Document:

EX-10.15

 EXHIBIT 10.15 

FORM OF INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (“Agreement”) is made as of [-], 2015 by and between Albertsons Companies, Inc., a Delaware corporation
(the “Corporation”), and [-] (“Indemnitee”). 
 RECITALS 

WHEREAS, directors, officers and other persons in service to public corporations or business enterprises are being increasingly subjected to expensive
and time-consuming litigation; 
 WHEREAS, the Bylaws (the “Bylaws”) and the Certificate of Incorporation (the “Certificate
of Incorporation”) of the Corporation require indemnification of the officers and directors of the Corporation, Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (the
“DGCL”), and the Bylaws, the Certificate of Incorporation and the DGCL expressly provide that contracts may be entered into between the Corporation, directors, officers and other persons with respect to indemnification; 

WHEREAS, the Board of Directors of the Corporation (the “Board”) deems it reasonable, prudent and necessary for the Corporation
contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Corporation free from undue concern that they will
not be so indemnified; 
 WHEREAS, this Agreement is a supplement to and in furtherance of the Bylaws, the Certificate of Incorporation and any
resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; 

WHEREAS, Indemnitee does not regard the protection available under the Bylaws, the Certificate of Incorporation and insurance as adequate in the
present circumstances, and may not be willing to serve as an officer or director without adequate protection, and the Corporation desires Indemnitee to serve in such capacity; and 

WHEREAS, Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Corporation on the condition that
he or she be so indemnified. 
 NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Corporation and Indemnitee
do hereby covenant and agree as follows: 
 Section 1. Definitions. As used in this Agreement: 

 (a) “ABS Control Group” means Albertsons Investor Holdings LLC, a Delaware limited
liability company, KRS ABS, LLC, a Delaware limited liability company, KRS AB Acquisition, LLC, a Delaware limited liability company, Albertsons Management Holdco, LLC, a Delaware limited liability company, and their respective Affiliates, or any
person who is an express assignee or designee of their respective rights under the Certificate of Incorporation (and such assignee’s or designee’s Affiliates). 

(b) “Agent” means any person who is or was a director, officer or employee of the Corporation or a subsidiary of the Corporation or
other person authorized by the Corporation to act for the Corporation, to include such person serving in such capacity as a director, officer, employee, fiduciary or other official of another Enterprise at the request of, for the convenience of, or
to represent the interests of the Corporation or any Enterprise. 
 (c) “Affiliate” has the meaning set forth in Rule 12b-2 of the
Exchange Act, or any successor provision. 
 (d) “Agreement” means this Indemnification Agreement. 

(e) “Beneficial Ownership” has the meaning set forth in Rule 13d-3 under the Exchange Act, or any successor provision. 

(f) “Board” means the Board of Directors of the Corporation. 

(g) “Bylaws” means the Bylaws of the Corporation. 

(h) “Certificate of Incorporation” means the Certificate of Incorporation of the Corporation. 

(i) “Change in Control” means the occurrence of any of the following: 

i. Acquisition of Stock by Third Party. The acquisition by any Person or Group (other than the Sponsors and the ABS Control Group) of Beneficial
Ownership, directly or indirectly, of thirty-five percent (35%) or more of the total voting power of the Corporation, unless the Sponsors and the ABS Control Group have Beneficial Ownership of the voting power of the Corporation exceeding that
of such acquiring Person or Group; 
 ii. Change in Board of Directors. During any period of two (2) consecutive years (not including any period
prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Corporation to effect a
transaction described in Sections 1(i)(iii) or 1(i)(iv)) whose election by the Board or nomination for election by the Corporation’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who
either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members of the Board; 

iii. Corporate Transactions. The effective date of a merger or consolidation of the Corporation with any other entity, other than a merger or
consolidation 

  
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which would result in the voting securities of the Corporation outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity) more than fifty-one percent (51%) of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the
power to elect at least a majority of the board of directors or other governing body of such surviving entity; 
 iv. Liquidation. The approval by the
stockholders of the Corporation of a complete liquidation of the Corporation or an agreement for the sale or disposition by the Corporation of all or substantially all of the Corporation’s assets; and 

v. Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of
Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act, whether or not the Corporation is then subject to such reporting requirement. 

(j) “Corporate Status” means the status of a person who is or was a director, trustee, partner, managing member, officer, employee,
Agent or fiduciary of any Enterprise. 
 (k) “Corporation” means Albertsons Companies, Inc. 

(l) “Delaware Court” means the Delaware Court of Chancery. 

(m) “DGCL” means the General Corporation Law of the State of Delaware. 

(n) “Disinterested Director” means a director of the Corporation who is not and was not a party to the Proceeding in respect of which
indemnification is sought by Indemnitee. 
 (o) “Enterprise” means the Corporation and any other corporation, limited liability
company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Corporation as a director, officer, trustee, partner, managing member, employee, Agent or fiduciary.

 (p) “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and regulations
promulgated thereunder, all as the same shall be in effect from time to time. 
 (q) “Expenses” shall include all reasonable
attorneys’ fees, retainers, court costs, transcript costs, fees of experts and other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, fax
transmission charges, secretarial services, any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement, ERISA and employee benefit plan excise taxes and penalties, and all
other disbursements, obligations or expenses of the types customarily incurred in connection with, or as a result of, prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a deponent or witness in, or
otherwise participating in, a Proceeding. Expenses also shall include (i) expenses incurred in connection with any appeal resulting from any Proceeding, including without 

  
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limitation the premium, security for, and other costs relating to any cost bond, supersede as bond or other appeal bond or its equivalent, and (ii) expenses incurred in connection with
recovery under any directors’ and officers’ liability insurance policies maintained by the Corporation, regardless of whether Indemnitee is ultimately determined to be entitled to such indemnification, advancement or expenses or insurance
recovery, as the case may be, and (iii) for purposes of Section 15(d) only, expenses incurred by or on behalf of Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by
litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. The parties agree that for the purposes of any advancement of Expenses for which
Indemnitee has made written demand to the Corporation in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee’s counsel as being reasonable shall be presumed conclusively to be
reasonable. 
 (r) “Group” has the meaning set forth in Sections 13(d)(3) or 14(d)(2) of the Exchange Act, or any successor
provision. 
 (s) “Indemnitee” means the person indicated in the signature page of this Agreement. 

(t) “Independent Counsel” shall mean a law firm, or a member of a law firm, that is experienced in matters of corporation law and
neither presently is, nor in the past five (5) years has been, retained to represent: (i) the Corporation or Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this
Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, Independent Counsel shall not include
any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Corporation or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.
The Corporation agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all expenses, claims, liabilities and damages arising out of or relating to this
Agreement or its engagement pursuant hereto. 
 (u) “Losses” means any and all Expenses, damages, losses, liabilities, judgments,
fines, penalties (whether civil, criminal or other), amounts paid or payable in settlement, including any interest, assessments, and all other charges paid or payable in connection with investigating, defending, being a witness in or participating
in (including on appeal), or preparing to defend, be a witness or participate in, any Proceeding. 
 (v) “Person” has the meaning set
forth in Sections 13(d) and 14(d) of the Exchange Act, or any successor provision. 
 (w) “Proceeding” means any threatened, pending
or completed action, suit, claim, counterclaim, cross claim, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in
the right of the Corporation or otherwise and whether of a civil, 

  
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criminal, administrative, regulatory, legislative or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is or will be involved as a party,
potential party, non-party witness or otherwise by reason of Indemnitee’s Corporate Status, by reason of any action taken by Indemnitee (or a failure to take action by Indemnitee) or of any action (or failure to act) on Indemnitee’s part
while acting pursuant to his or her Corporate Status, in each case whether or not serving in such capacity at the time any Loss is incurred for which indemnification, reimbursement or advancement of Expenses can be provided under this Agreement. If
Indemnitee believes in good faith that a given situation may lead to or culminate in the institution of a Proceeding, this shall be considered a Proceeding under this paragraph. 

(x) “Sarbanes-Oxley Act” means the Sarbanes-Oxley Act of 2002. 

(y) “Sponsor” means individually and collectively, (i) Cerberus Capital Management, L.P., (ii) Lubert-Adler Partners, L.P.,
(iii) Klaff Realty, LP, (iv) Schottenstein Stores Corporation, and (v) Kimco Realty Corporation. 
 Section 2. Services to the
Corporation. Indemnitee agrees to serve as a director, officer, employee or Agent of the Corporation, as applicable, or, at the request of the Corporation, as a director, officer, employee, Agent or fiduciary of another Enterprise, as
applicable. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law), in which event the Corporation shall have no obligation under this
Agreement to continue Indemnitee in such position. This Agreement shall not be deemed an employment contract between the Corporation (or any Enterprise) and Indemnitee. Indemnitee specifically acknowledges that Indemnitee’s employment with the
Corporation (or any Enterprise), if any, is at will, and the Indemnitee may be discharged at any time for any reason, with or without cause, except as may be otherwise provided in any written employment contract between Indemnitee and the
Corporation (or any Enterprise), other applicable formal severance policies duly adopted by the Board, or, with respect to service as a director or officer of the Corporation, by the Certificate of Incorporation, the Bylaws and the DGCL. The
foregoing notwithstanding, this Agreement shall continue in force after Indemnitee has ceased to serve as a director, officer, employee or Agent of any Enterprise, as applicable, as provided in Section 17 hereof. 

Section 3. Indemnity in Third-Party Proceedings. The Corporation shall indemnify Indemnitee in accordance with the provisions of this
Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Corporation to procure a judgment in its favor. Pursuant to this Section 3,
Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Losses actually and reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding, if Indemnitee acted in good faith and in
a manner he or she reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal Proceeding, had no reasonable cause to believe that his or her conduct was unlawful. The parties hereto intend
that this Agreement shall provide to the fullest extent permitted by law for indemnification in excess of that expressly permitted by statute, including, without limitation, any indemnification provided by the Certificate of Incorporation, the
Bylaws, or the vote of its stockholders or Disinterested Directors. 

  
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 Section 4. Indemnity in Proceedings by or in the Right of the Corporation. The Corporation
shall indemnify Indemnitee in accordance with the provisions of this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Corporation to procure a judgment in its
favor. Pursuant to this Section 4, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with such Proceeding,
if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Corporation. No indemnification for Expenses shall be made under this Section 4 in respect of any claim, issue
or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Corporation, unless and only to the extent that the Delaware Court or any court in which the Proceeding was brought shall determine upon application
that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification. 

Section 5. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this
Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein,
in whole or in part, the Corporation shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits
or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Corporation shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with
or related to each successfully resolved claim, issue or matter to the fullest extent permitted by law. For purposes of this Section 5 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with
or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 
 Section 6. Indemnification for Expenses
of a Witness. Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness or otherwise asked to participate in
any aspect of a Proceeding to which Indemnitee is not a party, he or she shall be indemnified against all Expenses actually and reasonably incurred by him or her on his or her behalf in connection therewith. 

Section 7. Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Corporation
for some or a portion of Expenses, but not, however for the total amount thereof, the Corporation shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. 

Section 8. Additional Indemnification. Notwithstanding any limitation in Sections 3, 4, 5 or 7, the Corporation shall indemnify Indemnitee
to the fullest extent permitted by applicable law (as now in effect or as may from time to time hereafter be amended to increase the scope of such permitted indemnification) if Indemnitee is a party to or threatened to be made a party to or a
participant in any Proceeding against all Losses actually and reasonably incurred by or on behalf of Indemnitee in connection with the Proceeding. 

  
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 Section 9. Sponsor and ABS Control Group Indemnification. If a Sponsor with which Indemnitee
is affiliated or the ABS Control Group is, or is threatened to be made, a party to or a participant in any Proceeding relating to or arising by reason of the Sponsor’s or the ABS Control Group’s position as a stockholder of the Corporation
or appointment of, or affiliation with, Indemnitee or any other Agent, including without limitation, any alleged misappropriation of an asset or corporate opportunity of any Enterprise, any alleged misappropriation or infringement of intellectual
property relating to any Enterprise, any alleged false or misleading statement or omission made by any Enterprise (or on its behalf) or its employees or Agents, or any allegation of inappropriate control or influence over the Corporation or its
directors, officers, stockholders or debt holders; then the Sponsor and the ABS Control Group will be entitled to indemnification hereunder for Expenses to the same extent as Indemnitee, and the terms of this Agreement as they relate to procedures
for indemnification of Indemnitee and advancement of Expenses shall apply to any such indemnification of the Sponsor or the ABS Control Group. The rights provided to such Sponsor or the ABS Control Group under this Section 9 shall be suspended
during any period during which the Sponsor or the ABS Control Group, as applicable, does not have a representative on the Board; provided, however, that in the event of any such suspension, the Sponsor’s or the ABS Control
Group’s rights to indemnification will not be suspended with respect to any Proceeding based in whole or in part on facts and circumstances occurring at any time prior to such suspension regardless of whether the Proceeding arises before or
after such suspension. The Corporation and Indemnitee agree that any such Sponsor and the ABS Control Group are express third-party beneficiaries of the terms of this Section 9. 

Section 10. Exclusions. Notwithstanding any provision in this Agreement, the Corporation shall not be obligated under this Agreement to
make any indemnification payment in connection with any claim made against Indemnitee: 
 (a) for which payment has actually been made to or on behalf
of Indemnitee under any insurance policy or other indemnity provision, except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; provided that the foregoing shall not affect any rights
of Indemnitee, the Sponsors or the ABS Control Group set forth in Section 16(c); 
 (b) for (i) an accounting of profits made from the
purchase and sale (or sale and purchase) by Indemnitee of securities of the Corporation within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law, or (ii) any reimbursement of the
Corporation by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the sale of securities of the Corporation, as required in each case under the Exchange Act (including any such
reimbursements that arise from an accounting restatement of the Corporation pursuant to Section 304 of the Sarbanes-Oxley Act, or the payment to the Corporation of profits arising from the purchase and sale by Indemnitee of securities in
violation of Section 306 of the Sarbanes-Oxley Act); or 
 (c) except as provided in Section 15(d) in connection with any Proceeding (or any
part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Corporation or its directors, officers, 

  
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employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation, (ii) such payment arises in connection with any
mandatory counterclaim or cross-claim or affirmative defense brought or raised by Indemnitee in any Proceeding (or any part of any Proceeding), or (iii) the Corporation provides the indemnification, in its sole discretion, pursuant to the
powers vested in the Corporation under applicable law. 
 Section 11. Advances of Expenses. Notwithstanding any provision of this
Agreement to the contrary (other than Section 15(d)), the Corporation shall advance, to the extent not prohibited by law, the Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding (or any part of any Proceeding) not
initiated by Indemnitee, and such advancement shall be made within thirty (30) days after the receipt by the Corporation of a statement or statements requesting such advances from time to time (which shall include invoices received by
Indemnitee in connection with such Expenses but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditures made that would cause Indemnitee to waive any privilege accorded by applicable law
shall not be so included), whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability to repay the Expenses and without regard to
Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement. In accordance with Section 15(d), advances shall include any and all reasonable Expenses incurred pursuing an action to enforce this right
of advancement, including Expenses incurred preparing and forwarding statements to the Corporation to support the advances claimed. Indemnitee shall qualify for advances upon the execution and delivery to the Corporation of this Agreement, which
shall constitute an undertaking by Indemnitee to repay the amounts advanced (without interest) to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Corporation. No other form of undertaking shall be
required other than the execution of this Agreement. This Section 11 shall not apply to any claim made by Indemnitee for which indemnification is excluded pursuant to Section 10. 

Section 12. Procedure for Notification and Defense of Claim. 

(a) Indemnitee shall notify the Corporation in writing of any matter with respect to which Indemnitee intends to seek indemnification or advancement of
Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof or Indemnitee’s becoming aware thereof. The written notification to the Corporation shall include a description of the nature of
the Proceeding and the facts underlying the Proceeding, in each case to the extent known to Indemnitee. To obtain indemnification under this Agreement, Indemnitee shall submit to the Corporation a written request, including therein or therewith such
documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding. The failure by
Indemnitee to notify the Corporation hereunder will not relieve the Corporation from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay in so notifying the Corporation shall not constitute a
waiver by Indemnitee of any rights under this Agreement, except to the extent (solely with respect to the indemnity hereunder) that such failure or delay materially prejudices the Corporation. The Secretary of the Corporation shall, promptly upon

  
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receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. 

(b) The Corporation will be entitled to participate in the Proceeding at its own expense. 

(c) Settlement of Proceedings. 
 i. The
Corporation shall not settle, compromise or consent to the entry of any judgment as to Indemnitee in any Proceeding (in whole or in part) without Indemnitee’s prior written consent, which consent shall not be unreasonably withheld, unless such
settlement, compromise or consent includes an unconditional release of Indemnitee and does not (A) require or impose any injunctive or other non-monetary remedy on Indemnitee, (B) require or impose an admission or consent as to any
wrongdoing by Indemnitee or (C) otherwise result in a direct or indirect payment by or monetary cost to Indemnitee personally (as opposed to a payment to be made or cost to be paid by the Corporation on Indemnitee’s behalf). 

ii. Indemnitee shall not settle, compromise or consent to the entry of any judgment as to Indemnitee in any Proceeding (in whole or in part) without the
Corporation’s prior written consent, which consent shall not be unreasonably withheld, unless such settlement, compromise or consent includes an unconditional release of the Enterprises and does not (A) require or impose any injunctive or
other non-monetary remedy on any Enterprise, (B) require or impose an admission or consent as to any wrongdoing by any Enterprise, or (C) otherwise result in a direct or indirect payment by or monetary cost to any Enterprise. 

Section 13. Procedure Upon Application for Indemnification. 

(a) Upon written request by Indemnitee for indemnification pursuant to Section 12(a), a determination, if required by applicable law, with respect
to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change in Control shall have occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or
(ii) if a Change in Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of
the Disinterested Directors, even though less than a quorum of the Board, or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee. If it is
so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with
respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and
which is reasonably available to Indemnitee and reasonably necessary to such determination. Any Expenses incurred by or on behalf of Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the
Corporation (irrespective of the determination as to Indemnitee’s entitlement to indemnification), and the Corporation hereby indemnifies and agrees to hold Indemnitee harmless therefrom. The Corporation promptly will advise Indemnitee in

  
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writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied. 

(b) In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 13(a), the
Independent Counsel shall be selected as provided in this Section 13(b). If a Change in Control shall not have occurred, the Independent Counsel shall be selected by the Board, and the Corporation shall give written notice to Indemnitee
advising him or her of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the
Board, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to the Corporation advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Corporation, as the case
may be, may, within ten (10) days after such written notice of selection shall have been given, deliver to the Corporation or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such
objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements set forth in Section 1(t), and the objection shall set forth with particularity the factual basis of such assertion. Absent a
proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn
or the Delaware Court has determined that such objection is without merit. If, within twenty (20) days after the later of submission by Indemnitee of a written request for indemnification pursuant to Section 12(a) hereof and the final
disposition of the Proceeding, no Independent Counsel shall have been selected and not objected to, either the Corporation or Indemnitee may petition the Delaware Court for resolution of any objection which shall have been made by the Corporation or
Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by such court or by such other person as such court shall designate, and the person with respect to whom all
objections are so resolved or the person so appointed shall act as Independent Counsel under Section 13(a) hereof. Upon the due commencement of any Proceeding pursuant to Section 15(a), Independent Counsel shall be discharged and relieved
of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). 
 (c) If the
Corporation disputes a portion of the amounts for which indemnification is requested, the undisputed portion shall be paid and only the disputed portion withheld pending resolution of any such dispute. 

Section 14. Presumptions and Effect of Certain Proceedings. 

(a) In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall,
to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 12(a), and the Corporation shall, to
the fullest extent not prohibited by law, have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Corporation
(including by its directors or Independent Counsel) to have made a determination prior to the 

  
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commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual
determination by the Corporation (including by its directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable
standard of conduct. 
 (b) Subject to Section 15(e), if the person, persons or entity empowered or selected under Section 13 to determine
whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Corporation of the request therefor, the requisite determination of entitlement to indemnification shall, to the
fullest extent not prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such sixty (60)-day period may
be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the
obtaining or evaluating of documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this Section 14(b) shall not apply (i) if the determination of entitlement to
indemnification is to be made by the stockholders pursuant to Section 13(a) and if (A) within fifteen (15) days after receipt by the Corporation of the request for such determination the Board has resolved to submit such determination
to the stockholders for their consideration at an annual meeting thereof to be held within seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen
(15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat, or (ii) if the determination
of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 13(a). 
 (c) The termination of any Proceeding or of
any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right
of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Corporation or, with respect to any criminal
Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful. 
 (d) For purposes of any determination of good
faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of any Enterprise, including financial statements, or on information supplied to Indemnitee by the directors or
officers of such Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or
other expert selected with reasonable care by the Enterprise. The provisions of this Section 14(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable
standard of conduct set forth in this Agreement. Whether or not the foregoing provisions of this Section 14(d) are satisfied, it shall in any event be 

  
 11 

 
presumed that Indemnitee has at all times acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Corporation. 

(e) The knowledge and/or actions, or failure to act, of any director, officer, trustee, partner, managing member, fiduciary, Agent or employee of any
Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. 
 Section 15.
Remedies of Indemnitee. 
 (a) Subject to Section 15(e), in the event that (i) a determination is made pursuant to Section 12
that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 11, (iii) no determination of entitlement to indemnification shall have been made pursuant to
Section 13(a) within ninety (90) days after receipt by the Corporation of the request for indemnification, (iv) payment of indemnification is not made pursuant to Sections 5 or 6 or the last sentence of Section 13(a) within
ten (10) days after receipt by the Corporation of a written request therefor, (v) payment of indemnification pursuant to Sections 3, 4, 8 or 9 is not made within ten (10) days after a determination has been made that Indemnitee is
entitled to indemnification, or (vi) the Corporation or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any Proceeding designed to deny, or to recover from, the Indemnitee
the benefits provided or intended to be provided to the Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of his or her entitlement to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at his
or her option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such Proceeding seeking an adjudication or an
award in arbitration within one hundred eighty (180) days following the date on which Indemnitee first has the right to commence such Proceeding pursuant to this Section 15(a); provided, however, that the foregoing clause
shall not apply in respect of a Proceeding brought by Indemnitee to enforce his or her rights under Section 5. The Corporation shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration. 

(b) In the event that a determination shall have been made pursuant to Section 12(a) that Indemnitee is not entitled to indemnification, any
judicial proceeding or arbitration commenced pursuant to this Section 15 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any
Proceeding commenced pursuant to this Section 15, the Corporation shall have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. 

(c) If a determination shall have been made pursuant to Section 12(a) that Indemnitee is entitled to indemnification, the Corporation shall be
bound by such determination in any Proceeding commenced pursuant to this Section 15, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially
misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

  
 12 

 (d) The Corporation shall, to the fullest extent not prohibited by law, be precluded from asserting in any
Proceeding commenced pursuant to this Section 15 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such Proceeding that the Corporation is bound by all the provisions of
this Agreement. It is the intent of the Corporation that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees or other Expenses associated with the interpretation, enforcement or defense of Indemnitee’s
rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Indemnitee hereunder. The Corporation shall, to the fullest extent permitted by
law, indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Corporation of a written request therefor) advance, to the extent not prohibited by law, such Expenses to
Indemnitee, which are incurred by or on behalf of Indemnitee in connection with any action brought by Indemnitee for indemnification or advancement of Expenses from the Corporation under this Agreement or under any directors’ and officers’
liability insurance policies maintained by the Corporation if, in the case of indemnification, Indemnitee is wholly successful on the underlying claims; if Indemnitee is not wholly successful on the underlying claims, then such indemnification shall
be only to the extent Indemnitee is successful on such underlying claims or otherwise as permitted by law, whichever is greater. 
 (e)
Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding. 

Section 16. Non-exclusivity; Survival of Rights; Insurance; Subrogation. 

(a) The rights of indemnification and to receive advancement of Expenses as provided by this Agreement (i) shall not be deemed exclusive of any
other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders, a resolution of directors or otherwise, and (ii) shall be interpreted
independently of, and without reference to, any other such rights to which Indemnitee may at any time be entitled. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under
this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in Delaware law, whether by statute or judicial decision, permits
greater indemnification or advancement of Expenses than would be afforded currently under the Bylaws, the Certificate of Incorporation and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the
greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 

(b) To the extent that the Corporation maintains an insurance policy or policies providing liability insurance for directors, officers, employees or
Agents of any Enterprise, Indemnitee shall be covered by such policy or policies in accordance with its or their 

  
 13 

 
terms to the maximum extent of the coverage available for any such director, officer, employee or Agent under such policy or policies. If, at the time of the receipt of a notice of a claim
pursuant to the terms hereof, the Corporation has director and officer liability insurance in effect, the Corporation shall give prompt notice of such claim or of the commencement of a Proceeding, as the case may be, to the insurers in accordance
with the procedures set forth in the respective policies. The Corporation shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in
accordance with the terms of such policies. 
 (c) The Corporation acknowledges that Indemnitee may have certain rights to indemnification,
advancement of Expenses, or insurance provided by the Sponsors or the ABS Control Group. The Corporation hereby agrees (i) that it is the indemnitor of first resort, its obligations to Indemnitee hereunder are primary, and any obligation of the
Sponsors or the ABS Control Group to advance Expenses or to provide indemnification for the same Expenses or Losses incurred by Indemnitee are secondary; (ii) that it shall be required to advance the full amount of Expenses incurred by
Indemnitee and shall be liable for the full amount of all Losses paid in settlement to the extent legally permitted and as required by the terms of this Agreement, the Certificate of Incorporation, the Bylaws, and any other agreement between the
Corporation and Indemnitee, without regard to any rights Indemnitee may have against such Sponsor or the ABS Control Group; and (iii) that it irrevocably waives, relinquishes and releases the Sponsors and the ABS Control Group from any and all
claims against the Sponsors and the ABS Control Group for contribution, subrogation or any other recovery of any kind in respect thereof. The Corporation further agrees that no advancement or payment by the Sponsors or the ABS Control Group on
behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Corporation shall affect the foregoing, and the Sponsors and the ABS Control Group shall have a right of contribution and/or be subrogated to the
extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Corporation. The Corporation and Indemnitee agree that the Sponsors and the ABS Control Group are express third-party beneficiaries of the terms of this
Section 16(c). 
 (d) Except as provided in Section 16(c), in the event of any payment under this Agreement, the Corporation shall be
subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the
Corporation to bring suit to enforce such rights. 
 (e) Except as provided in Section 16(c), the Corporation shall not be liable under this
Agreement to make any payment of amounts otherwise indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract,
agreement or otherwise. 
 (f) Except as provided in Section 16(c), the Corporation’s obligation to indemnify or advance Expenses hereunder
to Indemnitee who is or was serving at the request of the Corporation as a director, officer, trustee, partner, managing member, fiduciary, employee or Agent of another Enterprise shall be reduced by any amount Indemnitee has actually received as
indemnification or advancement of Expenses from such other Enterprise. 

  
 14 

 Section 17. Duration of Agreement. This Agreement shall continue until and terminate upon the
later of: (a) ten (10) years after the date that Indemnitee shall have ceased to serve as a director, officer, employee or Agent of any Enterprise, as applicable, or (b) one (1) year after the final termination of any Proceeding
then pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any Proceeding commenced (including any appeal thereof) by Indemnitee pursuant to Section 15 relating thereto. The
indemnification and advancement of Expenses rights provided by or granted pursuant to this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Corporation), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or Agent of any Enterprise,
and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees, executors and administrators and other legal representatives. The Corporation shall require and shall cause any successor (whether direct or indirect by
purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation to, by written agreement, expressly assume and agree to perform this Agreement in the same manner and to the same extent that the
Corporation would be required to perform if no such succession had taken place. 
 Section 18. Severability. If any provision or
provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each
portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain
enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and
(c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself
invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. 
 Section 19. Enforcement.

 (a) The Corporation expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order
to induce Indemnitee to serve as a director or officer of the Corporation, and the Corporation acknowledges that Indemnitee is relying upon this Agreement in serving as a director or officer of the Corporation. 

(b) This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of
Incorporation, the Bylaws, any directors’ and officers’ insurance maintained by the Corporation and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 

  
 15 

 Section 20. Modification and Waiver. Except as provided in Section 8 with respect to
changes in Delaware law which broaden the right of Indemnitee to be indemnified by the Corporation, no supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the parties hereto. No waiver of any of the
provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver. 

Section 21. Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed
to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (b) mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after the date on which it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication shall have been
directed, or (d) sent by facsimile transmission, with receipt of oral confirmation that such transmission has been received: 
 If to
Indemnitee, to the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide to the Corporation. 

If to the Corporation, to: 
 Robert A. Gordon 

Executive Vice President & General Counsel 

Albertsons Companies, Inc. 
 250 Parkcenter Blvd.

 Boise, ID 83706 
 Facsimile:
(208) 395-4625 
 or to any other address as may have been furnished to Indemnitee by the Corporation. 

Section 22. Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is
unavailable to Indemnitee for any reason whatsoever, the Corporation, in lieu of indemnifying Indemnitee, shall contribute to the Losses incurred by or on behalf of Indemnitee in connection with any claim relating to an indemnifiable event under
this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (a) the relative benefits received by the Corporation and Indemnitee as a result of the event(s)
and/or transaction(s) giving cause to such Proceeding; and/or (b) the relative fault of the Corporation (and its directors, officers, employees and Agents) and Indemnitee in connection with such event(s) and/or transaction(s). 

Section 23. Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and
construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 15(a), the Corporation and Indemnitee
hereby irrevocably and unconditionally (a) agree that any 

  
 16 

 
Proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court, and not in any other state or federal court in the United States of America or any
court in any other country, (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any Proceeding arising out of or in connection with this Agreement, (c) appoint, to the extent such party is not
otherwise subject to service of process in the State of Delaware, The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801, as its agent in the State of Delaware for acceptance of legal process in connection with any such
Proceeding against such party with the same legal force and validity as if served upon such party personally within the State of Delaware, (d) waive any objection to the laying of venue of any such Proceeding in the Delaware Court, and
(e) waive, and agree not to plead or to make, any claim that any such Proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum. 

Section 24. Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be
deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 Section 25. Headings. The headings of this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction thereof. 
 [Signature Page Follows] 

  
 17 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year first above written. 

 

									
	ALBERTSONS COMPANIES, INC.	 		 	INDEMNITEE
					
	 By:
	 	 	 		 	By:	 	 
					
	 Title:
	 	 	 		 	Name:	 	 
					
		 		 		 	Address:	 	 
					
		 		 		 		 	 
					
		 		 		 		 	 

  
 18EX-10.23

 EXHIBIT 10.23 

THE TRANSFER OF THE LIMITED LIABILITY COMPANY INTERESTS DESCRIBED IN THIS AGREEMENT IS RESTRICTED AS DESCRIBED HEREIN. 

FORM OF 
 LIMITED
LIABILITY COMPANY AGREEMENT 
 OF 

ALBERTSONS INVESTOR HOLDINGS LLC, 

a Delaware Limited Liability Company 

THIS LIMITED LIABILITY COMPANY AGREEMENT of Albertsons Investor Holdings LLC, a Delaware limited liability company (the
“Company”), is made effective as of [●], 2015 (this “Agreement”), by and among Cerberus Iceberg LLC (“Cerberus”), Cerberus Capital Management, L.P., (“CCM”), Jubilee ABS
Holding LLC (“Jubilee”), Klaff Markets Holdings LLC (“Klaff”), Klaff-W LLC (“Klaff W”), Lubert-Adler SAN Aggregator, L.P. (“Lubert-Adler”), L-A Asset Management Services, LLC
(“L-A ASM”), Robert G. Miller (“Miller”), Robert Edwards (“Edwards”) and the Persons listed on Schedule A hereto (the “Individual Members” and, together with Cerberus, CCM,
Jubilee, Klaff, Klaff-W, Lubert-Adler, L-A ASM, Miller, Edwards and any other Person who becomes a member of the Company from time to time in accordance with the provisions hereof, the “Members”). 

RECITALS: 
 1. A
Certificate of Formation of the Company was filed with the Secretary of State of the State of Delaware on June 17, 2015; 
 2. Each of
the Persons listed on Schedule B hereto has contributed certain interests in AB Acquisition LLC, Safeway Group Holdings Inc., NAI Group Holdings Inc., Cerberus ABS Blocker and/or Cerberus Spirit Blocker to the Company in exchange for
Units issued by the Company; and 
 3. In accordance with the Act, the holders of Units of the Company wish to enter into this Agreement to
(i) set forth the respective rights, powers and interests of such parties with respect to the Company; (ii) establish the terms for the issuance of interests therein; and (iii) provide for the management of the business and operations
of the Company. 
 NOW, THEREFORE, in consideration of the mutual promises and agreements herein made and intending to be legally bound
hereby, the parties hereto agree as follows: 

 ARTICLE I. 

GENERAL PROVISIONS 

Section 1.1 Registered Office. The registered agent and office of the Company in the State of Delaware shall be The Corporation
Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801. A majority vote of the Members may change said registered office from one location to another in the State of Delaware. 

Section 1.2 Other Offices. The Company may have one or more offices as may be established from time to time. 

Section 1.3 Purpose; Nature of Business Permitted; Powers. The purpose to be conducted or promoted by the Company is to engage in
the following activities: 
 (i) to acquire, own, hold, vote, sell, Transfer, convey, safekeep, dispose of, pledge, assign, borrow money
against, finance, refinance or otherwise deal with, the Albertsons Companies Stock in accordance with the terms hereof; and 
 (ii) to
engage in any lawful act or activity and to exercise any powers permitted to limited liability companies organized under the laws of the State of Delaware that are related or incidental to and necessary, convenient or advisable for the
accomplishment of the above-mentioned purpose. 
 Section 1.4 Limited Liability of
Members. No Member or any of its Affiliates or Affiliated Individuals shall have any liability for the debts, obligations or liabilities of the Company or of any other Member. Except as provided in Section 11.8, subject to the provisions of
this Agreement, including, without limitation, Article XI hereof, any liability of any Member or any of its Affiliates or Affiliated Individuals to another Member or to the Company hereunder shall be limited to the Units of such Member or its
Affiliates. 
 Section 1.5 Tax Classification; No State Law Partnership. The Members intend that the Company shall be treated as
a partnership for federal, state and local tax purposes. Each Member and the Company agree to file all tax returns and otherwise take all tax and financial reporting positions in a manner consistent with such treatment. No provision of this
Agreement shall be deemed or construed to constitute the Company (including its Subsidiaries) as a partnership (including a limited partnership) or joint venture, or any Member as a partner of or with any other Member for any purposes other than tax
purposes. 
 Section 1.6 Definitions. Unless the context otherwise requires, the terms defined in this Section 1.6 shall,
for the purposes of this Agreement, have the meanings herein specified (such meanings to be equally applicable to both the singular and plural forms of the terms defined). 

“1933 Act” has the meaning set forth in Section 12.15. 

“1940 Act” means the Investment Company Act of 1940, as amended, and the rules and regulations thereunder.

  
 -2- 

 “50% Trigger Date” has the meaning set forth in
Section 3.8(i). 
 “ABS Control Group” means the Company, Management Holdco, Kimco and their
respective Affiliates (as defined in Rule 12b-2 of the Exchange Act), or any person who is an express assignee or designee of their respective rights under Albertsons Companies’ certificate of incorporation (and such assignee’s or
designee’s respective Affiliates) and who is or becomes a party to the Stockholders’ Agreement. 

“Act” means the Delaware Limited Liability Company Act (as it may be amended from time to time and any
successor to such Act). 
 “Additional Units” has the meaning set forth in Section 2.2(e). 

“Affiliate” means, with respect to a Person, another Person that directly or indirectly controls, is
controlled by or is under common control with such first Person; provided, however, that for purposes only of the term “Permitted Transferee”, the term “Affiliate” shall have the meaning ascribed to it therein. For
the avoidance of doubt, for purposes of this Agreement, including, without limitation, the definition of “Permitted Transferee,” (i) an Affiliate of Cerberus includes, without limitation, any entity or fund directly or indirectly
controlled by the Persons that, as of the date hereof, control Cerberus; (ii) an Affiliate of Klaff includes, without limitation, any entity or fund directly or indirectly controlled by Hersch Klaff; or any entity, fund or person that directly
or indirectly invests in Klaff, provided that Hersch Klaff has and retains direct or indirect exclusive management control over Klaff; (iii) an Affiliate of Lubert-Adler includes, without limitation, any entity or fund directly or indirectly
controlled by Dean Adler or Ira Lubert; or any entity, fund or person that directly or indirectly invests in Lubert-Adler, provided that Dean Adler or Ira Lubert has and retains direct or indirect exclusive management control over Lubert-Adler; and
(iv) an Affiliate of Jubilee includes, without limitation, any entity or fund directly or indirectly controlled by the Persons that, as of the date hereof, control Jubilee or Schottenstein Stores Corporation or any entity, fund or person that
directly or indirectly invests in Jubilee, provided that the Persons that have management control Jubilee as of the date hereof continue to retain direct or indirect exclusive management control over Jubilee. 

“Affiliated Individual” means, with respect to a Person, any individual who is an officer, director,
shareholder, employee, partner or member of such Person or an individual who is related by blood, marriage or adoption to any of the foregoing. 

“Agreement” has the meaning set forth in the Preamble. 

“Albertsons Companies” means Albertsons Companies, Inc., a Delaware corporation. 

“Albertsons Companies Contribution and Exchange Agreement” means that certain Contribution and Exchange
Agreement, dated as of the date hereof, by and between the Company and Albertsons Companies. 

  
 -3- 

 “Albertsons Companies Stock” means the common stock, par value
$0.01 per share, of Albertsons Companies acquired by the Company pursuant to the Albertsons Companies Contribution and Exchange Agreement and Equity Securities into which such shares of common stock shall have been changed, or any Equity Securities
resulting from any reclassification, recapitalization, reorganization, merger, consolidation, conversion, stock or other equity split or dividend or similar transactions with respect to such shares of common stock or other Equity Securities. 

“Allocated Stock” has the meaning set forth in Section 3.8(e). 

“Asset” means an asset owned by the Company or its Subsidiaries. 

“Bankruptcy” means, with respect to any Person, a “Voluntary Bankruptcy” or an
“Involuntary Bankruptcy”. A “Voluntary Bankruptcy” shall mean, with respect to any Person, (i) an admission in writing by such Person of its inability to pay its debts generally or a general assignment by such
Person for the benefit of creditors, (ii) the filing of any petition or answer by such Person seeking to adjudicate it bankrupt or insolvent or seeking for itself any liquidation, winding up, reorganization, arrangement, adjustment, protection,
relief or composition of such Person or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking, consenting to or acquiescing in the entry of an order for relief or the appointment of a receiver,
trustee, custodian or other similar official for such Person or for any substantial part of its property, or (iii) corporate action taken by such Person to authorize any of the actions set forth above. An “Involuntary
Bankruptcy” shall mean, with respect to any Person, without the consent or acquiescence of such Person, the entering of an order for relief or approving a petition for relief or reorganization or any other petition seeking any
reorganization, arrangement, composition, readjustment, liquidation, dissolution or other similar relief under any present or future bankruptcy, insolvency or similar statute, law or regulation or the filing of any such petition against such Person
which order or petition shall not be dismissed within 90 days or, without the consent or acquiescence of such Person, the entering of an order appointing a trustee, custodian, receiver or liquidator of such Person or of all or any substantial part
of the property of such Person which order shall not be dismissed within 90 days. 
 “Business Day” means
any day other than a Saturday, Sunday or any other day on which banks in New York City are required or permitted by law to be closed. 

“Capital Account” has the meaning set forth in Section 2.3(a). 

“Capital Contribution” means, with respect to any Member, the amount of money or the value of other assets,
in each case contributed to the Company in exchange for Units in the Company. 
 “Cerberus” has the meaning
set forth in the Preamble. 
 “Certificate of Formation” means the Certificate of Formation referred to in
Recital 1 and any and all amendments thereto and restatements thereof filed on behalf of the Company with the office of the Secretary of State of the State of Delaware pursuant to the Act. 

  
 -4- 

 “Code” means the Internal Revenue Code of 1986, as amended from
time to time. 
 “Company” has the meaning set forth in the Preamble. 

“Control” means, with respect to any Person, the power of another Person, through ownership of equity,
contract rights or otherwise, to direct the management and policies of such Person, and “controlled” and “controlling” have correlative meanings. 

“Depreciation” means, for each taxable period, an amount equal to the depreciation, amortization or other
cost recovery deduction allowable with respect to an asset for such taxable period, except that if the Gross Asset Value of such asset differs from its adjusted basis for federal income tax purposes at the beginning of such taxable period,
Depreciation shall be an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such taxable period bears to such beginning adjusted tax basis;
provided, however, that if the adjusted basis for federal income tax purposes of an asset at the beginning of such taxable period is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any
reasonable method selected by the Management Board. 
 “Effective Date” means the date of this Agreement.

 “Equity Securities” means, as applicable, (i) any capital stock, membership interests or other
equity interest of any Person; (ii) any securities directly or indirectly convertible into or exchangeable for any capital stock, membership interests or other equity interest of any Person; or (iii) any rights or options directly or
indirectly to subscribe for or to purchase any capital stock, membership interests or other equity interest of any Person or to subscribe for or to purchase any securities directly or indirectly convertible into or exchangeable for any capital
stock, membership interests or other equity interest of any Person. 
 “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended from time to time. 
 “Excluded Stock” has the meaning
set forth in Section 3.8(e). 
 “Family Member” means, with respect to any specified natural person,
(a) any parent, child, descendant or sibling of such natural person or of such natural person’s spouse (including relationships resulting from adoption) or (b) the spouse of such natural person or of any person covered by clause (a).

 “Fiscal Period” means (i) the period commencing on the date of this Agreement and ending on the
closest Thursday before the last Saturday of February, 2016 and (ii) any subsequent 12-month period commencing on the day following the last day of the immediately preceding Fiscal Period and ending on the closest Thursday before the last
Saturday of February of each calendar year, or such other commencement and ending dates as the Management Board may determine. 

  
 -5- 

 “Fiscal Year” means (i) the Fiscal Period commencing on the
date of this Agreement and ending on the closest Thursday before the last Saturday of February, 2016, (ii) any subsequent 12-month period commencing on the day following the last day of the immediately preceding Fiscal Year and ending on the
closest Thursday before the last Saturday of February of each calendar year, or such other commencement and ending dates as the Management Board may determine, and (iii) the period commencing on the day following the immediately preceding
closest Thursday before the last Saturday of February (or other commencement date determined by the Management Board) and ending on the date on which all property of the Company is distributed to the Members pursuant to Article X. 

“Governmental Entity” means any federal, state, local or foreign governmental, administrative, judicial or
regulatory agency, commission, court, body, entity or authority. 
 “Gross Asset Value” means, with respect
to any asset, the asset’s adjusted basis for federal income tax purposes, except as follows: 
 (i) the initial Gross
Asset Value of any asset contributed by a Member to the Company shall be the fair market value of such asset at the time it is accepted by the Company, unreduced by any liability secured by such asset, as reasonably determined by the Management
Board; 
 (ii) the Gross Asset Values of all Assets shall be adjusted to equal their respective fair market values, unreduced
by any liabilities secured by such assets, as reasonably determined by the Management Board as of the following times: (x) the acquisition of an additional interest in the Company by any new or existing Member in exchange for more than a de
minimis Capital Contribution; (y) the distribution by the Company to a Member of more than a de minimis amount of property as consideration for an interest in the Company; and (z) the liquidation of the Company within the meaning of
Regulations Section 1.704-1(b)(2)(ii)(g); provided, however, that an adjustment described in clauses (x) and (y) of this paragraph shall be made only if the Management Board reasonably determines that such an adjustment
is necessary to reflect the relative economic interests of the Members; 
 (iii) the Gross Asset Value of any Asset
distributed to any Member shall be adjusted to equal the fair market value of such asset on the date of distribution, unreduced by any liability secured by such asset, as reasonably determined by the Management Board; and 

(iv) the Gross Asset Value of all Assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of
such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such 

  
 -6- 

 
adjustments are taken into account in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) and paragraph (vi) of the definition of
“Profits” and “Losses” or Section 8.2(g); provided, however, that Gross Asset Value shall not be adjusted pursuant to this paragraph (iv) to the extent that an adjustment pursuant to
paragraph (ii) is required in connection with a transaction that would otherwise result in an adjustment pursuant to this paragraph (iv). 

If the Gross Asset Value of an asset has been determined or adjusted pursuant to paragraphs (i), (ii) or (iv) of
this definition, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Profits and Losses. 

“Indemnifiable Losses” has the meaning set forth in Section 11.1. 

“Indemnified Party” has the meaning set forth in Section 11.6. 

“Indemnified Person” has the meaning set forth in Section 11.1. 

“Indemnifying Party” has the meaning set forth in Section 11.6. 

“Individual Member” has the meaning set forth in the Preamble. 

“Investor Holdings Subsidiary” means any Subsidiary of the Company other than Albertsons Companies and any
Subsidiary of Albertsons Companies. 
 “Investor Members” means Cerberus, Klaff, Lubert-Adler and Jubilee.

 “Involuntary Bankruptcy” has the meaning set forth in the definition of Bankruptcy. 

“Jubilee” has the meaning set forth in the Preamble. 

“Kimco” means, collectively, KRS AB Acquisition, LLC, a Delaware limited liability company and KRS ABS, LLC,
a Delaware limited liability company. 
 “Klaff” has the meaning set forth in the Preamble. 

“Law” means foreign or domestic law, statute, code, ordinance, rule, regulation, order, judgment, writ,
stipulation, award, injunction, decree or arbitration award or finding of any Governmental Entity. 
 “Loan
Agreement” means that certain Term (Committed Loan) Loan Agreement, dated as of July 2, 2015, by and between Goldman Sachs Bank USA, as Lender, and Management Holdco, as Borrower, as such agreement (and loan pursuant thereto) may be
amended, modified or refinanced from time to time. 
 “Lubert-Adler” has the meaning set forth in the
Preamble. 

  
 -7- 

 “Major Decision” means: 

 

	 	(i)	subject to clause (xx) of this definition, issuance of any equity interest, or any security that is convertible into or exchangeable for an equity interest in the Company or an Investor Holdings Subsidiary, the
adoption of any incentive program which grants or allocates equity interests in the Company or any Investor Holdings Subsidiary to employees, officers or directors of, or consultants or advisors to, the Company or any Investor Holdings Subsidiary;

  

	 	(ii)	amending, modifying, supplementing or changing any provision of this Agreement other than to amend Schedule B to reflect any Transfers or redemptions of Units made in accordance with this Agreement; 

 

	 	(iii)	any act in contravention of this Agreement; 

  

	 	(iv)	any action which would cause the Company (x) to become an entity other than a Delaware limited liability company, or other than a “pass through” entity for Federal income taxes or (y) to be treated
as a corporation for Federal income tax purposes; 

  

	 	(v)	changing the business purpose of the Company; 

  

	 	(vi)	making in-kind distributions with respect to any material portion of the Assets of the Company or any Investor Holdings Subsidiary other than distributions of Albertsons Companies Stock pursuant to and in accordance
with Section 3.8(d), Section 3.8(e) or Section 3.8(f); 

  

	 	(vii)	indemnification of any Person by the Company or any Investor Holdings Subsidiary other than an Officer, member of the Management Board, or a Member or its Affiliates in accordance with the provisions of Article XI of
this Agreement, other than any indemnification clause that is included in any contract or other agreement between the Company and any vendor or other contracting party of the Company in the ordinary course of business; 

 

	 	(viii)	entering into any agreement (x) which would cause any Member to become personally liable on or in respect of or to guarantee any indebtedness of the Company or any Investor Holdings Subsidiary or (y) which is
not nonrecourse to such Member, except to the extent such liability or recourse is pursuant to customary carve-outs for real estate financing; 

  

	 	(ix)	causing the Company or any Investor Holdings Subsidiary (v) to redeem or repurchase all or any portion of the interest of a Member (other than as is consistent with any employment agreement with such Member),
(w) to make loans to any Member, (x) to accept or require additional Capital Contributions from any Member not provided for in this Agreement, (y) to enter into any contract, arrangement or understanding with or paying any salary,
fees or other compensation to, any Investor Member or any Affiliate of an Investor Member (other than as otherwise contemplated by this Agreement or as is consistent with any employment agreement with a Member), or (z) to borrow money from a
Member or its Affiliates; 

  
 -8- 

	 	(x)	dissolving, terminating or liquidating the Company other than following a sale or distribution of all or substantially all of the assets of the Company; 

 

	 	(xi)	obtaining, incurring, modifying, prepaying or refinancing any indebtedness of the Company or any Investor Holdings Subsidiary or executing or delivering on behalf of the Company any guarantee or other agreement whereby
the Company or any Investor Holdings Subsidiary is or may become liable for any obligations of any other Person; 

  

	 	(xii)	commencing, dismissing, terminating or settling any litigation matter, or any other matter or claim (including an insurance claim) in connection with which the amount in controversy is reasonably expected to exceed
$5,000,000; 

  

	 	(xiii)	establishing or releasing reserves in excess of $5,000,000 in any single instance or series of related instances for use by the Company or any Investor Holdings Subsidiary, provided, that any withholding by the Company
of cash pursuant to Section 2.2(c) shall not be taken into account in the calculation of reserves to be established or released; 

  

	 	(xiv)	requiring any additional Capital Contributions (other than pursuant to Section 2.2(b)); 

  

	 	(xv)	forming, appointing members to, and delegating authority to any committee of the Management Board in accordance with Section 3.1(f); 

 

	 	(xvi)	causing or permitting an initial public offering of the Company or any Investor Holdings Subsidiary; 

  

	 	(xvii)	making a demand (or piggyback request) to register securities under the Stockholders’ Agreement; 

  

	 	(xviii)	consenting (to the extent consent of the Management Board is required) to a Member directly or indirectly making a Transfer of all or any portion of its Units pursuant to Section 5.1(a)(i); 

 

	 	(xix)	approving a sale of all of the Albertsons Companies Stock held by the Company, whether through a tender offer, asset sale, recapitalization, consolidation, reorganization or business combination; 

 

	 	(xx)	admitting a Person as a Member, except as otherwise specifically provided in this Agreement; 

  

	 	(xxi)	permitting the withdrawal of any Member except as otherwise provided in this Agreement; 

  
 -9- 

	 	(xxii)	approving any affiliate transaction (other than with respect to the employment of an Individual Member) between the Company or any Investor Holdings Subsidiary on the one hand, and any Member or any Affiliate thereof on
the other hand; 

  

	 	(xxiii)	conducting any business other than the purchasing, holding, voting and disposing of the Albertsons Companies Stock and taking actions permitted under the Stockholders’ Agreement not otherwise inconsistent with this
Agreement; and 

  

	 	(xxiv)	take any action in respect of the Albertsons Companies Stock in breach of Section 3.8. 

“Management Board” has the meaning set forth in Section 3.1(a). 

“Management Holdco” shall mean Albertsons Management Holdco, LLC, a Delaware limited liability company. 

“Member Contribution and Exchange Agreement” means that certain Contribution and Exchange Agreement, dated as
of the date hereof, by and among the Company and certain Members, pursuant to which such Members contributed certain Equity Securities to the Company in exchange for Units. 

“Members” has the meaning set forth in the Preamble. 

“Miller” has the meaning set forth in the Preamble. 

“Non-Participating Member” has the meaning set forth in Section 3.8(e). 

“Officer” means any officer of the Company appointed in accordance with this Agreement. 

“Percentage Interest” means, with respect to any Member, the percentage obtained by dividing the number of
Units held by such Member by the aggregate number of Units held by all of the Members. 
 “Permitted
Transferee” means: (i) with respect to any Member who is not a natural person, any Affiliate of such Member (provided that for purposes of this clause (i), “Affiliate” shall mean, with respect to the Member in
question, that such Member solely controls, is controlled solely by or under common control with such Affiliate (and no Person other than the common controlling Person controls such Affiliate) and such Member or its ultimate parent owns, directly or
indirectly, more than 80% of the economic interests of such Affiliate and provided further that notwithstanding the immediately preceding proviso, Affiliates as further defined in the second sentence of the definition of Affiliate are affiliates for
this subsection (i); (ii) with respect to any Member who is a natural person, (x) upon the death of such natural person, any Person in accordance with such natural person’s will or the laws of intestacy; (y) the Family Members of
such natural person, entities formed for estate or family planning purposes 

  
 -10- 

 
and/or one or more trusts for the sole benefit of such natural person and/or the Family Members of such natural person, provided that such natural person shall not be released from his
obligations under this Agreement as a Member; (iii) with respect to any Member who is also an equityholder of Management Holdco, Management Holdco, but only to the extent necessary to satisfy minimum collateral requirements pursuant to the Loan
Agreement; (iv) with respect to Management Holdco upon receipt of Units by Management Holdco pursuant to clause (iii) above, (A) a member of Management Holdco upon termination and release of any security interests of a lender pursuant
to the Loan Agreement with respect to Units held by Management Holdco (and only the Units attributable to such member of Management Holdco and previously subject to such security interests) or (B) the lender under the Loan Agreement in
connection with the default of a loan and foreclosure on Units held by Management Holdco and pledged to such lender pursuant to the Loan Agreement and (v) in the event of the dissolution, liquidation or winding up of any such Person that is a
corporation, partnership or limited liability company, the stockholders of a corporation that is such Person, the partners of a partnership that is such Person, the members of a limited liability company that is such Person or a successor
corporation all of the stockholders of which or a successor partnership all of the partners of which or a limited liability company all of the members of which are the Persons who were the stockholders of such corporation or the partners of such
partnership or the members of such limited liability company immediately prior to the dissolution, liquidation or winding up of such Person; provided further, however, that no such Transfer under any one or more of the foregoing
clauses (i) through (v) to any such Person shall be permitted where such Transfer (x) fails to comply with the terms of Section 5.1(a), including, without limitation, by reason of a failure to comply in any respect with any
federal or state securities laws, including, without limitation, the 1940 Act, or (y) would result in the Company becoming subject to the Securities Exchange Act of 1934. 

“Person” means any individual, corporation, association, partnership (general or limited), joint venture,
trust, joint-stock company, estate, limited liability company, Series, unincorporated organization or other legal entity or organization. 

“Preemptive Right Notice” has the meaning set forth in Section 2.2(e). 

“Pro Rata Portion” has the meaning set forth in Section 2.2(e). 

“Profits” or “Losses” means for each taxable period, an amount equal to the taxable income
or loss for such taxable period. Such amount shall be determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Code Section 703(a)(1)
shall be included in taxable income or loss), with the following adjustments (without duplication): 
 (i) any income that is
exempt from federal income tax and not otherwise taken into account in computing Profits or Losses pursuant to this definition shall be added to such taxable income or loss; 

  
 -11- 

 (ii) any expenditures described in Code Section 705(a)(2)(B) or treated as
Code Section 705(a)(2)(B) expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses pursuant to this definition shall be subtracted from such taxable income or
loss; 
 (iii) in the event the Gross Asset Value of any Asset is adjusted pursuant to paragraphs (ii) or (iii) of
the definition of Gross Asset Value, the amount of such adjustment shall be taken into account as an item of gain (if the adjustment increases the Gross Asset Value of the asset) or an item of loss (if the adjustment decreases the Gross Asset Value
of the asset) from the disposition of such asset and shall be taken into account for purposes of computing Profits or Losses; 

(iv) gain or loss resulting from any disposition of property with respect to which gain or loss is recognized for federal
income tax purposes shall be computed by reference to the Gross Asset Value of property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; 

(v) in lieu of depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable
income or loss there shall be taken into account Depreciation for such taxable period, computed in accordance with the definition of Depreciation; and 

(vi) to the extent an adjustment to the adjusted tax basis of any Asset pursuant to Code Section 734(b) or 743(b) is
required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Member’s interest in the Company, the amount of such
adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken into account for purposes of
computing Profits or Losses. 
 “QIB” means a “qualified institutional buyer” within the
meaning of Rule 144A under the 1933 Act. 
 “Regulations” means the federal income tax regulations
promulgated by the Treasury Department under the Code, as such regulations may be amended from time to time. All references herein to a specific section of the Regulations shall be deemed also to refer to any corresponding provisions of succeeding
Regulations. 
 “Representative” has the meaning set forth in Section 10.2. 

“Requisite Distribution Deferral Majority” has the meaning set forth in Section 3.8(d). 

“Security or Securities” has the meaning set forth in Section 2(1) of the 1933 Act. 

  
 -12- 

 “Sell-Down” has the meaning set forth in
Section 3.8(e). 
 “Sell-Down Notice” has the meaning set forth in Section 3.8(e).

 “Side Letter” means any letter agreement between the Company and any employee of the Company or its
Subsidiaries relating to or in connection with such employee’s employment, compensation, participation in any incentive program or otherwise. In the event of any conflict between (i) a Side Letter between any employee of the Company or its
Subsidiaries and the Company and (ii) this Agreement, such Side Letter shall control with respect to such employee. 

“Stockholders’ Agreement” means the Albertsons Companies Stockholders’ Agreement, dated as of the
date hereof, by and among the Company and the other parties thereto, as amended from time to time. 

“Subsidiary” of a Person means any corporation, partnership, limited liability company, trust and other
entity, whether incorporated or unincorporated, with respect to which such Person, directly or indirectly, legally or beneficially, owns (i) a right to a majority of the profits of such entity; or (ii) securities having the power to elect
a majority of the board of directors or similar body governing the affairs of such entity. 
 “Tax Matters
Member” has the meaning set forth in Section 8.1. 
 “Third Party Claim” has the meaning set
forth in Section 11.6. 
 “Transaction Transfer Restriction” has the meaning set forth in
Section 3.8(e). 
 “Transfer” has the meaning set forth in Section 5.1(a). 

“Units” means the units issued by the Company representing a fractional part of the ownership of the Company
and having the rights, preferences and obligations specified in this Agreement. 
 “Voluntary Bankruptcy”
has the meaning set forth in the definition of Bankruptcy. 
 Any capitalized term not defined herein shall have the meaning ascribed to such term in the
Act. 
 Section 1.7 Certificates. Each Officer of the Company is an authorized Person within the meaning of the Act to execute,
deliver and file any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in a jurisdiction within the United States in which the Company may wish to conduct business. Alan Bossman is
hereby designated as an “authorized person” within the meaning of the Act, and has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. 

Section 1.8 Term. The term of the Company shall begin on the date the Certificate of Formation was filed with the Secretary of
State of the State of Delaware and shall continue until terminated in accordance with the provisions hereof or pursuant to the Act. 

  
 -13- 

 ARTICLE II. 

UNITS, CAPITAL 
 CONTRIBUTIONS AND
CAPITAL ACCOUNTS 
 Section 2.1 Units. 

(a) As of the date hereof, the Company shall have one class of Units which shall have the rights, preferences and privileges as are described
herein. 
 (b) Title to assets of the Company, whether real, personal or mixed, tangible or intangible, shall be deemed to be owned by the
Company, and no Member, individually or collectively, shall have any ownership interest in such assets or any portion thereof. 
 (c) The
Units shall be uncertificated unless the Management Board otherwise determines. 
 Section 2.2 Capital Contributions. 

(a) Capital Contributions. Each of the Members has contributed interests in AB Acquisition LLC, Safeway Group Holdings Inc., NAI Group
Holdings Inc., Cerberus ABS Blocker and/or Cerberus Spirit Blocker in exchange for Units of the Company such that such Member’s ownership of Units as of the date of this Agreement is as reflected on Schedule B hereto. 

(b) Additional Capital Contributions. Other than as the Management Board determines in its reasonable discretion is necessary to pay
reasonable third-party (and not, for the avoidance of doubt, any Member’s or such Member’s Affiliates) costs and expenses incurred by the Company in carrying out its business not to exceed $5,000,000 per annum, including, without
limitation, liability and other insurance premiums, expenses incurred in the preparation of reports to the Members and any third-party legal, accounting and other professional fees and expenses, none of the Members shall have any further capital
commitment with regard to the ongoing conduct of the business of the Company beyond their respective initial Capital Contributions, provided, that, no requirement to fund additional capital pursuant to this Section 2.2(b) shall
apply to Miller, Edwards or any Individual Member. 
 (c) Withholding of Distributions to Fund Capital Contributions. In the event of
a secondary offering of Albertsons Companies Stock by the Company, the Management Board may authorize the withholding of up to $5,000,000 from the Investor Members to fund the costs and expenses of the Company in lieu of requiring contributions (to
the extent of such withholding) from the participating Investor Members pursuant to clause (b) above. If one or more Investor Members is a Non-Participating Member (as defined in Section 3.8) with respect to such secondary offering, then
such aggregate withholding shall be reduced by an amount equal to the Non-Participating Members’ pro rata ownership of the Units as of immediately prior to the secondary offering multiplied by the aggregate amount otherwise to be withheld, such
that withholdings shall only be allocated among Investor Members participating in the secondary offering. 

  
 -14- 

 (d) Payment of Capital Contributions. Any Capital Contributions in cash made by the
Members shall be made in U.S. dollars by wire transfer of federal funds to an account or accounts of the Company specified by the Company or the Management Board. Except as otherwise provided herein, no Member shall be entitled to any compensation
by reason of its Capital Contribution or by reason of serving as a Member. No Member shall be required to lend any funds to the Company. 

(e) Preemptive Rights.(i) In the event that the Company, at the direction of the Management Board, proposes to sell any Additional
Units, the Company shall first give each Member a notice setting forth in reasonable detail the price and other terms on which such Additional Units are proposed to be issued or sold, the terms of such Additional Units and the amount thereof
proposed to be sold (a “Preemptive Right Notice”). Each Member shall thereafter have the preemptive right, exercisable by written notice to the Company no later than twenty (20) days following receipt of the Preemptive Right
Notice, to purchase the portion of the Additional Units as shall be equal to (A) the aggregate Additional Units multiplied by (B) such Member’s Percentage Interest. The portion of such Additional Units such Member is entitled to
purchase under this Section 2.2(e)(i) shall be referred to as its “Pro Rata Portion” and shall be set forth in such Member’s Preemptive Right Notice. Any notice by a Member exercising the right to purchase Additional Units
pursuant to this Section 2.2(e)(i) shall constitute an irrevocable commitment to purchase from the Company the Additional Units set forth in such notice. If, as contemplated by clause (ii) of this Section 2.2(e), the Company shall
issue or sell the remaining Additional Units to third parties, then the closing of the purchase by the Members shall take place at the same time as the closing of such issuance or sale to such third parties. If for any reason the Company shall not
issue or sell Additional Units to any Persons other than the Members, then the closing of the purchase of the Additional Units by the Members shall take place on such date, no less than ten (10) and no more than thirty (30) days after the
expiration of the twenty (20) day period referred to above, as the Management Board may select. 
 (ii) In the event of a failure by
any Member to purchase all or any portion of its Pro Rata Portion of the Additional Units proposed to be issued or sold by the Company in the Preemptive Right Notice, any Member that has elected pursuant to Section 2.2(e)(i) above to purchase
its entire Pro Rata Portion, may purchase its Percentage Interest (based on all of the Members, purchasing pursuant to this Section 2.2(e)) of the unpurchased Additional Units. In the event of a failure by the Members to purchase all or any
portion of the Additional Units pursuant to Section 2.2(e)(i) and (ii), the Company shall be entitled to issue or sell the remaining Additional Units on the terms set forth in the Preemptive Right Notice. From the expiration of the twenty
(20) day period referred to in clause (e)(i) of this Section 2.2 and for a period of ninety (90) days thereafter, the Company, at the direction of the Management Board, may offer, issue and sell to any Person, the remaining Additional
Units having the terms set forth in the Preemptive Right Notice for a price and other terms no less favorable to the Company, and including no less cash, than those set forth in the Preemptive Right Notice (without deduction for reasonable
underwriting, sales agency and similar fees payable in connection therewith); provided, however, that the Company may not issue or sell Additional Units in an amount greater than the amount set forth in the Preemptive Right Notice
minus the amount purchased or committed to be purchased by the Members upon exercise of their preemptive rights. 

  
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 (iii) For purposes of this Section 2.2(e), “Additional Units” means all
Units sold by the Company after the date hereof, whether or not subsequently reacquired or retired by the Company, other than Units granted or issued upon conversion of any securities then outstanding convertible for or exchangeable into Units. 

(iv) Notwithstanding anything to the contrary contained in this Agreement, the provisions of this Section 2.2(e) shall not apply to any
grant, exchange or sale of Units as consideration in any merger, consolidation or other acquisition of any Person, business, division, or assets approved by the Management Board. 

Section 2.3 Capital Accounts. 

(a) Capital Accounts. A capital account (“Capital Account”) shall be maintained for each Member in accordance with this
Section 2.3. A Member’s Capital Account shall be increased by (i) the amount of money contributed by the Member to the Company, (ii) the initial Gross Asset Value of property contributed by the Member to the Company, as
determined by the contributing Member and the Management Board (net of liabilities that the Company is considered to assume or take subject to pursuant to Code Section 752), and (iii) allocations to the Member of Profits pursuant to
Article VI. A Member’s Capital Account shall be decreased by (x) the amount of money distributed to the Member, (y) the Gross Asset Value of any property so distributed to the Member as determined by the distributee Member and the
Management Board (net of any liabilities that such Member is considered to assume or take subject to pursuant to Code Section 752), and (z) allocations to the Member of Losses pursuant to Article VI. 

(b) Negative Capital Account. No Member shall be required to make up a deficit balance in such Member’s Capital Account or to pay
to any Member the amount of any such deficit in any such account. 
 (c) Credit of Capital Contribution. For purposes of computing the
balance in a Member’s Capital Account, no credit shall be given for any Capital Contribution which such Member is to make until such Capital Contribution is actually made. 

Section 2.4 Admission of New Members. Unless otherwise permitted under Article V, new Members may only be admitted to membership
in the Company with the approval of the Management Board. A new Member must agree in writing to be bound by the terms and provisions of the Certificate of Formation and this Agreement, each as may be amended from time to time, and must execute a
counterpart of, or an agreement adopting, this Agreement and any other related agreement as the Management Board may require. Upon admission, the new Member shall have all rights and duties of a Member of the Company; provided,
however, that such new Member shall only be entitled to such voting rights as are provided pursuant to this Agreement. 

Section 2.5 Interest. No interest shall be paid or credited to the Members on their Capital Accounts or upon any undistributed
amounts held by the Company. 

  
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 Section 2.6 Capital Withdrawal Rights, Interest and Priority. Except as expressly
provided in this Agreement, no Member shall be entitled to withdraw or reduce such Member’s Capital Accounts in whole or in part until the dissolution, liquidation and winding-up of the Company, except to the extent that distributions pursuant
to Article VII represent returns of capital. A Member who withdraws or purports to withdraw as a Member of the Company without the consent of all of the Members or as otherwise allowed by this Agreement shall be liable to the Company for any damages
suffered by the Company on account of the breach and shall not be entitled to receive any payment in respect of its Units in the Company or a return of its Capital Contribution until the time otherwise provided herein for distributions to Members.

 ARTICLE III. 
 MANAGEMENT OF
THE COMPANY 
 Section 3.1 Company Governance. 

(a) The Company hereby establishes a Management Board for the Company (the “Management Board”), which shall have all of the
powers of a board of directors of a Delaware corporation and, pursuant to such powers shall have the overall responsibility for the management, operation and administration of the Company. The Management Board is, to the extent of its rights and
powers set forth in this Agreement, an agent of the Company and the actions of the Company by and through the Management Board taken in accordance with such rights and powers shall bind the Company. Except as authorized by the Management Board or as
set forth in this Agreement, no Member shall participate in the management and control of the business of the Company nor shall any Member have the right or authority to act on behalf of the Company in connection with any matter. 

(b)(i) The Management Board shall consist as of the date hereof of the following voting members: Lenard Tessler, Ronald Kravit, Lisa Gray,
Scott Wille, Jay Schottenstein, Dean Adler, Hersch Klaff and Miller. By signing this Agreement, each Member shall be deemed to have voted for the election of each of the foregoing persons to serve as a Management Board member. The names and mailing
addresses of the members of the Management Board shall be set forth in the books and records of the Company. Subject to Sections 3.1(b)(ii) and (iii) below, the number of members of the Management Board shall be fixed at eight. Each member of
the Management Board shall have one (1) vote with respect to matters to be considered by the Management Board. 
 (ii) Each of the
Members will agree to vote and otherwise use its reasonable best efforts to cause the Management Board to consist of four (4) members appointed by Cerberus; one (1) member appointed by Jubilee; one (1) member appointed by
Lubert-Adler; one (1) member appointed by Klaff; and one (1) member appointed by Miller; provided that in the event that any such Member (x) shall transfer more than 50% of such Member’s Units (excluding however, transfers made
by such Member to a Permitted Transferee) or (y) with respect to an Investor Member, ceases to be controlled by Cerberus Capital Management, LP, Klaff Realty, LP, Schottenstein Stores Corp. or Lubert-Adler Partners, L.P. or their respective
controlled Affiliates, as applicable, such Member shall not be entitled to have the other Members so vote or cause the Management Board to consist of any of its appointees. Immediately prior to such event described in the preceding sentence or
concurrently therewith, such Member shall cause its appointee(s) to resign from the Management Board, reducing the members of the Management Board accordingly. Except as provided in Section 3.1(c), any vacancies on the Management Board will be
filled by a vote of the Members. 

  
 -17- 

 (c) The status of a member of the Management Board shall terminate if the Management Board
member: (i) shall die; (ii) shall be adjudicated incompetent; (iii) shall voluntarily resign as a Management Board member (which shall require not less than 10 days’ prior written notice to the Company); (iv) shall be
removed by the written request of the Member that appointed such member of the Management Board pursuant to Section 3.1(b); (v) shall be certified by a physician to be mentally or physically unable to perform his or her duties;
(vi) shall be declared bankrupt by a court with appropriate jurisdiction, file a petition commencing a voluntary case under any bankruptcy law or make an assignment for the benefit of creditors; (vii) shall have a receiver appointed to
administer the property or affairs of such Management Board member or (viii) shall otherwise cease to be a Management Board member of the Company under the Act. Upon such termination, the Member that appointed the terminating member of the
Management Board shall be entitled to designate a replacement to be a Member of the Management Board by written notice to the Secretary of the Company. 

(d) Meetings. Meetings of the Management Board may be called by any two members of the Management Board on at least five
(5) Business Days’ prior written notice to each member of the Management Board, which notice shall contain the time and place of such meeting. Seventy percent (70%) of the total number of votes held by members of the Management Board
shall constitute a quorum for the transaction of business by the Management Board. Except as provided in Section 3.6 and as otherwise provided in this Section 3.1(d) or explicitly set forth elsewhere in this Agreement, all actions of the
Management Board shall require the affirmative majority vote of the total number of votes held by members of the Management Board. Decisions made by the Management Board at any meeting, however convened, shall be as valid as though held after due
notice if, either before or after the meeting, each and every member of the Management Board signs a written waiver of notice or a consent to the holding of such meeting or written approval of the minutes thereof. 

(e) Telephone Conference; Unanimous Written Consent. Meetings of the Management Board may be held by telephone conference or similar
communications equipment by means of which all persons participating in the meeting can hear each other and participate in the conversation. Any action required or permitted to be taken by the Management Board may be taken without a meeting and
without prior notice if all of the voting members of the Management Board shall consent in writing to such action. Such consent or consents shall be filed with the minutes of the proceedings of the Management Board and shall have the same force and
effect as a unanimous vote of the Management Board. 
 (f) Committees of the Board. 

(i) The Management Board may designate an executive committee and other committees, each consisting of one or more members of the Management
Board or other individuals appointed by the Management Board. Each committee (including the members thereof) shall serve at the pleasure of the Management Board. Each committee shall keep minutes of its meetings and report the same to such Board.
Except as may be required by applicable securities laws or any exchange on which the securities of any of the Company’s 

  
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Subsidiaries are listed, the Executive Chairman shall be a member of each committee. The Management Board may designate one or more members of the Management Board or other individuals appointed
by the Management Board as alternate members of any committee, who may replace any absent or disqualified member or members at any meeting of the committee. In addition, in the absence or disqualification of a member of a committee, if no alternate
member has been designated by the Management Board, the member or members present at any meeting and not disqualified from voting, whether or not they constitute a quorum, may unanimously appoint another member of the Management Board to act at the
meeting in the place of the absent or disqualified member. Except as limited by applicable law, each committee, to the extent provided in the resolution of the Management Board establishing it, shall have and may exercise all the powers and
authority of the Management Board in the management of the business and affairs of the Company; provided that no Committee shall have the authority to take any action constituting a Major Decision or an action of the Management Board under
Section 3.8(k). 
 (ii) Two-thirds (2/3) of all the voting members of a committee shall constitute a quorum for the transaction of
business, and the vote of a majority of all the voting members of a committee shall be the act of the committee. In other respects each committee shall conduct its business in the same manner as the Management Board conducts its business pursuant to
this Section 3.1. Each committee shall adopt whatever other rules of procedure it determines for the conduct of its activities. 
 (g)
Executive Chairman. The Management Board shall have (x) an Executive Chairman who, as of the date hereof, shall be Robert Miller, or (y) except as provided in a Side Letter, at the Management Board’s option, a non-executive
Chairman. The Executive Chairman (or, if applicable, the non-executive Chairman) shall preside at all meetings of the Management Board and of the Members at which he or she shall be present and shall have and may exercise such powers as may, from
time to time, be assigned to him or her by the Management Board or as may be provided by applicable law. In the absence of the Executive Chairman (or, if applicable, the non-executive Chairman), a member of the Management Board selected by Cerberus
shall preside at all meetings of the Management Board and of the Members at which he or she shall be present and shall have and may exercise such powers as may, from time to time, be assigned to him or her by the Management Board or as may be
provided by applicable law. 
 (h) Limitation on Liability of Member of the Management Board. Members of the Management Board
shall not, solely by reason of being a member of the Management Board, be personally liable for the expenses, liabilities or obligations of the Company whether arising in contract, tort or otherwise. 

(i) Compensation and Reimbursement of Management Board. Members of the Management Board shall not receive compensation for their
services performed on behalf of the Company or other benefits they provide to the Company. Members of the Management Board shall be entitled to reimbursement for reasonable, documented out-of-pocket expenses incurred by them in connection with
attendance at meetings of the Management Board or any committee thereof conducting the business and affairs of the Company. 

  
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 Section 3.2 Authority, Duties and Obligations of the Management Board. 

(a) Except as otherwise expressly provided in this Agreement, the Management Board shall have the authority, on behalf of the Company, to take
any action or make any decisions on behalf of the Company hereunder, to carry out any and all of the purposes of the Company and to perform all acts and enter into and perform all contracts and other undertakings which it may deem necessary or
advisable or incidental thereto. 
 (b) Without limiting Section 3.2(a), each of the Members, by executing this Agreement, authorizes
the Company and the Management Board to make such regulatory and other filings as shall be required in connection with the acquisition of the Albertsons Companies Stock and the operation of the business of the Company, all without any further act,
vote or approval of the Company, any Member or any other Person notwithstanding any other provision of this Agreement, the Act or applicable law, rule or regulation. In furtherance of the foregoing, unless otherwise directed in writing by the
Management Board, the Company and the Management Board hereby designates Cerberus to sign on behalf of the Company with respect to any such regulatory and/or other filings to be made by the Company pursuant to this Section 3.2(b). 

(c) The Company shall not approve or take any action with respect to any Major Decision without the affirmative vote or written consent of
members of the Management Board representing seventy percent (70%) of the total number of votes held by the members of the Management Board; provided, that the Management Board shall not approve or take any action with respect to any of
the Major Decisions specified in clauses (ii), (iii), (iv), (v), (viii), (ix), (x), (xi), (xiv), (xvi), (xx), (xxi), (xxii), (xxiii) or (xxiv) of the definition thereof without the unanimous vote of the members of the Management Board,
and, in the case of the Major Decisions specified in subclause (v) of clause (ix) and clauses (xvi), (xx), and (xxi), Kimco; provided, that unanimous consent shall not be required with respect to clause (xiv) if such Capital
Contributions are required to alleviate exigent circumstances of the Company or its Subsidiaries (as determined in good faith by members representing 70% of the total number of votes held by members of the Management Board). 

Section 3.3 Other Activities of the Members of the Management Board. The members of the Management Board shall devote as much of
their time to the affairs of the Company as in the judgment of the members of the Management Board the conduct of the Company’s business shall reasonably require, and the members of the Management Board shall not be obligated to do or perform
any act or thing in connection with the business of the Company not expressly set forth herein. Nothing contained in this Agreement shall be deemed to preclude the members of the Management Board from engaging directly or indirectly in any other
business or from directly or indirectly purchasing, selling, holding or otherwise dealing with any securities for the account of any such other business, for its own accounts or for other clients. No Member shall, by reason of being a Member, have
any right to participate in any manner in any profits or income earned, derived by or accruing to the members of the Management Board or any of their Affiliates from the conduct of any business other than the business of the Company (to the extent
provided herein) or from any transaction in securities effected by the members of the Management Board or any of their Affiliates for any account other than that of the Company. 

  
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 Section 3.4 Management Board Certifications. Any Person dealing with the Company may
rely (without duty of further inquiry) upon a certificate issued by the Company that is signed by any member of the Management Board or any of the Officers as to any of the following: 

(a) the identity of any Member or Officer or other agent of the Company; 

(b) the existence or nonexistence of any fact or facts which constitute(s) a condition precedent to acts by the Management Board or the
Members; 
 (c) the Person or Persons authorized to execute and deliver any instrument or document of the Company; or 

(d) any act or failure to act by the Company or any other matter whatsoever involving the Company. 

Section 3.5 Officers. 

(a) Executive Chairman. The Officers of the Company shall include an Executive Chairman (unless the Management Board shall have
appointed a non-executive Chairman in accordance with a Side Letter entered into with Miller). 
 (b) General. The Management Board
may, from time to time, designate one or more Persons to be other Officers of the Company, with such titles as the Management Board may assign to such Persons. No Officer need be a Member or a resident of the State of Delaware. Officers so
designated will have such authority and perform such duties as the Management Board may, from time to time, delegate to them. Any number of offices may be held by the same Person. Any Officer may resign as such at any time. Such resignation will be
made in writing and will take effect at the time specified therein, or if no time be specified, at the time of its receipt by the Management Board. Any Officer may be removed as such, either with or without cause, by the Management Board, in its
sole discretion. Any vacancy occurring in any office of the Company may be filled by the Management Board. Officers shall not receive any compensation for services in their capacity as Officers of the Company; provided, however, that nothing herein
contained shall be construed to preclude any Officer from serving any Member or any of its Affiliates in any other capacity and receiving compensation therefor. 

(c) Limitations on Officer’s Powers. Notwithstanding any other provision contained in this Agreement to the contrary, should a
delegation of authority be established by the Management Board, no act shall be taken, sum expended, decision made, obligation incurred or power exercised by any Officer on behalf of the Company other than in accordance with such delegation of
authority, provided that no Officer shall have to right to take any action constituting a Major Decision or an action of the Management Board under Section 3.8(k) unless so authorized by the requisite vote of the Management Board. 

(d) Term of Officers. An Officer of the Company may resign at any time by giving written notice to the Management Board. The
resignation of an Officer of the Company shall take effect upon the Management Board’s receipt of written notice of the 

  
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Officer’s resignation or at such later time as shall be specified in the written notice. Unless otherwise specified in the Officer’s written notice of resignation, the acceptance of the
Officer’s resignation shall not be necessary to make it effective. If the Officer also is a Member, the Officer’s resignation as an Officer shall not affect the Officer’s rights as a Member and shall not constitute a withdrawal of the
Officer as a Member. 
 (i) The Management Board may terminate the employment of and remove any Officer of the Company with or without
cause, subject to any applicable employment agreement. 
 (ii) The Management Board may elect at any time a new or replacement Officer of
the Company to fill the vacancy. 
 Section 3.6 Voting Rights of Members. 

(a) Members shall have no right or authority to vote on matters other than matters explicitly requiring such vote in this Agreement or in the
Act. On matters set forth in this Agreement or in the Act explicitly requiring a vote of the Members, each Member shall have a number of votes equal to a fraction, expressed as a percentage, of (i) the number of Units held by such Member and
(ii) the number of Units held by all Members. In the event any Member shall transfer less than all of its Units to an unaffiliated third party or any other Member in a transaction or in a series of transactions then the portion of such
Member’s votes that is equal to the portion of such Member’s Units transferred shall be deemed cancelled and the transferee (if an unaffiliated third party) in such transfer shall not be a Member. In the event any Member shall transfer all
its Units held on the date of such transfer to an unaffiliated third party or any other Member in a transaction or in a series of transactions, then all of the votes of its Units on the date of such transfer shall be deemed to have been transferred
to such transferee upon the satisfaction of the conditions contained in Article V. Notwithstanding the foregoing, if at any time a Member (x) shall transfer more than 50% of such Member’s Units (excluding, however, transfers made by such
Member to a Permitted Transferee), (y) with respect to an Investor Member, ceases to be controlled by Cerberus Capital Management, LP, Klaff Realty, LP, Schottenstein Stores Corp. or Lubert-Adler Partners, L.P. or their respective controlled
Affiliates, as applicable or (z) shall be in default with respect to its obligations to fund additional Capital Contributions pursuant to Section 2.2 above, the remaining votes of such Member shall be deemed cancelled and such Member shall
have no voting rights except as otherwise required by the Act; provided, that in the case of clause (y), (A) to the extent a Member elects to treat its obligation to fund capital as a loan and such Member repays all such loans (including
all interest thereon) within 15 days, the voting rights of such Member shall be reinstated and (B) to the extent a Member elects to treat its obligation to fund capital as a Capital Contribution, the Company shall provide notice to such Member
on the next Business Day indicating such election and the voting rights of such Member shall be deemed cancelled if the Member does not provide its Capital Contribution to the Company within 15 days after receipt of such notice. 

(b) Any action by the Members shall require the affirmative vote or written consent of the majority of the voting power of the Members
entitled to vote, voting together as one class, except as otherwise set forth in Section 3.8(d) and Section 12.2. Notwithstanding anything in this Agreement to the contrary, this Section 3.6(b) shall not be amended without the
unanimous consent of the Members. 

  
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 Section 3.7 Cost of Services; Expenses. Subject to Sections 3.1(d) and 3.6
above, Members shall be entitled to reimbursement of their third-party out-of-pocket costs and expenses, upon presentation of reasonable documentation with respect to such expenses incurred by such Member, in connection with providing services to
the Company. The Company shall be responsible for paying, and, except as otherwise contemplated by this Agreement, the Management Board shall pay directly out of Company funds, all reasonable third-party costs and expenses incurred by the Company in
carrying out its business, including, without limitation, liability and other insurance premiums, expenses incurred in the preparation of reports to the Members and any legal, accounting and other professional fees and expenses incurred by the
Company. 
 Section 3.8 Certain Provisions Relating to Albertsons Companies Stock. 

(a) Each of the Members hereby agrees and authorizes the Company and the Management Board to, in the Company’s and/or the Management
Board’s sole discretion exercised in good faith, at any special or any general meeting of the stockholders of Albertsons Companies, vote or direct the voting of, the Albertsons Companies Stock. 

(b) Each of the Members hereby agrees that the Company and/or the Management Board shall have the right, at its sole discretion, to sell, in a
single transaction or series of related transactions (other than Sell-Down transactions as contemplated under Section 3.8(e)), all of the Albertsons Companies Stock if such sale is previously consented to by the Management Board in accordance
with clause (xix) of the definition of “Major Decisions”; provided, however, that subject to compliance with applicable securities Laws, promptly after receipt by the Company of the proceeds of such sale, the Management
Board shall cause the Company to promptly distribute such proceeds (less the reasonable fees and expenses incurred by the Management Board or the Company in connection with such sale) to the Members pro rata in accordance with their Percentage
Interests. 
 (c) Except as permitted by this Section 3.8 or as otherwise permitted under this Agreement the Company shall not, and the
Management Board shall not permit the Company to vote, sell or pledge any of the Albertsons Companies Stock. 
 (d) Except as otherwise
provided in the following sentence, after the earlier of (x) four years from the date of this Agreement, and (y) the date upon which the ABS Control Group holds less than 35% of the issued and outstanding common stock of Albertsons
Companies in the aggregate (unless otherwise instructed in writing by the Requisite Distribution Deferral Majority), subject to compliance with applicable securities laws (including any blackout periods then in effect), the Management Board shall
cause the Company to distribute the Albertsons Companies Stock to the Members pro rata in accordance with their Percentage Interests. The Management Board may not defer the distribution of Albertsons Companies Stock for more than one year from the
date the distribution would otherwise have occurred pursuant to the preceding sentence without the consent of all the Members, as well as Kimco and Management Holdco (so long as Kimco and Management Holdco are members of the ABS

  
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Control Group). As used herein, “Requisite Distribution Deferral Majority” means the affirmative vote of Members and Kimco, voting as a single class, that directly or indirectly own
Albertsons Companies Stock acquired by the Company and Kimco on the date hereof representing at least 70% of such Albertsons Companies Stock. 

(e) In the event the Company proposes to effect a private block sale, resale or to demand or participate in a registered offering of
Albertsons Companies Stock (a “Sell-Down”), the Company shall promptly provide written notice to each Member, specifying the amount and percentage of Albertsons Companies Stock then held by the Company to be sold in such Sell-Down,
the amount of Albertsons Companies Stock allocable to such Member that will be sold in such Sell Down (a Member’s “Allocated Stock”) and all other material terms and conditions of the Sell-Down (the “Sell-Down
Notice”). Each Member’s Allocable Stock shall be sold in such Sell-Down, unless such Member delivers a written notice to the Company by the close of business on the date which is 10 Business Days after the Sell-Down Notice is delivered
to such Member, which such notice shall include the amount of Allocated Stock such Member elects to exclude from such Sell-Down (the “Excluded Stock”, and such notifying Member, the “Non-Participating Member”). Any
Member that does not deliver such notice shall have its Allocated Stock sold in the Sell Down. If any Member elects not to have Allocated Stock sold in such Sell-Down, the Company shall, unless prohibited by applicable Law, promptly distribute the
Excluded Stock to the Non-Participating Member, provided, that (i) the Non-Participating Member complies with the provisions of Section 3.8(g) and (ii) the Excluded Stock shall be subject to the same restrictions on transfer,
market stand-off and lock-up provisions to which the Albertsons Companies Stock of Investor Holdco to be sold in the Sell-Down are subject in the Stockholders’ Agreement and with respect to such Sell-Down (the “Transaction Transfer
Restrictions”). Subject to compliance with applicable Law, the Excluded Stock may be sold or otherwise disposed of by the Member so long as no Transaction Transfer Restriction period is in effect. The fees and expenses incurred by the
Company in connection with such Sell-Down, other than any underwriter’s fees and expenses, shall be borne pro rata by the Members and the Non-Participating Members. The Company shall provide notice to such Non-Participating Member or its
representatives of its intention to effect a Sell-Down not more than 30 calendar days prior to the intended date for the completion of such Sell-Down, in which event the Non-Participating Member, after receiving notice of such sale, shall have the
right to participate in such Sell-Down with Investor Holdco on the same terms and conditions as Investor Holdco pro rata based on the Non-Participating Member’s beneficial ownership of Albertsons Companies Stock, or, if not participating in
such Sell-Down, shall not sell or otherwise dispose of the Excluded Stock (or other Albertsons Companies Stock beneficially owned by such Member) during such 30 calendar day period following delivery of such notice and such longer transfer, market
stand-off or lock up provision that the Company and/or its Members shall become subject to in connection with such Sell-Down, and fees and expenses incurred by the Company, other than any underwriter’s fees and expenses, shall be borne pro rata
by the Members and any Non- Participating Member participating in such Sell-Down with respect to any Albertsons Companies Stock beneficially owned by such Non-Participating Member. 

(f) A Member who is also an equityholder of Management Holdco may require the Company to distribute to such Member for immediate contribution
to Management Holdco shares of Albertsons Companies Stock allocable to such Member, solely to the extent necessary to permit such Member to satisfy margin requirements in accordance with 

  
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the Loan Agreement. Management Holdco may, upon termination and release of any security interests of a lender pursuant to the Loan Agreement with respect to Units held by Management Holdco,
distribute to a member of Management Holdco the Units attributable to such member of Management Holdco and previously subject to such security interests. 

(g) Any Member who receives a distribution of Albertsons Companies Stock shall, to the extent not already a party to the Stockholders’
Agreement, execute and deliver a joinder agreement, in form and substance reasonably acceptable to the Albertsons Companies, agreeing to be bound by the terms and conditions of the Stockholders’ Agreement. Subject to compliance with applicable
securities laws and rules and for so long as no Transaction Transfer Restriction period or Albertsons Companies black-out period (including periods during which Albertsons Companies’ insiders are restricted from trading under an insider trading
policy adopted by Albertsons Companies or other “special” black-out period) is then in effect with respect to such Member, a Member may make a subsequent distribution of Excluded Stock to an equityholder of such Member (A) free of any
obligations set forth in this Agreement and the Stockholders’ Agreement and (B) free of any restrictive legend other than restrictions relating to applicable securities rules and laws. For the sake of clarity, any equityholder of a Member
to whom Excluded Stock is distributed pursuant to the preceding sentence may make transfers without restriction other than restrictions relating to applicable securities rules and laws. 

(h) As of the Effective Date, the Company’s initial nominees to the board of directors of Albertsons Companies are Miller, Dean S. Adler,
Sharon L. Allen, Steven A. Davis, Kim Fennebresque, Lisa A. Gray, Hersch Klaff, Ronald Kravit, Alan Schumacher, Jay L. Schottenstein, Lenard B. Tessler and Scott Wille. From and after the designation of the initial nominees set forth in the previous
sentence, each Investor Member (for so long as it has a right to designate a director) shall have the right to select its own nominee or nominees to the board of directors of Albertsons Companies in place of its initial nominee, provided,
that such nominee (i) is affiliated with such Investor Member, (ii) satisfies the Director Requirements (as such term is defined in the Stockholders’ Agreement) and (iii) is otherwise not disqualified (in the reasonable
determination of the Management Board) from serving as a director on the board of directors of Albertsons Companies. 
 (i) For so long as
Albertsons Companies is a controlled company of the ABS Control Group under the Listed Company Rules of the New York Stock Exchange (the “50% Trigger Date”), the Company’s appointees to the board of directors of
Albertson’s Companies will include four (4) designees of Cerberus (if Cerberus so requests) and one (1) designee from each other Investor Member and Robert Miller (if such Investor Member or Miller so requests). 

(j) From and after the 50% Trigger Date, for so long as the ABS Control Group owns at least 35% of the common stock of Albertsons Companies,
such that the Company is entitled to appoint six (6) members of the board of directors of Albertsons Companies, such appointees will be selected by the affirmative vote of members of the Management Board, which appointees to the board of
directors will include three (3) designees of Cerberus (if Cerberus so requests), three (3) designees in total from the other Investor Members and Robert Miller, whose contractual rights to a board seat shall be unaffected (if such
Investor Members or Miller so request). 

  
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 (k) From and after the 50% Trigger Date, for so long as the ABS Control Group owns at least 35%
of the common stock of Albertsons Companies then outstanding, the Company shall cause its directors appointed to the board of directors of Albertsons Companies to vote in favor of maintaining a 13 person board of directors of Albertsons Companies,
unless the Management Board otherwise agrees by the affirmative vote of members of the Management Board representing 80% of the total number of votes held by the members of the Management Board. 

(l) Nominees by the Company to the board of directors of Albertsons Companies shall include a sufficient number of individuals who are
“independent” for purposes of the Listed Company Rules of the New York Stock Exchange if the board of directors of Albertsons Companies is so required to comply with such rules. 

ARTICLE IV. 
 GENERAL GOVERNANCE

 Section 4.1 Other Ventures. 

(a) It is expressly agreed that, except as may be provided with respect to any Member in any agreement between the Company or one of its
Subsidiaries, on the one hand, and such Member, on the other hand, each Investor Member, and any Affiliates, officers, directors, managers, stockholders, members, partners or employees of such Investor Member, may engage in other business ventures
of every nature and description, whether or not in competition with the Company, independently or with others, and neither the Company nor the other Members shall have any rights in and to any independent venture or activity or the income or profits
derived therefrom; the pursuit of other ventures and activities by any such Person is hereby consented to by each Member and shall not be deemed wrongful or improper. 

(b) Subject to any applicable restrictions and limitations in the Stockholders’ Agreement, nothing in this Agreement shall be construed
so as to prohibit any Investor Member or its respective Affiliates, officers, directors, managers, stockholders, members, partners or employees from owning, operating or investing in any business of any nature and description, independently or with
others, and, except as may be provided with respect to any Member in any agreement between the Company or one of its Subsidiaries, on the one hand, and such Member, on the other hand, no Investor Member need disclose its intention to make any such
investment to the other, nor advise the Company of the opportunity presented by any such prospective investment. 
 Section 4.2
Information. The Company covenants and agrees to deliver to each Member, (a) financial reports of the Company audited by PricewaterhouseCoopers LLP or such other independent accounting firm of national reputation for the Company and its
subsidiaries, within 90 days after the end of the Fiscal Year of the Company; (b) quarterly unaudited financial reports for the Company within 45 days after the end of each fiscal quarter of the Company; (c) monthly financial reports for
the Company within 30 days after the end of the each month; and (d) such other information and data (including such information and reports made available to any lender of the Company or any of its Subsidiaries under any credit

  
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agreement or otherwise) as from time to time may be reasonably requested by any such Member without creating an undue burden on the Company. The Company covenants and agrees to deliver to each of
Edwards and the Individual Members the information set forth in clauses (a) and (b) above, subject to such Persons agreeing to customary confidentiality provisions and restrictions on disclosure. 

Section 4.3 Access. The Company shall, and shall cause its Officers, directors, employees, auditors and other agents to afford the
Officers, employees, auditors and other agents of the Investor Members and, so long as he is a Member, of Miller, during normal business hours and upon reasonable notice reasonable access to its officers, employees, auditors, legal counsel,
properties, offices and other facilities and to all books and records. 
 Section 4.4 Standard of Care. Each Member expressly
acknowledges that an interest in the Company is highly speculative in nature. The Management Board shall exercise all of its powers and duties under this Agreement in accordance with the terms of this Agreement and with a degree of skill, diligence,
prudence and care which, and in a manner which, a director of a Delaware corporation is required to use in the proper discharge of such a director’s fiduciary duties; provided, however, that in the event that a member of the Management Board is
also an officer or a member of the board of directors of Albertsons Companies, this Section 4.4 shall not restrict such member of the Management Board from exercising his fiduciary duties as an officer or a member of the board of directors of
Albertsons Companies. 
 ARTICLE V. 

TRANSFERS OF UNITS 

Section 5.1 Transfers. 

(a) Restrictions on Transfer. 

(i) Except as provided in Section 3.8, no Member, including any assignee or successor in interest of any such Member, shall (voluntarily
or involuntarily), directly or indirectly, transfer, assign or otherwise dispose of (each, a “Transfer”) all or any portion of its Units (including a Transfer pursuant to a foreclosure sale of all or any part of the assets of a Member)
without the prior written consent of the Management Board (which may be withheld in its sole discretion), except, in each case subject to the next sentence, the last sentence of this Section 5.1(a)(i) and to Section 5.1(a)(ii) below,
(A) a Transfer to a Permitted Transferee, (B) a pledge by a Member of its Units or of its rights to any cash distributions or other distributions made in respect of such Member’s Units or of the rights to the proceeds to such Member
resulting from the disposition by such Member of such Units in accordance with the provisions of this Agreement, provided that, except with respect to Units Transferred to Management Holdco in accordance with this Agreement and pursuant to the Loan
Agreement, such pledge does not entitle the pledgee to foreclose upon or otherwise acquire any ownership interest in such Units. No Transfer by a Member other than in the case of a Transfer from a Member to a Permitted Transferee under clauses
(i) or (ii) of the definition thereof, shall be effected until 10 Business Days after and excluding the day upon which written notice of such proposed Transfer has been given to each of the Members. Any direct or indirect Transfer,

  
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assignment or other disposition of any securities or other interests of a Member or of any securities or other interests of any Person or Persons having a direct or indirect ownership interest in
a Member shall be deemed a Transfer of the Units of such Member for purposes of this Section 5.1(a); provided that a Transfer shall not include (I) any sale, assignment or other disposition of Equity Securities of any Person (whether by
merger, consolidation or otherwise) whose Equity Securities are traded on a national securities exchange or NASDAQ or (II) any sale, assignment, redemption or other disposition of limited partnership interests or shares of any investment partnership
or investment vehicle not formed for the purpose of making an investment in the Company. 
 (ii) Any direct transferee of Units permitted
under this Section 5.1(a) shall become a substitute Member under this Agreement and of the Company upon: (A) the direct transferee agreeing in writing (1) to be bound by all the terms and conditions of this Agreement as then in effect
(unless such transferee is already a Member) and (2) that such transferee is not in violation of the “Patriot Act” or any law regulating the identity of investors or the source of funds used to make an investment, and the Management
Board being reasonably satisfied that such transfer will not result in any violation of, or failure to comply with, the “Patriot Act” or any law regulating the identity of investors or the source of funds used to make an investment;
(B) compliance with applicable federal and state securities laws; (C) receipt of any regulatory approvals required under applicable law; and (D) the Management Board being reasonably satisfied that such Transfer would not result in
(1) any violation of or failure to comply with applicable federal and state securities law and (2) the Company becoming a “publicly traded partnership” within the meaning of Section 7704(b) of the Code, and the regulations
issued thereunder. Unless and until a direct transferee is admitted as an additional or substitute Member under this Agreement and under the applicable formation and governing documents of the Company, the direct transferee shall have no right to
exercise any of the powers, rights and privileges of a Member hereunder or under the applicable formation and governing documents of the Company. Any Member that, in accordance with the terms of this Agreement, acquires all (but not less than all)
of the Units of another Member shall have the right to exercise all of the powers, rights and privileges of the transferring Member. A Member who has transferred all of its Units shall cease to be a Member upon Transfer of all of the Member’s
Units and thereafter shall have no powers, rights and privileges as a Member hereunder. 
 (iii) The Company, any Member, Management Board,
officers, directors and equity holders of the Company and any other Person or Persons having business with the Company need only deal with Members who are admitted as Members or as additional or substitute Members of the Company, and they shall not
be required to deal with any other Person by reason of a Transfer by a Member, except as may be otherwise expressly provided in this Agreement. In the absence of a transferee of a transferring Member’s Units being admitted as a Member as
provided herein, any payment to a Member shall release the other parties hereto of all liability to any other Persons who may be interested in such payment by reason of an assignment by such Member. 

(iv) Notwithstanding anything in this Agreement to the contrary, the Members acknowledge that any Transfer of Units that would require the
prior approval of the Federal Communications Commission or Federal Energy Regulatory Commission may only be made upon receipt of such approval. 

  
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 (b) Non-Permitted Transfers. 

(i) Any purported Transfer of all or any portion of Units of the Company or any economic benefit or other interest therein not in compliance
with Section 5.1(a) shall be null and void ab initio, regardless of any notice provided to any of the parties hereto, and shall not create any obligation or liability of any of the parties hereto to the purported transferee, and any Person
purportedly acquiring all or any portion of any Units or any economic benefit or other interest therein transferred not in compliance with Section 5.1(a) shall not be entitled to admission to the Company as a substitute Member. 

(ii) In the case of an attempted Transfer of all or any portion of any Units of the Company or any economic benefit or other interest therein
that is not in compliance with Section 5.1(a), the parties engaging or attempting to engage in such Transfer shall indemnify and hold harmless the other parties hereto and their respective officers, directors, affiliates, members, partners and
employees from all cost, liability and damage that any of such indemnified persons may incur (including, without limitation, incremental tax liability and attorneys’ fees and expenses) as a result of such Transfer or attempted Transfer and the
enforcement of this indemnity. 
 (iii) No Member, including any assignee or successor in interest of any Member, shall Transfer all or any
portion of its Units of the Company or any economic benefit or other interest therein if such Transfer would cause the Company to be treated as a “publicly traded partnership” within the meaning of Code Section 7704 and the
Regulations promulgated thereunder. 
 (c) Injunctive Relief. The Company and the Members hereby declare that it is impossible to
measure in money the damages which will accrue to the parties hereto by reason of the failure of any Member to perform any of its obligations set forth in this Section 5.1. Therefore, the Company and the Members shall have the right to specific
performance of such obligations, and if any party hereto shall institute any action or proceeding to enforce the provisions hereof, each of the Company and the Members hereby waives the claim or defense that the party instituting such action or
proceeding has an adequate remedy at law. 
  
 ARTICLE VI. 

ALLOCATIONS 
 Section 6.1
General Rules; Allocation of Profits and Losses. Except as otherwise provided in this Article VI, Profits and Losses for any taxable period shall be allocated among the Members in such manner that, as of the end of such taxable period, the
respective Capital Accounts of the Members shall be equal to the respective amounts that would be distributed to them, determined as if the Company were to (i) liquidate the assets of the Company for an amount equal to their Gross Asset Value
and (ii) distribute the proceeds of liquidation pursuant to Section 10.3. 

  
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 Section 6.2 Other Allocation Rules. 

(a) For purposes of determining the Profits, Losses or other items allocable to any taxable period, Profits, Losses and such other items shall
be determined on a daily, monthly or other basis as determined by the Management Board in its reasonable discretion using any permissible method under Code Section 706 and the Regulations thereunder. 

(b) The Members are aware of the United States federal income tax consequences of the allocations made by this Article VI and hereby agree to
be bound by the provisions of this Article VI in reporting their shares of Company income and loss for income tax purposes. 
 (c) All items
of income, gain, loss, deduction, or credit and any other allocations not otherwise provided for shall be allocated among the Members as determined by the Management Board in its reasonable discretion. 

(d) If a Member transfers all or a portion of its Units during any taxable period, then Profits, Losses, each item thereof and all other items
attributable to the transferred interest for such taxable period shall be divided and allocated between the transferor and the transferee by taking into account their varying interests in the Company during the taxable period in accordance with
Section 706(d) of the Code, using any conventions permitted by law and selected by the Management Board. 
 (e) Tax returns shall be
provided to the Management Board for review before submission, and any reasonable requests by the Management Board for changes in order to ensure compliance with such requirements shall be made, provided that such changes shall not result in the
amount of cash or other distributions to any Member being affected or cause a material adverse tax or other effect for any Member. 

Section 6.3 Tax Allocations: Code Section 704(c). 

(a) Subject to Section 6.3(f), for each taxable year, items of income, deduction, gain, loss and credit shall be allocated for tax
purposes among the Members to reflect equitably the amounts which have been credited or debited to the Capital Account of each such Member for such taxable year and prior taxable years. 

(b) In accordance with Code Section 704(c) and the Regulations thereunder, items of income, gain, loss, deduction and credit with respect
to any property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted tax basis of such property at the time of contribution to the
Company for federal income tax purposes and its initial Gross Asset Value at the time of contribution using a method permitted by applicable Regulations under Code Section 704(c), as determined by the Management Board in its reasonable
discretion. 
 (c) In the event the Gross Asset Value of any Asset is adjusted in accordance with paragraph (b) of the definition of
Gross Asset Value hereof, subsequent allocations of items of income, gain, loss, deductions or credit with respect to such asset shall take into account any variation between the adjusted tax basis of such asset for federal income tax purposes and
its Gross Asset Value in the same manner as under Code Section 704(c) and the Regulations thereunder. 

  
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 (d) The Company shall use its reasonable best efforts to specifically identify individual shares
of Albertsons Companies Stock that correspond to any property contributed by a Member for purposes of Code Section 704(c), and in the case of a distribution of shares of Albertsons Companies Stock to one or more Members or a sale of shares of
Albertsons Companies Stock relating to a Member in connection with a Sell-Down, the Company shall use its reasonable best efforts to distribute to each such Member, or sell, as applicable, the shares of Albertsons Companies Stock identified with
such Member. 
 (e) Subject to Section 6.3(d), if the Company distributes Albertsons Companies Stock to one or more Members in
connection with a Sell-Down pursuant to Section 3.8(e), then for U.S. federal income tax purposes, the taxable gain and taxable loss on the Albertsons Companies Stock sold in connection with such Sell-Down shall be specially allocated, to the
maximum extent permitted, among the Members who receive cash from such Sell-Down proportionately and in a reasonable manner that reflects the receipt of such cash. 

(f) Any elections or other decisions relating to allocations for tax purposes, basis adjustments or other tax matters shall be made by the
Management Board in its reasonable discretion. Allocations pursuant to this Section 6.3 are solely for purposes of federal, state and local taxes and shall not affect, or in any way be taken into account in computing, any Member’s Capital
Account, share of Profits or Losses, or other items or distributions pursuant to any provision of this Agreement. 
 ARTICLE VII. 

DISTRIBUTIONS AND EXPENSES 

Section 7.1 Distributions. Subject to Section 3.8, distributions of cash or other property by the Company shall be made,
when, as and if declared by the Management Board, to the Members on a pro rata basis in proportion to the aggregate number of Units owned by such Members. 

Section 7.2 Amounts Withheld. All amounts withheld or paid pursuant to the Code or any provisions of state, local or foreign tax
law with respect to any payment, distribution, allocation or other consideration paid to the Members, including in connection with a contribution of assets to the Company by a Member, shall be treated as amounts paid or distributed, as the case may
be, to the Members with respect to which such amount was withheld or paid pursuant to this Section 7.2 for all purposes under this Agreement. The Company is authorized to withhold or pay, when required under applicable law, from payments,
distributions, or other consideration paid to Members, and with respect to allocations to the Members, and to pay over to any federal, state, local or foreign government any amounts required to be so withheld or paid pursuant to the Code or any
provisions of any federal, state, local or foreign law, and shall allocate any such amounts to the Members with respect to which such amounts were withheld or paid. 

  
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 Section 7.3 Expenses. Except as otherwise provided in this Agreement, as between the
Company and its Members, the Company will be responsible for all third party expenses of the Company. Subject to Section 3.7, each Member shall otherwise be responsible for all costs and expenses incurred by such Member in the performance
of its obligations under this Agreement. 
 Section 7.4 Tax Distributions. The Management Board may, in its reasonable
discretion, cause the Company to make distributions to each Member (to the extent that cash is available for such distributions, after necessary expenses and reserves in accordance with this Agreement and as otherwise determined by the Management
Board or as may be required by such Member’s employment agreement or any Side Letter) so that each such Member may pay its taxes with respect to its share of the taxable income of the Company for a taxable year or other taxable period. If the
Management Board determines that enough cash is available for such distributions, then the Management Board shall calculate the amount of any such distributions by applying the highest marginal effective tax rate applicable to a corporation doing
business in New York, New York to each Member and may make such distributions to the extent that cash is available. Any distribution made to a Member pursuant to this Section 7.4 shall be made as soon as practicable after the end of the taxable
year or other taxable period for which such distribution is being made. Any distribution made to a Member shall reduce the amount distributable to such Member from the Company under Section 7.1. 

 
 ARTICLE VIII. 

OTHER TAX MATTERS 

Section 8.1 Tax Matters Member. The Company and each Member hereby designate the following Member as the “tax matters
partner” for purposes of Code Section 6231(a)(7) (the “Tax Matters Member”): Cerberus. The Management Board (after consultation with the Tax Matters Member) shall: (a) cause to be prepared and timely filed by the
Company all United States federal, state and local income tax returns of the Company for each year for which such returns are required to be filed, and (b) determine the appropriate treatment of each item of income, gain, loss, deduction and
credit of the Company and the accounting methods and conventions under the tax laws of the United States, the several states and other relevant jurisdictions as to the treatment of any such item or any other method or procedure related to the
preparation of such tax returns. Subject to the express provisions of this Agreement, the Management Board may in its reasonable discretion cause the Company to make or refrain from making any and all elections permitted by such tax laws. 

Section 8.2 Furnishing Information to Tax Matters Member. Each Member shall furnish to the Tax Matters Member such information
(including information specified in Code Section 6230(e)) as such Tax Matters Member may, at its reasonable discretion, request to permit it to provide the Internal Revenue Service with sufficient information to allow proper notice to the
Members in accordance with Code Section 6223 or any other provisions of the Code or the published regulations thereunder which require the Tax Matters Member to obtain information from the Members. 

  
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 Section 8.3 Tax Claims and Proceedings. In respect of any income tax audit of any tax
return of the Company, the filing of any amended return or claim for refund in connection with any item of income, gain, loss, deduction or credit reflected on any income tax return of the Company, or any administrative or judicial proceedings
arising out of or in connection with any such audit, amended return, claim for refund or denial of such claim, (a) all expenses reasonably incurred by the Tax Matters Member in connection therewith shall be expenses of the Company, (b) in
any material proceeding the Tax Matters Member shall promptly take such action as may be necessary to cause each of the other Members to become a “notice partner” within the meaning of Code Section 6231(a)(8), (c) in any
material proceeding the Tax Matters Member shall furnish to the other Members a copy of all material notices or other written communications received by the Tax Matters Member from the Internal Revenue Service (except such notices or communications
as are sent directly to the Members), and (d) in any material proceeding the Tax Matters Member shall notify the other Members of all material conversations it has with the relevant taxing authority and shall keep the other Members reasonably
informed of all material matters which may come to its attention in its capacity as Tax Matters Member. The Tax Matters Member shall use commercially reasonable efforts to provide tax returns to all Members within 120 days after the end of the
relevant fiscal year. 
 Section 8.4 Books and Records. The books and records of the Company shall reflect all Company
transactions and shall be appropriate and adequate for the Company’s business. The books and records of the Company shall include a record of each transfer of participating interests of the Company. The taxable year of the Company for federal
income tax purposes shall be the calendar year or such other taxable year as is required for U.S. federal income tax purposes. All books and records of the Company shall be maintained at any office of the Company or at the Company’s principal
place of business in the United States, and each Member, and any duly authorized representative, shall have access to them at such office of the Company and the right to inspect and copy them at reasonable times. The Company’s books of account
shall be kept on an accrual basis or as otherwise provided by the Management Board and otherwise in accordance with generally accepted accounting principles, consistently applied, except that for income tax purposes such books shall be kept in
accordance with applicable tax accounting principles (including the Regulations). 
 Section 8.5 Survival. The provisions of
this Article VIII shall survive the termination of the Company (as well as any termination, purchase or redemption of any Member’s Interest in the Company for any reason whatsoever), and shall remain binding on the Members and all former
Members for a period of time necessary to resolve with the appropriate taxing authorities any and all material matters regarding the taxation of the Company and its Members by reason of their percentage interests. 

ARTICLE IX. 
 REPRESENTATIONS AND
WARRANTIES 
 Section 9.1 Representations and Warranties of Members. Each of the Members hereby represents and warrants to the
Company and to each of the other Members, as of the date hereof, that: 

  
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 (a) If it is a corporation, a limited liability company or limited partnership, it is as of the
date hereof, duly incorporated or otherwise duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, and if it is a partnership, is as of the date hereof, validly constituted and
not dissolved, and, in each case, has the power and lawful authority to own its assets and properties and to carry on its business as now conducted. 

(b) It has, as of the date hereof, the full right, power and authority to enter into, execute and deliver this Agreement and to perform fully
its obligations hereunder. This Agreement has been, fully executed and delivered by such Member and, assuming the due execution and delivery by the other parties, constitutes, in the case of this Agreement, the valid and binding obligation of such
Member, enforceable in accordance with its terms, except as (i) such enforceability may be limited by bankruptcy, reorganization or moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) the
availability of equitable remedies may be limited by equitable principles of general applicability. 
 (c) No approval or consent of any
governmental authority or of any other Person is required in connection with the execution and delivery by it of this Agreement and the consummation and performance by such member of the transactions contemplated hereunder, except such as have been
obtained and are in full force and effect. 
 (d) The execution and delivery of this Agreement by it, the consummation of the transactions
contemplated hereunder and the performance by such Member of its obligations under this Agreement, in accordance with the terms and conditions hereof, will not, as of the date hereof, conflict with or result in the breach or violation of any of the
terms or conditions of, or constitute (or with notice or lapse of time or both would constitute) a default under, (i) the certificate of incorporation, by-laws, certificate of formation, limited liability company agreement or other constitutive
documents of such Member; (ii) any instrument or contract to which such Member is a party or by or to which it or its assets or properties are bound or subject; or (iii) any statute or any regulation, order, judgment or decree of any
governmental authority, except, in each case, for such breaches violations or defaults that would not, individually or in the aggregate, materially impair the ability of such Member to perform its obligations hereunder. 

(e) It understands that there are substantial risks to an investment in the Company and it has both the sophistication to be able to fully
evaluate the risk of an investment in the Company and the capacity to protect its own interests in making such investment. Such Member fully understands and agrees that the investment in the Company is an illiquid investment. 

(f) If it is an Investor Member, it is a QIB or an “accredited investor” within the meaning of the 1933 Act and is able to
bear the economic risk of such an investment in the Company for an indefinite period of time, that it has no need for liquidity of this investment and it could bear a complete loss of this investment. Each such Investor Member is either (i) a
“qualified purchaser” within the meaning of the 1940 Act or (ii) if the Member is an entity formed and is being utilized primarily for the purpose of making an investment in the Company, each beneficial owner of such
Member’s securities is such a qualified purchaser. 

  
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 (g) It is acquiring its Units for investment solely for such Member’s own account and not
for distribution, transfer or sale to others in connection with any distribution or public offering. It understands that, irrespective of whether or not the Units might be deemed “securities” under applicable laws, the Company is not
obligated to register any Units for resale under the 1933 Act or any applicable state securities laws. 
 (h) It specifically understands
and agrees that no other Member has made nor will make any representation or warranty with respect to the worthiness, terms, value or any other aspect of the Company, any Units or the Albertsons Companies Stock and it explicitly disclaims any
warranty, express or implied, with respect to such matters. In addition, such Member specifically acknowledges, represents and warrants that (i) it is not relying on any other Member, for its own due diligence concerning, or evaluation of, the
Company or any related transaction and (ii) that it is not relying on any other Member with respect to tax and other economic considerations involved in an investment in the Company. 

(i) No broker, investment banker, financial advisor or other Person is entitled to any broker’s, finder’s, financial advisor’s
or other similar fee or commission in connection with the Company based upon arrangements made by or on behalf of such Member. 

Section 9.2 ERISA Representation. Each of the Members represents, warrants and covenants to each other Members and to the Company
that no portion of the assets being used by it to purchase and hold its Units constitute assets of a plan within the meaning of Section 3(32) of ERISA. 

Section 9.3 Survival. The representations and warranties of the Members contained in this Agreement shall survive the Effective
Date. 
 ARTICLE X. 
 DISSOLUTION
AND TERMINATION OF THE COMPANY 
 Section 10.1 Dissolution. The Company shall be dissolved and its affairs wound up upon the
entry of a decree of judicial dissolution pursuant to Section 18-802 of the Act. 
 Section 10.2 Continuation of Interest of
Member’s Representative. Notwithstanding anything contained herein, upon the expulsion, receivership, dissolution or Bankruptcy of a Member, the personal representative, trustee-in-bankruptcy, debtor-in-possession, receiver, other
representative, successor, heir or legatee (each a “Representative”) of such Member shall, subject to the provisions of Section 5.1, immediately succeed to the Units of such Member in the Company. Such Representative shall
appoint an individual (which may be such Representative) who will represent the Representative’s voting interest, if any. 

Section 10.3 Dissolution, Winding Up and Liquidation. 

(a) Upon a dissolution of the Company, the Company shall continue solely for purposes of winding up its affairs in an orderly manner,
liquidating its assets, and satisfying claims of its creditors. The liquidator of the Company shall take full account of the Company’s liabilities and property and shall cause the property or the proceeds from the sale thereof, to the extent
sufficient therefor, to be applied and distributed, to the maximum extent permitted by law, in the following order: 

  
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 (i) first, to creditors (including Members who are creditors) in satisfaction of all of the
Company’s debts and other liabilities (including any liabilities pursuant to any Unit repurchase obligation of the Company that are then due and payable), including the expenses of the winding-up, liquidation and dissolution of the Company
(whether by payment or the making of reasonable reserves to provide for payment thereof); and 
 (ii) second, to the Members in accordance
with Section 7.1. 
 (b) Distributions pursuant to this Section 10.3 shall be made no later than the end of the Fiscal Year during
which the Company is liquidated (or, if later, 90 days after the date on which the Company is liquidated). 
 Section 10.4 Member
Bankruptcy. 
 (a) Notwithstanding any other provision of this Agreement, the Bankruptcy of a Member shall not cause the Member to cease
to be a member of the Company and upon the occurrence of such an event, the Company shall continue without dissolution. 
 (b)
Notwithstanding any other provision of this Agreement, each of the Members waives any right it might have to agree in writing to dissolve the Company upon the Bankruptcy of the Members, or the occurrence of an event that causes the Member to cease
to be a member of the Company. 
 ARTICLE XI. 

INDEMNIFICATION AND CONTRIBUTION 

Section 11.1 Indemnity by the Company. Subject to the provisions of Section 11.4, the Company shall indemnify any Person who
was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that such Person is or was a Member, Officer,
director, member of the Management Board, controlling person, employee, legal representative or agent of the Company, or is or was serving at the request of the Company as manager, director, member of the Management Board, officer, partner, member,
shareholder, controlling person, employee, legal representative or agent of another limited liability company, partnership, corporation, joint venture, trust or other enterprise (a “Indemnified Person”), from and against any and all
claims, actions, suits, proceedings, liabilities, obligations, losses, damages, judgments, fines, penalties, amounts paid in settlement, interest, costs and expenses (including reasonable attorney’s and accountant’s fees, court costs and
other out-of-pocket expenses actually and reasonably incurred in investigating, preparing or defending the foregoing) (including any such brought by or in the right of the Company) suffered or incurred by such Indemnified Person while serving in
such capacity or that otherwise in any way relate to or arise out of any action or inaction by such Indemnified Person or the Company (collectively, “Indemnifiable Losses”), either (i) in accordance with the terms of an
applicable Side Letter or 

  
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(ii) in the absence of a Side Letter, if such Indemnified Person acted in good faith and in a manner that such Indemnified Person reasonably believed to be in or not opposed to the best
interests of the Company and not in violation of this Agreement, and, with respect to a criminal action or proceeding, had no reasonable cause to believe such Person’s conduct was unlawful; provided, that the Company shall have no
obligation to indemnify or defend hereunder to the extent such action, suit or proceeding arises from fraud, willful misconduct or gross negligence on the part of such Indemnified Person. 

Section 11.2 Exculpation. No Indemnified Person shall be liable to any Member of the Company for any act or failure to act on
behalf of the Company, unless such act or failure to act resulted from fraud, willful misconduct or gross negligence of the Indemnified Person. Each Indemnified Person may consult with legal counsel and accountants in respect of the Company’s
affairs and shall be fully protected and justified in any action or inaction which is taken in accordance with the advice or opinion of such counsel or accountants. 

Section 11.3 Expenses. Any indemnification under Section 11.1, as well as the advance payment of expenses permitted under
Section 11.4 shall be made by the Company to the fullest extent permitted under the Act. 
 Section 11.4 Advance Payment of
Expenses. In addition to any provisions of any Side Letter, the expenses of any Member incurred in defending a civil or criminal action, suit or proceeding may be paid by the Company as they are incurred and in advance of the final disposition
of the action, suit or proceeding, upon receipt of an undertaking by or on behalf of such Member (in form and substance, from an indemnitor, reasonably satisfactory to the Management Board), to repay the amount if it is ultimately determined by a
court of competent jurisdiction that such Member is not entitled to be indemnified by the Company. The provisions of this Section 11.4 do not affect and shall not be deemed exclusive of any other rights, including, without, limitation, any
rights to indemnification or advancement of expenses to which any such Indemnified Person other than the Members may be entitled under any contract, pursuant to approval of the Members, or otherwise by law. 

Section 11.5 Beneficiaries. The indemnification and advancement of expenses authorized in or ordered by a court pursuant to this
Article XI continues for a Person who has ceased to be a Member, officer, employee or agent and inures to the benefit of the heirs, executors and administrators of such Person. 

Section 11.6 Indemnification Procedure for Third Party and Other Claims. The Company shall have the right, but not the obligation,
exercisable by written notice to the Person seeking such indemnification hereunder (the “Indemnified Party”) promptly but in any event no later than 30 days after receipt of written notice from the Indemnified Party of the
commencement of or assertion of any claim, action, suit or proceeding by a third party in respect of which indemnity may be sought hereunder (a “Third Party Claim”), to assume the defense and control the settlement of such Third
Party Claim that (a) involves (and continues to involve) solely money damages or (b) involves (and continues to involve) claims for both money damages and equitable relief against the Indemnified Party that cannot be severed, where the
claims for money damages are the primary claims asserted by the third party and the claims for equitable relief are incidental to the claims for money damages. The Indemnified Party shall have the right

  
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to assume the defense and control the settlement of any Third Party Claim (i) not described in clauses (a) or (b) of the preceding sentence or (ii) described in clauses
(a) or (b) of the preceding sentence whose defense and control of settlement has not been promptly assumed by the Company. The Company or the Indemnified Party, as the case may be, shall have the right to participate in (but not control),
at its own expense, the defense of any Third Party Claim that the other is defending, as provided in this Agreement. The Company, if it has assumed the defense of any Third Party Claim as provided in this Agreement, shall not consent to a settlement
of, or the entry of any judgment arising from, any such Third Party Claim without the Indemnified Party’s prior written consent (which consent shall not be unreasonably withheld). The Company shall not, without the Indemnified Party’s
prior written consent, enter into any compromise or settlement which (x) commits the Indemnified Party to take, or to forbear to take, any action or (y) does not provide for a complete release by such Third Party of the Indemnified Party.
The Indemnified Party shall have the sole and exclusive right to settle any Third Party Claim, on such terms and conditions as it deems reasonably appropriate, to the extent such Third Party Claim involves equitable or other non-monetary relief
against the Indemnified Party, and shall have the right to settle any Third Party Claim involving money damages for which the Company has not assumed the defense pursuant to this Section 11.6 with the written consent of the Indemnifying Party,
which consent shall not be unreasonably withheld or delayed. 
 Section 11.7 Other Claims. In the event an Indemnified Party
shall claim a right to payment pursuant to this Agreement for other than a Third Party Claim, such Indemnified Party shall send written notice of such claim to the Indemnifying Party. Such notice shall specify the basis for such claim. As promptly
as possible after the Indemnified Party has given such notice, the Indemnified Party and the Company shall attempt to resolve such claim by mutual agreement before resorting to other legal means to resolve such claim. 

Section 11.8 Limitation on Damages. Notwithstanding anything contained in this Agreement to the contrary, no party shall be liable
to the other party for any indirect, special, punitive, exemplary or consequential loss or damage (including any loss of revenue or profit) arising out of this Agreement including, without limitation, in respect of any breach by any Member of this
Agreement; provided, that the foregoing shall not be construed to preclude recovery by the Indemnified Party in respect of Indemnifiable Losses directly incurred from Third Party Claims. Any Indemnified Person shall take commercially
reasonable actions to mitigate his, her, its or their damages. The obligation of any Member to indemnify any Person(s) pursuant to this Agreement is limited, in the aggregate for all claims, to such Member’s Units, and no Person claiming
indemnification or otherwise making any claim against a Member shall have recourse against such Member for any deficiency. 
 ARTICLE XII.

 MISCELLANEOUS PROVISIONS 

Section 12.1 Entire Agreement. This Agreement, the Member Contribution and Exchange Agreement, employment agreements with the
Company or one of its Affiliates, any Side Letters and the Certificate of Formation constitute the complete and exclusive statement of the agreement among the Members with respect to the subject matter contained herein and therein. This Agreement,
the Member Contribution and Exchange Agreement, employment agreements with the Company or one of its Affiliates, any Side Letters and the Certificate of Formation replace and supersede all prior agreements by and among the Members with respect to
the subject matter contained herein and therein. 

  
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 Section 12.2 Amendments. Except as otherwise expressly provided in this Agreement,
this Agreement may be amended or waived only by a unanimous vote of the Investor Members entitled to vote. Notwithstanding the foregoing or anything in this Agreement to the contrary: 

(a) this Agreement may not be amended, without the prior written consent of Miller, in a manner that would adversely affect Miller’s
rights as a Member in a disproportionate manner from the effect of such amendment on any holder of any equity interests of the Company or would adversely affect Miller’s pre-emptive rights as set forth in Section 2.2(e), rights to be a
member of the Management Board or committee thereof as set forth in Section 3.1(b), Section 3.1(f), Section 3.1(g) respectively, rights to be designated to the board of directors of Albertsons Companies as set forth in
Section 3.8, the authority of the Executive Chairman and the information and access rights of Miller in Sections 4.2 and 4.3; 

(b) this Agreement may not be amended without the prior written consent of holders of a majority of Units held by the Individual Members in a
manner that would adversely affect the Individual Members in a disproportionate manner from the effect of such amendment on any holder of any equity interests of the Company; 

(c) any amendment to the provisions of this Section 12.2(c), the proviso of the last sentence of Section 2.2(b), the language set
forth in the definition of “Side Letter” or the use of the term Side Letter or employment agreement (but only to the extent such amendment affects a Side Letter or employment agreement entered into by an Individual Member) shall require
the consent of Miller, if he shall then be a Member, on behalf of Miller and the Individual Members; and 
 (d) Section 3.2(c) (solely
to the extent such amendment relates to Kimco’s right to approve specified Major Decisions), Section 3.8(d) and this Section 12.2(d) may not be amended without the prior written consent of Kimco. 

(e) The penultimate sentence of Section 3.8(d) and this Section 12.2(e) may not be amended without the prior written consent of
Management Holdco. 
 (f) this Agreement may not be amended without the prior written consent of Edwards in a manner that would adversely
affect Edwards in a disproportionate manner from the effect of such amendment on the Individual Members. 
 Section 12.3 Applicable
Law; Venue. 
 (a) The Certificate of Formation and this Agreement shall be governed exclusively by their respective terms and the laws
of the State of Delaware, without regard to the conflicts of laws principles thereof. 

  
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 (b) Any legal action or proceeding with respect to this Agreement and any action for enforcement
of any judgment in respect thereof may be brought in the courts of the State of New York located in New York City in the Borough of Manhattan or of the United States of America for the Southern District of New York, and, by execution and delivery of
this Agreement, each Member hereby accepts for itself and in respect of its property, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid courts and the appellate courts thereof. Each Member irrevocably consents to the
service of process out of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to such party at the address for notices set forth herein. Each Member
hereby irrevocably waives any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection with this Agreement brought in the courts referred to above and hereby
further irrevocably waives and agrees not to plead or claim in any such court that any such action or proceeding brought in any such court has been brought in an inconvenient forum. 

Section 12.4 Enforcement. In the event of an action, suit or proceeding initiated by one Member against another Member or the
Company involving the enforcement of its rights hereunder, the prevailing party shall be entitled to indemnification from the other party of reasonable attorneys’ fees and expenses incurred in enforcing its rights in such action, suit or
proceeding in accordance with this Section, or in accordance with an employment agreement. 
 Section 12.5 Headings. The
headings in this Agreement are inserted for convenience only and are in no way intended to describe, interpret, define, or limit the scope, extent or intent of this Agreement or any provisions contained herein. 

Section 12.6 Severability. If any provision of this Agreement or the application thereof to any Person or circumstance shall be
deemed invalid, illegal or unenforceable to any extent, the remainder of this Agreement and the application thereof shall not be affected and shall be enforceable to the fullest extent permitted by law. 

Section 12.7 Counterparts. This Agreement may be executed in several counterparts with the same effect as if the parties executing
the several counterparts had all executed one counterpart. 
 Section 12.8 Filings. Following the execution and delivery of this
Agreement, representatives of the Company, shall promptly prepare any documents required to be filed and recorded under the Act, and such representatives shall promptly cause each such document to be filed and recorded in accordance with the Act
and, to the extent required by local law, to be filed and recorded or notice thereof to be published in the appropriate place in each jurisdiction in which the Company may hereafter establish a place of business. Such representatives, under shall
also promptly cause to be filed, recorded and published such statements of fictitious business name and any other notices, certificates, statements or other instruments required by any provision of any applicable law of the United States or any
state or other jurisdiction which governs the conduct of its business from time to time. 

  
 -40- 

 Section 12.9 Additional Documents. Each Member agrees to perform all further acts and
to execute, acknowledge and deliver any documents that may be reasonably necessary to carry out the provisions of this Agreement. 

Section 12.10 Notices. All notices, requests and other communications to any party hereunder shall be in writing (including
facsimile) and shall be effective and deemed delivered or given, as the case may be, (a) if given by facsimile, when transmitted and the appropriate confirmation is received from the machine transmitting such facsimile, and followed by hard
copy via overnight mail or reputable overnight courier for receipt the next Business Day, (b) if given by reputable overnight courier, on the next Business Day, (c) by hand delivery, when delivered or (d) if mailed, on the second
Business Day following the day on which sent by first class mail: 
 If to Cerberus, addressed as follows: 

c/o Cerberus Capital Management, L.P. 

875 Third Avenue, 11th Floor 

New York, NY 10022 

	 	Attention:	Lenard Tessler 

	 	    	Mark A. Neporent, Esq. 

	 	    	Lisa A. Gray, Esq. 

 Facsimile number: (212) 755-3009 

With a copy to: 
 Schulte
Roth & Zabel LLP 
 919 Third Avenue 

New York, New York 10022 

	 	Attention:	Stuart D. Freedman, Esq. 

	 	    	Robert B. Loper, Esq. 

 Facsimile number: (212) 593-5955 

If to Jubilee, addressed as follows: 

Jubilee Limited Partnership 
 4300
E. Fifth Ave. 
 Columbus, OH 43219 

	 	Attention:	Ben Kraner 

	 	    	Tod H. Friedman, Esq. 

 If to Klaff, addressed as follows: 

Klaff Realty, L.P. 
 122 S.
Michigan Avenue 
 Suite 1000 

Chicago, IL 60603 
 Attention:
Hersch M. Klaff 
 Facsimile number: (312) 360-0606 

  
 -41- 

 With a copy to: 

Fox, Swibel, Levin & Carroll, LLP 

200 W. Madison Street, Suite 3000 

Chicago, IL 60603 

	 	Attention:	Laurie A. Levin 

 Facsimile number: (312) 224-1201 

If to Lubert-Adler, addressed as follows: 

Lubert-Adler Partners 
 The Cira
Centre 
 2929 Arch Street 

Philadelphia, PA 19104 

	 	Attention:	Gerald A. Ronon 

 With a copy to: 

Kirkland & Ellis LLP 

300 North LaSalle 
 Chicago, IL
60654 

	 	Attention:	Richard J. Campbell 

 Facsimile number: (312) 862-2200 

If to Miller or any of the Individual Members, at such address or facsimile numbers as such Member may hereinafter specify to the Management
Board, with a copy to: 
 Hogan Lovells US LLP 

1999 Avenue of the Stars 
 Suite
1400 
 Los Angeles, CA 90067 

	 	Attention:	Barry L. Dastin, Esq. 

	 	    	Russ A. Cashdan, Esq. 

 Facsimile: (310) 785-4601 

If to Robert Edwards, at such address or facsimile numbers as Robert Edwards may hereinafter specify to the Management Board, with a copy to:

 Vedder Price 
 222 North
LaSalle Street 
 Chicago, Illinois 60601 

	 	Attention:	Robert Simon, Esq. 

 Facsimile: (312) 609-7550 

  
 -42- 

 If to the other Members, at the addresses or facsimile numbers set forth on the signature page to
this Agreement or such other addresses or facsimile numbers as such Members may hereafter specify to the Management Board, who shall so notify the other Members. 

Section 12.11 Waiver of Right to Partition and Bill of Accounting. To the fullest extent permitted by applicable law, each Member
covenants that it will not, and hereby waives any right to, file a bill for partnership accounting. Each Member irrevocably waives any right that it may have to maintain any action for dissolution of the Company (unless the Company is dissolved
pursuant to Section 10.1). 
 Section 12.12 Confidentiality; Press Releases. Each Member shall keep confidential all
information of a confidential nature obtained pursuant to this Agreement, except that a Member shall be entitled to disclose such confidential information to (a) its lawyers, accountants and other service providers as reasonably necessary in
the furtherance of such Member’s bona fide interests and to potential transferees of its Units provided that such potential transferees enter into customary confidentiality agreements, with the Company expressly stated therein to be a third
party beneficiary thereof, (b) its investors provided that such investors are subject to confidentiality obligations, and (c) the extent required by law or judicial or regulatory order, or to comply with applicable reporting requirements
under the Federal securities laws or the rules of any exchange or self-regulatory organization to which such Member or its Affiliates is subject. Notwithstanding anything in this Agreement to the contrary, to comply with Treas. Reg.
Section 1.6011-4(b)(3)(i), each Member (and any employee, representative or other agent of such Member) may disclose to any and all Persons, without limitation of any kind, the U.S. federal income tax treatment and tax structure of the Company
or any transactions undertaken by the Company, it being understood and agreed, for this purpose, (a) the name of, or any other identifying information regarding (i) the Company or any existing or future Member (or any affiliate thereof) in
the Company, or (ii) any investment or transaction entered into by the Company; and (b) any performance information relating to the Company, does not constitute such tax treatment or tax structure information. Except as may be required by
applicable law or judicial or regulatory order, to comply with applicable reporting requirements under the Federal securities laws or the rules of any exchange or self-regulatory organization to which such Member is subject, no Member shall publicly
make any public announcements or issue any press release regarding this Agreement or the Company or its business; provided, however, each Investor Member may consult with and obtain the approval of the other Investor Members before
issuing a press release or other public announcement with respect to this Agreement and may issue a press release or make a public announcement following such consultation and approval. 

Section 12.13 Uniform Commercial Code. Each limited liability company interest in the Company shall constitute a
“security” within the meaning of, and governed by, (i) Article 8 of the Uniform Commercial Code (including Section 8 102(a)(15) thereof) as in effect from time to time in the State of Delaware, and (ii) Article 8 of the
Uniform Commercial Code of any other applicable jurisdiction that now or hereafter substantially includes the 1994 revisions to Article 8 thereof as adopted by the American Law Institute and the National Conference of Commissioners on Uniform
State Laws and approved by the American Bar Association on February 14, 1995. 

  
 -43- 

 Section 12.14 Binding Agreement . Notwithstanding any other provision of this
Agreement, the Members agree that this Agreement constitutes a legal, valid and binding agreement of the Members, and is enforceable against the Members by the Company in accordance with its terms. 

Section 12.15 DISCLOSURES. THE INTERESTS OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND SUCH LAWS. THE INTERESTS ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY
AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE 1933 ACT AND SUCH LAWS PURSUANT TO EXEMPTION FROM REGISTRATION THEREUNDER. THERE WILL NOT BE ANY PUBLIC MARKET FOR THE INTERESTS. IN ADDITION, THE TERMS OF THIS AGREEMENT
RESTRICT THE TRANSFERABILITY OF INTERESTS. 
 [Remainder of page intentionally left blank. Signature page follows.] 

  
 -44- 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement, effective as of the date
first above written. 
  

			
	MEMBERS:
	
	CERBERUS ICEBERG LLC
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	CERBERUS CAPITAL MANAGEMENT, L.P.
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	JUBILEE ABS HOLDING LLC
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	KLAFF MARKETS HOLDINGS LLC
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	KLAFF-W LLC
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	LUBERT-ADLER SAN AGGREGATOR, L.P.
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	L-A ASSET MANAGEMENT SERVICES, LLC
		
	By:	 	 
		 	Name:
		 	Title:

  

	
	  

	Robert Edwards

  

	
	  

	Robert G. Miller

  

	
	  

	Howard Cohen

  

	
	  

	Justin Dye

  

	
	  

	Rick Navarro

  

	
	  

	Robert Butler

  

	
	  

	Wayne Denningham

  

	
	  

	Mike McCarthy

 
	
	  

	Andrew Scoggin

  

	
	  

	Paul Rowan

  

	
	  

	Robert Woseth

  

	
	  

	Justin Ewing

  

	
	  

	David Ober

  

	
	  

	Mark Bates

  

	
	  

	William Emmons

  

	
	  

	Shane Dorcheus

 
			
	SOLELY FOR PURPOSES OF SECTION 3.2(C), SECTION 3.8(D) AND SECTION 12.2(D):
	
	KRS AB ACQUISITION, LLC
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	KRS ABS, LLC
		
	By:	 	 
	Name:	 	
	Title:	 	

 
			
	SOLELY FOR PURPOSES OF SECTION 3.8(D) AND SECTION 12.2(E):
	
	ALBERTSONS MANAGEMENT HOLDCO, LLC
		
	By:	 	 
	Name:	 	
	Title:	 	

 SCHEDULE A 

Individual Members 
 Howard Cohen 

Justin Dye 
 Rick Navarro 

Robert Butler 
 Wayne Denningham 

Mike McCarthy 
 Andrew Scoggin 

Paul Rowan 
 Robert Woseth 

Justin Ewing 
 David Ober 

Mark Bates 
 William Emmons 

Shane Dorcheus 

 SCHEDULE B 

UNITS 
  

					
	 MEMBER’S

NAME
	  	 UNITS
	  	 OWNERSHIP PERCENTAGE

	 Cerberus Iceberg LLC
	  		  	
	 Cerberus Capital Management, L.P.
	  		  	
	 Jubilee ABS Holding LLC
	  		  	
	 Klaff Markets Holdings LLC
	  		  	
	 Klaff-W LLC
	  		  	
	 Lubert-Adler SAN Aggregator, L.P.
	  		  	
	 L-A Asset Management Services, LLC
	  		  	
	 Robert G. Miller
	  		  	
	 Robert Edwards
	  		  	
	 Howard Cohen
	  		  	
	 Justin Dye
	  		  	
	 Rick Navarro
	  		  	
	 Robert Butler
	  		  	
	 Wayne Denningham
	  		  	
	 Mike McCarthy
	  		  	
	 Andrew Scoggin
	  		  	
	 Paul Rowan
	  		  	
	 Robert Woseth
	  		  	
	 Justin Ewing
	  		  	
	 David Ober
	  		  	
	 Mark Bates
	  		  	

					
	 MEMBER’S

NAME
	  	 UNITS
	  	 OWNERSHIP PERCENTAGE

	 William Emmons
	  		  	
	 Shane Dorcheus
	  		  	
	 TOTAL
	  		  	

 LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 ALBERTSONS INVESTOR
HOLDINGS LLC 

 Table of Contents 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I. GENERAL PROVISIONS
	  	 	2	  
			
	 Section 1.1
	 	Registered Office	  	 	2	  
	 Section 1.2
	 	Other Offices	  	 	2	  
	 Section 1.3
	 	Purpose; Nature of Business Permitted; Powers	  	 	2	  
	 Section 1.4
	 	Limited Liability of Members	  	 	2	  
	 Section 1.5
	 	Tax Classification; No State Law Partnership	  	 	2	  
	 Section 1.6
	 	Definitions	  	 	2	  
	 Section 1.7
	 	Certificates	  	 	13	  
	 Section 1.8
	 	Term	  	 	13	  
		
	 ARTICLE II. UNITS, CAPITAL CONTRIBUTIONS AND CAPITAL ACCOUNTS
	  	 	14	  
			
	 Section 2.1
	 	Units	  	 	14	  
	 Section 2.2
	 	Capital Contributions	  	 	14	  
	 Section 2.3
	 	Capital Accounts	  	 	16	  
	 Section 2.4
	 	Admission of New Members	  	 	16	  
	 Section 2.5
	 	Interest	  	 	16	  
	 Section 2.6
	 	Capital Withdrawal Rights, Interest and Priority	  	 	16	  
		
	 ARTICLE III. MANAGEMENT OF THE COMPANY
	  	 	17	  
			
	 Section 3.1
	 	Company Governance	  	 	17	  
	 Section 3.2
	 	Authority, Duties and Obligations of the Management Board	  	 	20	  
	 Section 3.3
	 	Other Activities of the Members of the Management Board	  	 	20	  
	 Section 3.4
	 	Management Board Certifications	  	 	21	  
	 Section 3.5
	 	Officers	  	 	21	  
	 Section 3.6
	 	Voting Rights of Members	  	 	22	  
	 Section 3.7
	 	Cost of Services	  	 	23	  
	 Section 3.8
	 	Certain Provisions Relating to Albertsons Companies Stock	  	 	23	  
		
	 ARTICLE IV. GENERAL GOVERNANCE
	  	 	26	  
			
	 Section 4.1
	 	Other Ventures	  	 	26	  
	 Section 4.2
	 	Information	  	 	26	  
	 Section 4.3
	 	Access	  	 	27	  
	 Section 4.4
	 	Standard of Care	  	 	27	  
		
	 ARTICLE V. TRANSFERS OF UNITS
	  	 	27	  
			
	 Section 5.1
	 	Transfers	  	 	27	  
		
	 ARTICLE VI. ALLOCATIONS
	  	 	29	  
			
	 Section 6.1
	 	General Rules; Allocation of Profits and Losses	  	 	29	  
	 Section 6.2
	 	Other Allocation Rules	  	 	30	  
	 Section 6.3
	 	Tax Allocations: Code Section 704(c)	  	 	30	  

  
 i 

 Table of Contents 

(continued) 
  

							
	 	 	 	  	Page	 
		
	 ARTICLE VII. DISTRIBUTIONS AND EXPENSES
	  	 	31	  
			
	 Section 7.1
	 	Distributions	  	 	31	  
	 Section 7.2
	 	Amounts Withheld	  	 	31	  
	 Section 7.3
	 	Expenses	  	 	32	  
	 Section 7.4
	 	Tax Distributions	  	 	32	  
		
	 ARTICLE VIII. OTHER TAX MATTERS
	  	 	32	  
			
	 Section 8.1
	 	Tax Matters Member	  	 	32	  
	 Section 8.2
	 	Furnishing Information to Tax Matters Member	  	 	32	  
	 Section 8.3
	 	Tax Claims and Proceedings	  	 	33	  
	 Section 8.4
	 	Books and Records	  	 	33	  
	 Section 8.5
	 	Survival	  	 	33	  
		
	 ARTICLE IX. REPRESENTATIONS AND WARRANTIES
	  	 	33	  
			
	 Section 9.1
	 	Representations and Warranties of Members	  	 	33	  
	 Section 9.2
	 	ERISA Representation	  	 	35	  
	 Section 9.3
	 	Survival	  	 	35	  
		
	 ARTICLE X. DISSOLUTION AND TERMINATION OF THE COMPANY
	  	 	35	  
			
	 Section 10.1
	 	Dissolution	  	 	35	  
	 Section 10.2
	 	Continuation of Interest of Member’s Representative	  	 	35	  
	 Section 10.3
	 	Dissolution, Winding Up and Liquidation	  	 	35	  
	 Section 10.4
	 	Member Bankruptcy	  	 	36	  
		
	 ARTICLE XI. INDEMNIFICATION AND CONTRIBUTION
	  	 	36	  
			
	 Section 11.1
	 	Indemnity by the Company	  	 	36	  
	 Section 11.2
	 	Exculpation	  	 	37	  
	 Section 11.3
	 	Expenses	  	 	37	  
	 Section 11.4
	 	Advance Payment of Expenses	  	 	37	  
	 Section 11.5
	 	Beneficiaries	  	 	37	  
	 Section 11.6
	 	Indemnification Procedure for Third Party and Other Claims	  	 	37	  
	 Section 11.7
	 	Other Claims	  	 	38	  
	 Section 11.8
	 	Limitation on Damages	  	 	38	  
		
	 ARTICLE XII. MISCELLANEOUS PROVISIONS
	  	 	38	  
			
	 Section 12.1
	 	Entire Agreement	  	 	38	  
	 Section 12.2
	 	Amendments	  	 	39	  
	 Section 12.3
	 	Applicable Law; Venue	  	 	39	  
	 Section 12.4
	 	Enforcement	  	 	40	  
	 Section 12.5
	 	Headings	  	 	40	  
	 Section 12.6
	 	Severability	  	 	40	  
	 Section 12.7
	 	Counterparts	  	 	40	  
	 Section 12.8
	 	Filings	  	 	40	  
	 Section 12.9
	 	Additional Documents	  	 	41	  

  
 ii 

 Table of Contents 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 12.10
	 	Notices	  	 	41	  
	 Section 12.11
	 	Waiver of Right to Partition and Bill of Accounting	  	 	43	  
	 Section 12.12
	 	Confidentiality; Press Releases	  	 	43	  
	 Section 12.13
	 	Uniform Commercial Code	  	 	43	  
	 Section 12.14
	 	Binding Agreement	  	 	44	  
	 Section 12.15
	 	DISCLOSURES	  	 	44	  

  
 iii

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