Exhibit 10.10.3
THIRD AMENDMENT
TO THE
ALBERTSON'S, INC.
2000 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. 2000 Deferred
Compensation Plan effective January 1, 2000 (the "Plan");
Whereas, the Corporation, pursuant to Section 9.1 of the Plan, retained the
right to amend the Plan and pursuant to Section 9.1 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 October 1,
2001, in the following respects:
AMENDMENT
1. Section 6.4(a) shall be amended to read as follows:
(i) Except as otherwise provided in this Section 6.4, the entire 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 equal annual installments, but not both, or a combination of the
foregoing to the extent administratively practicable, 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 either six
percent (6%) or, if the Participant is eligible for and selected Moody's
Rate as the Rate of Return then the Moody's rate shall be used, 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 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.
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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