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Coca-Cola Consolidated, Inc. – ‘10-Q’ for 9/29/23 – ‘EX-10.3’

On:  Wednesday, 11/1/23, at 4:16pm ET   ·   For:  9/29/23   ·   Accession #:  317540-23-49   ·   File #:  0-09286

Previous ‘10-Q’:  ‘10-Q’ on 8/2/23 for 6/30/23   ·   Next & Latest:  ‘10-Q’ on 5/6/24 for 3/29/24   ·   6 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size

11/01/23  Coca-Cola Consolidated, Inc.      10-Q        9/29/23  114:10M

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML   1.85M 
 2: EX-10.1     Material Contract                                   HTML     37K 
 3: EX-10.2     Material Contract                                   HTML     40K 
 4: EX-10.3     Material Contract                                   HTML     40K 
 5: EX-10.4     Material Contract                                   HTML     51K 
 9: EX-99       Miscellaneous Exhibit                               HTML     84K 
 6: EX-31.1     Certification -- §302 - SOA'02                      HTML     35K 
 7: EX-31.2     Certification -- §302 - SOA'02                      HTML     35K 
 8: EX-32       Certification -- §906 - SOA'02                      HTML     32K 
15: R1          Cover                                               HTML     87K 
16: R2          Condensed Consolidated Statements of Operations     HTML    110K 
                (Unaudited)                                                      
17: R3          Condensed Consolidated Statements of Comprehensive  HTML     66K 
                Income (Unaudited)                                               
18: R4          Condensed Consolidated Balance Sheets (Unaudited)   HTML    167K 
19: R5          Condensed Consolidated Balance Sheets (Unaudited)   HTML     42K 
                (Parenthetical)                                                  
20: R6          Condensed Consolidated Statements of Cash Flows     HTML    116K 
                (Unaudited)                                                      
21: R7          Condensed Consolidated Statements of Changes in     HTML     73K 
                Stockholders? Equity (Unaudited)                                 
22: R8          Condensed Consolidated Statements of Changes in     HTML     37K 
                Stockholders? Equity (Unaudited) (Parenthetical)                 
23: R9          Critical Accounting Policies                        HTML     39K 
24: R10         Related Party Transactions                          HTML     73K 
25: R11         Revenue Recognition                                 HTML     70K 
26: R12         Segments                                            HTML     73K 
27: R13         Net Income Per Share                                HTML    135K 
28: R14         Inventories                                         HTML     39K 
29: R15         Prepaid Expenses and Other Current Assets           HTML     42K 
30: R16         Property, Plant and Equipment, Net                  HTML     52K 
31: R17         Leases                                              HTML    164K 
32: R18         Distribution Agreements, Net                        HTML     53K 
33: R19         Customer Lists, Net                                 HTML     53K 
34: R20         Supply Chain Finance Program                        HTML     35K 
35: R21         Other Accrued Liabilities                           HTML     42K 
36: R22         Commodity Derivative Instruments                    HTML     61K 
37: R23         Fair Values of Financial Instruments                HTML     95K 
38: R24         Income Taxes                                        HTML     36K 
39: R25         Pension and Postretirement Benefit Obligations      HTML     75K 
40: R26         Other Liabilities                                   HTML     40K 
41: R27         Long-Term Debt                                      HTML     58K 
42: R28         Commitments and Contingencies                       HTML     49K 
43: R29         Accumulated Other Comprehensive Income (Loss)       HTML    111K 
44: R30         Supplemental Disclosures of Cash Flow Information   HTML     48K 
45: R31         Pay vs Performance Disclosure                       HTML     43K 
46: R32         Insider Trading Arrangements                        HTML     37K 
47: R33         Critical Accounting Policies (Policies)             HTML     42K 
48: R34         Related Party Transactions (Tables)                 HTML     60K 
49: R35         Revenue Recognition (Tables)                        HTML     66K 
50: R36         Segments (Tables)                                   HTML     69K 
51: R37         Net Income Per Share (Tables)                       HTML    134K 
52: R38         Inventories (Tables)                                HTML     40K 
53: R39         Prepaid Expenses and Other Current Assets (Tables)  HTML     42K 
54: R40         Property, Plant and Equipment, Net (Tables)         HTML     52K 
55: R41         Leases (Tables)                                     HTML    135K 
56: R42         Distribution Agreements, Net (Tables)               HTML     55K 
57: R43         Customer Lists, Net (Tables)                        HTML     45K 
58: R44         Other Accrued Liabilities (Tables)                  HTML     42K 
59: R45         Commodity Derivative Instruments (Tables)           HTML     65K 
60: R46         Fair Values of Financial Instruments (Tables)       HTML     94K 
61: R47         Pension and Postretirement Benefit Obligations      HTML     67K 
                (Tables)                                                         
62: R48         Other Liabilities (Tables)                          HTML     40K 
63: R49         Long-Term Debt (Tables)                             HTML     56K 
64: R50         Commitments and Contingencies (Tables)              HTML     44K 
65: R51         Accumulated Other Comprehensive Income (Loss)       HTML    110K 
                (Tables)                                                         
66: R52         Supplemental Disclosures of Cash Flow Information   HTML     48K 
                (Tables)                                                         
67: R53         Related Party Transactions - Narrative (Details)    HTML     95K 
68: R54         Related Party Transactions - Summary of             HTML     37K 
                Significant Transactions between Company and the                 
                Coca-cola Company (Details)                                      
69: R55         Related Party Transactions - Summary of Liability   HTML     43K 
                to Estimated Fair Value of Contingent                            
                Consideration (Details)                                          
70: R56         Related Party Transactions - Summary of Rental      HTML     38K 
                Payments Related to Leases (Details)                             
71: R57         Revenue Recognition - Narrative (Details)           HTML     55K 
72: R58         Revenue Recognition - Summary of Disaggregation of  HTML     49K 
                Revenue from Contracts With Customers (Details)                  
73: R59         Revenue Recognition - Summary of Activity for       HTML     40K 
                Allowance for Credit Losses (Details)                            
74: R60         Segments - Narrative (Details)                      HTML     35K 
75: R61         Segments - Summary of Financial Information by      HTML     56K 
                Segment (Details)                                                
76: R62         Net Income Per Share - Summary of Computation of    HTML    106K 
                Basic Net Income Per Share and Diluted Net Income                
                Per Share (Details)                                              
77: R63         Inventories - Summary of Inventories (Details)      HTML     40K 
78: R64         Prepaid Expenses and Other Current Assets -         HTML     44K 
                Summary of Prepaid Expenses and Other Current                    
                Assets (Details)                                                 
79: R65         Property, Plant and Equipment, Net - Summary of     HTML     78K 
                Principal Categories and Estimated Useful Lives of               
                Property, Plant and Equipment, Net (Details)                     
80: R66         Leases - Summary of Weighted Average Remaining      HTML     42K 
                Lease Term and Weighted Average Discount Rate for                
                Population of Leases (Details)                                   
81: R67         Leases - Summary of Balances Related to Lease       HTML     42K 
                Portfolio within Condensed Consolidated Statement                
                of Operations (Details)                                          
82: R68         Leases - Summary of Future Minimum Lease Payments   HTML     78K 
                For Noncancelable Operating And Financing Leases                 
                (Details)                                                        
83: R69         Leases - Summary of Future Minimum Lease Payments   HTML     80K 
                For Noncancelable Operating And Financing Leases,                
                Year End (Details)                                               
84: R70         Leases - Summary of Balances Related to Leases      HTML     43K 
                within Condensed Consolidated Statement of Cash                  
                Flow (Details)                                                   
85: R71         Distribution Agreements, Net - Narrative (Details)  HTML     37K 
86: R72         Distribution Agreements, Net - Summary of           HTML     40K 
                Distribution Agreements, Net (Details)                           
87: R73         Distribution Agreements, Net - Summary of           HTML     39K 
                Reconciliation of Activity for Distribution                      
                Agreements, Net (Details)                                        
88: R74         Customer Lists, Net - Narrative (Details)           HTML     37K 
89: R75         Customer Lists, Net - Summary of Customer Lists,    HTML     39K 
                Net (Details)                                                    
90: R76         Supply Chain Finance Program (Details)              HTML     33K 
91: R77         Other Accrued Liabilities - Summary of Other        HTML     48K 
                Accrued Liabilities (Details)                                    
92: R78         Commodity Derivative Instruments - Summary of       HTML     40K 
                Pre-tax Changes in Fair Value (Details)                          
93: R79         Commodity Derivative Instruments - Summary of Fair  HTML     47K 
                Values and Classification in Condensed                           
                Consolidated Balance Sheets of Derivative                        
                Instruments (Details)                                            
94: R80         Commodity Derivative Instruments - Summary of       HTML     35K 
                Outstanding Commodity Derivative Instruments                     
                (Details)                                                        
95: R81         Fair Values of Financial Instruments - Summary of   HTML     83K 
                Deferred Compensation Plan, Commodity Derivative                 
                Instruments, Debt and Acquisition Related                        
                Contingent Consideration (Details)                               
96: R82         Fair Values of Financial Instruments - Narrative    HTML     48K 
                (Details)                                                        
97: R83         Fair Values of Financial Instruments - Summary of   HTML     43K 
                Acquisition Related Contingent Consideration                     
                Liability (Details)                                              
98: R84         Income Taxes (Details)                              HTML     41K 
99: R85         Pension and Postretirement Benefit Obligations -    HTML     54K 
                Narrative (Details)                                              
100: R86         Pension and Postretirement Benefit Obligations -    HTML     56K  
                Summary of Components of Total Pension Expense                   
                (Details)                                                        
101: R87         Pension and Postretirement Benefit Obligations -    HTML     45K  
                Components of Net Periodic Postretirement Benefit                
                Cost (Details)                                                   
102: R88         Other Liabilities - Summary of Other Liabilities    HTML     41K  
                (Details)                                                        
103: R89         Long-Term Debt - Summary of Long-term Debt          HTML     65K  
                (Details)                                                        
104: R90         Long-Term Debt - Summary of Debt, Footnotes         HTML     50K  
                (Details)                                                        
105: R91         Long-Term Debt - Narrative (Details)                HTML     35K  
106: R92         Commitments and Contingencies - Narrative           HTML     50K  
                (Details)                                                        
107: R93         Commitments and Contingencies - Summary of          HTML     39K  
                Company's Purchases from Manufacturing                           
                Cooperatives (Details)                                           
108: R94         Accumulated Other Comprehensive Income (Loss) -     HTML     71K  
                Summary of Accumulated Other Comprehensive (Loss)                
                (Details)                                                        
109: R95         Supplemental Disclosures of Cash Flow Information   HTML     56K  
                - Summary of Changes in Current Assets and Current               
                Liabilities Affecting Cash Flows (Details)                       
112: XML         IDEA XML File -- Filing Summary                      XML    208K  
110: XML         XBRL Instance -- coke-20230929_htm                   XML   2.64M  
111: EXCEL       IDEA Workbook of Financial Report Info              XLSX    175K  
11: EX-101.CAL  XBRL Calculations -- coke-20230929_cal               XML    257K 
12: EX-101.DEF  XBRL Definitions -- coke-20230929_def                XML    786K 
13: EX-101.LAB  XBRL Labels -- coke-20230929_lab                     XML   1.92M 
14: EX-101.PRE  XBRL Presentations -- coke-20230929_pre              XML   1.26M 
10: EX-101.SCH  XBRL Schema -- coke-20230929                         XSD    208K 
113: JSON        XBRL Instance as JSON Data -- MetaLinks              628±   930K  
114: ZIP         XBRL Zipped Folder -- 0000317540-23-000049-xbrl      Zip    417K  


‘EX-10.3’   —   Material Contract


This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



 C:   C: 
  Document  

Exhibit 10.3
AMENDMENT TWO
to the
COCA-COLA CONSOLIDATED, INC.
LONG-TERM PERFORMANCE EQUITY PLAN

THIS AMENDMENT TWO (this “Amendment”) is executed this 1st day of August, 2023, by Coca-Cola Consolidated, Inc., a Delaware corporation. Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to them in the Plan (as defined below).
WHEREAS, the Company maintains the Coca-Cola Consolidated, Inc. Long-Term Performance Equity Plan, as adopted effective January 1, 2018 and as amended by that certain Omnibus Amendment dated September 6, 2019 (as amended, the “Plan”), to provide incentive-based compensation to the Company’s Chief Executive Officer for achieving the Company’s long term performance goals;
WHEREAS, pursuant to Section 6.1 of the Plan, the Committee reserved the right to amend the Plan at any time; and
WHEREAS, the Committee has approved the amendments to the Plan set forth in this Amendment to (i) incorporate by reference into the Plan and any Award the terms and provisions of the Company’s incentive-based compensation recovery policy, and (ii) meet other current needs.
NOW, THEREFORE, BE IT RESOLVED, that the Plan is hereby amended as follows, all effective as of the date hereof:

1.Section 3.1(b) of the Plan is amended to read as follows:

(b)    Determination of Awards. As soon as practicable (but not later than the first March 15) after the end of the Performance Period, the Committee shall certify whether and to what extent the Performance Measures have been met and the amount of the Incentive Award that has been earned, and shall notify the Executive of his entitlement, if any, to the payment of an Incentive Award.


2.Section 3.1(d) of the Plan is amended to read as follows:

(d)    Payment of Awards. Except as otherwise provided in Section 3.1(f) following a Change in Control, Incentive Awards earned shall be paid no later than the March 15 next following the end of the applicable Performance Period. Incentive Awards may be paid in cash, in Class B Common Stock or in a combination of cash or Class B Common Stock as elected by the Executive in accordance with procedures established by




the Committee. The number of shares of Class B Common Stock payable to the Executive to settle an Incentive Award payment shall be determined by dividing (i) the amount of the Incentive Award to be paid in shares of Class B Common Stock by (ii) the average of the closing prices of shares of the Company’s Common Stock during the last twenty (20) trading days of the Performance Period. Notwithstanding this Section 3.1(d) or any other provision of this Plan, the number of shares of Class B Common Stock that may be issued or transferred from and after the Effective Date in payment of Incentive Awards granted under the Plan shall not exceed 300,000 shares in the aggregate.

3.Section 3.1(e) of the Plan is amended to read as follows:

(e)    Termination of Employment. In the event the Executive’s employment with the Company terminates for any reason after completion of the first year of a Performance Period but prior to the end of the Performance Period, and in the event of the subsequent attainment of the Performance Measure or Measures applicable to the Executive, the Executive or his designated Beneficiary or estate, as applicable, shall be entitled to receive, no later than the March 15 next following the end of the applicable Performance Period, a pro rata portion of the Executive’s Incentive Award based on the portion of the Performance Period completed through the date the Executive’s employment terminated.

4.Section 7.3 of the Plan is amended to read as follows:

Section 7.3    Recovery of Awards. All incentive-based compensation received by the Executive under the Plan shall be subject to recovery pursuant to the Coca-Cola Consolidated, Inc. Incentive-Based Compensation Recovery Policy, as amended, superseded or replaced from time to time (the “Policy”), the terms and provisions of which are incorporated by reference into this Plan and any Award Agreement hereunder, and each Award shall be deemed to include, as a condition to the Award, an agreement by the Executive to abide by the terms of the Policy. Any Award hereunder shall also be subject rights of recovery that may be available to the Company under applicable law, rule or regulation or pursuant to the terms of any other policy of the Company or any provision in any employment agreement.

5.Except as expressly or by necessary implication amended hereby, all terms and provisions of the Plan shall continue in full force and effect.







2



IN WITNESS WHEREOF, the Company has caused this Amendment to be executed in its name and on its behalf by a duly authorized officer of the Company on the day and year first above written.

COCA-COLA CONSOLIDATED, INC.
By:/s/ E. Beauregarde Fisher III
Officer’s Name:E. Beauregarde Fisher III
Officer’s Title:Executive Vice President,
General Counsel and Secretary
3

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:11/1/238-K
For Period end:9/29/23
9/6/19
1/1/18
 List all Filings 


3 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/21/24  Coca-Cola Consolidated, Inc.      10-K       12/31/23  145:15M
12/14/23  Coca-Cola Consolidated, Inc.      424B7                  2:471K                                   Donnelley … Solutions/FA
12/14/23  Coca-Cola Consolidated, Inc.      S-3ASR     12/14/23    5:514K                                   Donnelley … Solutions/FA


3 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/02/23  Coca-Cola Consolidated, Inc.      10-Q        6/30/23  111:10M
 1/02/19  Coca-Cola Consolidated, Inc.      8-K:5,7,9  12/28/18    4:95K                                    Donnelley … Solutions/FA
 8/08/17  Coca-Cola Consolidated, Inc.      10-Q        7/02/17  118:21M                                    ActiveDisclosure/FA
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Filing Submission 0000317540-23-000049   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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