Non-Employee Directors' Deferred Compensation Plan [Amendment] - Albertson's Inc.
AMENDMENT
to the
ALBERTSON'S, INC.
NON-EMPLOYEE DIRECTORS' DEFERRED COMPENSATION PLAN
This Amendment is made by Albertson's, Inc., a Delaware corporation (the
"Corporation").
RECITALS:
A. The Corporation established the Albertson's, Inc. Non-Employee
Directors' Deferred Compensation Plan effective January 1, 1990 (the "Plan");
B. The Corporation, pursuant to Section 10.1 of the Plan, retained the
right to amend the Plan; Section 10.1 provides that the Plan may be amended by
the Non-Employee Directors' Deferred Compensation Committee appointed by the
Board of Directors of Albertson's, Inc.; and the Committee has been granted the
authority to amend the Plan by the Non-Employee Directors' Deferred Compensation
Committee so long as such amendments do not materially alter benefits; and
C. The Committee has determined that it is advisable to amend the Plan in
the manner hereinafter set forth and that such amendments do not materially
alter benefits.
AMENDMENT
The Plan is amended, as of December 15, 1998, in the following respects:
The last two sentences of Section 6.4 (a) of the Plan shall be deleted
and the following language shall be substituted in their place:
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 before the end of the calendar year which
ends at least twelve (12) months prior to the date on which
any distribution of the Participant's Account shall have
commenced.
IN WITNESS WHEREOF, this instrument has been duly executed by the
undersigned as of December 15, 1998.
ALBERTSON'S, INC.
By: /s/ Thomas R. Saldin
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Thomas R. Saldin
Executive Vice President,
Administration and General Counsel