Exhibit 10.3

May 23, 2014

Henry W. Flint

President and Chief Operating Officer

Coca-Cola Bottling Co. Consolidated

4100 Coca-Cola Plaza

Charlotte, NC 28211

Re: CCBCC’s Request for Certain Advance Waivers for Ancillary Businesses under the Comprehensive Beverage Agreement

Dear Hank:

In light of the specific facts and circumstances related to its corporate structure, Coca-Cola Bottling Co Consolidated (“CCBCC”) has asked that The Coca-Cola Company (“TCCC”) provide certain advance waivers under the Comprehensive Beverage Agreement, as may be amended from time to time (“CBA”) with respect to CCBCC’s acquisition or development of certain lines of business involving beverage activity that would otherwise be prohibited under the CBA. Defined terms used in this Letter Agreement have the meaning specified in the CBA, unless otherwise noted.

We have agreed that the provision or sale of Beverages, Beverage Components and other beverage products not authorized or permitted by the CBA will be permitted if provided or sold solely for internal consumption by employees and guests of CCBCC and its Affiliates. Generally, CCBCC and its Affiliates would intend and anticipate that Covered Beverages would be offered in every beverage category in which TCCC participates.

In connection with the territory expansion contemplated for CCBCC by that certain Letter of Intent dated April 15, 2013 between CCBCC and TCCC (the “LOI”), and as a condition to the prior consent of TCCC to the potential acquisition or development of certain lines of business identified in Section 2 of this Letter Agreement, CCBCC hereby agrees to a “Focus Period.” The Focus Period will begin upon execution of the CBA for Johnson City, TN and Morristown TN territories, and will continue until January 1, 2017. If, however, TCCC or CCBCC provides written notice to the other (a) that it is terminating discussions regarding the

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territory and asset transactions identified on Attachment A (as amended from time to time by agreement of the parties) to this Letter Agreement (the “Contemplated Transactions”), or (b) if all of the Contemplated Transactions are consummated, that it does not intend to pursue any other transactions that would result in additional territory expansion by CCBCC, the Focus Period will expire on the date of such notice, and this Letter Agreement will apply only to the CBA(s) governing territory granted to CCBCC in connection with any of the Contemplated Transactions that were consummated prior to such date.

1. During the Focus Period, CCBCC and its Affiliates will not acquire or develop any line of business without TCCC prior written consent, which consent will not be unreasonably withheld. However, during the Focus Period, CCBCC or any of its Affiliates may continue to:

2. After the expiration of the Focus Period,

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As used herein “CBA” means the Comprehensive Beverage Agreement being entered into on the date hereof in connection with the Johnson City, TN and Morristown, TN territories and, except as otherwise provided in the third paragraph of this Letter Agreement, any other Comprehensive Beverage Agreement, or similar agreement, entered into between the parties or their affiliates for other territories subsequent to the date of this Letter Agreement, as any of such agreements may be amended or restated from time to time. This Letter Agreement will apply to each CBA or amended CBA entered into by CCBCC, including those entered into after the date of this Letter Agreement.

Except as expressly set forth in this Letter Agreement, as applied solely to CCBCC, TCCC expressly reserves and does not waive hereunder any and all rights under the CBA or any other agreement. TCCC and CCBCC agree that the contents of this Letter Agreement are confidential and that none of the parties may discuss or disclose any of the provisions herein without the express written permission of the other parties, except (i) as required under applicable securities laws, legal process or other laws, (ii) that each party may disclose the contents of this Letter Agreement to those of its directors, officers, employees, lenders, potential financing sources and representatives of its legal, accounting and financial advisors (the persons to whom such disclosure is permissible being collectively referred to herein as “Representatives”) who have a need to know such information as long as such Representatives are informed of the confidential and proprietary nature of the information. The parties agree that the merger, integration and similar provisions in each CBA stating that such CBA encompasses all agreements between the parties and supersedes all prior agreements will not have any effect on the validity and continuance of the provisions of this Letter Agreement, and TCCC and CCBCC agree never to assert that this Letter Agreement has been superseded by a merger, integration or similar provision of any CBA unless the parties specifically state in such CBA that they intend to modify or supersede this Letter Agreement by making specific reference to this Letter Agreement.

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Signature Page to Letter Agreement Regarding CCBCC’s for Certain Advance Waivers

for Ancillary Businesses under the Comprehensive Beverage Agreement

Attachment A

Contemplated Transactions

1. Johnson City/Morristown

2. Cookeville/Pikeville/Paducah

3. Knoxville/Cleveland

4. Louisville/Lexington/Evansville

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Attachment B

Existing Lines of Business

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