[LOGO OF COCA-COLA]
EX 10.1
Employment Agreement Termination
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Xxxxx X. Xxxxx, Xx. ("Employee") and Coca-Cola Bottling Co. Consolidated
(the "Company") hereby acknowledge that the Employment Agreement, dated as of
March 16, 1987 (the "Employment Agreement"), between the Company and Employee
has been terminated effective as of January 1, 2001, and that Employee has no
continuing rights or entitlements thereunder.
Notwithstanding the termination of the Employment Agreement, Employee
agrees to serve as Vice Chairman of the Board of Directors of the Company
through December 31, 2002. In that regard, (a) Employee's base salary will
continue through December 31, 2002 at an annual rate of $572,797; (b) Employee
will continue to participate in the Company's Annual Bonus Plan for calendar
years 2001 and 2002; and (c) Employee's salary and bonus will terminate
effective December 31, 2002.
Dated: April 27, 2001
/s/ Xxxxx X. Xxxxx, Xx.
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Xxxxx X. Xxxxx, Xx.
COCA-COLA BOTTLING CO. CONSOLIDATED
By: /s/ Xxxxxx X. Xxxxxx, Xx.
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Name: XXXXXX X. XXXXXX, Xx.
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Title: Executive Vice President and
Assistant to the Chairman
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