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 pursuant to Section 10.1 the Plan may be amended
by the Administrative Committee of the Compensation 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.
Now therefore be it resolved that the Plan is amended, as of May 1, 2001,
in the following respects:
AMENDMENT
1. A new Section 1.26, "Total Disability," shall be added (and the sections
renumbered accordingly) to read as follows:
"Total Disability" means the complete inability of the Eligible Employee to
perform each and every duty of his or her regular occupation as determined
by the Committee in its sole and absolute discretion.
2. Section 6.3(a) shall be amended to read as follows:
In the event any Participant terminates employment with the Employer prior
to Retirement, for any reason other than death, the amount credited to such
Participant's Account shall be distributed to such Participant in the
form(s) provided for under this Article VI commencing as soon as
administratively practicable effective as of the first day of the month
immediately following the later of (a) date of termination, or (b) the date
1990defcompamd2(clean 12-31-01).doc
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specified in the Participant's Deferral Agreement which can in no event be
later than the Participant's 65th birthday. A Participant may elect in his
or her Deferral Agreement to have distribution of his or her Account
commence effective as of the first day of the month following determination
that the Participant has suffered a Total Disability, provided that
distribution of the Participant's Account has not already commenced.
3. Section 6.4(a)(i) 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 the rate of return provided
for in Article V of the Plan unless the Participant selects, and the
Committee approves, an alternative assumed rate of return. 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.
IN WITNESS WHEREOF, Albertson's, Inc. has caused this instrument to be
executed by its officer, duly authorized by its Board of Directors, this 31st
day of December, 2001.
ALBERTSON'S, INC.
By: /s/ Paul G. Rowan
----------------------
Paul G. Rowan
Group Vice President &
Acting General Counsel
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