compensation. 
If the Administrator determines, prior to the beginning of a Plan Year,
that a Participant has made an election for less than the stated minimum annual
deferral amount, or if no election is made, the amount deferred shall be zero.

 

(b)           Short Plan Year.  If a Participant first becomes eligible to
participate in the Plan after the first day of a Plan Year,  the minimum annual amount of his or her
Director Cash Compensation that may be deferred shall be equal to $5,000
multiplied by a fraction, the numerator of which is the number of complete
months remaining in the Plan Year after the Qualified Director first becomes
eligible to participate in the Plan and the denominator of which is 12.  The maximum annual amount that may be
deferred for that Plan Year will be the amount of Director Cash Compensation
not yet earned by the Participant as of the date the Participant commences
participation in the Plan.

 

3.2                                 Elections
to be Made.

 

(a)           First Plan Year.  In connection with a Participant’s
commencement of participation in the Plan, the Participant shall make the
following elections:

 

(i)                                     an
election as to the amount of Director Cash Compensation payable with respect to
the Plan Year in which the Participant commences participation in the Plan that
is to be deferred;

(ii)                                  an
election as to how the deferral is to be allocated (in increments of one
percent) among his or her Cash Subaccount and Share Subaccount;

(iii)                               a
one-time, irrevocable election, as described in Section 6.1(b), as to the
manner in which the Participant will receive his or her Separation Benefit;

(iv)                              a
one-time, irrevocable election, as described in Section 6.2(b), as to the
manner in which the Participant will receive his or her Disability Benefit;

(v)                                 such
other elections as the Administrator deems necessary or desirable under the
Plan.

 

 

For any
election to be valid, the election form must be completed and signed by the
Participant, timely delivered to the Administrator (in accordance with Section
2.2 above) and accepted by the Administrator.

 

(b)           Subsequent Plan
Years.  For each succeeding Plan
Year, each Participant shall make a deferral election as to the amount of
Director Cash Compensation payable with respect to such Plan Year, an election
as to how the deferral is to be allocated (in increments of one percent) among
his or her Cash Subaccount and Share Subaccount, and such other elections as
the Administrator deems necessary or desirable under the Plan.  Such elections shall be made by timely
delivering a new election form to the Administrator, in accordance with Plan
Rules, before the end of the Plan Year preceding the Plan Year for which the
election is made.  If no such election
form is timely delivered for a Plan Year, the Director Cash Compensation to be
deferred shall be zero for that Plan Year.

 

4.                                       Crediting
and Vesting of Contributions to a Participant’s Account

 

4.1           Participant Accounts.  The Administrator will establish and maintain
an Account for each Participant to evidence amounts credited with respect to
the Participant pursuant to Sections 4 and 5. 
A Participant’s Account may include a Cash Subaccount and a Share
Subaccount.

 

4.2           Withholding and Crediting of
Covered Compensation.  For each Plan
Year, deferrals of Director Cash Compensation shall be withheld at the time the
Director Cash Compensation is or otherwise would be paid to the Participant,
whether or not this occurs or would occur during the Plan Year to which these
amounts relate.  Deferred amounts of Director
Cash Compensation will be credited to a Participant’s Account at the time such
amounts would otherwise have been paid to the Participant.  Such credits to the Qualified Director’s Cash
Subaccount will be in U.S. dollars in an amount equal to the amount of the
deferral allocated to the Cash Subaccount by the Qualified Director.  Such credits to a Qualified Director’s Share
Subaccount will be the number of full and fractional Share Units determined by
dividing the amount of Director Cash Compensation to be allocated to the Share
Subaccount by the Market Price on the date as of which the credit is made.

 

4.3           Crediting of
Amounts after Benefit Distribution.  Notwithstanding any provision in this Plan to
the contrary, should the complete distribution of a Participant’s vested
Account balance occur prior to the date on which any portion of the Director
Cash Compensation that a Participant has elected to defer in accordance with
Section 3.1 would otherwise be credited to the Participant’s Account, such
amount shall not be so credited but shall be paid to the Participant in a lump
sum as soon as administratively practicable after such amount would otherwise
have been credited to the Participant’s Account.

 

4.4                                 Vesting.  A Participant shall at all times be 100%
vested in his or her Account balance.

 

5.                                       Investment Credits.

 

5.1                                 Cash Subaccounts.

 

(a)           Designation
of Measurement Funds.  The
Administrator will designate two or more Measurement Funds that will serve as
the basis for determining Investment Credits to a Participant’s Cash
Subaccount.  The Administrator may, from
time to time, designate additional Measurement Funds or eliminate any
previously designated Measurement Funds. 
The designation or elimination of a Measurement Fund pursuant to this
Section 5.1(a) is not a Plan amendment. 
The Administrator will not be responsible in any manner to any
Participant, Beneficiary or other person for any damages, losses, liabilities,
costs or expenses of any kind arising in connection with any designation or
elimination of a Measurement Fund.

 

(b)                                 Participant Direction.  A
Participant must direct the manner in which amounts

 

 

credited
to his or her Cash Subaccount pursuant to Section 4 will be allocated among and
deemed to be invested in the Measurement Funds designated pursuant to Section
5.1(a).  Such allocation and investment
directions shall be submitted in writing on an election form to the
Administrator.  If a Participant fails to
direct the manner in which amounts credited to his or her Cash Subaccount will
be deemed to be invested, his or her Cash Subaccount balance will automatically
be allocated to and deemed invested in the Measurement Fund specified in Plan
Rules.  Amounts will be deemed to be
invested in accordance with the Participant’s direction on or as soon as
administratively practicable after the date the amounts are credited to the
Participant’s Cash Subaccount.

 

(c)           Change
in Direction for Account Balances and Future Credits.  A Participant may, at any time, direct a
change in the manner in which future credits to his or her Cash Subaccount
pursuant to Section 4 will be, or his or her existing Cash Subaccount balance
is, allocated among and deemed to be invested in the Measurement Funds
designated pursuant to Section 5.1(a). 
Any such direction may be made separately for an existing Cash
Subaccount balance and for future amounts to be credited to a Cash
Subaccount.  Any change in allocation and
investment direction shall be submitted in writing on an election form to the
Administrator, and will be effective as soon as reasonably practicable after
receipt of the election form by the Administrator.

 

(d)           Effecting a
Change in Direction.  In providing
any direction described in Sections 5.1(b) and (c), the Participant shall
specify on the election form, in increments of one percent (1%), the percentage
of his or her Cash Subaccount balance or of future credits to his or her Cash
Subaccount, as applicable, to be allocated/reallocated to each Measurement
Fund.  Any such direction will remain in
effect until the Participant subsequently submits a properly completed new
election form to the Administrator.

 

(e)           Account
Adjustment.  As of the close of
business on each day on which trading occurs on the NASDAQ Stock Market, the
Administrator will cause each Participant’s Cash Subaccount balance to be
adjusted (upward or downward) to reflect the investment performance, since the
last adjustment, of the Measurement Funds among which the Cash Subaccount
balance has been allocated and hypothetically invested.

 

5.2                                 Share Subaccounts.

 

(a)           Timing
and Nature of Credits.  As of the
first day of the calendar quarter first following the date on which dividends
are paid on Shares, a Participant’s Share Subaccount will be credited with that
number of full and fractional Share Units determined by dividing (i) the dollar
amount of the dividends that would have been payable to the Participant if the
number of Share Units credited to the Participant’s Share Subaccount on the
record date for such dividend payment had then been Shares registered in the
name of such Participant, by (ii) the Market Price on the date as of which the
credit is made.

 

(b)           Adjustments.  In the event of a reorganization,
recapitalization, stock split, stock dividend, combination of shares, merger,
consolidation, rights offering or any other change in the Company’s corporate
structure or Shares, the Administrator will make such adjustment, if any, as
the Administrator may deem appropriate in the number and kind of Share Units
credited to Share Subaccounts.

 

5.3           No Actual Investment.  The Measurement Funds and Share Units are to
be used only for record-keeping purposes to adjust a Participant’s Account
Balance, and nothing contained in this Plan or done in accordance with the
terms of this Plan shall be considered or construed in any manner as an actual
investment of a Participant’s Account Balance in any such Measurement Fund or
Share Unit.  A Participant’s Account
Balance will at all times be a bookkeeping entry only and will not represent
any investment made on his or her behalf by any Employer or the Trust; the
Participant shall at all times

 

 

remain
an unsecured creditor of the applicable Employer.  If any Employer or the Trustee decides to
invest funds in any or all of the investments on which the Measurement Funds or
Share Units are based, or in any comparable investments, no Participant shall
have any rights in or to such investments themselves.

 

5.4           Participant Responsibilities.  Each Participant is solely responsible for
any and all consequences of his or her investment directions made pursuant to
Section 3.2(a)(ii) and this Section 5. 
Neither the Company, any of its directors, officers or employees, nor
the Administrator has any responsibility to any Participant or other person for
any damages, losses, liabilities, costs or expenses of any kind arising in
connection with any investment direction made by a Participant pursuant to this
Plan.

 

6.                                       Distributions
of Amounts Credited to Plan Accounts.

 

6.1                                 Separation
Benefit.

 

(a)           Amount of
Separation Benefit.  A Participant
who experiences a Separation from Service shall receive, as a Separation
Benefit, his or her vested Account balance, calculated as of the close of
business on the Participant’s Benefit Distribution Date.

 

(b)           Payment of
Separation Benefit.  A Participant,
in connection with his or her initial commencement of participation in the
Plan, shall irrevocably elect on an election form to receive his or her
Separation Benefit in a lump sum or pursuant to the Annual Installment Method
for up to 15 years.  If a Participant
does not make any election with respect to the payment of his or her Separation
Benefit, then such Participant shall be deemed to have elected to receive the
Separation Benefit in a lump sum.  The
lump sum payment shall be made, or installment payments shall commence, no
later than 60 days after the Participant’s Benefit Distribution Date.  Remaining installments, if any, shall be paid
no later than 60 days after each anniversary of the Participant’s Benefit
Distribution Date.

 

(c)           Change in
Election.  A Participant may change
his or her election with respect to the payment of a Separation Benefit one
time by submitting an election form to the Administrator in accordance with the
following criteria:

 

(i)            Such election form
must be submitted to and accepted by the Administrator at least 12 months prior
to the Participant’s originally scheduled Benefit Distribution Date;

 

(ii)           The Separation
Benefit payment(s) is (are) delayed at
least 5 years from the Participant’s originally scheduled Benefit
Distribution Date in accordance with
the requirements of Code section 409A(a)(4) and regulations and rulings issued
thereunder; and

 

(iii)          The election to
change the timing of the payment of the Separation Benefit shall have no effect
until at least 12 months after the date on which the election is made.

 

6.2                                 Disability Benefit.

 

(a)           Amount of
Disability Benefit.  Upon a Participant’s Disability, the
Participant shall receive a Disability Benefit, which shall be equal to the
Participant’s vested Account Balance, calculated as of the close of business on
the Participant’s Benefit Distribution Date.

 

(b)           Payment of
Disability Benefit.  A Participant, in
connection with his or her initial commencement of participation in the Plan,
shall irrevocably elect on an election form to receive the Disability Benefit
in a lump sum or pursuant to the Annual Installment Method for up to 5
years.  If a Participant does not make
any election with respect to the payment of the Disability Benefit, then such
Participant shall be deemed to have elected to receive the Disability Benefit
in a lump sum.  The lump sum payment
shall be made, or installment payments shall commence, no

 

 

later than
60 days after the Participant’s Benefit Distribution Date.  Remaining installments, if any, shall be paid
no later than 60 days after each anniversary of the Participant’s Benefit
Distribution Date.

 

6.3                                 Death
Benefit.

 

(a)           Amount of Death
Benefit.  The Participant’s
Beneficiary(ies) shall receive a Death Benefit upon the Participant’s death
which will be equal to the Participant’s vested Account Balance, calculated as
of the close of business on the Participant’s Benefit Distribution Date.

 

(b)           Payment of Death
Benefit.  The Death Benefit shall be
paid to the Participant’s Beneficiary(ies) in a lump sum payment, whether or
not installment payments had already commenced to the Participant before his or
her death.  The lump sum payment shall be
made no later than 60 days after the Participant’s Benefit Distribution Date.

 

6.4           Partial Distributions.  Any installment
payment or partial distribution to a Participant from his or her Cash
Subaccount shall be deemed to have been made proportionally from each of the
Measurement Funds into which amounts credited to such Subaccount are deemed
invested, based on the ratio of the amount deemed invested in each such
Measurement Fund to the Participant’s total Cash Subaccount balance as of the
date the amount of the installment payment or partial distribution is
determined.  The undistributed portion of
an Account distributed in the form of installment payments or a partial
distribution will continue to receive Investment Credits in accordance with
this Plan.

 

6.5           Form of Distribution.  Any distribution from a Participant’s Cash
Subaccount will be made in cash only. 
Any distribution from a Participant’s Share Subaccount will be made in
full Shares only and cash in lieu of any fractional Share (in an amount based
on the Market Price on the applicable distribution date).

 

6.6           Reduction of Account Balance.  The balance of the Account from which a
distribution is made will be reduced by the amount of the distribution as of
the date of the distribution.

 

6.7           Limitations on Share Distributions.  Notwithstanding any other provision of the
Plan to the contrary, neither the Company nor the Trustee is required to issue
or distribute any Shares under this Plan, and a distributee may not sell,
assign, transfer or otherwise dispose of Shares issued or distributed pursuant
to the Plan, unless (a) there is in effect with respect to such Shares a
registration statement under the Securities Act and any applicable state
securities laws or an exemption from such registration under the Securities Act
and applicable state securities laws, and (b) there has been obtained any other
consent, approval or permit from any other regulatory body which the Company
deems necessary or advisable.  The
Company or the Trustee may condition such issuance, distribution, sale or
transfer upon the receipt of any representations or agreements from the parties
involved, and the placement of any legends on certificates representing Shares,
as may be deemed necessary or advisable by the Company in order to comply with
such securities laws or other restrictions. 
This Section 6.7 will not operate to defer the date as of which the
benefit payable to the Participant under this Plan is includable in taxable
income under Code section 409A.

 

7.                                       Withdrawals for
Unforeseeable Emergencies

 

7.1           Suspension of Deferrals; Distribution.  If a
Participant experiences an Unforeseeable Emergency, the Participant may
petition the Administrator to suspend deferrals of Director Cash Compensation
to the extent deemed necessary by the Administrator to satisfy the
Unforeseeable Emergency.  If suspension
of deferrals is not sufficient to satisfy the Participant’s Unforeseeable
Emergency, or if suspension of deferrals is not required under applicable tax
law, the Participant may further petition the Administrator to receive a
partial or full distribution of his or her vested Account balance from the
Plan.

 

7.2           Limitation on
Amount of Distribution. 
Any distribution under Section 7.1(a) shall not exceed the lesser of (i)
the Participant’s vested Account balance, calculated as of the close of
business on

 

 

the date on which the amount
becomes payable, or (ii) the amount necessary to satisfy the Unforeseeable
Emergency, plus amounts reasonably necessary to pay taxes reasonably
anticipated as a result of the distribution, all as determined by the
Administrator.  Notwithstanding the foregoing,
a Participant may not receive a payout from the Plan to the extent that the
Unforeseeable Emergency is or may be relieved (A) through reimbursement or
compensation by insurance or otherwise, (B) by liquidation of the Participant’s
assets, to the extent the liquidation of such assets would not itself cause
severe financial hardship or (C) by suspension of deferrals under this Plan, if
the Administrator, in its sole discretion, determines that suspension is
required by applicable tax law.  Any
distribution pursuant to this Section 7.1 will be made first from the
Participant’s Cash Subaccount and then from the Participant’s Share Subaccount,
with the amount distributed from the Share Subaccount determined based upon the
Market Price as of the close of business on the date the amount becomes
payable.

 

7.3           Suspension
of Deferrals.  If the
Administrator approves a Participant’s petition for suspension and/or
distribution under Section 7.1(a), the Participant’s deferrals under this Plan
shall be suspended as of the date of such approval.  If a petition for distribution under Section
7.1(a) is approved, the Participant shall receive the approved distribution
from the Plan within 60 days of the date of such approval.  Deferrals suspended under this Section 7.1
may not recommence until the first day of the next Plan Year beginning after
the date deferrals ceased.

 

8.                                       Beneficiary
Designation and Distributions

 

8.1           Manner
of Designation.  Each Participant may
designate, on a form prescribed by the Administrator, one or more primary and
contingent Beneficiaries to receive his or her Account balance after his or her
death.  A Participant may change or
revoke any Beneficiary designation at any time. 
Any such designation, change or revocation will be effective only if a
properly completed beneficiary designation form is executed by the Participant
and received by the Administrator during the Participant’s lifetime.  Upon receipt by the Administrator of a new
beneficiary designation form, all beneficiary designations previously filed
shall be canceled.

 

8.2           Spousal
Consent.  No designation of a primary
Beneficiary other than the Participant’s spouse is effective unless the spouse
consents to the designation or the Administrator determines that spousal
consent cannot be obtained because the spouse cannot reasonably be located or
is legally incapable of consenting.  Any
spousal consent must be in writing, acknowledge the effect of the election and
be witnessed by a notary public.  Such a
consent is effective only with respect to the Beneficiary or class of
Beneficiaries so designated and only with respect to the spouse who so
consented.

 

8.3           No Beneficiary
Designation.  If a Participant fails
to designate a Beneficiary, or revokes a Beneficiary designation without naming
another Beneficiary, or designates one or more Beneficiaries none of whom
survives the Participant or exists at the time in question, then the
Participant’s designated Beneficiary shall be deemed to be his or her surviving
spouse.  If the Participant has no surviving
spouse, the benefits remaining under the Plan to be paid to a Beneficiary shall
be payable to the executor or personal representative of the Participant’s
estate.

 

8.4           Identifying
Beneficiaries.  The automatic
Beneficiaries specified in Section 8.3 and the Beneficiaries designated by the
Participant become fixed as of the Participant’s death so that, if a
Beneficiary survives the Participant but dies before the receipt of the payment
due such Beneficiary, the payment will be made to the representative of such
Beneficiary’s estate.  Any designation of
a Beneficiary by name that is accompanied by a description of relationship to
the Participant or only by statement of relationship to the Participant is
effective only to designate the person or persons standing in such relationship
to the Participant at the time of the Participant’s death.  If the Administrator has any doubt as to the
proper Beneficiary to receive payments pursuant to this Plan, the Administrator
shall have the right, exercisable in its discretion, to cause the Company or
the Trustee to withhold such payments until this matter is resolved to the
Administrator’s satisfaction.

 

8.5           Payment
in Event of Incapacity.  If any
individual entitled to receive any payment under the Plan is, in the judgment
of the Administrator, physically, mentally or legally incapable of receiving or
acknowledging receipt of the payment, and no legal representative has been
appointed for the individual,

 

 

the Administrator may (but is not required to) cause
the payment to be made to any one or more of the following as may be chosen by
the Administrator:  the Beneficiary (in
the case of the incapacity of a Participant); the institution maintaining the
individual; a custodian for the individual under the Uniform Transfers to
Minors Act of any state; or the individual’s spouse, children, parents, or
other relatives by blood or marriage. 
The Administrator is not required to see to the proper application of
any such payment.

 

8.6           Discharge of
Obligations.  The payment of benefits
under the Plan to a Beneficiary or in accordance with Section 8.5 shall fully
and completely discharge the Company and the payment completely discharges all
claims under the Plan against the Company, the Administrator, the Plan and the
Trust to the extent of the payment.

 

9.                                       Source
of Payments; Nature of Interest.

 

9.1                                 Trust.

 

(a)           Establishment
of Trust.  The Company may establish
a Trust with an independent corporate trustee in order to provide assets from
which the obligations of the Company to the Participants and their
Beneficiaries under the Plan may be fulfilled. 
The Trust must be a grantor trust that conforms substantially with the
model trust described in Revenue Procedure 92-64.  The Company may from time to time transfer to
the Trust cash, marketable securities or other property, including securities
issued by the Company, acceptable to the Trustee in accordance with the terms
of the Trust.

 

(b)           Change in Control. 
Notwithstanding Section 9.1(a) and only to the extent such transfer would
not be treated as a transfer of property within the meaning of Code section
83(b) by operation of Code section 409A(b)(2), not later than the effective
date of a Change in Control, the Company must transfer to the Trust an amount
not less than the amount by which (1) 125 percent of the aggregate balance of
all Participants’ Accounts as of the last day of the month immediately
preceding the effective date of the Change in Control exceeds (2) the value of
the Trust assets attributable to amounts previously contributed by the Company
as of the most recent date as of which such value was determined.

 

9.2                                 Source of Payments.

 

(a)           Company’s Responsibility.  The
Company will pay, from its general assets, the portion of any benefit payable
pursuant to Sections 6, 7 or 8, and all costs, charges and expenses relating
thereto.

 

(b)           Distributions from the Trust.  The Trustee will make distributions to
Participants and Beneficiaries from the Trust in satisfaction of the Company’s obligations under the
Plan in accordance with the terms of the Trust. 
The Company is responsible for paying any benefits attributable to a
Participant’s Account that are not paid by the Trust.

 

9.3           Status of Plan
and Trust.  The
provisions of the Plan shall govern the rights of a Participant to receive
distributions pursuant to the Plan.  The
provisions of the Trust shall govern the rights of the Company, Participants
and the creditors of the Company to the assets transferred to the Trust.  The Company shall at all times remain liable
to carry out its obligations under the Plan. 
Nothing contained in the Plan or Trust is to be construed as providing
for assets to be held for the benefit of any Participant or any other person or
persons to whom benefits are to be paid pursuant to the terms of this Plan,
with the Participant’s or other person’s only interest under the Plan being the
right to receive the benefits set forth herein. 
The Trust is established only for the convenience of the Company and the
Participants, and no Participant has any interest in the assets of the Trust
prior to distribution of such assets pursuant to the Plan.  To the extent the Participant or any other
person acquires a right to receive benefits under this Plan or the Trust, such
right is no greater than the right of any unsecured general

 

 

creditor of the Company.

 

10.                                 Amendment and Termination.

 

10.1         Termination of
Plan.  By action of its
Board, the Company may terminate the Plan at any time.  If the Plan is terminated, no additional
deferrals or deferral credits will be made with respect to affected
Participants with respect to the period after the effective date of the
termination, but the Accounts of affected Participants will continue to be
credited with Investment Credits pursuant to Section 5, until they are distributed
pursuant to Sections 6, 7 or 8.

 

10.2         Amendment
of Plan.  By action of its Board, the Company may amend
the Plan at any time and in any manner, except that (1) no amendment may
adversely affect a benefit to which a Participant or the Beneficiary of a deceased
Participant is entitled under the Plan as of the later of the adoption date or
effective date of the amendment and (2) no attempted amendment to Section
9.1(b), this Section 10.2 or Section 14.9 will be effective with respect to any
Change in Control, as defined in Section 14.9 without regard to the attempted
amendment, occurring within 12 months after the date on which the attempted
amendment is approved by the Company’s Board unless (i) each Participant
provides his or her prior written consent to the amendment, or (ii) any such
amendment is, in the judgment of the Company’s Board, necessary in order to
cause the Plan to remain compliant with applicable laws and regulations and to
ensure the continued compliance of the Plan with Code section 409A.  Any amendment to the Plan applies only to
Participants whose separation from service with the Company occurs after the
effective date of the amendment unless the amendment expressly otherwise
provides.

 

11.                                 Administration.

 

11.1         Administrator.  The general administration of the Plan and
the duty to carry out its provisions will be vested in the Corporate Governance
Committee of the Board or such other Board committee as may be subsequently
designated as Administrator by the Board. 
Any individual serving as Administrator may be a Participant under the
Plan, but any such individual who is a Participant shall not vote or act on any
matter relating solely to himself or herself. 
Such committee may delegate such duties or any portion thereof to a
named person and may from time to time revoke such authority and delegate it to
another person.  To the extent such
authority has been delegated, references in this Plan to the “Administrator”
shall be deemed to include any person to whom the applicable authority has been
delegated.

 

11.2         Plan Rules and Regulations.  The Administrator has the discretionary power
and authority to make such Plan Rules as the Administrator determines to be
consistent with the terms, and necessary or advisable in connection with the
administration, of the Plan and to modify or rescind any such Plan Rules.

 

11.3         Administrator’s Discretion.  The Administrator has the sole discretionary
power and authority to make all determinations necessary for administration of
the Plan, except those determinations that the Plan requires others to make,
and to construe, interpret, apply and enforce the provisions of the Plan and
Plan Rules whenever necessary to carry out its intent and purpose and to
facilitate its administration, including, without limitation, the discretionary
power and authority to remedy ambiguities, inconsistencies, omissions and
erroneous benefit calculations.  In the
exercise of its discretionary power and authority, the Administrator will treat
all similarly situated persons uniformly.  The Administrator’s interpretations,
determinations, regulations and calculations are final and binding on all
persons and parties concerned.

 

11.4         Specialist’s Assistance.  The Administrator may retain such actuarial,
accounting, legal, clerical and other services as may reasonably be required in
the administration of the Plan, and may pay reasonable compensation for such
services.  All costs of administering the
Plan will be paid by the Company.

 

 

11.5         Indemnification.  The Company agrees to indemnify and hold
harmless, to the extent permitted by law, each director, officer and employee
of the Company and any subsidiary or affiliate of the Company against any and
all liabilities, losses, costs and expenses (including legal fees) of every
kind and nature that may be imposed on, incurred by, or asserted against such
person at any time by reason of such person’s services in connection with the
Plan, but only if such person did not act dishonestly or in bad faith or in
willful violation of the law or regulations under which such liability, loss,
cost or expense arises.  The Company has
the right, but not the obligation, to select counsel and control the defense
and settlement of any action for which a person may be entitled to
indemnification under this provision.

 

12.                                 Claims
Procedures

 

12.1         Submission
of Claim.  Any Participant or
Beneficiary of a deceased Participant (either being referred to in this Section
as a “Claimant”) may deliver to the Administrator a written claim for a
determination with respect to the amounts distributable to such Claimant from
the Plan.  If such a claim relates to the
contents of a notice received by the Claimant, the claim must be submitted
within 60 days after such notice was received by the Claimant.  Any other claim must be made within
180 days of the date on which the event that caused the claim to arise
occurred.  The claim must state with
particularity the determination desired by the Claimant.

 

12.2         Consideration by
Administrator.  The Administrator
will consider a Claimant’s claim within a reasonable time, but no later than 90
days after receiving the claim.  The
Administrator shall notify the Claimant in writing:

 

(a)                                  that the claim has been allowed in full; or

 

(b)           that
the claim has been denied in whole or in part, and such notice must set forth
in a manner calculated to be understood by the Claimant:

 

(i)                                     the specific reason(s) for the denial of the
claim, or any part of it;

 

(ii)                                  specific reference(s) to pertinent provisions
of the Plan upon which such denial was based;

 

(iii)          a
description of any additional material or information necessary for the
Claimant to perfect the claim, and an explanation of why such material or
information is necessary; and

 

(iv)                              an explanation of the claim review procedure
set forth in Sections 12.3 and 12.4 below.

 

12.3         Review of Denied
Claim.  Within 60 days after
receiving a notice from the Administrator that a claim has been denied, in
whole or in part, a Claimant (or the Claimant’s duly authorized representative)
may file with the Administrator a written request for a review of the denial of
the claim.  The Claimant (or the Claimant’s
representative):

 

(a)           may,
upon request and free of charge, have reasonable access to, and copies of, all
documents, records and other information relevant to the claim for benefits;

 

(b)                                 may submit written comments or other
documents; and/or

 

(c)                                  may request a
hearing, which the Administrator, in its sole discretion, may grant.

 

12.4         Decision on Review.  The Administrator shall render its decision
on review promptly, and in any case within 60 days of the later of the
date the Administrator receives the Claimant’s written request for a review of
the denial of the claim, or the date a hearing is held at Claimant’s
request.  In rendering its decision, the
Administrator shall take into account all comments, documents, records and
other information submitted by the Claimant relating to the claim, without
regard to whether such information was submitted or considered in the initial
benefit determination.  The decision must
be written in a manner calculated to be understood by the Claimant, and it must
contain:

 

(a)                                  specific reasons for the decision;

 

 

(b)                                 specific reference(s) to the pertinent Plan
provisions upon which the decision was based; and

 

(c)           a
statement that the Claimant is entitled to receive, upon request and free of
charge, reasonable access to and copies of all documents, records and other
information relevant to the Claimant’s claim for benefits.

 

12.5         Extensions
of Time.  The 90- and 60-day periods specified
in Sections 12.2 and 12.4 during which the Administrator must respond to the
Claimant may be extended by up to an additional 90 or 60 days, respectively, if
special circumstances beyond the Administrator’s control so require.

 

12.6         Legal Action. A Claimant’s compliance with the
foregoing provisions of this Section 12 is a prerequisite to a Claimant’s
right to commence any legal action with respect to any claim for benefits under
this Plan.

 

13.                                 Miscellaneous

 

13.1         Unsecured General
Creditor.  Participants and their
Beneficiaries, heirs, successors and assigns shall have no legal or equitable
rights, interests or claims in any property or assets of the Company.  The Company’s obligation under the Plan shall
be merely that of an unfunded and unsecured promise to pay money in the future.

 

13.2         Nonassignability.  The benefits payable under the Plan and the
right to receive future benefits under the Plan may not be anticipated,
alienated, sold, transferred, assigned, pledged, encumbered or subjected to any
charge or legal process.  No part of any
benefit payable shall, prior to actual payment, be subject to seizure,
attachment, garnishment or sequestration for the payment of any debts,
judgments, alimony or separate maintenance owed by a Participant or any other
person, be transferable by operation of law in the event of a Participant’s or
any other person’s bankruptcy or insolvency or be transferable to a spouse as a
result of a property settlement or otherwise.

 

13.3         Offsets.  The Company may offset against amounts
payable to a Participant or Beneficiary under the Plan any amounts then owing
to the Company by such Participant or Beneficiary.

 

13.4         Disputes.  In the event of a dispute over whether any
person is entitled to a benefit under the Plan, the amount, form or timing of
payment of any such benefit or any other provision of the Plan, the person is
responsible for paying any costs he, she or it incurs, including attorney’s
fees and legal expenses, and the Company is responsible for paying any costs it
incurs, including attorney’s fees and legal expenses.

 

13.5         No Warranties
Regarding Tax Treatment.  The Company
makes no warranties regarding the tax treatment to any person of any deferrals
or payments made pursuant to the Plan and each Participant will hold the
Administrator and the Company and its officers, directors, employees, agents
and advisors harmless from any liability resulting from any tax position taken
in good faith in connection with the Plan.

 

13.6         Governing Law.  To the extent that state law is not preempted
by the provisions of laws of the United States, all questions pertaining to the
construction, validity, effect and enforcement of the Plan will be determined
in accordance with the internal, substantive laws of the State of Minnesota without
regard to its conflict of laws rules of the State of Minnesota or any other
jurisdiction.

 

13.7         Notices.  Any notice or filing required or permitted to
be given to the Administrator under this Plan shall be in writing and either
hand-delivered, mailed or sent via overnight delivery service to the address
below:

 

	
  Nash Finch Company

  
	
  Attn: Vice President of Human
  Resources

  
	
  7600 France Avenue South

  
	
  Minneapolis, Minnesota 55435

  

 

 

Any notice or filing required or permitted to
be given to a Participant under this Plan shall be in writing and either
hand-delivered, mailed or sent via overnight delivery service to the last known
address of the Participant.

 

Any notice sent or delivered as provided
hereunder shall be deemed given as of the date of delivery or, if delivery is
made by mail, as of the third business day after deposit in the U.S. mail.

 

13.8         Successors.  The provisions of this Plan shall bind and
inure to the benefit of the Company and its successors and assigns.

 

13.09       Separability.  In case any provision of this Plan shall be
illegal or invalid for any reason, said illegality or invalidity shall not
affect the remaining parts hereof, but this Plan shall be construed and
enforced as if such illegal or invalid provision had never been inserted herein.

 

13.10       Insurance.  The Company, on its own behalf or on behalf
of the Trustee, may apply for and procure insurance on the life of any
Participant, in such amounts and in such forms as the Company may choose.  The Company or the Trustee, as the case may
be, shall be the sole owner and beneficiary of any such insurance.  The Participant shall have no interest
whatsoever in any such policy or policies, and at the request of the Company
shall submit to medical examinations and supply such information and execute
such documents as may be required by the insurance company or companies to whom
the Company has applied for insurance.

 

13.11       Headings.  The headings of Sections and sections are
included solely for convenience of reference; if there exists any conflict
between such headings and the text of the Plan, the text will control.

 

14.                                 Definitions.  The definitions set forth in
this Section 14 apply in construing the Plan unless the context otherwise
indicates.

 

14.1         Account.  “Account” means the bookkeeping account
maintained with respect to a Participant pursuant to Section 4.1 reflecting the
amounts owed to the Participant or the Participant’s Beneficiary under the
terms of this Plan.  Subaccounts within
any such Account may be established for any Participant to the extent deemed
necessary by the Administrator, and will include a Cash Subaccount and a Share
Subaccount.

 

14.2         Administrator.  The “Administrator” of the Plan is the
Corporate Governance Committee of the Board or such other committee or the person
to whom administrative duties are delegated pursuant to the provisions of
Section 11.1, as the context requires.

 

14.3         Annual
Installment Method.  “Annual Installment Method” means a series of
annual cash installment payments (in the case of a Participant’s Cash
Subaccount) or annual installment Share distributions (in the case of a
Participant’s Share Subaccount) over a number of years selected by the
Participant  in accordance with
this Plan, with the amount of each installment payment to be calculated by
multiplying the Participant’s then current vested Cash Subaccount balance by a
fraction, the numerator of which is one and the denominator of which is the
remaining number of annual payments due the Participant, and the number of
Shares comprising each installment Share distribution to be calculated by
multiplying the Participant’s then current vested Share Unit balance in his or
her Share Subaccount by the same fraction (and rounding the product to the
nearest full Share).  For purposes of
this definition, a Participant’s “then current vested Cash Subaccount balance”
or “then current vested Share Unit balance” shall be (i) for the first annual
installment, the Participant’s vested Cash Subaccount balance or vested Share
Unit balance, as the case may be, as of the close of business on the Participant’s Benefit Distribution Date,  and (ii) for each remaining annual
installment, the comparable balances on the applicable anniversary of the
Participant’s Benefit Distribution Date. 
By way of example, if the Participant elects a 10 year Annual
Installment Method for the Separation Benefit, the first payment or Share
distribution shall be 1/10 of the applicable vested balance, and the following
year, the payment or Share distribution shall be 1/9 of the applicable vested
balance.

 

 

14.4         Annual Retainer.  “Annual Retainer” means the regular retainer
payable by the Company to a Qualified Director for a 12-month period of service
as a Qualified Director, exclusive of fees specifically paid for attending or
chairing regular or special meetings of the Board and Board committees, fees or
special retainers paid for membership on standing Board committees or for
serving as the chair of the Board or standing Board committees, expense
allowances or reimbursements, insurance premiums and any other payments that
are determined by reference to factors other than holding office as a Qualified
Director.

 

14.5         Beneficiary.  “Beneficiary” means one or more persons,
trusts, estates or other entities, designated in accordance with
Section 8, that are entitled to receive benefits under this Plan upon the
death of a Participant.

 

14.6         Benefit
Distribution Date.  means the date that triggers
distribution of a Participant’s vested Account Balance.  A Participant’s Benefit Distribution Date
shall be determined as follows:

 

(a)           If the Participant
experiences a Separation from Service, his or her Benefit Distribution Date
shall be  the date on which the
Participant experiences the Separation from Service, provided, however, (i) if
the Participant is a Key Employee, his or her Benefit Distribution Date shall
be postponed to the last day of the six-month period immediately following the
date on which the Participant experiences the Separation from Service, or (ii)
in the event the Participant changes his or her Separation Benefit election in
accordance with Section 6.1(c), his or her Benefit Distribution Date shall be
postponed in accordance with such Section 6.1(c); or

 

(b)           The date on which
the Administrator is provided with proof that is satisfactory to the
Administrator of the Participant’s death, if the Participant dies prior to the
complete distribution of his or her vested Account balance; or

 

(c)                                  The date on which the Participant becomes
Disabled.

 

14.7                           Board.  “Board” means the board of directors of the
Company.

 

14.8         Cash Subaccount.  “Cash Subaccount” means a Subaccount to which
deferrals of Director Cash Compensation are credited in U.S. dollars.

 

14.9         Change in Control.  “Change in Control” means a “change in the
ownership or effective control of the Company or in the ownership of a
substantial portion of the assets of the Company” within the meaning of Code
section 409A(a)(2)(A)(v) and the regulations, rulings and guidance issued
thereunder by the U.S. Treasury Department and the Internal Revenue Service.

 

14.10       Code.  “Code” means the Internal Revenue Code of
1986, as amended.  Any reference to a
specific provision of the Code includes a reference to that provision as it may
be amended from time to time and to any successor provision.

 

14.11       Company.  “Company” means Nash Finch Company, and any
successor to all or substantially all of the Company’s assets or business.

 

14.12       Director Cash Compensation.  “Director Cash Compensation” means all
amounts payable in cash by the Company to a Qualified Director for his or her
services to the Company as a Qualified Director, (a) including an annual
retainer for Board and Board committee membership, an annual retainer for
chairing the Board or a Board committee, and fees specifically paid for attending
meetings of the Board and Board committees, but (b) excluding equity-based
compensation arrangements such as stock options and performance or restricted
stock units granted under equity-based compensation plans of the Company,
expense allowances or reimbursements and insurance premiums paid to or on
behalf of Qualified Directors.

 

 

14.13       Disability; Disabled.  “Disability” or “Disabled” means that a
Participant “disabled” within the meaning of Code section 409A(a)(2)(C) and
regulations or rulings issued thereunder. 
The Administrator shall determine whether a Participant is Disabled.

 

14.14                     Disability
Benefit.  “Disability Benefit” means
the benefit set forth in Section 6.2.

 

14.15       Investment Credits.  “Investment Credits” are the gains or losses
allocable to the Cash Subaccounts of Participants under Section 5 based on the
Measurement Funds elected by the Participant.

 

14.16       Key Employee.  “Key Employee” means any Participant whom the
Administrator, in its sole discretion, determines is a “key employee” of the
Company, as defined in Code section 409A(2)(B)(i) and regulations or rulings
issued thereunder.

 

14.17       Market Price.  “Market Price” means the closing sale price
for Shares on a specified date or, if Shares were not then traded, on the most
recent prior date when Shares were traded, all as reported on the Nasdaq
National Market or such other exchange as the Shares may be traded from time to
time.

 

14.18       Participant.  “Participant” is a current or former
Qualified Director to whose Account amounts have been credited pursuant to
Section 3 and who has not ceased to be a Participant pursuant to Section 2.4.

 

14.19       Plan.  “Plan” means the Nash Finch Company Director
Deferred Compensation Plan, as from time to time amended or restated.

 

14.20       Plan Rules.  “Plan Rules” are rules, policies, practices
or procedures adopted by the Administrator pursuant to Section 11.2.

 

14.21                     Plan Year.  “Plan Year” means a calendar year.

 

14.22       Qualified Director.  “Qualified Director” means an individual who
is a member of the Board and who is not a current employee of the Company or
any of its subsidiaries.

 

14.23       Securities Act.  “Securities Act” means the Securities Act of
1933, as amended. Any reference to a specific provision of the Securities Act
includes a reference to that provision as it may be amended from time to time
and to any successor provision.

 

14.24       Separation from Service.  “Separation from Service” means the
Participant’s separation from service as a director with the Company,
voluntarily or involuntarily, for any reason other than Disability or death.

 

14.25       Separation Benefit.  “Separation Benefit” means the benefit set
forth in Section 6.1.

 

14.26                     Share Subaccount.  “Share Subaccount” means an account to which
amounts are credited in Share Units.

 

14.27       Share Unit.  “Share Unit” means a unit credited to a
Participant’s Share Subaccount pursuant to the Plan, each of which represents
the equivalent of one Share.

 

14.28       Shares.  “Shares” means shares of common stock of the
Company, $1.66-2/3 par value, or such other class or kind of shares or other
securities as may be applicable pursuant to Section 5.2(b).

 

14.29                     Trust.  “Trust” means any trust or trusts established
by the Company pursuant to Section 9.1.

 

14.30       Trustee.  “Trustee” means the independent corporate
trustee or trustees that at the relevant time has or have been appointed to act
as Trustee of the Trust.

 

 

14.31       Unforeseeable Emergency.  “Unforeseeable Emergency” means an “unforeseeable
emergency” within the meaning of Code section 409A(a)(2)(B)(ii) and regulations
or rulings issued thereunder.  The
existence of an Unforeseeable Emergency will be determined by the
Administrator.

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