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69
15. Modification, Extension and Renewal of Options, Rights, Performance Units, Restricted Stock
and Incentive Shares
Subject฀to฀the฀terms฀and฀conditions฀and฀within฀the฀limitations฀of฀the฀Plan,฀the฀Committee฀may฀modify,฀
extend฀or฀renew฀outstanding฀Options,฀Rights฀and฀Performance฀Units,฀or฀accept฀the฀surrender฀of฀outstanding฀
options,฀rights฀and฀performance฀units฀(to฀the฀extent฀not฀theretofore฀exercised)฀granted฀under฀the฀Plan฀ or฀
under฀any฀other฀plan฀of฀the฀Company,฀a฀Subsidiary฀or฀a฀company฀or฀similar฀entity฀acquired฀by฀the฀Company฀
or฀a฀Subsidiary,฀and฀authorize฀the฀granting฀of฀new฀Options,฀Rights฀and฀Performance฀Units฀pursuant฀to฀the฀
Plan฀in฀substitution฀therefor฀(to฀the฀extent฀not฀theretofore฀exercised),฀and฀the฀substituted฀Options,฀Rights฀and฀
Performance฀Units฀may฀specify฀a฀longer฀term฀than฀the฀surrendered฀options,฀rights฀and฀performance฀units฀or฀
may฀have฀any฀other฀provisions฀that฀are฀authorized฀by฀the฀Plan;฀provided฀that฀the฀exercise฀price฀may฀not฀be฀
less฀than฀that฀of฀the฀surrendered฀option,฀rights฀and฀performance฀units.฀Subject฀to฀the฀terms฀and฀conditions฀
and within the limitations of the Plan, the Committee may modify the terms of any outstanding Agreement
providing฀for฀awards฀of฀Restricted฀Stock฀or฀Incentive฀Shares.฀Notwithstanding฀the฀foregoing,฀however,฀no฀
modification฀of฀an฀Option,฀Right฀or฀Performance฀Unit฀granted฀under฀the฀Plan,฀or฀an฀award฀of฀Restricted฀Stock฀
or฀Incentive฀Shares,฀will,฀without฀the฀consent฀of฀the฀Optionee฀or฀Grantee,฀alter฀or฀impair฀any฀of฀the฀Optionee’s฀
or฀Grantee’s฀rights฀or฀obligations.฀
16. Cash Bonuses
Two฀types฀of฀bonuses฀can฀be฀awarded฀under฀the฀Cash฀Bonus฀Program;฀an฀annual฀bonus฀award฀for฀each฀
fiscal฀year,฀and฀a฀long-term฀bonus฀award฀for฀measurement฀periods฀in฀excess฀of฀one฀year.฀Bonus฀payments฀are฀
based฀on฀the฀Company’s฀performance฀measured฀against฀Performance฀Goals฀established฀by฀the฀Committee.฀
The฀Committee฀establishes฀a฀bonus฀“potential”฀for฀each฀bonus฀payable฀under฀the฀Cash฀Bonus฀Program฀for฀each฀
participant,฀based฀on฀the฀participant’s฀level฀within฀the฀Company,฀and฀actual฀payouts฀can฀exceed฀that฀amount฀
when฀the฀Company’s฀performance฀exceeds฀the฀pre-established฀thresholds.฀Initially฀the฀Performance฀Goals฀
for฀annual฀bonuses฀will฀include฀the฀following฀components:฀(i)฀EBITDA;฀(ii)฀identical฀sales;฀(iii)฀achievement฀
of฀strategic฀initiatives,฀and฀(iv)฀achievement฀of฀supermarket฀fuel฀center฀goals฀for฀EBITDA,฀gallons฀sold,฀and฀
number฀ of฀ fuel฀ centers.฀ Initially฀ the฀ Performance฀ Goals฀ for฀ long-term฀ bonuses฀ will฀ include฀ the฀ following฀
components:฀(i)฀performance฀in฀four฀key฀categories฀in฀the฀Company’s฀strategic฀plan,฀(ii)฀reduction฀in฀operating฀
costs฀as฀a฀percentage฀of฀sales,฀(iii)฀performance฀in฀categories฀designed฀to฀measure฀associate฀engagement,฀and฀
(iv).฀No฀single฀cash฀bonus฀to฀a฀participant฀may฀exceed฀$5,000,000.
17. Effectiveness of the Plan
The฀ Plan฀ and฀ any฀ amendments฀ requiring฀ shareholder฀ approval฀ pursuant฀ to฀ Article฀ 14฀ are฀ subject฀ to฀
approval฀by฀vote฀of฀the฀shareholders฀of฀the฀Company฀within฀12฀months฀after฀their฀adoption฀by฀the฀Board.฀
Subject฀to฀that฀approval,฀the฀Plan฀is฀effective฀upon฀approval฀ by฀the฀shareholders฀and฀any฀amendments฀are฀
effective฀on฀the฀date฀on฀which฀they฀are฀adopted฀by฀the฀Board.฀Options,฀Rights,฀Performance฀Units,฀Restricted฀
Stock฀and฀Incentive฀Shares฀may฀be฀granted฀or฀awarded฀prior฀to฀shareholder฀approval฀of฀the฀Plan฀or฀amendments,฀
but฀each฀such฀Option,฀Right,฀Performance฀Unit,฀Restricted฀Stock฀or฀Incentive฀Share฀grant฀or฀award฀will฀be฀
subject฀to฀the฀approval฀of฀the฀Plan฀or฀amendments฀by฀the฀shareholders.฀The฀date฀on฀which฀any฀Option,฀Right,฀
Performance฀Unit,฀Restricted฀Stock฀or฀Incentive฀Shares฀granted฀or฀awarded฀prior฀to฀shareholder฀approval฀of฀
the฀Plan฀or฀amendment฀is฀granted฀or฀awarded฀will฀be฀the฀Date฀of฀Grant฀for฀all฀purposes฀as฀if฀the฀Option,฀Right,฀
Performance฀Unit,฀Restricted฀Stock฀or฀Incentive฀Shares฀had฀not฀been฀subject฀to฀approval.฀No฀Option,฀Right฀or฀
Performance฀Unit฀may฀be฀exercised฀prior฀to฀such฀shareholder฀approval,฀and฀any฀Restricted฀Stock฀or฀Incentive฀
Shares฀awarded฀will฀be฀forfeited฀if฀such฀shareholder฀approval฀is฀not฀obtained.฀
18. Term of the Plan
Unless฀sooner฀terminated฀by฀the฀Board฀pursuant฀to฀Article฀14,฀the฀Plan฀will฀terminate฀on฀the฀date฀ten฀
years฀after฀its฀adoption฀by฀the฀Board,฀and฀no฀Options,฀Rights,฀Performance฀Units,฀Restricted฀Stock฀or฀Incentive฀
Shares฀may฀be฀granted฀or฀awarded฀after฀termination.฀The฀termination฀will฀not฀affect฀the฀validity฀of฀any฀Option,฀
Right,฀Performance฀Unit,฀Restricted฀Stock฀or฀Incentive฀Shares฀outstanding฀on฀the฀date฀of฀termination.฀