<SEC-DOCUMENT>0001193125-19-044338.txt : 20190219
<SEC-HEADER>0001193125-19-044338.hdr.sgml : 20190219
<ACCEPTANCE-DATETIME>20190219165832
ACCESSION NUMBER:		0001193125-19-044338
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20190215
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190219
DATE AS OF CHANGE:		20190219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FLOWERS FOODS INC
		CENTRAL INDEX KEY:			0001128928
		STANDARD INDUSTRIAL CLASSIFICATION:	FOOD & KINDRED PRODUCTS [2000]
		IRS NUMBER:				582582379
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			1229

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16247
		FILM NUMBER:		19615746

	BUSINESS ADDRESS:	
		STREET 1:		1919 FLOWERS CIRCLE
		CITY:			THOMASVILLE
		STATE:			GA
		ZIP:			31757
		BUSINESS PHONE:		9122269110

	MAIL ADDRESS:	
		STREET 1:		1919 FLOWERS CIRCLE
		CITY:			THOMASVILLE
		STATE:			GA
		ZIP:			31757
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d704287d8k.htm
<DESCRIPTION>FORM 8-K
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<TITLE>Form 8-K</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported): February&nbsp;19, 2019 (February 15, 2019) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>FLOWERS FOODS, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Georgia</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">1-16247</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">58-2582379</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>1919 Flowers Circle, Thomasville, GA</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>31757</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (229)
<FONT STYLE="white-space:nowrap">226-9110</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Check the
appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<I>see</I> General Instruction A.2. below):
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933
(&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.02.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;15, 2019, Allen L. Shiver, president and chief
executive officer of Flowers Foods, Inc. (the &#147;Company&#148;) and a member of the board of directors of the Company (the &#147;Board&#148;), notified the Company that he will retire from those positions, effective as of the Company&#146;s 2019
Annual Meeting of Shareholders (the &#147;Transition Date&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with Mr.&nbsp;Shiver&#146;s retirement, on
February&nbsp;15, 2019, the Board elected A. Ryals McMullian, 49, who has served as the Company&#146;s chief operating officer since June&nbsp;27, 2018, to serve as the Company&#146;s president and chief executive officer, effective as of the
Transition Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Effective as of the Transition Date, the Board has approved the following changes to Mr.&nbsp;McMullian&#146;s
compensation as a result of his promotion: (i)&nbsp;Mr.&nbsp;McMullian&#146;s annual base salary will increase to $700,000; (ii) Mr. McMullian&#146;s target bonus percentage under the Company&#146;s 2019 Annual Executive Bonus Plan (the &#147;Bonus
Plan&#148;) will be 100% of his base salary; and (iii) in combination with grants already made, Mr. McMullian&#146;s target award opportunity under the 2019 long term incentive program under the Company&#146;s 2014 Omnibus Equity and Incentive
Compensation Plan (the &#147;Omnibus Plan&#148;) will be increased to a value of approximately $1.6 million.&nbsp;In addition, Mr. McMullian will be entitled to receive on the Transition Date a one-time award of time-based restricted stock pursuant
to the Omnibus Plan in the amount of $1,000,000, vesting 100% on the fourth anniversary of the date of grant, provided that Mr. McMullian remains employed by the Company during this period. The information about Mr.&nbsp;McMullian required under
Item 401(d) and Item 404(a) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> is incorporated by reference from the Company&#146;s proxy statement for the Company&#146;s 2018 Annual Meeting of Shareholders filed with the Securities and
Exchange Commission on April&nbsp;2, 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with Mr.&nbsp;Shiver&#146;s retirement, the Company and Mr.&nbsp;Shiver have
entered into a retirement agreement and general release (the &#147;Agreement&#148;), dated as of February&nbsp;15, 2019. Pursuant to the terms of the Agreement, Mr.&nbsp;Shiver will: (i)&nbsp;receive a retirement payment of $1,319,231, which is
equivalent to one week of base salary for each year of service to the Company <I>plus</I> 26 weeks of prorated cash bonus at 100% of target bonus percentage under the Bonus Plan; (ii) receive six months of continued health care premiums under COBRA;
(iii)&nbsp;retain all benefits vested in accordance with their terms as of the Transition Date under the Company&#146;s benefit programs; and (iv)&nbsp;continue to be eligible to participate in the Company&#146;s benefit programs until the
Transition Date. Under the terms of the Agreement, Mr.&nbsp;Shiver will act as a <FONT STYLE="white-space:nowrap">non-executive</FONT> special advisor to the Company through December&nbsp;31, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description of the Agreement is qualified in its entirety by reference to the Agreement, a copy of which is attached hereto as
Exhibit 10.1 and is incorporated herein by reference. A copy of the press release issued by the Company announcing the foregoing is attached hereto as Exhibit 99.1 and is incorporated herein by reference. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements and Exhibits. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d704287dex101.htm">Retirement Agreement and General Release, dated as of February&nbsp;15, 2019, between Flowers Foods, Inc. and Allen L. Shiver </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d704287dex991.htm">Press Release of Flowers Foods, Inc. dated February&nbsp;19, 2019 </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="5"><B>FLOWERS FOODS, INC.</B></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
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<TD VALIGN="top">By:&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ R. Steve Kinsey</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">R. Steve Kinsey</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer and Chief Administrative Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: February&nbsp;19, 2019 </P>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d704287dex101.htm
<DESCRIPTION>EXHIBIT 10.1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RETIREMENT AGREEMENT AND GENERAL RELEASE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Retirement Agreement and General Release (&#147;Agreement&#148;), is entered into as of February&nbsp;15, 2019, between Flowers Foods,
Inc., a Georgia corporation (&#147;Company&#148;), and Allen Shiver (&#147;Executive&#148;) (collectively referred to as &#147;Parties&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Background and Purpose</U></B>. Executive has been employed by Company for approximately 40 years and has been
in a position of special responsibility and trust with Company during his employment as Chief Executive Officer (&#147;CEO&#148;) with access to highly sensitive, valuable, confidential and proprietary information regarding, among other things,
Company&#146;s methods of operations, current and future business plans and strategies, personnel and finances, and other confidential and/or <FONT STYLE="white-space:nowrap">non-public</FONT> information. Company and Executive have mutually decided
that Executive will retire from Company effective May&nbsp;23, 2019 to facilitate an orderly transition of duties to his successor. Therefore, the Parties wish to formally document Executive&#146;s planned retirement and transition services and
resolve all outstanding issues between them. This Agreement accomplishes a written statement of Executive&#146;s continuing employment duties and compensation and other benefits, Executive&#146;s ongoing covenants and commitments to Company, and a
release and resolution of all outstanding issues between the Parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Retirement Date</U></B>. The
Parties agree that Executive will retire from his current role as CEO on May&nbsp;23, 2019 (the &#147;Retirement Date&#148;), except as otherwise provided in Section&nbsp;6, at which time Executive&#146;s employment will terminate. Effective as of
the Retirement Date, or such earlier date as otherwise provided under Section&nbsp;6, Executive will step down as an employee and officer of Company and resign from all directorships, officer positions/titles and other positions he holds with
Company or any of its subsidiaries or affiliates. Executive will promptly execute any other documents to effectuate such Retirement and other resignations, as requested by Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Transition and Advisory Services</U></B><B>.</B> During the period from the Retirement Date through
December&nbsp;31, 2019, Executive shall make himself reasonably available as Special Advisor to the successor to Executive&#146;s CEO role to provide such assistance and cooperation to Company to ensure an orderly transition of Executive&#146;s
responsibilities to his successor and to assist such other assistance as may be requested by his successor regarding historical Company information (the &#147;Transition Services&#148;). At all times that Executive is providing any Transition
Services, Executive agrees and understands that as part of his provision of the Transition Services, Executive may receive Trade Secret and Confidential Information as those terms is defined in Section&nbsp;12. Executive further agrees that the
terms of Section&nbsp;12 will apply to any Trade Secret or Confidential Information to which Executive gains access to as part of his provision of the Transition Services. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Compensation and Benefits</U></B>. In consideration of
Executive&#146;s execution of this Agreement, Company&#146;s continued employment of Executive through the Retirement Date and Executive&#146;s provision of the Transition Services, and provided that Executive continues to comply with the
Agreement&#146;s terms and conditions, Executive will receive the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Base Salary</U>. Company shall pay Eighty-Three Thousand, Three Hundred and Thirty-Three Dollars
($83,333.00) per month, less applicable taxes, deductions and withholdings as required by law, such amount to be paid in accordance with the Company&#146;s normal payroll cycle beginning on the first pay period after the Effective Date of this
Agreement and continuing until the Retirement Date, or until Executive&#146;s employment is terminated pursuant to Section&nbsp;6. These payments shall be reported to the Internal Revenue Service (&#147;IRS&#148;) on appropriate forms and to other
appropriate taxing authorities as required. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Standard Benefits Package</U>. Executive shall continue to be eligible to participate for as long as he is
an employee, on a basis which is no less favorable than is provided to other similarly situated employees of the Company, in those benefit programs of Company (excluding any severance plans or practices, or any other plans, awards or programs
governed by Company&#146;s 2014 Omnibus Equity and Incentive Compensation Plan, including but not limited to any 2019 annual incentive bonus plan or 2019 performance stock agreements, except to the extent set forth herein), as determined from time
to time by the Company. The Executive acknowledges that Company may change their benefit programs from time to time, which may result in certain benefit programs being amended or terminated for Executive and/or Company&#146;s similarly situated
employees. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Retirement Payment</U>. Provided that Executive&#146;s employment with Company is not terminated before the
Retirement Date, Company shall pay Executive a lump sum payment in the amount of One Million Three Hundred Nineteen Thousand and Two Hundred <FONT STYLE="white-space:nowrap">Thirty-One</FONT> Dollars ($1,319,231.00),<B> </B>such payment representing
40 weeks of base pay and 26 weeks of pro rata 2019 annual target bonus, and 6 months of COBRA coverage, less applicable taxes, deductions and withholdings as required by law, no later than sixty (60)&nbsp;days after the Retirement Date, provided
that Executive has timely executed and not revoked the Reaffirmation of Release of all Claims attached hereto as Exhibit A (the &#147;Reaffirmation&#148;). Executive understands and agrees that Company shall not provide the Retirement Payment until
after the Retirement Date and only after Executive&#146;s execution of the Reaffirmation covering the period from the date Executive signs this Agreement through the Retirement Date. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Executive agrees and acknowledges that, but for the promises contained in this Agreement, Executive would not
be entitled to the consideration set forth in this Section&nbsp;4. The foregoing payments and benefits provided under this Section&nbsp;4 shall be in lieu of and discharge any and all obligations of Company to Executive for any rights or claims of
any type, including but not limited to, any and all rights that Executive may have arising out of Executive&#146;s employment with Company, including but not limited to Executive&#146;s retirement or Executive&#146;s rights or claims of any type
arising out of Company&#146;s 2014 Omnibus Equity and Incentive Compensation Plan (including but not limited to the 2019 Annual Incentive Bonus Plan, the 2019 Performance Stock Agreement or any such bonus plan or stock agreement that might be
approved and adopted by the Company before the Retirement Date), any Company severance plan or practice, or any other Company plan, policy, practice, or any offer letter or contract of any type, or any other expectation of remuneration or benefit on
the part of Executive. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Executive expressly understands and acknowledges that Company agrees to provide the above-stated payments and
benefits in exchange for Executive&#146;s compliance with the terms set out in this Agreement. If Executive fails to comply with any of his obligations under this Agreement described above, Executive understands and acknowledges that Company may
cease making any of the above-described payments and benefits. In addition, if Company, in its sole discretion, determines that Executive violated any law or Company policy or engaged in any conduct contrary to Company&#146;s interest while a
Company employee during the term for payment described above, Executive understands and acknowledges that Company may cease making any of the above-described payments and benefits. Executive also acknowledges that if any payments are made to
Executive under this Agreement, but are suspended as a result of a breach by Executive of any provision of this Agreement, then the payments made to Executive are satisfactory and adequate consideration for the covenants and releases made by
Executive herein. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Benefits Vested as of the Retirement Date</U>. Executive will retain all benefits vested as of the
Retirement Date under Company&#146;s 2018 Annual Incentive Bonus Plan, the 2017 Performance Stock Agreement, Company&#146;s 401(k) Retirement Savings Plan, Company&#146;s Retirement Plan No.&nbsp;1, Company&#146;s Executive Deferred Compensation
Plan, and Company&#146;s Supplemental Executive Retirement Plan. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Other
Benefits</U></B>. All other benefits not described in this Agreement above shall cease as of the Effective Date of this Agreement. Executive acknowledges and agrees that, other than the payments and benefits expressly set forth in this Agreement,
Executive has received all compensation to which he is entitled from Company, and Executive is not entitled to any other payments or benefits from Company, including but not limited to, any and all rights that Executive may have arising out of
Company&#146;s 2014 Omnibus Equity and Incentive Compensation Plan (including but not limited to the 2019 Annual Incentive Bonus Plan, the 2019 Performance Stock Agreement or any such bonus plan or stock agreement that might be approved and adopted
by the Company before the Retirement Date), any Company severance plan or practice, or any other Company plan, policy, practice, or any offer letter or contract of any type, and such plans policies, practices, offer letters and contracts are hereby
so amended, or any other expectation of remuneration or benefit on the part of Executive, including but not limited to any payments for wages or vacation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Termination of Employment</U></B><B>.</B> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Executive agrees that his employment shall automatically terminate on the earlier of: (i)&nbsp;the Retirement
Date or (ii)&nbsp;the last day of the month in which Executive dies. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Company may immediately terminate Executive&#146;s employment for cause upon delivery of notice to Executive
that the Company, in its sole discretion, has </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 3 - </P>

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determined that Executive has engaged in any of the following: (i)&nbsp;theft, dishonesty, misconduct or falsification of any employment or Company records; (ii)&nbsp;improper use or disclosure
of the Company&#146;s trade secret, confidential or proprietary information; (iii)&nbsp;any action by Executive that has a material detrimental effect on the reputation or business of Company (or any subsidiary, division or business unit); (iv)
Executive&#146;s inability or unwillingness to perform assigned duties (other than as a result of disability); (v) the conviction (including any plea of guilty or no contest) for any criminal act, or any other violation of law that impairs
Executive&#146;s ability to perform his job; (vi)&nbsp;violation of the Company&#146;s Code of Conduct or other policies; or (vii)&nbsp;a breach of this Agreement. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In the case of early termination of Executive&#146;s employment under Section&nbsp;6(b) or Executive&#146;s
voluntary resignation before the Retirement Date, Executive shall be entitled to receive only the payments and benefits listed in Sections 4(a) and 4(b) through the last day of employment. Executive further understands and agrees that if any
payments are made to Executive under this Agreement but are ended as a result of his early termination under this Section&nbsp;6, then the payments and benefits made to Executive are satisfactory and adequate consideration for the covenants and
releases made by Executive herein. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Adequate Consideration</U></B>. The Parties hereby
acknowledge the receipt and sufficiency of the consideration for the mutual benefits and obligations contained in this Agreement. Executive understands and agrees that payment of any of the benefits described herein is not required by law and is not
required by Company&#146;s policies and procedures. Executive also acknowledges that a portion of the consideration for this Agreement is Executive&#146;s ongoing compliance with the terms of the Agreement over time. Executive also acknowledges that
if any payments are made to Executive under the terms of this Agreement, but are suspended pursuant to Section&nbsp;4(e), then the payments made to Executive are satisfactory and adequate consideration for the covenants and releases made by
Executive herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Release by Executive</U></B><B>.</B> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Executive waives any and all claims and hereby releases and forever discharges Company and each and all of its
current and former affiliated business entities, sister corporations, predecessors, successors, affiliates, assigns, partners, insurers, guarantors, shareholders, board members, and each and all of their officers, directors, representatives,
employees, agents, attorneys and other representatives (the &#147;Released Parties&#148;) from any and all claims and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">causes-of-action,</FONT></FONT> charges, complaints, liabilities,
obligations, promises, agreements, damages, actions, suits, rights, demands, losses, debts, costs and expenses of any nature whatsoever, whether known or unknown, suspected or unsuspected, disclosed or undisclosed, contingent or absolute, matured or
unmatured, whether brought individually, as a member or representative of a class, or derivatively on behalf of Company or shareholders of Company, arising prior to the Effective Date, which Executive now has or ever had against the Released Parties
(collectively the &#147;Claims)&#148;, including, but not limited to, any and all matters related in any way to Executive&#146;s employment with, compensation by or retirement from Company, Executive&#146;s
</P></TD></TR></TABLE>
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ownership of Company stock, and any claims or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">causes-of-action</FONT></FONT> under Title VII of the Civil Rights Act of 1964, the
Civil Rights Act of 1866, 42 U.S.C. &#167; 1981, the Americans With Disabilities Act of 1990, the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Civil Rights Act of 1991, the Family Medical Leave Act of 1993, the
Employee Retirement Income Security Act of 1974, and any other federal, state or local anti-discrimination or anti-retaliation laws, and any other statutory, contractual, or tort, or equitable claims related in any manner to Executive&#146;s
employment, retirement from employment with Company or his status as a shareholder of Company. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This Agreement does not prohibit the following rights or claims: (1)&nbsp;claims that first arise after
Executive signs the Agreement or which arise out of or in connection with the interpretation or enforcement of the Agreement itself; (2)&nbsp;Executive&#146;s right to file a charge or complaint with the EEOC or other federal or state agency, or his
ability to participate in any investigation or proceeding conducted by such agency, except Executive agrees and understands that he will not seek or accept any personal relief including, but not limited to, an award of monetary damages or
reinstatement to employment, in connection with such a charge or claims (provided, however, and for the avoidance of doubt, nothing herein prevents Executive from receiving any whistleblower award); and (3)&nbsp;any rights or claims, whether
specified above or not, that cannot be waived as a matter of law pursuant to federal, state or local statute. If it is determined that any Claim covered by this Agreement cannot be waived as a matter of law, Executive expressly agrees that the
Agreement will nevertheless remain valid and fully enforceable as to the remaining released Claims. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">By signing this Agreement, Executive understands that he voluntarily and knowingly waives any and all of his
rights or claims under the federal Age Discrimination in Employment Act of 1967 (ADEA), as amended, that may have existed prior to the date he signs the Agreement. However, Executive is not waiving any future rights or claims under the ADEA or Title
VII of the Civil Rights Act for actions arising after the date he signs this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Executive understands that he is releasing Claims that he may not know about, and that is his knowing and
voluntary intent. Executive expressly waives all rights that he might have under any law that is intended to prevent unknown Claims from being released. Executive understands the significance of doing so.</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Government Proceedings</U></B>. Executive represents and warrants that he has not made, filed or lodged any
complaints, charges or lawsuits or otherwise directly or indirectly commenced any proceeding against Company and/or any Released Parties with any governmental agency, department or official; any regulatory authority, court, or other tribunal; and/or
any other dispute resolution body. Nothing in this Agreement (or any other agreement incorporated by reference herein) shall be construed to prevent Executive from providing truthful testimony under oath in a judicial or administrative proceeding or
to prohibit or interfere with Executive&#146;s right to participate as a complainant or witness in any federal, state or local </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 5 - </P>

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governmental agency investigation (including but not limited to any activities protected under the whistleblower provisions of any applicable laws or regulations), during which communications can
be made without authorization by or notification to the Company. Employee is waiving, however, his right to any monetary recovery or relief (including but not limited to reinstatement of his employment) should the EEOC or any other government agency
or commission pursue any claims on his behalf; provided however, and for the avoidance of doubt, nothing herein prevents Executive from receiving any whistleblower award. Further, nothing in this Agreement prevents Executive from providing, without
prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations.
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Tax Indemnification</U></B>. In the event that it is subsequently determined by any
federal, state, or local taxing authority that Executive owes any additional taxes with respect to this Agreement, it is expressly agreed that the determination of any tax liability, if any, is between Executive and that taxing authority, and that
Company will not be responsible for the payment of such taxes, including any interest and penalties. Executive further agrees to indemnify and hold Company harmless from any and all loss, costs, expenses, interest, payments, or penalties incurred by
it as a result of adhering to the withholding elections provided by Executive and, as a result, not making certain deductions from the payments set forth above in the event said payments should later be deemed taxable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;<B><U><FONT STYLE="white-space:nowrap">Non-Admission</FONT> of Liability</U></B>. Executive acknowledges and agrees
that this Agreement shall not in any way be construed as an admission by Company that it acted wrongfully with respect to Executive or any other person(s), or that Executive has any rights whatsoever against Company or any Released Party. Company
specifically disclaims any liability to or wrongful acts against Executive or any other person(s). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Restrictive Covenants</U></B>. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U><FONT STYLE="white-space:nowrap">Non-Disclosure</FONT> of Confidential Information</U>. In view of the fact
that Executive&#146;s work for Company has afforded Executive access to Company&#146;s Confidential Information not readily available to the public, Executive agrees that all Confidential Information and all physical embodiments thereof are
confidential to Company, and will remain Company&#146;s sole and exclusive property. Executive warrants and agrees that he will not reproduce, use, distribute, disclose, publish, misappropriate, or otherwise disseminate any Confidential Information
and will not take any action causing, or fail to take any action to prevent any Confidential Information to lose its character as Confidential Information through no fault, either directly or indirectly, of Executive. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U><FONT STYLE="white-space:nowrap">Non-Disclosure</FONT> of Trade Secrets</U>. In view of the fact that
Executive&#146;s work for Company and the provision of the Transition Services affords Executive access to Company&#146;s Trade Secrets not readily available to the public, Executive agrees that all Trade Secrets and all physical embodiments thereof
are confidential to Company and will remain Company&#146;s sole and exclusive property. Executive warrants and agrees that he will not reproduce, use, distribute, disclose, publish,
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 6 - </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
misappropriate, or otherwise disseminate any Trade Secrets and will not take any action causing, or fail to take any action to prevent, any Trade Secret to lose its character as a Trade Secret
until and unless such Trade Secrets lose their status as Trade Secrets through no fault, either directly or indirectly, of Executive. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Return of Confidential Information and Trade Secrets</U>. All Confidential Information, Trade Secrets, and
other Company records, files, memoranda, reports, lists, materials, drawings, designs, proposals, plans, sketches, documents, computer programs, disks, computer printouts, and the like (together with all copies thereof) relating to Company&#146;s
Business, which Executive uses, prepares, or comes in contact with during the course of, or as a result of, his employment with Company or the provision of the Transition Services are the sole property of Company. Executive shall return all such
materials, including copies, to Company at any time upon request by Company and immediately upon the Retirement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U><FONT STYLE="white-space:nowrap">Non-Competition</FONT></U>. Through and for a period of two years after the
Retirement Date, Executive shall not, either directly or by assisting others, on Executive&#146;s own behalf or on behalf of any other person or entity of any kind, perform or provide services that are the same as or substantially similar to the
services that Executive conducted, performed or provided on behalf of Company in his position as CEO for a Competing Business within the Restricted Area. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U><FONT STYLE="white-space:nowrap">Non-Solicitation</FONT> of Customers, Vendors or Contractors</U>. Through
and for a period of two years after the Retirement Date, Executive shall not, either directly or by assisting others, on Executive&#146;s own behalf or on behalf of any other person or entity of any kind, attempt to influence, solicit, recruit,
encourage, persuade, or induce any customer, vendor, or contractor of Company with whom Executive had Material Contact to leave the service or terminate or lessen a business relationship with Company or for the purpose of selling any products or
services for a Competing Business. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U><FONT STYLE="white-space:nowrap">Non-Solicitation</FONT> of Employees</U>. Through and for a period of two
years after the Retirement Date, Executive shall not, either directly or by assisting others, on Executive&#146;s own behalf or on behalf of any other person or entity or any kind, solicit or attempt to solicit Company&#146;s employees to leave
their employment with Company, or disrupt or attempt to disrupt the relationship between Company and any of its consultants, agents, representatives, or vendors. The provisions of this paragraph shall only apply to those persons employed by Company
at the time of the solicitation or attempted solicitation and shall not restrict the hiring of any person which occurred without any recruitment or solicitation by Employee. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">For the purposes of this Section&nbsp;12: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;Competing Business&#148; means any business which manufactures, sells, markets or distributes breads,
buns, rolls, tortillas, snack cakes or other bakery products as conducted by Company within two (2)&nbsp;years prior to the Retirement Date. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 7 - </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;Confidential Information&#148; means all information which is known only to Executive or Company, other
employees of Company, or others in a confidential relationship with Company, and, in each case, is related to Company&#146;s business, including, without limitation, information regarding clients, customers, pricing policies, methods of operation,
proprietary Company programs, sales products, profits, costs, markets, key personnel, formulae, product applications, technical processes, and trade secrets, as such information may exist from time to time, which Executive acquired or obtained by
virtue of work performed for Company, or which Executive may have acquired knowledge of during the performance of said work. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;Material Contact&#148; means contact between Executive and each customer or potential customer of Company
within two years before the Retirement Date </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">With whom Executive dealt on behalf of Company; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Whose dealings with Company were coordinated or supervised by the Company; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(C)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">About whom Executive obtained Confidential Information in the ordinary course of business as a result of
Executive&#146;s employment with Company; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(D)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Who receives products or services authorized by Company, the sale or provision of which results or resulted in
compensation, commissions or earnings for Executive within two years prior to the Retirement Date; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;Restricted Area&#148; means the United States of America (collectively and individually the states of
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri,
Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West
Virginia, Wisconsin and Wyoming, the District of Columbia, and the territories of American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the U.S. Virgin Islands); Canada (collectively and individually the provinces of Alberta, British
Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec and Saskatchewan; and </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 8 - </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;Trade Secret&#148; means information, without regard to form (including technical or nontechnical data),
a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual or potential Customers or suppliers that is not commonly known by or available
to the public and which information (A)&nbsp;derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or
use; and (B)&nbsp;is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Executive agrees to inform any potential new employer, prior to accepting employment, of the existence of the
Restrictive Covenants contained in this Section&nbsp;12. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Remedies for Breach of Section</U><U></U><U>&nbsp;12</U>. Executive acknowledges that the covenants
specified in this Section&nbsp;12 contain reasonable limitations as to time, geographic area, and scope of activities to be restricted and that such covenants do not impose a greater restraint on Executive than is necessary to protect the goodwill,
Confidential Information, Trade Secrets, customer and employee relations, and other legitimate business interests of Company. Executive also acknowledges and agrees that any violation of the restrictive covenants set forth in this Section&nbsp;12
would bestow an unfair competitive advantage upon any person or entity, which might benefit from such violation, and would necessarily result in substantial and irreparable damage and loss to Company. Accordingly, in the event of a breach or a
threatened breach by Executive of Section&nbsp;12 of this Agreement, Company shall be entitled to an injunction restraining Executive from such breach or threatened breach, as well as recovery of its costs and reasonable attorneys&#146; fees.
Nothing herein shall be construed as prohibiting Company from pursuing any other remedies available to it for such breach or threatened breach including the recovery of damages from Executive. In the event that Company should seek an injunction
hereunder, Executive waives any requirements that Company post a bond or any other security. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Notice of Immunity Under the Defend Trade Secrets Act of 2016</U>. Notwithstanding any other provision of
this Agreement, </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Executive will not be held criminally or civilly liable under any federal or state trade secret law for any
disclosure of a Trade Secret that: (i)&nbsp;is made: (A)&nbsp;in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (B)&nbsp;solely for the purpose of reporting or investigating a
suspected violation of law; or (ii)&nbsp;is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If Executive files a lawsuit for retaliation by Company for reporting a suspected violation of law, Executive
may disclose a Trade Secret to Executive&#146;s attorney and use the Trade Secret information in the court proceeding if Executive: (i)&nbsp;files any document containing the Trade Secret under seal; and (ii)&nbsp;does not disclose the Trade Secret,
except pursuant to court order. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 9 - </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;<B><U><FONT STYLE="white-space:nowrap">Non-Disparagement</FONT></U></B>. Executive agrees that he will not make,
utter or issue, or procure any person, firm, or entity to make, utter or issue, any statement in any form, including written, oral and electronic communications, which conveys negative or adverse information concerning Company, the Released Parties,
their business, their actions or their officers, directors, shareholders or employees, to any person or entity (including, without limitation, Company employees, independent contractors, investors, shareholders, lenders, bankers, press, etc.). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Agreement to Cooperate</U></B><B>. </B>Notwithstanding Executive&#146;s retirement, for a period of two
(2)&nbsp;years after to the statute of limitation for any potential dispute, claim or litigation, Executive agrees that, to the extent required by Company at any time in the future, he will cooperate and provide information and assistance to Company
in any dispute, proceeding, arbitration, investigation or litigation involving Company about which Executive has knowledge or involvement as a result of his employment with Company, including providing whatever information he has available to
Company, its attorneys, agents or contractors, as well as meeting with Company&#146;s officials, attorneys, agents or contractors, if requested to do so. Executive expressly agrees and understands that, at Company&#146;s request, he shall make
himself available for meetings on reasonable terms as such meetings may be necessary to effectuate the business of Company and/or to provide for the defense or representation of Company in any dispute, proceeding, arbitration, investigation or
litigation involving Company. During any such activity, Executive will be reimbursed for reasonable and customary expenses in accordance with Company&#146;s Travel and Expense Reimbursement policies and procedures.&nbsp;&nbsp;&nbsp;&nbsp;If
Executive is ever contacted by any person or entity seeking information about Company or contemplating or maintaining any claim or legal action against it, or by any agent or attorney of such person, Executive agrees that he will, to the fullest
extent permitted by law, notify Company of any such request within forty-eight (48)&nbsp;hours of receipt, and before providing such information, provide Company ten (10)&nbsp;days to challenge release of the information, unless prohibited by
applicable law. In addition, Executive agrees that he will not assist or cooperate with any person or entity who is contemplating or maintaining any claim or legal action against Company in connection with any such action, unless compelled by
subpoena or otherwise required by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Return of Company Property</U></B>. Executive agrees, by the
Retirement Date, to return all property of Company given to Executive to facilitate Executive&#146;s work for Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Consultation with Attorney</U></B>. By signing below, Executive represents and warrants that he has been
offered a period of at least <FONT STYLE="white-space:nowrap">twenty-one</FONT> (21)&nbsp;calendar days to consider this Agreement. Executive acknowledges that if he signs this Agreement prior to the expiration of the
<FONT STYLE="white-space:nowrap">21-day</FONT> period, that he did so voluntarily. By signing this Agreement, Executive further acknowledges and agrees that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">he has carefully read and understands the terms of this Agreement; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 10 - </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">he has signed this Agreement freely and voluntarily and without duress or coercion and with full knowledge of
its significance and consequences and of the rights relinquished, surrendered, released and discharged hereunder; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the only consideration for signing this Agreement are the terms stated herein and no other promise, agreement
or representation of any kind has been made to Executive by any person or entity whatsoever to cause his to sign this Agreement; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Company advised Executive of his right to consult with an attorney before signing this Agreement.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Revocation Period</U></B><B>. </B>Executive may revoke this Agreement for a period of
seven (7)&nbsp;calendar days following the day he executes this Agreement (&#147;Revocation Period&#148;). Any revocation within this period must be submitted, in writing, to Steve Avera, Chief Legal Officer, and state, &#147;I hereby revoke my
agreement to enter into the Separation Agreement.&#148; The revocation must be personally delivered to Mr.&nbsp;Avera within seven (7)&nbsp;calendar days of Executive&#146;s execution of this Agreement. If Executive revokes this Agreement, then this
Agreement shall terminate and be of no further force and effect. If Executive does not revoke this Agreement prior to the eighth (8)&nbsp;day after Executive&#146;s signing, Executive agrees that this Agreement shall become enforceable on the eighth
(8)&nbsp;day after his signing (the &#147;Effective Date&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Severability</U></B>. Executive and
Company agree that if any provision of this Agreement is unenforceable, that provision either may be enforced to the maximum extent allowed by law, modified as necessary to make it fully enforceable, or considered severed from this Agreement. The
parties agree that any unenforceable provision does not invalidate any other provision of this Agreement, or the Agreement in its entirety, and they agree they will continue to fulfill all other obligations hereunder. If any phrase, clause or
provision in this Agreement is deemed to be unreasonable, onerous or unduly restrictive by a court of competent jurisdiction, it shall not be stricken in its entirety and held totally void and unenforceable, but shall remain effective to the maximum
extent permissible under the law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Governing Law</U></B>. The laws of the State of Georgia shall govern
the validity and interpretation of this Agreement, without regard to conflict of laws provisions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Section 409A</U></B>. It is intended that any amounts payable under this Agreement will be exempt from or
comply with Section&nbsp;409A of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), and treasury regulations relating thereto, so as not to subject Executive to the payment of any interest and tax penalty which may be imposed
under Section&nbsp;409A of the Code, and this Agreement shall be interpreted and construed accordingly; provided, however, that Company and the other Released Parties shall not be responsible for any taxes, penalties, interest or other losses or
expenses incurred by Executive due to any failure to comply with Section&nbsp;409A of the Code. In furtherance thereof, the terms of this Agreement, to the extent necessary, may be modified to be exempt from and so comply with Section&nbsp;409A of
the Code. The Parties intend that the Retirement Date shall be the date of Executive&#146;s &#147;separation from service&#148; for purposes of Section&nbsp;409A of the Code. Notwithstanding anything to the contrary in this
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 11 - </P>

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Agreement, if at the time of Executive&#146;s separation from service, the Company determines that Executive is a &#147;specified employee,&#148; within the meaning of Section&nbsp;409A of the
Code, then to the extent any payment or benefit that Executive becomes entitled to under this Agreement on account of such separation from service would be considered nonqualified deferred compensation under Section&nbsp;409A of the Code, such
payment or benefit shall be paid or provided at a date which is the earlier of (i)&nbsp;the first day of the seventh month after such separation from service and (ii)&nbsp;the date of Executive&#146;s death. Each payment under this Agreement as a
result of the separation of Executive&#146;s service shall be considered a separate payment for purposes of Section&nbsp;409A of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Plain Meaning and Drafting</U></B>. This Agreement shall be interpreted in accordance with the plain meaning
of its terms. Although the initial draft of this Agreement has been drafted by counsel for Company, the Parties agree that this Agreement cannot be construed in favor of or against any of the Parties to this Agreement. The Parties agree that they
have had the opportunity to consult with counsel of their choosing with respect to the terms of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">22.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>No Representations</U></B>. Executive represents and acknowledges that in executing this Agreement, Executive
does not rely and has not relied upon any representation or statement not set forth herein made by Company, by any of the Released Parties or by any of Company&#146;s or Released Parties&#146; agents, representatives, members, or attorneys with
regard to the subject matter, basis, or effect of this Agreement or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">23.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Sole and Entire
Agreement</U></B>. This Agreement sets forth the entire agreement between the parties hereto and fully supersedes any and all other prior agreements or understandings between the parties hereto pertaining to the subject matter hereof. This Agreement
shall not be modified except in writing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">24.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Remedies and Forum Selection</U></B>. Except as permitted by
Section&nbsp;12(i), any controversy or claim arising out of or relating to this Agreement, including any claimed breach of the Agreement, or any other dispute between the Parties of any nature, shall be submitted to and settled exclusively before a
single arbitrator in the forum of JAMS located in Atlanta, Georgia and conducted in accordance with the National Rules for the Resolution of Employment Disputes. Should either party file an action to enforce the terms of this Agreement, the
prevailing party in such action shall be awarded reasonable attorneys&#146; fees and costs incurred in bringing such action, in addition to any other remedies available in law or in equity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">25.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Taxes</U></B>. Company may withhold from any amounts payable under this Agreement all federal, state, city or
other taxes as Company is required to withhold pursuant to any applicable law, regulation or ruling. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">26.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Counterparts</U></B>. This Agreement may be executed in counterparts, each of which, when taken together,
shall constitute one entire original Agreement. Facsimile and/or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">scanned-and-emailed</FONT></FONT> signatures are acceptable as originals. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 12 - </P>

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 <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, Allen Shiver and Flowers Foods, Inc. have executed this Agreement as of
the date written below their requisite signatures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>BY SIGNING THIS RELEASE, EXECUTIVE STATES THAT: HE HAS READ IT; HE UNDERSTANDS IT
AND KNOWS THAT HE IS GIVING UP IMPORTANT RIGHTS; HE AGREES TO ALL THE TERMS CONTAINED WITHIN THE AGREEMENT; HE IS AWARE OF HIS RIGHTS TO CONSULT WITH AN ATTORNEY BEFORE SIGNING IT; HE HAS CONSULTED WITH HIS ATTORNEY BEFORE SIGNING IT; HE HAS SIGNED
IT KNOWINGLY AND VOLUNTARILY. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="92%"></TD></TR>


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<TD VALIGN="top"><B>By:</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>/s/ Allen Shiver</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><B>Allen Shiver</B></TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><B>Date: February&nbsp;15, 2019</B></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><B>Flowers Foods, Inc.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>By:</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>/s/ R. Steve Kinsey</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Its:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Chief Financial Offer and Chief Administrative&nbsp;Officer</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><B>Date: February&nbsp;15, 2019</B></TD></TR>
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 <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Reaffirmation of Release of All Claims </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(To Be Executed On or After the Retirement Date) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In exchange for, and as a condition to receipt of the payment set forth in Paragraph 4(c) of the Retirement Agreement and General Release
between Allen Shiver (&#147;Executive&#148;) and Flowers Foods, Inc., a Georgia corporation (&#147;Company&#148;), dated February&nbsp;15, 2019 (the &#147;Retirement Agreement&#148;), Company and Executive have entered into this Reaffirmation of
Release of All Claims (the &#147;Reaffirmation&#148;) as of the last date set forth on the signature page hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Release by Executive</U></B><B>.</B> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Executive waives any and all claims and hereby releases and forever discharges Company and each and all of its
current and former affiliated business entities, sister corporations, predecessors, successors, affiliates, assigns, partners, insurers, guarantors, shareholders, board members, and each and all of their officers, directors, representatives,
employees, agents, attorneys and other representatives (the &#147;Released Parties&#148;) from any and all claims and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">causes-of-action,</FONT></FONT> charges, complaints, liabilities,
obligations, promises, agreements, damages, actions, suits, rights, demands, losses, debts, costs and expenses of any nature whatsoever, whether known or unknown, suspected or unsuspected, disclosed or undisclosed, contingent or absolute, matured or
unmatured, whether brought individually, as a member or representative of a class, or derivatively on behalf of Company or shareholders of Company, arising prior to the Effective Date, which Executive now has or ever had against the Released Parties
(collectively the &#147;Claims)&#148;, including, but not limited to, any and all matters related in any way to Executive&#146;s employment with, compensation by or retirement from Company, Executive&#146;s ownership of Company stock, and any claims
or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">causes-of-action</FONT></FONT> under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, 42 U.S.C. &#167; 1981, the Americans With Disabilities Act of 1990,
the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Civil Rights Act of 1991, the Family Medical Leave Act of 1993, the Employee Retirement Income Security Act of 1974, and any other federal, state or local
anti-discrimination or anti-retaliation laws, and any other statutory, contractual, or tort, or equitable claims related in any manner to Executive&#146;s employment, retirement from employment with Company or his status as a shareholder of Company.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This Reaffirmation does not prohibit the following rights or claims: (1)&nbsp;claims that first arise after
Executive signs the Reaffirmation or which arise out of or in connection with the interpretation or enforcement of the Reaffirmation itself; (2)&nbsp;Executive&#146;s right to file a charge or complaint with the EEOC or other federal or state
agency, or his ability to participate in any investigation or proceeding conducted by such agency, except Executive agrees and understands that he will not seek or accept any personal relief including, but not limited to, an award of
</P></TD></TR></TABLE>
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monetary damages or reinstatement to employment, in connection with such a charge or claims (provided, however, and for the avoidance of doubt, nothing herein prevents Executive from receiving
any whistleblower award); and (3)&nbsp;any rights or claims, whether specified above or not, that cannot be waived as a matter of law pursuant to federal, state or local statute. If it is determined that any Claim covered by this Reaffirmation
cannot be waived as a matter of law, Executive expressly agrees that this Reaffirmation will nevertheless remain valid and fully enforceable as to the remaining released Claims. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">By signing this Reaffirmation, Executive understands that he voluntarily and knowingly waives any and all of
his rights or claims under the federal Age Discrimination in Employment Act of 1967 (ADEA), as amended, that may have existed prior to the date he signs this Reaffirmation. However, Executive is not waiving any future rights or claims under the ADEA
or Title VII of the Civil Rights Act for actions arising after the date he signs this Reaffirmation. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Executive understands that he is releasing Claims that he may not know about, and that is his knowing and
voluntary intent. Executive expressly waives all rights that he might have under any law that is intended to prevent unknown Claims from being released. Executive understands the significance of doing so. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<B><U><FONT STYLE="white-space:nowrap">Non-Litigation</FONT></U></B>. Executive represents and warrants that he has
not made, filed or lodged any complaints, charges or lawsuits or otherwise directly or indirectly commenced any proceeding against Company and/or any Released Parties with any governmental agency, department or official; any regulatory authority,
court, or other tribunal; and/or any other dispute resolution body. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Government Proceedings</U></B>.
Nothing in this Reaffirmation (or any other agreement incorporated by reference herein) shall be construed to prevent Executive from providing truthful testimony under oath in a judicial or administrative proceeding or to prohibit or interfere with
Executive&#146;s right to participate as a complainant or witness in any federal, state or local governmental agency investigation (including but not limited to any activities protected under the whistleblower provisions of any applicable laws or
regulations), during which communications can be made without authorization by or notification to the Company. Employee is waiving, however, his right to any monetary recovery or relief (including but not limited to reinstatement of his employment)
should the EEOC or any other agency or commission pursue any claims on his behalf; provided however, and for the avoidance of doubt, nothing herein prevents Executive from receiving any whistleblower award. Further, nothing in this Reaffirmation
prevents Executive from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental
authorities regarding possible legal violations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>No Transfer of Potential Claims</U></B><B>.
</B>Executive represents and warrants that he has not previously assigned or transferred, or purported to assign or transfer, to any person or entity, any of the claims released by this Reaffirmation and Executive agrees to indemnify and hold
harmless the Released Parties from any clam, demand, debt, obligation, liability, cost, expense, right of action or cause of action based on, arising out of or in assignment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;<B><U><FONT STYLE="white-space:nowrap">Non-Admission</FONT> of
Liability</U></B>. Executive acknowledges and agrees that this Reaffirmation shall not in any way be construed as an admission by Company that it acted wrongfully with respect to Executive or any other person(s), or that Executive has any rights
whatsoever against Company or any Released Party. Company specifically disclaims any liability to or wrongful acts against Executive or any other person(s). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Sufficiency of Consideration</U></B><B>.</B> Executive agrees and acknowledges that the payment set forth in
Section&nbsp;4(c) of the Retirement Agreement, which Executive agrees and acknowledges that he is not entitled to receive absent execution of this Reaffirmation, have provided good and sufficient consideration for every promise, duty, release,
obligation, agreement and right contained in this Reaffirmation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Consultation with Attorney</U></B>. By
signing below, Executive represents and warrants that he has had a period of at least <FONT STYLE="white-space:nowrap">twenty-one</FONT> (21)&nbsp;calendar days to consider this Reaffirmation. Executive acknowledges that if he signs this
Reaffirmation prior to the expiration of the <FONT STYLE="white-space:nowrap">21-day</FONT> period, that he did so voluntarily. By signing this Reaffirmation, Executive further acknowledges and agrees that: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">he has carefully read and understands the terms of this Reaffirmation; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">he has signed this Reaffirmation freely and voluntarily and without duress or coercion and with full knowledge
of its significance and consequences and of the rights relinquished, surrendered, released and discharged hereunder; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the only consideration for signing this Reaffirmation are the terms stated in Section&nbsp;4(c) of the
Retirement Agreement and no other promise, agreement or representation of any kind has been made to Executive by any person or entity whatsoever to cause his to sign this Reaffirmation; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Company advised Executive of his right to consult with an attorney before signing this Reaffirmation.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Revocation Period</U></B><B>. </B>Executive may revoke this Reaffirmation for a period
of seven (7)&nbsp;calendar days following the day he executes this Reaffirmation (&#147;Revocation Period&#148;). Any revocation within this period must be submitted, in writing, to Steve Avera, Chief Legal Officer, and state, &#147;I hereby revoke
my agreement to enter into the Reaffirmation.&#148; The revocation must be personally delivered to Mr.&nbsp;Avera within seven (7)&nbsp;calendar days of Executive&#146;s execution of this Reaffirmation. If Executive revokes this Reaffirmation, then
this Reaffirmation shall terminate and be of no further force and effect. If Executive does not revoke this Reaffirmation prior to the eighth (8)&nbsp;day after Executive&#146;s signing, Executive agrees that this Reaffirmation shall become
enforceable on the eighth (8)&nbsp;day after his signing (the &#147;Effective Date&#148;). </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Severability</U></B>. If any of the provisions of this
Reaffirmation are determined to be invalid by a court, arbitrator, or government agency of competent jurisdiction, the Parties agree that such a determination shall not affect the enforceability of the other provisions herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Governing Law</U></B>. The laws of the State of Georgia shall govern the validity and interpretation of this
Reaffirmation, without regard to conflict of laws provisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Plain Meaning and Drafting</U></B>. This
Reaffirmation shall be interpreted in accordance with the plain meaning of its terms. Although the initial draft of this Reaffirmation has been drafted by counsel for Company, the Parties agree that this Reaffirmation cannot be construed in favor of
or against any of the Parties to this Reaffirmation. The Parties agree that they have had the opportunity to consult with counsel of their choosing with respect to the terms of this Reaffirmation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>No Representations</U></B>. Executive represents and acknowledges that in executing this Reaffirmation,
Executive does not rely and has not relied upon any representation or statement not set forth herein made by Company, by any of the Released Parties or by any of Company&#146;s or Released Parties&#146; agents, representatives, members, or attorneys
with regard to the subject matter, basis, or effect of this Reaffirmation or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Sole and Entire
Agreement</U></B>. This Reaffirmation, along with the Retirement Agreement, sets forth the entire agreement between the parties hereto and fully supersedes any and all other prior agreements or understandings between the parties hereto pertaining to
the subject matter hereof. This Reaffirmation shall not be modified except in writing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Remedies and
Forum Selection</U></B>. Any controversy or claim arising out of or relating to this Reaffirmation, including any claimed breach of the Reaffirmation, or any other dispute between the Parties of any nature, shall be submitted to and settled
exclusively before a single arbitrator in the forum of JAMS located in Atlanta, Georgia and conducted in accordance with the National Rules for the Resolution of Employment Disputes. Should either party file an action to enforce the terms of this
Reaffirmation, the prevailing party in such action shall be awarded reasonable attorneys&#146; fees and costs incurred in bringing such action, in addition to any other remedies available in law or in equity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Counterparts</U></B>. This Reaffirmation may be executed in counterparts, each of which, when taken together,
shall constitute one entire original Reaffirmation. Facsimile and/or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">scanned-and-emailed</FONT></FONT> signatures are acceptable as originals. </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, Allen Shiver and Flowers Foods, Inc. have executed this Reaffirmation as
of the date written below their requisite signatures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>BY SIGNING THIS RELEASE, EXECUTIVE STATES THAT: HE HAS READ IT; HE UNDERSTANDS
IT AND KNOWS THAT HE IS GIVING UP IMPORTANT RIGHTS; HE AGREES TO ALL THE TERMS CONTAINED WITHIN THE REAFFIRMATION; HE IS AWARE OF HIS RIGHTS TO CONSULT WITH AN ATTORNEY BEFORE SIGNING IT; HE HAS CONSULTED WITH HIS ATTORNEY BEFORE SIGNING IT; HE HAS
SIGNED IT KNOWINGLY AND VOLUNTARILY. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>By:</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD></TR>
</TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Allen Shiver</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Date:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B>, 2019<B></B></TD></TR>
</TABLE></DIV> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Flowers Foods, Inc.</B></TD></TR>
</TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>By:</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD></TR>
</TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Its:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Chief Financial Offer and Chief Administrative&nbsp;Officer</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Date:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B>, 2019<B></B></TD></TR>
</TABLE></DIV>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>d704287dex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML><HEAD>
<TITLE>Exhibit 99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g704287g0218174612271.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">February&nbsp;19, 2019</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Flowers Foods (NYSE: FLO)</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FLOWERS FOODS ELECTS RYALS MCMULLIAN CEO EFFECTIVE MAY 2019; </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CEO ALLEN L. SHIVER TO RETIRE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THOMASVILLE, Ga. &#150; Flowers Foods, Inc. (NYSE: FLO), producer of <I>Nature&#146;s Own</I>, <I>Wonder</I>, <I>Tastykake</I>,<I> Dave&#146;s Killer
Bread</I>, and other bakery foods, today announced that Ryals McMullian, the company&#146;s chief operating officer, has been elected president and chief executive officer, effective as of the company&#146;s 2019 annual meeting of shareholders. The
board of directors, in accordance with the company&#146;s management succession plan, elected McMullian following the decision by Allen L. Shiver, president and chief executive officer, to retire and step down from the board. To ensure a seamless
transition, Shiver will continue to serve in his current position and as a board member until the annual meeting and will then serve as a <FONT STYLE="white-space:nowrap">non-executive</FONT> special advisor to the company through the end of the
year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Succession planning has long been an important priority for the board, and we are pleased to elect Ryals as Flowers Foods&#146; next
president and CEO,&#148; said Benjamin H. Griswold, IV, presiding director of Flowers&#146; board. &#147;Ryals has been a driving force behind the effort to grow the company into new areas we believe can enhance shareholder value and strengthen our
competitive position. He has done an outstanding job aligning the team behind our strategic goals and pushing our efforts forward. We are confident he is the right choice to take the helm at this exciting and important time in our company&#146;s
history.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Commenting on Allen Shiver&#146;s <FONT STYLE="white-space:nowrap">41-year</FONT> career with the company, George E. Deese, <FONT
STYLE="white-space:nowrap">non-executive</FONT> chairman of Flowers Foods&#146; board of directors said, &#147;Allen has been a strong advocate for our company and the baking industry. He has made significant contributions to the development of our
brands and the growth of the company through key acquisitions, such as <I>Dave&#146;s Killer Bread</I>, and he led the team during the development and implementation of the company&#146;s strategic transformation under Project Centennial. On behalf
of the board, I thank Allen for his many years of service. We look forward to continuing to work with him during the transition period.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shiver
said, &#147;Over the past four decades, I have seen this company grow from a regional bakery to a national powerhouse, with leading brands and a strong foundation for future growth and value creation. Since 2017, our company has made great strides
in establishing a strong team, and we are taking actions to improve efficiencies and enhance profitability. Ryals and I have worked closely together over the past few years, and I know I am leaving the company in very capable hands. It has truly
been an honor and privilege to work with all the outstanding members of the Flowers team.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;I&#146;m deeply honored to accept this
responsibility,&#148; said Ryals McMullian. &#147;I firmly believe in Flowers&#146; vision and long-term strategic plan. We will leverage the power of our unique culture to foster an even greater sense of ownership, engagement, and accountability
among all team members. We will continue to take the necessary steps to better position Flowers for future growth in a dynamic business environment by strengthening critical brand-building capabilities, moving into growing adjacent segments, and
better leveraging our cost structure. I am energized by the exciting opportunities that lie ahead to grow shareholder value.&#148; </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">McMullian, 49, joined Flowers Foods in 2003, and was named chief operating officer in July 2018. Since 2016,
he has directed the company&#146;s transformation under Project Centennial. Prior to his current position, he served in roles of increasing responsibility, including deputy general counsel, vice president of mergers and acquisitions, and chief
strategy officer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shiver, 63, joined the company in 1978, and has served as president and chief executive officer of Flowers Foods since 2013. He
currently serves as an American Bakers Association (ABA) board member and has served as ABA&#146;s chairman of the board. He currently serves as <FONT STYLE="white-space:nowrap">co-chair</FONT> of the Grain Foods Foundation Board of Trustees and on
the Grocery Manufacturers Association&#146;s President&#146;s Advisory Council and Industry Affairs Council. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>About Flowers Foods </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE: FLO) is one of the largest producers of fresh packaged bakery foods in the United States with
2018 sales of $4&nbsp;billion. Flowers operates bakeries across the country that produce a wide range of bakery products. Among the company&#146;s top brands are <I>Nature&#146;s Own</I>, <I>Wonder</I>, <I>Dave&#146;s Killer Bread, </I>and<I>
Tastykake</I>. Learn more at www.flowersfoods.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investor Contact: J.T. Rieck (229) <FONT STYLE="white-space:nowrap">227-2253</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Media Contact: Paul Baltzer (229) <FONT STYLE="white-space:nowrap">227-2380</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Forward-Looking Statements </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Statements contained
in this press release that are not historical facts are forward-looking statements. Forward-looking statements relate to current expectations regarding our future financial condition, performance and results of operations, long-term strategic and
other objectives of management and the expected benefits of the management transition and are often identified by the use of words and phrases such as &#147;anticipate,&#148; &#147;believe,&#148; &#147;continue,&#148; &#147;could,&#148;
&#147;estimate,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;may,&#148; &#147;plan,&#148; &#147;predict,&#148; &#147;project,&#148; &#147;should,&#148; &#147;will,&#148; &#147;would,&#148; &#147;is likely to,&#148; &#147;is expected to&#148;
or &#147;will continue,&#148; or the negative of these terms or other comparable terminology. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. Other factors that
may cause actual results to differ from the forward-looking statements contained in this release and that may affect the company&#146;s prospects in general include, but are not limited to, (a)&nbsp;general economic and business conditions and the
competitive conditions in the baked foods industry, including promotional and price competition, (b)&nbsp;changes in consumer demand for our products, including changes in consumer behavior, trends and preferences, including health and whole grain
trends, and the movement toward more inexpensive store-branded products, (c)&nbsp;the success of productivity improvements and new product introductions, (d)&nbsp;a significant reduction in business with any of our major customers including a
reduction from adverse developments in any of our customer&#146;s business, including as a result of product recalls or safety concerns related to our products, (e)&nbsp;fluctuations in commodity pricing, (f)&nbsp;energy and raw material costs and
availability and hedging and counterparty risk, (g)&nbsp;our ability to fully integrate recent acquisitions into our business, (h)&nbsp;our ability to achieve cash flow from capital expenditures and acquisitions and the availability of new
acquisitions that build shareholder value, (i)&nbsp;our ability to successfully implement our business strategies, including those strategies the company has initiated under Project Centennial, which may involve, among other things, the integration
of recent acquisitions or the acquisition or disposition of assets at presently targeted values, the deployment of new systems and technology and an enhanced organizational structure, (j)&nbsp;consolidation within the baking industry and related
industries, (k)&nbsp;disruptions in our direct-store delivery system, including litigation or an adverse ruling from a court or regulatory or government body that could affect the independent contractor classification of our independent
distributors, (l)&nbsp;increasing legal complexity and legal proceedings that we are or may become subject to, (m)&nbsp;product recalls or safety concerns related to our products, and (n)&nbsp;the failure of our information technology systems to
perform adequately, including any interruptions, intrusions or security breaches of such systems. The foregoing list of important factors does not include all such factors, nor necessarily present them in order of importance. In addition, you should
consult other public disclosures made by the company, including the risk factors included in our most recently filed Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> and Quarterly Reports on Form
<FONT STYLE="white-space:nowrap">10-Q</FONT> filed with the Securities and Exchange Commission (&#147;SEC&#148;) and disclosures made in other filings with the SEC and company press releases, for other factors that may cause actual results to differ
materially from those projected by the company. We caution you not to place undue reliance on forward-looking statements, as they speak only as of the date made and are inherently uncertain. The company undertakes no obligation to publicly revise or
update such statements, except as required by law. </P>
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