1990 Deferred Compensation Plan [Amendment] - Albertson's Inc.
AMENDMENT
TO THE
ALBERTSON'S, INC.
1990 DEFERRED COMPENSATION PLAN
This Amendment is made by Albertson's, Inc., a Delaware corporation (the
"Corporation").
RECITALS
Whereas, the Corporation established the Albertson's Inc. 1990 Deferred
Compensation Plan effective January 1, 1990 (the "Plan");
Whereas, the Corporation, pursuant to Section 10.1 of the Plan, retained
the right to amend the Plan and Section 10.1 provides that the Plan may be
amended by the Grantor Trust Committee ("Committee") appointed by the Board of
Directors of Albertson's, Inc. ("Board"), and the Board has granted the
authority to amend the Plan to the Committee so long as such amendments do not
materially alter benefits; and
Whereas, the Committee has determined that it is advisable to amend the
Plan in the manner hereinafter set forth.
AMENDMENT
Now therefore be it resolved that the Plan is amended, as of May 1, 2001,
in the following respects:
1. Section 6.4(a) shall be amended to read as follows:
(i) Except as otherwise provided in this Section 6.4, the amount credited
to a Participant's Account shall be paid in one or more of the following
forms: (A) a single lump sum, (B) a 5-year payout in 60 approximately equal
monthly installments or 5 (five) equal annual installments, but not both,
(C) a 10-year payout in 120 approximately equal monthly installments or 10
(ten) equal annual installments, but not both or (D) a 15-year payout in
180 approximately equal monthly installments or 15 (fifteen) equal annual
payments, but not both, or a combination of the foregoing, as the
Participant shall elect in any Deferral Agreement; provided, however, that
in the absence of such election in any Deferral Agreement, the respective
amounts credited to the Participant's Account shall be payable in 120
approximately equal monthly installments. If installment payments are
elected, the Account shall be amortized with an assumed rate of return of
six percent (6%) unless the Participant selects, and the Committee
approves, an alternative assumed rate of return. As of each January 1, the
amount to be distributed in installment payments for that year shall be
determined by amortizing the Participant's Account balance as of the
preceding December 31 over the remainder of the installment period, using
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the assumed rate of return which was fixed under the preceding sentence at
the time installment payments were elected. The Participant shall not be
entitled to select a different form of distribution with respect to the
amounts credited to the Participant's Account in each Plan Year. Instead,
the distribution form(s) selected by the Participant shall apply to the
entire balance of the Participant's Account.
(ii) The Participant may modify the form of the distribution of all or part
of the Participant's Account, provided that such modification is made on a
validly executed and timely filed Deferral Agreement at least twelve (12)
months prior to the date on which the modification is to be effective.
Notwithstanding the foregoing, distribution of the Participant's entire
Account balance must be completed no later than the fifteenth year
following the year in which distributions commence.
2. Section 7.1 shall be amended to read as follows:
The Participant may, at any time, designate a Beneficiary or Beneficiaries
to receive the benefits payable in the event of his or her death and may
designate a successor Beneficiary or Beneficiaries to receive any benefits
payable in the event of the death of any other Beneficiary. Each
Beneficiary designation shall become effective only when filed in writing
with the Committee during the Participant's lifetime on a form prescribed
by the Committee. The filing of a new Beneficiary designation form will
cancel all Beneficiary designations previously filed. If no Beneficiary
shall be designated by the Participant, or if his or her Beneficiary
designation is revoked by marriage, divorce or otherwise without execution
of another designation, or if the designated Beneficiary or Beneficiaries
shall not survive the Participant, payment of the Participant's Account
shall be made to the Participant's estate in a single lump sum payment.
Notwithstanding any provision of this Plan to the contrary, any Beneficiary
designation may be changed by a Participant by the written filing of such
change on a form prescribed by the Committee.
IN WITNESS WHEREOF, Albertson's, Inc. has caused this instrument to be
executed by its officer, duly authorized by its Board of Directors, this 25 day
of May, 2001.
ALBERTSON'S, INC.
By: /s/ Thomas R. Saldin
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Thomas R. Saldin
Executive Vice President
Administration and General Counsel
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