Description of Oral Agreement to Appoint an Independent Director, between Southeastern Grocers, Inc. and Millstreet Capital Management LLC
Exhibit 10.21
Description of Oral Agreement to Appoint an Independent Director, between Southeastern Grocers, Inc. and Millstreet Capital Management LLC
Following the initial public offering of Southeastern Grocers, Inc. (the Company), the Companys board of directors (the Board) intends to expand the size of the Board to seven and appoint an additional independent director to be proposed by Millstreet Capital Management, one of the Companys largest stockholders. The proposed independent director will be subject to the Boards approval, not to be unreasonably withheld, based on the Boards evaluation of the experience and qualifications of such person, as well as appropriate board composition. Together with the Companys other directors, such director will be eligible for reelection at the Companys first annual meeting of the Companys stockholders following the initial public offering.