1990 Deferred Compensation Plan [Termination] - Albertson's Inc.
TERMINATION OF ALBERTSON'S, INC.
1990 DEFERRED COMPENSATION PLAN
This instrument terminating the Albertson's, Inc. 1990 Deferred
Compensation Plan (the "1990 Plan") is made by Albertson's, Inc., a Delaware
corporation (the "Corporation") effective December 31, 1999.
RECITALS:
A. The Board of Directors (the "Board") of the Corporation, pursuant to
Section 10.2 of the Plan, retained the right to terminate the 1990 Plan.
B. The Corporation has established the Albertson's, Inc. 2000 Deferred
Compensation Plan and, as a result, the Board has determined that it is
advisable to terminate the 1990 Plan and has terminated the 1990 Plan
pursuant to a resolution duly adopted by the Board at a regularly scheduled
meeting of the Board held on November 30, 1999, and such resolution
continues in full force and effect.
BOARD RESOLUTION
WHEREAS, upon the recommendation of the Grantor Trust Committee, the Board
of Directors of the Corporation deems it advisable to terminate the Albertson's,
Inc. 1990 Deferred Compensation Plan ("1990 Plan") effective December 31, 1999
pursuant to Section 10.2 of the Plan;
NOW, THEREFORE, BE IT HEREBY RESOLVED, (a) that the 1990 Plan be terminated
effective December 31, 1999 pursuant to Section 10.2 of the 1990 Plan; (b) that
Participant deferrals under the Plan cease as of such date; (c) that benefits
payable under the 1990 Plan shall be paid at such times and pursuant to such
terms and conditions as were effective immediately prior to the termination of
the 1990 Plan; and (d) that the Board of Directors, the Grantor Trust Committee
and their duly authorized delegates continue to have authority under Section
10.1 of the 1990 Plan to amend the Plan, in whole or in part, at anytime;
provided, however, that no amendment shall be effective to decrease the benefits
or rights of any Participant theretofore accrued.
IN WITNESS WHEREOF, the Corporation has caused its officer, duly authorized
by its Board of Directors, to execute this instrument this 1st day of December,
1999, to be effective as of December 31, 1999.
ALBERTSON'S, INC.
a Delaware corporation
By: /s/ Thomas R. Saldin
------------------------
Thomas R. Saldin
Executive Vice President
and General Counsel