THE COCA-COLA COMPANY SEVERANCE PAY PLAN

Exhibit 10.3

THE COCA-COLA COMPANY

SEVERANCE PAY PLAN

AS AMENDED AND RESTATED
EFFECTIVE JANUARY 1, 2008

ARTICLE 1
PURPOSE AND ADOPTION OF PLAN

        The Coca-Cola Company established The Coca-Cola Company Severance Pay Plan (the "Plan") effective as of January 1, 1993 to provide benefits to certain eligible employees of the Company who were terminated by the Company. The Company now amends and restates the Plan effective January 1, 2008. The Plan shall be an unfunded severance pay plan that is a welfare plan as such term is defined by the Employee Retirement Income Security Act of 1974, as amended, ("ERISA"), the benefits of which shall be paid solely from the general assets of the Company.

        Notwithstanding any other provision in this Plan to the contrary, Participants who terminate employment on or before February 29, 2008, and who, prior to January 1, 2008, properly, timely and unconditionally executed and did not revoke, the release and required under Section 3.1(e), shall be subject to the terms of the Plan in effect on December 31, 2007.

ARTICLE 2
DEFINITIONS

        For purposes of this Plan, the following terms shall have the meanings set forth below.

         Affiliate means any corporation or other business organization in which the Company owns, directly or indirectly, 20% or more of the voting stock or capital at the relevant time.

         Approved Leave of Absence means an approved military leave of absence or leave of absence under the Family and Medical Leave Act.

         Cause means a violation of the Company's Code of Business Conduct or any other policy of the Company or an Affiliate, or gross misconduct.

         Committee means The Coca-Cola Company Benefits Committee appointed by the Senior Vice President, Human Resources (or the most senior Human Resources officer of the Company), which shall act on behalf of the Company to administer the Plan as provided in Article 4.

         Company means The Coca-Cola Company.

         Disability or Disabled means a condition for which a Participant becomes eligible for and receives a disability benefit under the long term disability insurance policy issued to the Company providing Basic Long Term Disability Insurance benefits pursuant to The Coca-Cola Company Health and Welfare Benefits Plan, or under any other long term disability plan that hereafter may be maintained by the Company or any Affiliate.

         International Service Employee means an employee of the Company or any Affiliate who is classified as an International Service Employee in the Company's personnel and payroll systems.

         Participant means:

•         (a)   regular, full-time salaried or exception hourly employee of the Company or a Participating Affiliate who works primarily within the United States (one of the fifty states or the District of Columbia) and who is actively at work or on an Approved Leave of Absence, or

          (b)   a regular, full-time salaried International Service Employee who is actively at work.

        Notwithstanding the foregoing, the term "Participant" shall not include any employee covered by a collective bargaining agreement between an employee representative and the Company or any Affiliate, unless otherwise provided in the collective bargaining agreement. Further, the term "Participant" shall not include any employee who is designated as hourly by the Company (or to the extent applicable, any Affiliate) on its payroll, personnel and benefits system.

        An individual shall be treated as an "employee" for purposes of this Plan for any period only if (i) he is actually classified during such period by the Company (or to the extent applicable, any Affiliate) on its payroll, personnel and benefits system as an employee, and (ii) he is paid for services

rendered during such period through the payroll system, as distinguished from the accounts payable department, of the Company or the Affiliate. No other individual shall be treated as an employee under this Plan for any period, regardless of his or her status during such period as an employee under common law or under any statute. In addition, an individual shall be treated as a "salaried" or "exception hourly" employee for purposes of this Plan only if he is actually classified during such period by the Company or an Affiliate on its payroll, personnel and benefits system as a salaried or exception hourly employee.

         Participating Affiliate means any Affiliate that the Committee has designated as such, as set forth in Appendix A.

         Plan means The Coca-Cola Company Severance Pay Plan.

         Severance Benefits Committee means the committee appointed by the Senior Vice President, Human Resources of the Company (or the most senior Human Resources officer of the Company) to make certain determinations with regard to benefits payable under Article 3 and claims under Article 5 of this Plan.

         Substantially Equivalent Employment means a position in the Company or with an Affiliate, or a position with an entity to whom all or any part of a Company division, subsidiary, or other business segment is outsourced, sold or otherwise disposed (including, without limitation, a disposition by sale of shares of stock or of assets) that, at the time the employment offer is made:

•         (a)   except in the case of an International Service Employee, provides a principal place of employment of not more than 50 miles from the last principal place of employment with the Company or an Affiliate,

          (b)   maintains the employee's job grade within one level (if new position is with the Company or an Affiliate that uses the same job grades), and

          (c)   provides a total cash compensation opportunity consisting of base plus variable compensation, at target performance, that is at least 90% of total cash compensation opportunity at target performance, of the current position.

         Weekly Pay means 1/52 of a Participant's annual base salary (as determined by the Committee) as in effect on the date the Committee determines that his active employment terminated. For each Participant whose pay depends at least in part on commissions, "Weekly Pay" shall mean his basic weekly pay rate (as determined by the Committee) as in effect on the date the Committee determines that his active employment terminated, plus the weekly average of his commissions that the Committee determines that he earned during the calendar year immediately preceding the calendar year in which his active employment terminated.

         Years of Service means:

•         (a)   for each Participant who is an International Service Employee, the Participant's full and continuous whole years of employment as a part-time, regular, hourly or salaried employee of the Company or any Affiliate, as determined by the Committee based on the Company's or Affiliate's personnel records; and

          (b)   for each other Participant, the Participant's whole Years of Vesting Service, as defined in the Employee Retirement Plan of The Coca-Cola Company; provided,

          (c)   "Years of Service" shall not include any period of employment with the Company or any Affiliate for which the Participant is receiving or previously has received any severance pay or similar benefits, whether under this Plan or any other plan or arrangement sponsored or paid by the Company or any Affiliate.

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ARTICLE 3
BENEFITS

        3.1      Circumstances in Which Benefits are Payable.     

        (a)      Position Elimination     A Participant shall qualify for a benefit under Section 3.3(a) of this Plan as a result of his involuntary loss of employment with the Company, a Participating Affiliate, or, solely with respect to an International Service Employee, an Affiliate, if the Severance Benefits Committee in its discretion determines that:

•         (1)   his employment terminated as a result of the elimination of his current position;

          (2)   his termination was unrelated to a sale or other disposition, including outsourcing, of all or any part of a division, subsidiary or other business segment (including, without limitation, a disposition by sale of shares of stock or of assets) in which he was employed, unless he was not offered Substantially Equivalent Employment with the purchaser, acquirer or outsource vendor of the division, subsidiary or business segment;

          (3)   he failed (as a result of such termination) to qualify for any severance pay (except as provided under this Plan) or other plan or benefit that the Severance Benefits Committee in its discretion deems to duplicate this Plan and that is sponsored or paid by the Company or any Affiliate; and

          (4)   he properly, timely and unconditionally executes and does not revoke, the release and, if applicable, an agreement on confidentiality and competition required under Section 3.1(e).

        (b)      Placement Issue Benefit.     A Participant may qualify for a benefit as a result of his involuntary loss of employment with the Company, a Participating Affiliate or, solely with respect to an International Service Employee, an Affiliate, if:

•         (1)   the Severance Benefits Committee acting in its discretion determines that such qualification is in the best interests of the Company;

          (2)   his employment was not terminated for Cause; and

          (3)   he properly, timely and unconditionally executes, and does not revoke, the release and, if applicable, an agreement on confidentiality and competition required under Section 3.1(e).

        The benefit payable under this Section 3.1(b) shall be determined in the sole discretion of the Severance Benefits Committee on a case-by-case basis. However, no benefit payable under this Section 3.1(b) shall exceed the amount of benefit payable under 3.3(a).

        (c)      Other Involuntary Terminations.     A Participant who fails to satisfy the requirements of Section 3.l(a) or (b) nevertheless shall qualify for a benefit as a result of his involuntary loss of employment with the Company, a Participating Affiliate, or, solely with respect to an International Service Employee, an Affiliate, if:

•         (1)   his employment was not terminated for Cause; and

          (2)   he properly, timely and unconditionally executes, and does not revoke, the release and, if applicable, an agreement on confidentiality and competition required under Section 3.1(e).

        The benefit payable under this Section 3.1(c) shall equal the Participant's Weekly Pay multiplied by four.

        (d)      Release, Noncompetition and Nondisclosure Form.     Participants shall be provided with releases and agreements on confidentiality and competition that Participants shall be required to properly, timely and unconditionally execute as a condition to qualifying for a benefit under this Plan, and such documents shall set forth the minimum requirements for a release and an agreement on

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confidentiality and competition under this Plan. The Severance Benefits Committee, as part of each determination under Section 3.1, also shall determine whether the release for a Participant shall (for reasons sufficient to the Severance Benefits Committee) include requirements in addition to the minimum requirements set forth in the form and shall revise the form release for such Participant accordingly. The Severance Benefits Committee in its sole discretion shall (for reasons sufficient to the Severance Benefits Committee) determine whether a Participant is required also to sign an agreement on confidentiality and competition to qualify for a benefit under this Plan. The Sev