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
Whereas, the Corporation established the Albertson's Inc. Non-Employee
Directors' Deferred Compensation Plan effective January 1, 1990 ("Plan");
Whereas, 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
Whereas, 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
Now therefore be it resolved that the Plan is amended, as of May 1, 2001,
in the following respects:
1. The last sentence of Section 6.4 (a) of the Plan shall be amended and a new
sentence shall be added to the end thereof to read as follows:
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 must be completed no later than the fifteenth 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
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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 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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