Document:

Exhibit 4.4

 

Exhibit 4.4

VOTING AGREEMENT

     VOTING AGREEMENT, dated as of March    , 2004, by and among,
Trans-Industries, Inc., a Delaware Corporation (the “Company”), Dale Coenen
(“Coenen”), Duncan Miller (“Miller”) and the “Investors” (as defined below)
(the Investors, Coenen and Miller are each sometimes referred to as a
“Stockholder” and collectively as the “Stockholders”).

     WHEREAS, the Investors are purchasing shares of Series B Convertible
Preferred Stock, par value $1.00 per share (the “Series B Preferred Stock”), of
the Company pursuant to a Series B Convertible Preferred Stock and Warrant
Purchase Agreement, dated as of the date hereof (the “Purchase Agreement”); and

     WHEREAS, it is a condition to the consummation of the transactions
contemplated by the Purchase Agreement that the parties enter into this
Agreement.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the investment by the Investors under the Purchase Agreement
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

ARTICLE 1

DEFINED TERMS

Section 1.1. Defined Terms.

          Capitalized terms used herein, and not otherwise defined herein, will have
the following meanings.

          1.1.1 An “Affiliate” of a specified Person means any other Person which,
directly or indirectly, through one or more intermediaries, controls, is
controlled by, or is under common control with such specified Person. For
purposes of this definition, (a) “control” of any Person means possession,
directly or indirectly, of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting
securities, by contract, or otherwise and (b) an individual will be deemed to
“control” (i) such individual’s spouse, natural or adopted children or
grandchildren or (ii) a trust for the benefit of any one or more of such
individual, such individual’s spouse, natural or adopted children or
grandchildren.

          1.1.2 “Agreement” means this Voting Agreement, as the same may be amended,
restated, supplemented or otherwise modified from time to time.

          1.1.3 “Board” means the Board of Directors of the Company.

          1.1.4 “Common Stock” means the Company’s common stock, par value $0.10 per
share.

 

 

          1.1.5 “Investors” means Harry E. Figgie, Jr., trustee under the Trust
Agreement dated July 15, 1976, as modified, and his Affiliates and successors.

          1.1.6 “Person” or “person” means an individual, a corporation, a limited
liability company, an association, a joint-stock company, a business trust or
other similar organization, a partnership, a joint venture, a trust, an
unincorporated organization, a government or any agency, instrumentality or
political subdivision of a government.

          1.1.7 “Stockholder” means, at any time, (i) any Person who is now or later
becomes, pursuant to the terms hereof, a party to this Agreement as a
“Stockholder,” and (ii) any executor, administrator, guardian, custodian,
trustee, receiver, or other legal representative of a Stockholder who obtains
legal or beneficial ownership of any shares of capital stock of the Company or
the power to transfer or vote the same in the event of a Stockholder’s death,
disability or other incapacity.

ARTICLE 2

AGREEMENT TO VOTE

Section 2.1 Agreement to Vote.

          Each Stockholder, on behalf of itself and any transferee or assignee who
is an Affiliate of such Stockholder, will hold all of the shares of capital
stock of the Company registered in its name (and any securities of the Company
issued with respect to, upon conversion of, or in exchange or substitution
thereof, and any other securities of the Company currently held or subsequently
acquired by such Stockholder) (the “Securities”) subject to, and to vote the
Securities at any regular or special meeting of stockholders (or by written
consent) in accordance with, the provisions of this Agreement.

Section 2.2 Legends.

          Each certificate representing any voting Securities held by a Stockholder
shall be endorsed by the Company with a legend in substantially the following
form:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
CERTAIN VOTING REQUIREMENTS SET FORTH IN AN AGREEMENT AMONG THE
COMPANY, CERTAIN STOCKHOLDERS AND THE HOLDER HEREOF. A COPY OF
SUCH AGREEMENT WILL BE FURNISHED TO THE HOLDER HEREOF UPON WRITTEN
REQUEST TO THE SECRETARY OF THE COMPANY. BY ACCEPTING ANY
INTEREST IN SUCH SECURITIES THE PERSON ACCEPTING SUCH INTEREST
SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL THE
PROVISIONS OF SUCH AGREEMENT.

The Company shall cause each certificate evidencing voting Securities to bear
the legend required herein; provided, however, that the parties agree that the
failure to cause a certificate evidencing Securities to bear such legend shall
not affect the validity or enforcement of this

2

 

Agreement. At such time as any Securities cease to be subject to the terms of
this Agreement, the Company shall, upon the written request of the holder of
such Securities, promptly cause such legend to be removed from the applicable
certificates.

Section 2.3. Scope.

          Except as set forth herein, this Agreement shall not extend to other
matters upon which stockholders of the Company have a right to vote under the
Certificate of Incorporation or By-Laws of the Company or under the General
Corporation Law of the State of Delaware.

Section 2.4 Manner of Voting.

          The voting of Securities pursuant to this Agreement may be effected in
person, by proxy, by written consent, or in any other manner permitted by
applicable law.

ARTICLE 3

BOARD OF DIRECTORS, OFFICERS AND OTHER MATTERS

Section 3.1 Board Size.

          Each Stockholder shall vote all Securities that it holds (or as to which
it has voting power) to ensure that the size of the Board shall be set and
remain at six directors; provided, however, that such Board size may be
subsequently increased or decreased pursuant to an amendment of this Agreement
and in accordance with the Certificate of Incorporation; provided, further,
however, if a Person or group of Persons elects not to name, or loses the right
pursuant to the terms hereof, to name one or more designees as provided in
Section 3.2, the Board seat to be filled by such designee(s) shall remain
vacant until such time (if ever) as such designee is named and elected to the
Board of Directors pursuant hereto, and until such time, the full Board of
Directors shall be comprised of those Persons that have been designated and
elected to the Board of Directors pursuant hereto.

Section 3.2 Board Members.

          Each Stockholder will vote all Securities that it holds (or as to which it
has voting power) in the following manner.

          (a) with respect to the three directors that the Certificate of
Incorporation provides shall be elected by the holders of Series B Convertible
Preferred Stock voting as a single class, in favor of three designees (the
“Figgie Directors”) of the Investors holding a majority of the outstanding
Series B Preferred Stock then held by all Investors, who initially shall be
Harry E. Figgie, Jr., James O’Brien and Richard Solon.

          (b) In the event of any vacancy on the Board with respect to any of the
Figgie Directors, each Stockholder agrees to vote all Securities to fill such
vacancy in the same manner as provided in Section 3.2(a). The parties further
agree that no Figgie Director may be removed from office without the approval
of the holders of voting stock required to elect such director in accordance
with this Section 3.2.

3

 

          (c) Any director of the Company may be removed from the Board in the
manner allowed by law and the Company’s Certificate of Incorporation and
Bylaws, but with respect to a Figgie Director, only upon the vote or written
consent of the Stockholders entitled to designate such director.

          (d) None of the parties hereto and no officer, director, stockholder,
partner, employee or agent of any party makes any representation or warranty as
to the fitness or competence of the nominee of any party hereunder to serve on
the Board by virtue of such party’s execution of this Agreement or by the act
of such party in voting for such nominee pursuant to this Agreement.

     Section 3.3 Officers.

          (a) Each Stockholder will take any and all action in its capacity as a
stockholder and/or a Director of the Company, if applicable, including without
limitation through the voting of any Securities as provided herein, to cause
the Board to elect the designees of the Investors holding a majority of the
outstanding Series B Preferred Stock (on an as if converted basis) and/or
shares of Common Stock then held by all Investors, as the Company’s Chief
Executive Officer, Chief Operating Officer and Chief Financial Officer,
provided, however, that the Investors agree that their designee as the
Company’s Chief Executive Officer for the three (3) year period following the
date of this Agreement shall be Dale Coenen, subject to his earlier death,
disability, resignation or removal for cause by a majority of the Board.

          (b) In the event of any vacancy in the position of Chief Executive
Officer, Chief Operating Officer or Chief Financial Officer, each Stockholder
will take any all action in its capacity as a stockholder and/or a Director of
the Company, if applicable, including without limitation through the voting of
any Securities as provided herein, to cause the Board to fill such vacancy in
the same manner as provided in Section 3.3(a).

          (c) None of the parties hereto and no officer, director, stockholder,
partner, employee or agent of any party makes any representation or warranty as
to the fitness or competence of the nominee of any party hereunder to serve on
the Board by virtue of such party’s execution of this Agreement or by the act
of such party in voting for such nominee pursuant to this Agreement.

Section 3.4 Shareholder Approval.

          Each Stockholder will vote all Securities that it holds (or as to which it
has voting power) to approve the transactions contemplated by the Purchase
Agreement and the Transaction Documents (as defined in the Purchase Agreement),
as required by certain National Association of Securities Dealers, Inc.
(“NASD”) rules providing for qualitative listing requirements applicable to
securities traded on the Nasdaq National Market and Nasdaq SmallCap Market and
any other approval, authorization or waiver that may be required by any state
or other institution, persons or agencies, including without limitation, the
Securities and Exchange Commission (“SEC”).

4

 

Section 3.5 Other Actions

          (a) On all matters other than those listed in Sections 3.1, 3.2, 3.3 or
3.4 on which the Stockholders have a vote at any regular or special meeting of
the stockholders of the Company, Coenen and Miller shall vote their stock for
or against such matter in the same proportion as all of the stockholders of the
Company, other than the Investors, have voted for or against such matter. For
example, if the stockholders of the Company, other than the Investors, vote 52%
of their stock for, and 48% of their stock against, a particular matter, Coenen
and Miller will also vote 52% of their Securities for, and 48% of their
Securities against, such matter.

          (b) On all matters other than those listed in Sections 3.1, 3.2, 3.3 or
3.4 on which the Stockholders have a vote at any regular or special meeting of
the stockholders of the Company, the Investors may vote their Securities in any
manner they elect in their sole discretion.

ARTICLE 4

MISCELLANEOUS

Section 4.1 Consequence of transfer.

          Upon any transfer of any Securities to an Affiliate of a Stockholder, the
Securities so transferred and the transferee thereof shall be bound by and
subject to all of the provisions, restrictions and obligations set forth in
this Agreement. As a condition precedent to the effectiveness of such transfer
and the issuance of any certificate or other instrument representing such
transferred Securities, such Affiliate transferee shall agree to become bound
by this Agreement as a “Stockholder” hereunder by executing and delivering to
the Company a counterpart hereof. Any new certificate or other instrument
evidencing such Securities issued to such transferee shall bear a legend in
accordance with Section 2.2 hereof. Upon any transfer of any Securities to a
Person who is not an Affiliate of a Stockholder, the Securities so transferred
shall cease to be subject to the terms of this Agreement.

Section 4.2 Grant of Proxy.

          Should the provisions of this Agreement be construed to constitute the
granting of proxies, such proxies shall be deemed coupled with an interest and
are irrevocable for the term of this Agreement.

Section 4.3 Additional Covenants of the Company.

          The Company agrees to take all actions required to ensure that the rights
given to the Stockholders hereunder are effective and that the Stockholders
enjoy the benefits thereof. Such actions include, without limitation, the use
of the Company’s best efforts to cause the compliance with the terms of Article
3 hereof. The Company will not, by any voluntary action, avoid or seek to
avoid the observance or performance of any of the terms to be performed
hereunder by the Company, but will at all times in good faith assist in the
carrying out of all of

5

 

the provisions of this Agreement and in the taking of all such actions as may
be necessary or appropriate in order to protect the rights of the Stockholders
hereunder against impairment.

Section 4.4 Additional Securities.

          In the event of any issuance of any voting Securities hereafter to any of
the parties hereto (including, without limitation, in connection with any stock
split, stock dividend, recapitalization, reorganization, or the like), such
Securities shall become subject to this Agreement and shall be endorsed with
the legend set forth herein.

Section 4.5 Duration of Agreement.

          4.5.1 The rights and obligations of the Company and each Stockholder under
this Agreement shall terminate on the earliest to occur of the following: (a)
ten years from the date hereof; (b) immediately upon the Investors ceasing to
hold at least 10% of the Company’s outstanding Common Stock (treating the
Investors, for the purpose of such calculation, as the holders of the number of
shares of Common Stock which would be issuable to them upon conversion,
exercise or exchange of all Securities (including but not limited to the Series
B Preferred Stock) held by the Investors that are then convertible, exercisable
or exchangeable into or for (whether directly or indirectly) shares of Common
Stock), and (c) immediately prior to a transaction constituting a deemed
liquidation or dissolution of the Company under Section 4 of the terms of the
Series B Preferred Stock as set forth in the Company’s Certificate of
Incorporation.

          4.5.2 Notwithstanding anything contained herein to the contrary, the
rights and benefits afforded to, and the obligations imposed on, any
Stockholder hereunder will terminate immediately, and without the need for any
further action by any party hereto, at such time as such Stockholder ceases to
be a stockholder of the Company.

Section 4.6 Notices.

          All notices, consents and other communications required or permitted to be
given or delivered under this Agreement shall be in writing and shall be given
or delivered as follows, or to such other address for a party as such party may
specify in a written notice given to each other party in accordance with this
Section:

     If to the Company, to:

	 	 	Trans-Industries, Inc.

2637 South Adams Road

Rochester Hills, MI 48309

Attention: Chief Executive Officer

Facsimile No.: (248) 852-1211

If to a Stockholder, to the address specified for such Stockholder in the
Purchase Agreement or in the Company’s record of stockholders.

6

 

Notices so addressed and sent by registered or certified mail with first-class
postage prepaid and return receipt requested, or by a national overnight air
courier service, shall be deemed to have been given three business days and one
business day, respectively, after the date of registration or documented
acceptance by the national overnight air courier service, as the case may be,
and in the case of facsimile transmission, upon confirmation of receipt of such
transmission. Otherwise, notices shall be deemed to have been given when
actually received.

Section 4.7 Successors and Assigns.

          This Agreement shall be binding upon and shall inure to the benefit of the
parties hereto and their respective successors, assigns, heirs and personal
representatives, but only to the extent specifically provided herein, provided,
however, than an Investor may assign any and all of its rights and obligations
hereunder to any Persons to whom such Investor transfers any of its Securities.

Section 4.8 Equitable Relief.

          The parties agree that it is impossible to determine the monetary damages
which would accrue to any party by reason of the failure of any party to
perform any of its obligations under this Agreement requiring the performance
of an act other than the payment of money only. Each party shall be entitled
to enforce its rights under this Agreement specifically and to exercise all
other rights existing in its favor. The parties hereto agree and acknowledge
that money damages may not be an adequate remedy for any breach of the
provisions of this Agreement and that each party may in its sole discretion
apply to any court of law or equity of competent jurisdiction for specific
performance and/or injunctive relief (without posting a bond or other security)
in order to enforce or prevent any violation of the provisions of this
Agreement. In the event of a breach or threatened breach by a party of any of
the provisions of this Agreement, the other parties hereto shall be entitled to
an injunction restraining such party from any such breach, and each party
hereto waives any claim or defense that there is an adequate remedy at law for
such breach or threatened breach. The availability of such remedies shall not
prohibit any party from pursuing any other remedies for such breach or
threatened breach, including the recovery of damages from a breaching party.

Section 4.9 Entire Agreement.

          This Agreement, the Transaction Documents (as defined in the Purchase
Agreement) and the other writings referenced herein constitute the exclusive
statement of the agreement of the parties hereto concerning the subject matter
hereof and supersede all other agreements, oral or written, among or between
any of them concerning such subject matter. All negotiations among or between
any of the parties hereto concerning the subject matter of this Agreement are
superseded by this Agreement and the Transaction Documents, including any that
may have been expressed in any term sheet, letter of intent or other similar
document, and there are no representations, promises, understandings or
agreements, oral or written, in relation thereto among or between any of them
other than those incorporated herein.

7

 

Section 4.10 Waiver and Amendment.

          No waiver of any provision of this Agreement shall be effective unless
made in a written instrument which specifically references this Agreement and
which is duly signed by or on behalf of the party against whom such waiver is
sought to be enforced. Except as expressly provided herein, the failure of any
party hereto to enforce at any time, or for any period of time, any provision
of this Agreement shall not be construed as a waiver of any provision or of the
right of any such Person to enforce each and every provision of this Agreement.
Neither this Agreement nor any provision hereof can be modified, amended,
changed, discharged or terminated except by an instrument in writing, signed by
the holders of at least a majority of the voting Securities then subject to
this Agreement, based upon voting power and calculated on an as-if-converted
basis, together with the consent of the Investors holding a majority of the
outstanding Series B Preferred Stock (on an as if converted basis) and/or
shares of Common Stock then held by all stockholders.

Section 4.11 Governing Law; Consent to Jurisdiction and Venue; Waiver of Jury
Trial.

          This Agreement shall be governed by and construed in accordance with the
laws of the State of Ohio, without giving effect to principles of conflicts of
law. Each party hereto irrevocably and unconditionally agrees that any action,
suit or proceeding at law or in equity which in any way arises out of or
relates to this Agreement (a “Litigation”) may be brought in the any state or
federal court of competent jurisdiction located in the State of Ohio, and all
objections to personal jurisdiction and venue in any action, suit or proceeding
so commenced are hereby expressly waived by all parties hereto. Each of the
parties irrevocably and unconditionally waives, to the fullest extent permitted
by applicable law, any and all rights to trial by jury in connection with any
Litigation arising out of or relating to this Agreement or the transactions
contemplated hereby.

Section 4.12 Severability.

          Whenever possible, each provision of this Agreement shall be interpreted
in such manner as to be effective, valid and enforceable as against all parties
hereto, but if any provision of this Agreement is held to be invalid or
unenforceable in any respect or as to any Person, such invalidity or
unenforceability shall not render invalid or unenforceable any other provision
of this Agreement as to any Person. In the event that pursuant to any
regulatory authority or regulation, the Company is required to make any
revisions or modifications to any provision of this Agreement or any of the
other related documents, the parties agree to enter into good faith
negotiations and make revisions or modifications, to the extent possible, that
are in compliance with such regulation or the rules of such regulatory
authority, and which are designed to accomplish the purposes of such provision
to be revised or modified.

Section 4.13 Headings.

          The Article and Section headings contained in this Agreement are intended
solely for convenience of reference and shall not be considered in interpreting
this Agreement.

8

 

Section 4.14 Gender; Inclusion.

          Whenever the context requires in this Agreement, the masculine gender
includes the feminine or neuter and the neuter gender includes the masculine or
feminine. In every place where they are used in this Agreement, the words
“include” and “including” are intended and shall be construed to mean “include,
without limitation” and “including, without limitation”, respectively, unless a
different intent is expressly stated in the context.

Section 4.15 Counterparts.

          This Agreement may be executed in multiple counterparts, each of which
shall be deemed an original, and all of which together shall constitute one and
the same instrument. This Agreement may be executed and delivered by
facsimile, and may be executed and delivered with separate signature pages as
though all parties had executed and delivered the same signature page. Any
Affiliate of a Stockholder to whom Securities are transferred pursuant to the
terms of this Agreement may execute a counterpart of this Agreement and become
a party hereto and any such person shall be deemed a Stockholder hereunder.

Section 4.16 Time Periods.

          Unless otherwise expressly stated in the context, any action required
hereunder to be taken within a certain number of days shall be taken within
that number of calendar days; provided, however, that if the last day for
taking such action falls on a Saturday, Sunday, or a holiday observed by the
Company at its principal executive office, the period during which such action
may be taken shall be automatically extended to the next business day.

Section 4.17 No Inconsistent Agreements; Further Assurances.

          Neither the Company nor any other party hereto shall take any action or
enter into any agreement which is inconsistent with the rights of any party
hereunder or otherwise conflicts with the provisions hereof. At any time or
from time to time after the date hereof, the parties agree to cooperate with
each other, and at the request of any other party, to execute and deliver any
further instruments or documents and to take all such further action as the
other party may reasonably request in order to evidence or effectuate the
consummation of the transactions contemplated hereby and to otherwise carry out
the intent of the parties hereunder.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

[SIGNATURE PAGE IMMEDIATELY FOLLOWING]

9

 

          IN WITNESS WHEREOF, the parties hereto have caused this Voting Agreement
to be executed as of the date first above written.

	 	 	 	 	 
	 	 	TRANS-INDUSTRIES, INC.
	 
	 	 	 	 
	

	 	By:	 	

	

	 	Name:
	 	

	

	 	Title:
	 	

10

 

          IN WITNESS WHEREOF, the parties hereto have caused this Voting Agreement
to be executed as of the date first above written.

	 	 	 
	

	 	STOCKHOLDERS
	 
	 	 
	

	 	

Dale Coenen
	 
	 	 
	

	 	

Duncan Miller
	 
	 	 
	

	 	

Harry E. Figgie, Jr., trustee under the Trust
Agreement dated July 15, 1976, as modified

11<PAGE>
                                                                    EXHIBIT 4.3

                  (FORM OF FACE OF CORPORATE UNITS CERTIFICATE)

            [For inclusion in Global Certificates only - THIS CERTIFICATE IS A
GLOBAL CERTIFICATE WITHIN THE MEANING OF THE PURCHASE CONTRACT AGREEMENT
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF CEDE & CO., AS THE
NOMINEE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (THE
"DEPOSITARY"), THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY. THIS
CERTIFICATE IS EXCHANGEABLE FOR CERTIFICATES REGISTERED IN THE NAME OF A PERSON
OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE PURCHASE CONTRACT AGREEMENT AND NO TRANSFER OF THIS CERTIFICATE
(OTHER THAN A TRANSFER OF THIS CERTIFICATE AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED
CIRCUMSTANCES.

            UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITARY FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT
HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

No. _________                                                 CUSIP No.
Number of Corporate Units:  ___________________

                                ALBERTSON'S, INC.
                                 Corporate Units

            This Corporate Units Certificate certifies that [Cede & Co.] is the
registered Holder of the number of Corporate Units set forth above [for
inclusion in Global Certificates only - or such other number of Corporate Units
reflected in the Schedule of Increases or Decreases in the Global Certificate
attached hereto]. Each Corporate Unit consists of (i) either (a) a 1/40, or
2.5%, beneficial ownership interest of the Holder in one Senior Note due 2009
(the "SENIOR NOTE") of Albertson's, Inc., a Delaware corporation (the
"COMPANY"), subject to the Pledge of such Senior Note by such Holder pursuant to
the Pledge Agreement, or (b) upon the occurrence of a Special Event Redemption
prior to the Purchase Contract Settlement Date or a Successful Remarketing of
the Senior Notes prior to the Final Remarketing Date, the Applicable Ownership
Interests, subject to the pledge of the appropriate Applicable Ownership
Interests (as specified in clause (i) of the definition of such term) in the
Treasury Portfolio by such Holder pursuant to the Pledge Agreement, and (ii) the
rights and obligations of the Holder under one

                                      1
<PAGE>
Purchase Contract with the Company. All capitalized terms used herein which are
defined in the Purchase Contract Agreement (as defined on the reverse hereof)
have the meaning set forth therein.

            Pursuant to the Pledge Agreement, the Senior Notes or the
appropriate Applicable Ownership Interests (as specified in clause (i) of the
definition of such term) in the Treasury Portfolio, as the case may be,
constituting part of each Corporate Unit evidenced hereby have been pledged to
the Collateral Agent, for the benefit of the Company, to secure the obligations
of the Holder under the Purchase Contract comprising part of such Corporate
Unit.

            The Pledge Agreement provides that all payments of the principal
amount with respect to any of the Pledged Senior Notes (as defined in the Pledge
Agreement) or the appropriate Applicable Ownership Interests (as specified in
clause (i) of the definition of such term) in the Treasury Portfolio, as the
case may be, or interest or distributions on any Pledged Senior Notes or the
appropriate Applicable Ownership Interests (as specified in clause (ii) of the
definition of such term) in the Treasury Portfolio, as the case may be,
constituting part of the Corporate Units received by the Securities Intermediary
shall be paid by wire transfer in same day funds (i) in the case of (A) interest
on Pledged Senior Notes or distributions with respect to the appropriate
Applicable Ownership Interests (as specified in clause (ii) of the definition of
such term) in the Treasury Portfolio, as the case may be, and (B) any payments
of the principal amount of any Senior Notes or with respect to the appropriate
Applicable Ownership Interests (as specified in clause (i) of the definition of
such term) in the Treasury Portfolio, as the case may be, that have been
released from the Pledge pursuant to the Pledge Agreement, to the Purchase
Contract Agent to the account designated by the Purchase Contract Agent, no
later than 2:00 p.m., New York City time, on the Business Day such payment is
received by the Securities Intermediary (provided that in the event such payment
is received by the Securities Intermediary on a day that is not a Business Day
or after 12:30 p.m., New York City time, on a Business Day, then such payment
shall be made no later than 10:30 a.m., New York City time, on the next
succeeding Business Day) and (ii) in the case of payments with respect to the
principal amount of the Pledged Senior Notes or with respect to the appropriate
Applicable Ownership Interests (as specified in clause (i) of the definition of
such term) in the Treasury Portfolio, to the Company on the Purchase Contract
Settlement Date (as described herein) in accordance with the terms of the Pledge
Agreement, in full satisfaction of the respective obligations of the Holders of
the Corporate Units of which such Pledged Senior Notes or the Applicable
Ownership Interests (as specified in clause (i) of the definition of such term)
in the Treasury Portfolio, as the case may be, are a part under the Purchase
Contracts forming a part of such Corporate Units. Interest on the Senior Notes
and distributions on the appropriate Applicable Ownership Interests (as
specified in clause (ii) of the definition of such term) in the Treasury
Portfolio, as the case may be, forming part of a Corporate Units evidenced
hereby, which are payable quarterly in arrears on February 16, May 16, August
16, and November 16 of each year, commencing [ ] (a "PAYMENT DATE"), shall,
subject to receipt thereof by the Purchase Contract Agent from the Securities
Intermediary, be paid to the Person in whose name this Corporate Units
Certificate (or a Predecessor Corporate Units Certificate) is registered at the
close of business on the Record Date for such Payment Date.

            Each Purchase Contract evidenced hereby obligates the Holder of this
Corporate Units Certificate to purchase, and the Company to sell, on May 16,
2007 (the "PURCHASE

                                      2
<PAGE>
CONTRACT SETTLEMENT DATE"), at a price equal to $25 (the "PURCHASE PRICE"), a
number of newly issued shares of common stock, par value $1.00 per share
("COMMON STOCK"), of the Company, equal to the Settlement Rate, unless on or
prior to the Purchase Contract Settlement Date there shall have occurred a
Termination Event or an Early Settlement or Cash Merger Early Settlement with
respect to such Purchase Contract, all as provided in the Purchase Contract
Agreement and more fully described on the reverse hereof. The purchase price
(the "PURCHASE PRICE") for the shares of Common Stock purchased pursuant to each
Purchase Contract evidenced hereby, if not paid earlier, shall be paid on the
Purchase Contract Settlement Date by application of payment received in respect
of the principal amount with respect to any Pledged Senior Notes pursuant to the
Remarketing or the appropriate Applicable Ownership Interests (as specified in
clause (i) of the definition of such term) in the Treasury Portfolio, as the
case may be, pledged to secure the obligations under such Purchase Contract of
the Holder of the Corporate Units of which such Purchase Contract is a part.

            Each Purchase Contract evidenced hereby obligates the holder to
agree, for United States federal, state and local income and franchise tax
purposes, to (i) treat an acquisition of the Corporate Units as an acquisition
of the Senior Notes and Purchase Contracts constituting the Corporate Units and
(ii) treat itself as owner of the applicable interest in the Collateral Account,
including the Senior Notes and the Applicable Ownership Interests (as specified
in clause (i) of the definition of such term) in the Treasury Portfolio.

            The Company shall pay, on each Payment Date, in respect of each
Purchase Contract forming part of a Corporate Unit evidenced hereby, an amount
(the "CONTRACT ADJUSTMENT PAYMENTS") equal to [ ]% per year of the Stated
Amount. Such Contract Adjustment Payments shall be payable to the Person in
whose name this Corporate Units Certificate is registered at the close of
business on the Record Date for such Payment Date.

            Interest on the Senior Notes and distributions on the Applicable
Ownership Interests (as specified in clause (ii) of the definition of such term)
and the Contract Adjustment Payments will be payable at the office of the
Purchase Contract Agent in New York City. If the book-entry system for the
Corporate Units has been terminated, the Contract Adjustment Payments will be
payable, at the option of the Company, by check mailed to the address of the
Person entitled thereto at such Person's address as it appears on the Security
Register, or by wire transfer to the account designated by such Person by a
prior written notice to the Purchase Contract Agent.

            Reference is hereby made to the further provisions set forth on the
reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

            Unless the certificate of authentication hereon has been executed by
the Purchase Contract Agent by manual signature, this Corporate Units
Certificate shall not be entitled to any benefit under the Pledge Agreement or
the Purchase Contract Agreement or be valid or obligatory for any purpose.

                                      3
<PAGE>
            IN WITNESS WHEREOF, the Company and the Holder specified above have
caused this instrument to be duly executed.

                                         ALBERTSON'S, INC.

                                         By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                         HOLDER SPECIFIED ABOVE (as to
                                         obligations of such Holder under the
                                         Purchase Contracts)

                                         By: U.S. BANK TRUST NATIONAL
                                             ASSOCIATION, not individually but
                                             solely as attorney-in-fact of such
                                             Holder

                                         By:
                                            ------------------------------------
                                            Name:
                                            Title:

Date:
     ------------------------------------

                                      4
<PAGE>
                          CERTIFICATE OF AUTHENTICATION
                           OF PURCHASE CONTRACT AGENT

            This is one of the Corporate Units Certificates referred to in the
within mentioned Purchase Contract Agreement.

                                       By: U.S. BANK TRUST NATIONAL ASSOCIATION,
                                           as Purchase Contract Agent

                                       By:
                                          --------------------------------------
                                          Name:
                                          Title:

Date:
     ------------------------------------

                                      5

<PAGE>
                (FORM OF REVERSE OF CORPORATE UNITS CERTIFICATE)

      Each Purchase Contract evidenced hereby is governed by a Purchase Contract
Agreement, dated as of [ ], 2004 (as may be supplemented from time to time, the
"PURCHASE CONTRACT AGREEMENT"), between the Company and U.S. Bank Trust National
Association, as Purchase Contract Agent (including its successors hereunder, the
"PURCHASE CONTRACT AGENT"), to which Purchase Contract Agreement and
supplemental agreements thereto reference, is hereby made for a description of
the respective rights, limitations of rights, obligations, duties and immunities
thereunder of the Purchase Contract Agent, the Company, and the Holders and of
the terms upon which the Corporate Units Certificates are, and are to be,
executed and delivered.

      Each Purchase Contract evidenced hereby obligates the Holder of this
Corporate Units Certificate to purchase, and the Company to sell, on the
Purchase Contract Settlement Date at a price equal to $25 (the "PURCHASE
PRICE"), a number of shares of Common Stock equal to the Settlement Rate, unless
an Early Settlement, a Cash Merger Early Settlement or a Termination Event with
respect to the Units of which such Purchase Contract is a part shall have
occurred. The "SETTLEMENT RATE" is equal to:

            (1) if the Adjusted Applicable Market Value (as defined below) is
      greater than or equal to $[ ] (the "THRESHOLD APPRECIATION PRICE"), [ ]
      shares of Common Stock per Purchase Contract, (such number of shares, as
      adjusted from time to time pursuant to Section 5.04, the "MINIMUM SHARE
      NUMBER");

            (2) if the Adjusted Applicable Market Value is less than the
      Threshold Appreciation Price but greater than $[ ] (the "REFERENCE
      PRICE"), the number of shares of Common Stock per Purchase Contract having
      a value equal to the Stated Amount divided by the Adjusted Applicable
      Market Value; and

            (3) if the Adjusted Applicable Market Value is less than or equal to
      the Reference Price, [ ] shares of Common Stock per Purchase Contract,
      (such number of shares, as adjusted from time to time pursuant to Section
      5.04, the "MAXIMUM SHARE NUMBER"),

in each case subject to adjustment as provided in the Purchase Contract
Agreement (and in each case rounded upward or downward to the nearest 1/10,000th
of a share).

      No fractional shares of Common Stock will be issued upon settlement of
Purchase Contracts, as provided in Section 5.09 of the Purchase Contract
Agreement.

      Each Purchase Contract evidenced hereby, which is settled through Early
Settlement or Cash Merger Early Settlement, shall obligate the Holder of the
related Corporate Units to purchase at the Purchase Price, and the Company to
sell, a number of newly issued shares of Common Stock equal to the Early
Settlement Rate (in the case of an Early Settlement) or applicable Settlement
Rate (in the case of a Cash Merger Early Settlement).

      The "ADJUSTED APPLICABLE MARKET VALUE" means (i) prior to any adjustment
pursuant to paragraph (i), (ii), (iii), (iv), (v), (vi), (vii) or (x) of Section
5.04(a) of the Purchase Contract Agreement, the Applicable Market Value, and
(ii) at the time of and after any

                                      6
<PAGE>

adjustment of the Fixed Settlement Rate pursuant to paragraph (i), (ii), (iii),
(iv), (v), (vi), (vii) or (x) of Section 5.04(a) of the Purchase Contract
Agreement, the Applicable Market Value multiplied by a fraction, the numerator
of which shall be the Fixed Settlement Rate immediately after such adjustment
pursuant to paragraph (i), (ii), (iii), (iv), (v), (vi), (vii) or (x) of Section
5.04(a) of the Purchase Contract Agreement and the denominator of which shall be
the Fixed Settlement Rate immediately prior to such adjustment; provided,
however, that if such adjustment to the Fixed Settlement Rate is required to be
made pursuant to the occurrence of any of the events contemplated by paragraph
(i), (ii), (iii), (iv), (v), (vi), (vii) or (x) of Section 5.04(a) of the
Purchase Contract Agreement during the period taken into consideration for
determining the Applicable Market Value, appropriate and customary adjustments
shall be made to the Fixed Settlement Rate.

      The "APPLICABLE MARKET VALUE" means the average of the Closing Price per
share of Common Stock on each of the 20 consecutive Trading Days ending on the
third Trading Day immediately preceding the Purchase Contract Settlement Date.

      The "CLOSING PRICE" per share of Common Stock on any date of determination
means:

            (1) the closing sale price as of the close of the principal trading
      session (or, if no closing price is reported, the last reported sale
      price) per share on the New York Stock Exchange, Inc. (the "NYSE") on such
      date;

            (2) if Common Stock is not listed for trading on the NYSE on any
      such date, the closing sale price (or, if no closing price is reported,
      the last reported sale price) per share as reported in the composite
      transactions for the principal United States national or regional
      securities exchange on which Common Stock is so listed;

            (3) if Common Stock is not so listed on a United States national or
      regional securities exchange, the last closing sale price per share as
      reported by the Nasdaq National Market, Inc.;

            (4) if Common Stock is not so reported by the Nasdaq National
      Market, Inc., the last quoted bid price for the Common Stock in the
      over-the-counter market as reported by the National Quotation Bureau or
      similar organization; or

            (5) if the bid price referred to above is not available, the market
      value of Common Stock on such date as determined by a nationally
      recognized independent investment banking firm retained by the Company for
      purposes of determining the Closing Price.

      A "TRADING DAY" means a day on which Common Stock (1) is not suspended
from trading on any national or regional securities exchange or association or
over-the-counter market at the close of business and (2) has traded at least
once on the national or regional securities exchange or association or
over-the-counter market that is the primary market for the trading of Common
Stock.

                                      7
<PAGE>

      In accordance with the terms of the Purchase Contract Agreement, the
Holder of this Corporate Units Certificate may pay the Purchase Price for the
shares of Common Stock purchased pursuant to each Purchase Contract evidenced
hereby by effecting a Cash Settlement, an Early Settlement or, if applicable, a
Cash Merger Early Settlement or from the proceeds of the Applicable Ownership
Interests (as specified in clause (i) of the definition of such term) in the
Treasury Portfolio or a Remarketing of the related Pledged Senior Notes. Unless
the Treasury Portfolio has replaced the Senior Notes as a component of Corporate
Units, a Holder of Corporate Units who (1) does not, on or prior to 5:00 p.m.
(New York City time) on the fifth Business Day immediately preceding the
Purchase Contract Settlement Date, notify the Purchase Contract Agent of its
intention to effect a Cash Settlement, or who does so notify the Purchase
Contract Agent but fails to make an effective Cash Settlement on or prior to
5:00 p.m. (New York City time) on the fourth Business Day immediately preceding
the Purchase Contract Settlement Date, or (2) on or prior to 5:00 p.m. (New York
City time) on the fifth Business Day prior to the Purchase Contract Settlement
Date, does not make an effective Early Settlement, shall pay the Purchase Price
for the shares of Common Stock to be delivered under the related Purchase
Contract from the proceeds of the sale of the related Pledged Senior Notes held
by the Collateral Agent in the Remarketing unless the Holder has previously made
a Cash Merger Early Settlement. Unless the Treasury Portfolio has replaced the
Senior Notes as a component of Corporate Units, such sale will be made by the
Remarketing Agent pursuant to the terms of the Remarketing Agreement on the
Final Remarketing Date. If the Treasury Portfolio has replaced the Senior Notes
as a component of Corporate Units, a Holder of Corporate Units who does not
notify the Purchase Contract Agent, on or prior to 5:00 p.m. (New York City
time) on the fifth Business Day immediately preceding the Purchase Contract
Settlement Date of its intention to effect a Cash Settlement shall pay the
Purchase Price for the shares of Common Stock to be delivered under the related
Purchase Contract from the proceeds at maturity of the Applicable Ownership
Interests (as defined in clause (i) of the definition of such term) in the
Treasury Portfolio.

      As provided in the Purchase Contract Agreement, upon the occurrence of a
Failed Final Remarketing, unless a Holder of a Pledged Senior Note has notified
the Purchase Contract Agent of his intent to effect a Cash Settlement of the
Purchase Contract and delivered the Purchase Price to the Collateral Agent
pursuant to Section 5.02(e)(ii) of the Purchase Contract Agreement, such Holder
shall be deemed to have exercised such Holder's Put Right and to have elected to
pay the Purchase Price under the Purchase Contract out of a portion of the
proceeds from the Put Right in full satisfaction of such Holder's obligations
under the Purchase Contract. In the event of the Company's failure to pay the
Put Price when due, the Company shall be deemed to have netted such Holder's
obligation to pay the Company the Purchase Price under the Purchase Contracts
against the Company's obligation to pay the Put Price, in full satisfaction of
such Holder's obligation under the Purchase Contracts.

      The Company shall not be obligated to issue any shares of Common Stock in
respect of a Purchase Contract or deliver any certificates therefor to the
Holder unless it shall have received payment of the aggregate Purchase Price for
the shares of Common Stock to be purchased thereunder in the manner set forth in
the Purchase Contract Agreement.

      Under the terms of the Pledge Agreement and the Purchase Contract
Agreement, the Purchase Contract Agent will be entitled to exercise the voting
and any other consensual

                                      8
<PAGE>

rights pertaining to the Pledged Senior Notes, but only to the extent instructed
in writing by the Holders. Upon receipt of notice of any meeting at which
holders of Senior Notes are entitled to vote or upon any solicitation of
consents, waivers or proxies of holders of Senior Notes, the Purchase Contract
Agent shall, as soon as practicable thereafter, mail, first class, postage
pre-paid, to the Corporate Units Holders a notice:

            (1) containing such information as is contained in the notice or
      solicitation;

            (2) stating that each Holder on the record date set by the Purchase
      Contract Agent therefor (which, to the extent possible, shall be the same
      date as the record date for determining the holders of Senior Notes, as
      the case may be, entitled to vote) shall be entitled to instruct the
      Purchase Contract Agent as to the exercise of the voting rights pertaining
      to the Senior Notes underlying such Holder's Corporate Units; and

            (3) stating the manner in which such instructions may be given.

Upon the written request of the Corporate Units Holders on such record date
received by the Purchase Contract Agent at least six days prior to such meeting,
the Purchase Contract Agent shall endeavor insofar as practicable to vote or
cause to be voted, in accordance with the instructions set forth in such
requests, the maximum aggregate principal amount of Senior Notes, as the case
may be, as to which any particular voting instructions are received. In the
absence of specific instructions from the Holder of a Corporate Unit, the
Purchase Contract Agent shall abstain from voting the Senior Note evidenced by
such Corporate Unit. The Company hereby agrees, if applicable, to solicit
Holders of Corporate Units to timely instruct the Purchase Contract Agent in
order to enable the Purchase Contract Agent to vote the Senior Notes. The
Holders of Corporate Units shall have no voting or other rights in respect of
Common Stock.

      Upon the occurrence of a Special Event Redemption, the Collateral Agent
shall surrender the Pledged Senior Notes against delivery of an amount equal to
the aggregate Redemption Price of the Pledged Senior Notes and shall deposit the
funds in the Collateral Account in exchange for the Pledged Senior Notes.
Thereafter, pursuant to the terms of the Pledge Agreement, the Collateral Agent
shall cause the Securities Intermediary to apply an amount equal to the
aggregate Redemption Amount of such funds to purchase on behalf of the Holders
of Corporate Units the Treasury Portfolio and promptly (a) transfer the
Applicable Ownership Interests (as specified in clause (i) of the definition of
such term) in the Treasury Portfolio to the Collateral Account to secure the
obligations of each Holder of Corporate Units to purchase shares of Common Stock
under the Purchase Contracts constituting a part of such Corporate Units, (b)
transfer the Applicable Ownership Interests (as specified in clause (ii) of the
definition of such term) in the Treasury Portfolio to the Purchase Contract
Agent for the benefit of the Holders of such Corporate Units and (c) remit the
remaining portion of such funds to the Purchase Contract Agent for payment to
the Holders of such Corporate Units.

      Upon the occurrence of a Successful Remarketing of Senior Notes prior to
the Final Remarketing Date, pursuant to the terms of the Remarketing Agreement,
the Remarketing Agent will apply an amount equal to the Treasury Portfolio
Purchase Price to purchase on behalf of the Holders of Corporate Units, the
Treasury Portfolio, and, after deducting all or a portion of the Remarketing Fee
to the extent permitted under the terms of the Remarketing Agreement,

                                      9
<PAGE>

promptly remit the remaining portion of such proceeds of such Successful
Remarketing to the Purchase Contract Agent for payment to the Holders of such
Corporate Units.

      Following the occurrence of (i) a Special Event Redemption prior to the
Purchase Contract Settlement Date, or (ii) a Successful Remarketing of the
Senior Notes prior to the Final Remarketing Date, the Holders of Corporate Units
and the Collateral Agent shall have such security interest rights and
obligations with respect to the Applicable Ownership Interests (as specified in
clause (i) of the definition of such term) in the Treasury Portfolio as the
Holder of Corporate Units and the Collateral Agent had in respect of the Senior
Notes, as the case may be, subject to the Pledge of the Applicable Ownership
Interest (as specified in clause (i) of the definition of such term) as provided
in the Pledge Agreement and any reference herein to the Senior Notes shall be
deemed to be a reference to such Treasury Portfolio.

      The Corporate Units Certificates are issuable only in registered form and
only in denominations of a single Corporate Unit and any integral multiple
thereof. The transfer of any Corporate Units Certificate will be registered and
Corporate Units Certificates may be exchanged as provided in the Purchase
Contract Agreement. The Security Registrar may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents permitted by
the Purchase Contract Agreement. No service charge shall be required for any
such registration of transfer or exchange, but the Company and the Purchase
Contract Agent may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith. A Holder who elects to
substitute a Treasury Security for a Senior Note, thereby creating Treasury
Units, shall be responsible for any fees or expenses payable in connection
therewith. Except as provided in the Purchase Contract Agreement, for so long as
the Purchase Contract underlying a Corporate Units remains in effect, such
Corporate Units shall not be separable into its constituent parts, and the
rights and obligations of the Holder of such Corporate Units in respect of the
Senior Notes and Purchase Contract constituting such Corporate Units may be
transferred and exchanged only as a Corporate Unit.

      Unless the Treasury Portfolio has replaced the Senior Notes as a component
of the Corporate Units, and subject to the conditions set forth in the Purchase
Contract Agreement, the Holder of Corporate Units may substitute, at any time on
or prior to 5:00 p.m. (New York City time) on the fifth Business Day immediately
preceding the Purchase Contract Settlement Date, for the Pledged Senior Notes
securing such Holder's obligations under the related Purchase Contracts,
Treasury Securities in an aggregate principal amount at maturity equal to the
aggregate principal amount of the Pledged Senior Notes in accordance with the
terms of the Purchase Contract Agreement and the Pledge Agreement. From and
after such Collateral Substitution, each Unit for which such Pledged Treasury
Securities secures the Holder's obligation under the Purchase Contract shall be
referred to as a "TREASURY UNIT". A Holder may make such Collateral Substitution
only in integral multiples of 40 Corporate Units for 40 Treasury Units.

      If the Treasury Portfolio has replaced the Senior Notes as a component of
the Corporate Units, a Holder may, at any time on or prior to the second
Business Day immediately preceding the Purchase Contract Settlement Date,
substitute Treasury Securities for the Applicable Ownership Interests in the
Treasury Portfolio, but only in integral multiples of [ ] Corporate Units. In
such an event, the Holder shall transfer Treasury Securities to the Collateral

                                      10
<PAGE>

Agent, and the Purchase Contract Agent shall instruct the Collateral Agent to
release the Pledge and transfer to the Holder the appropriate Applicable
Ownership Interests in the Treasury Portfolio.

      The Company shall pay, on each Payment Date, the Contract Adjustment
Payments payable in respect of each Purchase Contract to the Person in whose
name the Corporate Units Certificate evidencing such Purchase Contract is
registered at the close of business on the Record Date for such Payment Date.
Contract Adjustment Payments will be payable at the office of the Purchase
Contract Agent in New York City. If the book-entry system for the Corporate
Units has been terminated, the Contract Adjustment Payments will be payable, at
the option of the Company, by check mailed to the address of the Person entitled
thereto at such Person's address as it appears on the Security Register, or by
wire transfer to the account designated by such Person by a prior written notice
to the Purchase Contract Agent.

      The Purchase Contracts and all obligations and rights of the Company and
the Holders thereunder, including, without limitation, the rights of the Holders
to receive and the obligation of the Company to pay any Contract Adjustment
Payments, shall immediately and automatically terminate, without the necessity
of any notice or action by any Holder, the Purchase Contract Agent or the
Company, if, on or prior to the Purchase Contract Settlement Date, a Termination
Event shall have occurred. Upon the occurrence of a Termination Event, the
Company shall promptly but in no event later than two Business Days thereafter
give written notice to the Purchase Contract Agent, the Collateral Agent and the
Holders, at their addresses as they appear in the Security Register. Upon and
after the occurrence of a Termination Event, the Collateral Agent shall release
the Pledged Senior Notes or the appropriate Applicable Ownership Interests (as
specified in clause (i) of the definition of such term) (as defined in the
Pledge Agreement) in the Treasury Portfolio, as the case may be, from the Pledge
in accordance with the provisions of the Pledge Agreement. A Corporate Unit
shall thereafter represent the right to receive the Senior Note or the
appropriate Applicable Ownership Interests in the Treasury Portfolio forming a
part of such Corporate Unit in accordance with the terms of, and except as set
forth in, the Purchase Contract Agreement and the Pledge Agreement.

      Subject to and upon compliance with the provisions of the Purchase
Contract Agreement, at the option of the Holder thereof, Purchase Contracts
underlying Units may be settled early ("EARLY SETTLEMENT") at any time on or
prior to 5:00 p.m. (New York City time) on the fifth Business Day immediately
preceding the Purchase Contract Settlement Date as provided in the Purchase
Contract Agreement. In order to exercise the right to effect Early Settlement
with respect to any Purchase Contract evidenced by this Certificate, the Holder
of this Corporate Units Certificate shall deliver to the Purchase Contract Agent
at the Corporate Trust Office prior to the time specified in the Purchase
Contract Agreement an Election to Settle Early form set forth below duly
completed and accompanied by payment in the form of immediately available funds
payable to the order of the Company in an amount (the "EARLY SETTLEMENT AMOUNT")
equal to the sum of:

                  (i) the product of (A) the Stated Amount times (B) the number
         of Purchase Contracts with respect to which the Holder has elected to
         effect Early Settlement, plus

                                      11
<PAGE>

                  (ii) if such delivery is made with respect to any Purchase
         Contracts during the period from the close of business on any Record
         Date next preceding any Payment Date to the opening of business on such
         Payment Date, an amount equal to the Contract Adjustment Payments
         payable on such Payment Date with respect to such Purchase Contracts.

      Upon Early Settlement of Purchase Contracts by a Holder of the related
Units, the Pledged Senior Notes or Pledged Applicable Ownership Interests (as
specified in clause (i) of the definition of such term) underlying such Units
shall be released from the Pledge as provided in the Pledge Agreement and the
Holder shall be entitled to receive a number of newly issued shares of Common
Stock adjusted in the same manner and at the same time as the Settlement Rate is
adjusted (the "EARLY SETTLEMENT RATE").

      Upon the occurrence of a Cash Merger, a Holder of Corporate Units may
effect Cash Merger Early Settlement of the Purchase Contract underlying such
Corporate Units pursuant to the terms of Section 5.04(b)(ii) of the Purchase
Contract Agreement. Upon Cash Merger Early Settlement of Purchase Contracts by a
Holder of the related Corporate Units, the Pledged Senior Notes or Pledged
Applicable Ownership Interests (as specified in clause (i) of the definition of
such term) in the Treasury Portfolio underlying such Corporate Units shall be
released from the Pledge as provided in the Pledge Agreement.

      Upon registration of transfer of this Corporate Units Certificate, the
transferee shall be bound (without the necessity of any other action on the part
of such transferee, except as may be required by the Purchase Contract Agent
pursuant to the Purchase Contract Agreement), under the terms of the Purchase
Contract Agreement and the Purchase Contracts evidenced hereby and the
transferor shall be released from the obligations under the Purchase Contracts
evidenced by this Corporate Units Certificate. The Company covenants and agrees,
and the Holder, by its acceptance hereof, likewise covenants and agrees, to be
bound by the provisions of this paragraph.

      The Holder of this Corporate Units Certificate, by its acceptance hereof,
irrevocably authorizes the Purchase Contract Agent to enter into and perform the
related Purchase Contracts forming part of the Corporate Units evidenced hereby
on its behalf as its attorney-in-fact, expressly withholds any consent to the
assumption (i.e., affirmance) of the Purchase Contracts by the Company or its
trustee in the event that the Company becomes the subject of a case under the
Bankruptcy Code, agrees to be bound by the terms and provisions thereof,
covenants and agrees to perform its obligations under such Purchase Contracts,
consents to the provisions of the Purchase Contract Agreement, irrevocably
authorizes the Purchase Contract Agent to enter into and perform the Purchase
Contract Agreement and the Pledge Agreement on its behalf as its
attorney-in-fact, and consents to, and agrees to be bound by, the Pledge of such
Holder's right, title and interest in and to the Collateral Account, including
the Senior Notes or the appropriate Applicable Ownership Interests (as specified
in clause (i) of the definition of such term) in the Treasury Portfolio, as the
case may be, underlying this Corporate Units Certificate pursuant to the Pledge
Agreement. The Holder further covenants and agrees that, to the extent and in
the manner provided in the Purchase Contract Agreement and the Pledge Agreement,
but subject to the terms thereof, payments with respect to the aggregate
principal amount of the Pledged Senior Notes or the appropriate Applicable
Ownership Interests

                                      12
<PAGE>

(as specified in clause (i) of the definition of such term) in the Treasury
Portfolio, as the case may be, on the Purchase Contract Settlement Date shall be
paid by the Collateral Agent to the Company in satisfaction of such Holder's
obligations under such Purchase Contract and such Holder shall acquire no right,
title or interest in such payments.

      Subject to certain exceptions, the provisions of the Purchase Contract
Agreement may be amended with the consent of the Holders of a majority of the
Purchase Contracts.

      The Purchase Contracts shall be governed by, and construed in accordance
with, the laws of the State of New York.

      Prior to due presentment of this Certificate for registration of transfer,
the Company, the Purchase Contract Agent and its Affiliates and any agent of the
Company or the Purchase Contract Agent may treat the Person in whose name this
Corporate Units Certificate is registered as the owner of the Corporate Units
evidenced hereby for the purpose of receiving payments of interest payable on
the Senior Notes, receiving payments of Contract Adjustment Payments (subject to
any applicable record date), performance of the Purchase Contracts and for all
other purposes whatsoever, whether or not any payments in respect thereof be
overdue and notwithstanding any notice to the contrary, and neither the Company,
the Purchase Contract Agent nor any such agent shall be affected by notice to
the contrary.

      The Purchase Contracts shall not, prior to the settlement thereof, entitle
the Holder to any of the rights of a holder of shares of Common Stock.

      A copy of the Purchase Contract Agreement is available for inspection at
the offices of the Purchase Contract Agent.

                                      13
<PAGE>

                                  ABBREVIATIONS

      The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM:               as tenants in common

UNIF GIFT MIN ACT:     ______________ Custodian _____________
                          (cust)                    (minor)
                       Under Uniform Gifts to Minors Act of

                       ---------------------------------------
TENANT:                as tenants by the entireties

JT TEN:                as joint tenants with right of survivorship and not as
                       tenants in common

Additional abbreviations may also be used though not in the above list.

      FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
            (Please insert Social Security or Taxpayer I.D. or other
                        Identifying Number of Assignee)

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
  (Please print or type name and address including Postal Zip Code of Assignee)

the within Corporate Units Certificates and all rights thereunder, hereby
irrevocably constituting and appointing attorney __________________, to transfer
said Corporate Units Certificates on the books of Albertson's, Inc., with full
power of substitution in the premises.

Dated:                                         Signature
      --------------------------------------            ------------------------
                                               NOTICE: The
                                               signature to this
                                               assignment must
                                               correspond with
                                               the name as it
                                               appears upon the
                                               face of the within
                                               Corporate Units

                                      14
<PAGE>

                                               Certificates in
                                               every particular,
                                               without alteration
                                               or enlargement or
                                               any change
                                               whatsoever.

Signature Guarantee:
                    ------------------------------------------------------------

                                      15
<PAGE>

                             SETTLEMENT INSTRUCTIONS

      The undersigned Holder directs that a certificate for shares of Common
Stock deliverable upon settlement on or after the Purchase Contract Settlement
Date of the Purchase Contracts underlying the number of Corporate Units
evidenced by this Corporate Units Certificate be registered in the name of, and
delivered, together with a check in payment for any fractional share, to the
undersigned at the address indicated below unless a different name and address
have been indicated below. If shares are to be registered in the name of a
Person other than the undersigned, the undersigned will pay any transfer tax
payable incident thereto.

Date:
     -----------------                 -----------------------------------------
                                       Signature
                                       Signature Guarantee:
                                                           ---------------------
                                       (if assigned to another person)

If shares are to be registered in the  REGISTERED HOLDER
name of and delivered to a Person
other than the Holder, please (i)      Please print name and address of
print such Person's name and           Registered Holder:
address and (ii) provide a guarantee
of your signature:

------------------------------------    ----------------------------------------
Name                                    Name

------------------------------------    ----------------------------------------
Address                                 Address

------------------------------------    ----------------------------------------

------------------------------------    ----------------------------------------

------------------------------------    ----------------------------------------

Social Security or other
Taxpayer Identification
Number, if any

                                      16
<PAGE>

              ELECTION TO SETTLE EARLY/CASH MERGER EARLY SETTLEMENT

      The undersigned Holder of this Corporate Units Certificate hereby
irrevocably exercises the option to effect [Early Settlement] [Cash Merger Early
Settlement following a Cash Merger] in accordance with the terms of the Purchase
Contract Agreement with respect to the Purchase Contracts underlying the number
of Corporate Units evidenced by this Corporate Units Certificate specified
below. The undersigned Holder directs that a certificate for shares of Common
Stock or other securities deliverable upon such [Early Settlement] [Cash Merger
Early Settlement] be registered in the name of, and delivered, together with a
check in payment for any fractional share and any Corporate Units Certificate
representing any Corporate Units evidenced hereby as to which [Early Settlement]
[Cash Merger Early Settlement] of the related Purchase Contracts is not
effected, to the undersigned at the address indicated below unless a different
name and address have been indicated below. Pledged Senior Notes or the
appropriate Applicable Ownership Interests in the Treasury Portfolio, as the
case may be, deliverable upon such [Early Settlement] [Cash Merger Early
Settlement] will be transferred in accordance with the transfer instructions set
forth below. If shares are to be registered in the name of a Person other than
the undersigned, the undersigned will pay any transfer tax payable incident
thereto.

Dated:                            Signature
      ---------------------                -------------------------------------

Signature Guarantee:
                    ---------------------------------

                                      17
<PAGE>

      Number of Units evidenced hereby as to which [Early Settlement] [Cash
Merger Early Settlement] of the related Purchase Contracts is being elected:

If shares of Common Stock or                         REGISTERED HOLDER
Corporate Units Certificates are
to be registered in the name of
and delivered to and Pledged
Senior Notes or the Applicable
Ownership Interests in the
Treasury Portfolio, as the case
may be, are to be transferred to
a Person other than the Holder,
please print such Person's name
and address:

                                                     Please print name and
                                                     address of Registered
                                                     Holder:

------------------------------------------           ---------------------------
Name                                                 Name

------------------------------------------           ---------------------------
Address                                              Address

------------------------------------------           ---------------------------

------------------------------------------           ---------------------------

------------------------------------------           ---------------------------

Social Security or other
Taxpayer Identification
Number, if any

                                      18
<PAGE>

Transfer Instructions for Pledged Senior Notes or the Applicable Ownership
Interests in the Treasury Portfolio, as the case may be, transferable upon
[Early Settlement] [Cash Merger Early Settlement] or a Termination Event:

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

                                      19
<PAGE>

                     [TO BE ATTACHED TO GLOBAL CERTIFICATES]

            SCHEDULE OF INCREASES OR DECREASES IN GLOBAL CERTIFICATE

            The following increases or decreases in this Global Certificate have
been made:

<TABLE>
<CAPTION>
                                                 Number of
                                              Corporate Units
          Amount of           Amount of      evidenced by this
         increase in         decrease in           Global          Signature of
          Number of           Number of         Certificate         authorized
       Corporate Units     Corporate Units     following such      signatory of
       evidenced by the    evidenced by the     decrease or     Purchase Contract
Date  Global Certificate  Global Certificate      increase            Agent
<S>   <C>                 <C>                <C>                <C>

</TABLE>

                                      20

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}]]