Stock Option Modification Letter between The Fresh Market Holdings, Inc. and Kevin Miller (January 20, 2022)

Contract Categories: Business Finance › Stock Agreements
Summary

The Fresh Market Holdings, Inc. has notified Kevin Miller, its Chief Marketing Officer, of changes to his previously granted stock option for 300,000 shares. If the company completes an IPO and Mr. Miller remains employed through that date, 5% of his unvested options will vest, and a corresponding number of shares will be released from certain transfer restrictions. Other terms of the original stock option remain unchanged. This letter outlines the conditions under which these modifications apply.

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EX-10.40 16 d248090dex1040.htm EX-10.40 EX-10.40

Exhibit 10.40

THE FRESH MARKET HOLDINGS, INC.

c/o Apollo Management VIII, L.P.

9 West 57th Street

New York, NY 10019

January 20, 2022

Kevin Miller

Chief Marketing Officer

Re: Stock Option

Dear Kevin:

We are pleased to inform you that we have made certain favorable changes to the stock option that was previously granted to you pursuant to the Stock Option Plan (the “Plan”) of The Fresh Market Holdings, Inc. (the “Company”). Specifically, your option to purchase 300,000 shares that was granted on July 7, 2020 (“Option”) has been modified as follows:

(i) Effective upon an IPO (as defined in the Plan) and provided you remain employed through the date of the IPO, your Option will vest as to 5% of the portion thereof that is unvested at the time of the IPO; and

(ii) Effective upon an IPO, a number of shares equal to the shares underlying the portion of the Option that vests pursuant to the preceding clause will be released from the transfer restrictions imposed by Section 9(a) of the Option Plan, provided that the foregoing will not be construed as releasing any shares that are non-transferable by reason of a standstill agreement or related agreement entered into at the request of the managing underwriters of the IPO.

For the avoidance of doubt, the shares released from the transfer restrictions will be treated as having been released pursuant to Section 5 of your option grant letter, and therefore will reduce the number of shares that may subsequently be released upon an Investor Sale (as defined in such Section 5).

Except for these changes, your Option will remain in effect in accordance with its terms.

Sincerely,

THE FRESH MARKET HOLDINGS, INC.

 

Jason Potter, CEO