<SEC-DOCUMENT>0000921895-22-001927.txt : 20220607
<SEC-HEADER>0000921895-22-001927.hdr.sgml : 20220607
<ACCEPTANCE-DATETIME>20220607161059
ACCESSION NUMBER:		0000921895-22-001927
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220607
DATE AS OF CHANGE:		20220607

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SpartanNash Co
		CENTRAL INDEX KEY:			0000877422
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-GROCERIES & GENERAL LINE [5141]
		IRS NUMBER:				380593940
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1228

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31127
		FILM NUMBER:		221001333

	BUSINESS ADDRESS:	
		STREET 1:		850 76TH ST SW
		STREET 2:		P O BOX 8700
		CITY:			GRAND RAPIDS
		STATE:			MI
		ZIP:			49518
		BUSINESS PHONE:		6168782000

	MAIL ADDRESS:	
		STREET 1:		850 76TH ST SW
		STREET 2:		PO BOX 8700
		CITY:			GRAND RAPIDS
		STATE:			MI
		ZIP:			49518

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SPARTAN STORES INC
		DATE OF NAME CHANGE:	19930328

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Macellum Advisors GP, LLC
		CENTRAL INDEX KEY:			0001640326
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		99 HUDSON STREET
		STREET 2:		5TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10013
		BUSINESS PHONE:		212.958.3008

	MAIL ADDRESS:	
		STREET 1:		99 HUDSON STREET
		STREET 2:		5TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10013
</SEC-HEADER>
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<FILENAME>dfan14a11142009_06072022.htm
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
D.C. 20549</B></FONT></P>

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<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
14A</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Rule
14a-101)</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">INFORMATION REQUIRED IN PROXY STATEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">SCHEDULE 14A INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of
The Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Amendment No. )</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant &#9746;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Preliminary Proxy Statement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>Definitive Additional Materials</TD></TR></TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Soliciting Material Under Rule 14a-12</TD></TR></TABLE>



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    <TD STYLE="width: 100%; text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SPARTANNASH COMPANY</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Registrant as Specified in Its Charter)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">MACELLUM HUDSON FUND, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">MACELLUM HOME FUND, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">MACELLUM ADVISORS, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">MACELLUM ADVISORS GP, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">JONATHAN DUSKIN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANCORA CATALYST, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANCORA CATALYST INSTITUTIONAL, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANCORA MERLIN, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANCORA MERLIN INSTITUTIONAL, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANCORA ALTERNATIVES LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANCORA HOLDINGS GROUP, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FREDRICK DISANTO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">JOHN E. FLEMING</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">MICHAEL J. LEWIS</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Persons(s) Filing Proxy Statement, if Other Than the Registrant)</P>

</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check all boxes that apply):</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Macellum Home Fund, LP,
a Delaware limited partnership (&ldquo;Macellum Home&rdquo;) and Ancora Holdings Group, LLC, an Ohio limited liability company (&ldquo;Ancora
Holdings&rdquo;), together with the other participants named herein (collectively, the &ldquo;Investor Group&rdquo;), have filed a definitive
proxy statement and accompanying BLUE proxy card with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) to be used to solicit
votes for the election of its slate of highly-qualified director nominees at the 2022 annual meeting of shareholders of SpartanNash Company,
a Michigan corporation (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On June 7, 2022, the Investor
Group issued the following press release announcing the issuance of a letter to the Company&rsquo;s shareholders. The full text of the
letter is included below.</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">Macellum and Ancora Issue Letter Regarding the Need
to Elect Directors with Additive Expertise in Operations, Supply Chain and Strategic Planning to SpartanNash&rsquo;s Board</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Highlights the Investor Group&rsquo;s Director
Candidates Possess Additive Expertise in the Food Distribution and Retail Sectors Based on Prior Board Service and Executive Leadership
Roles<BR>
<BR>
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Notes Leading Independent Proxy Advisory Firm
ISS Concluded the Investor Group has Made a Compelling Case for Change and Recommends Electing Nominees Michael Lewis and John Fleming</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Notes Independent Proxy Advisory Firm Egan-Jones
Recommends Voting for All Three of the Investor Group&rsquo;s Nominees </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Urges Shareholders to Accelerate the Company&rsquo;s
Path to Long-Term Value Creation by Voting on the <U>BLUE</U> Proxy Card </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NEW YORK--(BUSINESS WIRE)--Macellum Advisors GP, LLC
and Ancora Holdings Group, LLC (together with their affiliates, the &ldquo;Investor Group&rdquo; or &ldquo;we&rdquo;), who beneficially
own approximately 4.5% of the outstanding common shares of SpartanNash Company (NASDAQ: SPTN) (&ldquo;SpartanNash&rdquo; or the &ldquo;Company&rdquo;),
today issued the below letter regarding their campaign to elect three highly qualified and independent candidates to the Company&rsquo;s
Board of Directors (the &quot;Board&quot;) at the 2022 Annual Meeting of Shareholders (the &ldquo;Annual Meeting&rdquo;). As a reminder,
Institutional Shareholder Services, Inc. (&ldquo;ISS&rdquo;), a leading independent proxy advisory firm, has recommended that shareholders
vote on the Investor Group&rsquo;s <B><U>BLUE</U> Proxy Card</B> and for the election of nominees Michael Lewis and John Fleming. Egan-Jones
Proxy Services (&quot;Egan-Jones&quot;), another independent proxy advisory firm, also recommended that shareholders vote to elect Investor
Group nominees Jonathan Duskin, Michael Lewis and Thomas Fleming and validated its case for change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fellow Shareholders,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Thank you for your willingness to engage with us and
evaluate our case for targeted improvement in SpartanNash&rsquo;s boardroom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ahead of this week&rsquo;s Annual Meeting, we want
to reinforce the opportunity that you have to help put SpartanNash on an accelerated and more stable path to long-term value creation.
A vote on the Investor Group&rsquo;s <B><U>BLUE</U> Proxy Card </B>for our nominees can help ensure that needed expertise in capital allocation,
distribution operations, supply chain and strategic planning is finally added to the Company&rsquo;s Board. Please keep in mind that the
Board currently includes several long-serving incumbents who have overseen years of disappointing underperformance, poor capital allocation
and planning, and operational stagnation. Notably, the Company&rsquo;s Chairman has served on the Board for 17 years and the Chair of
the Nominating and Governance Committee has served on the Board for 24 years.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
These are critical leadership positions that we suspect oversaw the Board&rsquo;s questionable refresh that failed to incorporate necessary
skill sets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although we are relatively new investors in SpartanNash,
our campaign is about driving change that will enhance shareholder value over the long-term. This is why our slate includes two food distribution
leaders &ndash; Michael Lewis and John Fleming &ndash; who have identified immediate operational improvements that can produce greater
value for customers, employees and shareholders quarters and years down the road. Messrs. Lewis and Fleming have demonstrated throughout
their careers that they excel at building food distribution and retail operations with sustainable and responsible growth trajectories.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As you may know, independent proxy advisory firms
ISS and Egan-Jones both recommended SpartanNash shareholders vote to elect both Messrs. Lewis and Fleming. These endorsements strengthen
our view that <B><U>they are the right directors at the right time</U></B> for a perpetual underperformer like SpartanNash. Indeed, their
respective backgrounds operating at the highest levels of the food distribution and retail industries would add tremendous value relative
to extremely long-tenured incumbents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><B><U>Mr. Fleming</U></B> held several executive roles at Walmart, Inc. (NYSE: WMT) from 2000 to 2010,
including Chief Marketing Officer and Chief Merchandising Officer overseeing the grocery business. In addition, he served as Chief Executive
Officer of Walmart.com and a director at multiple public companies. We firmly believe his retail sector and e-commerce expertise and relevant
grocery and wholesale food distribution experience would fill important gaps in the boardroom as the Company refines its new multi-year
plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><B><U>Mr. Lewis</U></B> held multiple roles at Walmart Inc., including Senior Vice President of a Global
Merchandising Center with responsibility for food, consumables and over-the-counter products. He was also President of the Midwest Stores
Division. Moreover, he is a former Executive Vice President and President of the Retail Division at The Nash Finch Company (formerly NASDAQ:
NAFC) and Vice President of Loblaws Supermarkets, Ltd, a Canadian supermarket chain. We firmly believe his experience as a retail sector
executive and his extensive knowledge of the consumer goods and food service industries would help the Board improve customer relations,
enhance operations and enact more efficiencies throughout the corporate structure.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to having ideal backgrounds, it is important
to stress that Messrs. Fleming and Lewis intend to bring a collegial demeanor and constructive ideas to the boardroom. Specific areas
of focus for them will include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Developing and rolling out e-commerce solutions to make it easier for customers to place orders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Driving recurring cost and environmental efficiencies across the supply chain;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Implementing a systematic program for maintaining competitive, industry-standard pricing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT> Chairman Douglas Hacker has 17 years of Board service, including his service at The Nash Finch Company prior to its merger with SpartanNash, and Committee Chair William Voss has 24 years of service, including his service at The Nash Finch Company, where he also served as its Chairman.</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Implementing a tactical improvement plan for the Company&#8217;s Military Distribution business or facilitating
an orderly winddown;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Opportunistically investing in private label offerings, and;</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Remaining open to any and all alternatives that can maximize shareholder value.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">While some shareholders may wonder if the election
of our candidates is needed following the Board&rsquo;s recent refresh, we believe the answer is an unequivocal <B>&ldquo;<U>yes</U></B>.&rdquo;
The refresh, which was initiated in a reactionary manner following our initial private engagement with SpartanNash, added individuals
with backgrounds heavily weighted toward consumer brands, financial services and seemingly irrelevant technology experience. We will obviously
judge the Company&rsquo;s self-selected directors on what they do over the year to come, but that does not change the fact that the Board
needs additional experience in capital allocation, distribution operations, supply chain and strategic planning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In closing, shareholders who spend time objectively
examining SpartanNash&rsquo;s many years of financial and operational underperformance prior to our campaign&rsquo;s onset should be able
to conclude that our firms nominated the right change agents. We thank you in advance for your consideration over the past several weeks.
If you have any further questions for us or would like to speak directly with our nominees, please contact our proxy solicitor at info@saratogaproxy.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Sincerely,</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">/s/ Jonathan Duskin</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">/s/ Fredrick D. DiSanto</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Jonathan Duskin</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Fredrick D. DiSanto</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Managing Partner</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Chairman and Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Macellum Capital Management, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Ancora Holdings Group, LLC</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>About Macellum</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Macellum Capital Management is an activist investment
firm, with deep expertise in the retail and consumer sectors, founded in 2009 by Jonathan Duskin. Macellum invests in undervalued companies
that it believes can appreciate significantly in value as a result of a change in corporate strategy or improvements in operations, capital
allocation or corporate governance. Macellum&rsquo;s investment team, advisors and network of industry experts draw upon their extensive
strategic, operating and boardroom experience to assist companies in designing and implementing initiatives to improve long-term shareholder
value. Macellum prefers to constructively engage with management to improve its governance and performance for the benefit of all shareholders.
However, when management is entrenched, Macellum has run successful proxy contests to effectuate meaningful change. Macellum has run successful
election contests to effectuate meaningful change at many companies, including at The Children&rsquo;s Place Inc., Citi Trends, Inc.,
Bed Bath and Beyond and Big Lots, Inc. Learn more at www.macellumcapitalmanagement.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>About Ancora</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Founded in 2003, Ancora Holdings Group, LLC offers
integrated investment advisory, wealth management and retirement plan services to individuals and institutions across the United States.
The firm's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure
of a global institution, with the responsiveness and flexibility of a boutique firm. For more information about Ancora, please visit https://ancora.net.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Contacts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For Investors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Saratoga Proxy Consulting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">John Ferguson / Joe Mills, 212-257-1311</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">info@saratogaproxy.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For Media:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Longacre Square Partners</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Greg Marose / Casie Connolly, 646-386-0091</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">macellum@longacresquare.com</P>

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