Executive Deferred Compensation Plan [Amendment] - Albertson's Inc.
AMENDMENT
TO THE
ALBERTSON'S, INC.
EXECUTIVE 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. Executive
Deferred Compensation Plan effective December 5, 1983 (the "Plan");
Whereas, the Corporation, pursuant to Section 8.01 of the Plan, retained
the right to amend the Plan and Section 8.01 provides that the Plan may be
amended without approval by the Board of Directors of Albertson's, Inc.
("Board"), provided that the amendments do not materially alter benefits and are
non-monetary in their effect; 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 6.04(d) shall be amended to read as follows: The Participant may
modify the form of the distribution of all or part of the Participant's
Deferred Benefit Account, provided that such modification is made on a
validly executed and filed election form 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 Deferred Benefit
Account must be completed no later than the fifteenth year following the
year in which distributions commence.
2. Section 7.02 shall be deleted in its entirety:
3. Section 7.03 shall be amended to read as follows: If a Participant fails to
designate a Beneficiary as provided above, or if all designated
Beneficiaries predecease the Participant or die prior to complete
distribution of the Participant's benefits, then the Participant's
designated Beneficiary shall be deemed to be the person or persons
surviving him in the first of the following classes in which there is a
survivor, share and share alike:
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(a) The surviving Spouse;
(b) The Participant's natural or legally adopted children except that
if any of the children predecease the Participant but leave issue
surviving, then such issue shall take by right of representation
the share their parent would have taken if living; or
(c) The Participant's personal representative (executor or
administrator).
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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