Document:

Exhibit

EXHIBIT 10(dd)

2015 LONG-TERM INCENTIVE PLAN
NONQUALIFIED STOCK OPTION AGREEMENT 

THIS AGREEMENT (the “Agreement”) is made as of this [   ] day of [                     ] between Campbell Soup Company (the “Company”) and [                     ] (the “Optionee”).
WHEREAS, the Company desires to award the Optionee Non-Qualified Stock Options to purchase shares of Common Stock of the Company under the Campbell Soup Company’s 2015 Long-Term Incentive Plan (the “Plan”).
NOW, THEREFORE, for valuable consideration, the Company and the Optionee, each intending to be legally bound hereby, agree as follows: 
1.  Option Grant.  The Company hereby grants to the Optionee, as of the Date of Grant, the right and option (this “Option”) to purchase the number of shares of the Company’s Common Stock (the “Shares”) for the exercise price per share (the “Exercise Price”), all as set forth below.  Such Option shall vest and terminate according to the vesting schedule and term information described below.  All terms of this Stock Option Grant Agreement shall be subject to the terms and conditions of the 2015 Long-Term Incentive Plan:

	
		
	Date of Grant:
	[                     ]

	Number of Options:
	[                     ]

	Type of Option:
	Non-Qualified Stock Option

	Exercise Price:
	[                     ]

	Term of Option:
	[                     ]

2. Vesting Schedule.  Subject to the terms of this Agreement and the Plan and provided that the Optionee remains continuously employed throughout the vesting periods, this Option shall vest and become exercisable upon the each of the first three (3) anniversaries of the Grant Date (each a “Vesting Date”), as set forth below:

	
		
	Vesting Date
	Cumulative Number of Option Shares

	[                     ]
	[                     ]

	[                     ]
	[                     ]

	[                     ]
	[                     ]

3. Option Payment.  Payment of the option price shall be made in U.S. dollars or in Shares valued at their fair market value (in accordance with Section 2.17 of the Plan), or a combination of such Shares and cash.
4. Incorporation of Plan. All terms, definitions, conditions and restrictions of the Plan are incorporated herein and made part hereof as if stated herein. The Optionee hereby acknowledges that a copy of the Plan has been delivered to the Optionee and accepts this Option subject to all terms and provisions of the Plan. In the event of a conflict or ambiguity between any term or provision contained herein and a term or provision of the Plan, the Plan will govern and prevail. The construction of and decisions under the Plan and this Agreement are vested in the Committee, whose determinations will be final, conclusive and binding upon the Optionee. All capitalized terms used herein shall have the meanings given to such terms in the Plan.

5. Termination of Employment.  If the Optionee’s employment is terminated, (i) any part of the Option that is unvested as of such termination date shall remain unvested and shall terminate as of such date, and (ii) the Optionee shall have the right for one (1) year after the date of such Termination of Employment or until the Option expires, whichever is earlier, to exercise only that portion of the Option that has become vested as of the date of such Termination of Employment, and thereafter the Option shall terminate and cease to be exercisable, except as provided in below:
(a)  Termination of Employment for Cause.  The portion, if any, of the Option that remains unexercised shall terminate and become null and void if the Optionee’s employment is terminated for Cause. 
(b)   Voluntary Termination of Employment by Optionee.    Upon a voluntary Termination of Employment by Optionee, (i) any part of the Option that is unvested as of such termination date shall remain unvested and shall terminate as of such date, and (ii) the Optionee shall have the right for three (3) months after the date of such Termination of Employment or until the Option expires, whichever is earlier, to exercise only that portion of the Option that has become vested as of the date of such Termination of Employment, and thereafter the Option shall terminate and cease to be exercisable.
		
	(c)  
	Retirement, Total Disability, or Death After Six Months Following the Grant Date.  If the Optionee’s employment is terminated after at least six (6) months have elapsed following the Grant Date: (i) as the result of the Optionee’s Retirement, Total Disability or death; or (ii)  by the Company for reasons other than Cause and the Optionee is Retirement Eligible, (i) any part of the Option that was originally scheduled to vest will continue to vest,  and (ii) the Optionee or a person who acquired the right to exercise the Option by inheritance or by the laws of descent and distribution shall have the right until the Option ceases to be exercisable to exercise the Option.

		
	A.
	For purposes of this Agreement, the following terms shall have the meanings set forth below:

		
	1)
	“Retirement” or “Retirement Eligible” means the Optionee terminates, or is eligible to terminate, employment with the Company or its subsidiaries after attaining 55 years of age with at least 5 Years of Service on or prior to the date of termination. 

		
	2)
	“Years of Service” means the total number of years of continuous employment rendered as a regular employee of the Company and all its wholly-owned subsidiaries and affiliates since the employee’s most recent date of hire, plus any prior service included under the Company’s service bridging policy.

		
	3)
	“Total Disability” means “Total Disability” as that term is defined under a Company-sponsored long-term disability plan from which the Optionee is receiving disability benefits.

6.  Tax Withholding. As a condition of issuing any Shares upon exercise of the option, the Optionee shall pay any sums required to be withheld by federal, state, local, or other applicable tax law with respect to such exercise.  In accordance with any procedures as may be established by the Committee, the Optionee may satisfy any required withholding payments in cash or Shares (including the surrender of Shares already owned by the Optionee).  The value of any Shares surrendered or withheld shall equal the closing price on the NYSE composite tape on the tax date.  
7. Limitation on Transfer. The Option may not be sold, pledged, hypothecated, or transferred in any manner other than by will or by the laws of descent and distribution and may be exercised during the lifetime of Optionee only by Optionee. The terms of the Option shall be binding upon the executors, administrators, heirs, successors and assigns of Optionee.
8. No Compensation Deferrals. Neither the Plan nor this Agreement is intended to provide for an elective deferral of compensation that would be subject to Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended from time to time. The Company reserves the right, to the extent the Company deems necessary or advisable in its sole discretion, to unilaterally amend or modify the Plan and/or this Agreement to ensure that no awards (including without limitation, this Option) become subject to Section 409A.
9.  Enforcement of Agreement.  In the event that any provision of this Agreement is deemed by a court to be broader than permitted by applicable law, then such provision shall be reformed so that it is enforceable to the fullest extent permitted by applicable law.  If any provision of this Agreement shall be declared by a court to be invalid or unenforceable to any extent, the validity or enforceability of the remaining provisions of this Agreement shall not be affected. Each party irrevocably agrees that any legal proceeding arising out of, or relating to the subject matter of, 

this Agreement shall be brought in the Superior Court of New Jersey in Camden County or the United States District Court of New Jersey, Camden Vicinage.  Each party irrevocably consents to such jurisdiction and venue.
10.  Survival.  This Agreement shall survive the termination of Optionee’s employment for any reason.
11.  Entire Agreement.  This Agreement and the Plan constitute the entire agreement between the parties hereto with respect to the subject matter hereof and thereof, merging any and all prior agreements.
 
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the Date of Grant.
	
				
	 
	 
	 
	CAMPBELL SOUP COMPANY

	 
	 
	 
	 

	 
	 
	By:
	 

	Optionee's Signature
	 
	 
	VP Total Rewards

	 
	 
	 
	 

	 
	 
	 
	 

	Optionee's Name (printed)Exhibit

EXHIBIT 10(ee)

CAMPBELL SOUP COMPANY
 
2015 LONG-TERM INCENTIVE PLAN
Fiscal Year 2017-2019 Performance Stock Unit Agreement
 (Earnings Per Share)

Terms in bold are defined on cover sheet
 
This Award Agreement (“Agreement”) between the Campbell Soup Company (the “Company”) and the named Grantee (“Grantee”), evidences the grant by the Company on the specified Grant Date, of a Performance Stock Unit award (the “Award) to Grantee, and Grantee’s acceptance of the award, in accordance with and subject to the provisions of the Company’s 2015 Long-Term Incentive Plan (the “Plan”) and this Agreement. Except as otherwise provided, all capitalized terms used herein shall have the meanings given to such terms in the Plan.
The Company and Grantee agree as follows:
1. Form of Award.     This Award is for a target number of shares of the Company’s common stock (“Shares”).  During the performance cycle, the Award shall consist of stock units but any Award that ultimately vests will be delivered in Shares. 
The number of Shares that will vest and be delivered, if any, may range from 0-200% of the target number of Shares plus any accumulated dividend equivalents under Section 3, below.  Shares will vest and be delivered only after approval by the Compensation and Organization Committee of the Company’s Board of Directors (the “Committee”) of the achievement of Company performance criteria previously established and approved by the Committee for the performance cycle; however, in no event will Shares be delivered later than [                     ] of the year following the completion of the performance cycle. 
The Committee reserves the right to adjust the target number or amount of Shares delivered at any time to the extent permissible under Code section 162(m).    
In the event an adjustment pursuant to Section 11.2 of the Plan is required, the number of Shares that may ultimately vest under the Award, if any, shall be adjusted in accordance with Section 11.2 of the Plan.  All Shares that may ultimately vest under the Award, if any, after such adjustment shall be subject to the same restrictions applicable to any Shares that may have vested under this Agreement before the adjustment.
2. Full or Pro-Rata Awards upon Certain Events.    

		
	(a)
	The Award shall terminate and become null and void if and when the Grantee ceases to be an employee of the Company or its subsidiaries prior to the vesting date due to termination for Cause or voluntary resignation.

		
	(b)
	If the Grantee’s employment is terminated at least six (6) months following the Grant Date by the Company other than for Cause or as a result of Retirement, Total Disability, or death, the Participant (or his or her legal representative, as applicable) shall be eligible to receive a Pro-Rata Vesting of the Award.

		
	(c)
	For purposes of this Agreement, the following terms shall have the meanings set forth below:

		
	1.
	“Retirement” or “Retirement Eligible” means the Grantee terminates, or is eligible to terminate, employment with the Company or its subsidiaries after attaining 55 years of age with at least 5 years of continuous service on or prior to the date of termination.

		
	2.
	“Total Disability” means “Total Disability” or “Totally Disabled” as that term is defined under a  Company-sponsored long-term disability plan from which the Grantee is receiving disability benefits and which is in effect from time to time on and after the Grant Date.

		
	3.
	“Pro-Rata Vesting” means a number of Shares deliverable upon a pro-rata vesting event shall be calculated by multiplying this Award by the product resulting from multiplying a fraction where the denominator is equal to the number of days during the performance cycle, and the numerator is equal to the number of days that the Grantee worked during the performance cycle, by a factor based on the Company’s attainment of performance criteria during the performance cycle as set forth in Section 1 above. Thereafter, the number of Shares deliverable shall be rounded up to the nearest whole Share.

		
	(d)
	Any Termination Prior to Six-Month Anniversary of Grant Date.  If a Grantee retires, resigns or is terminated for any reason before six (6) months have elapsed from the Grant Date, the Award shall be cancelled by the Company and the Participant shall forfeit the entire award.

Any Shares deliverable under this Paragraph 2 shall be delivered at the same time long-term incentive awards are normally paid and/or delivered after the end of the performance cycle.  
3. Dividend Equivalents.  If the Award vests, the Grantee shall be paid in cash the accumulated amount equivalent to the dividends which would have been paid on such Shares during the performance cycle to the extent the Company’s Board of Directors had approved and declared a dividend on its Common Stock.  Such dividend equivalent amount shall be paid during that month following that Vesting Date.  
4. Tax Withholding.     The Company will require the Grantee to remit an amount equal to any tax withholding required under federal, state or local law on the value of the Shares deliverable under this Agreement at such time as the Company is required to withhold such amounts.   In accordance with procedures established by the Committee, Grantee may satisfy any required tax withholding payments in cash or Shares (including the surrender of Shares held by the Grantee or those that would otherwise be issued in settlement of this award). Any surrendered or withheld Shares will constitute satisfaction of any required tax withholding to the extent of their Fair Market Value.
6 . Voting Rights.  Grantee shall have no voting rights with respect to the Company’s stock units.
7. Transferability.  This Award may not be transferred, sold, pledged, hypothecated, margined or otherwise encumbered by Grantee, except by will or the laws of descent and distribution.
8. Compliance with Securities Laws.  Shares shall not be issued with respect to this award unless the issuance and delivery of such Shares shall comply with all relevant provisions of state and federal laws, rules and regulations, and, in the discretion of the Company, shall be further subject to the approval of counsel for the Company with respect to that compliance. 
9. Incorporation of Plan Terms.  This Award is subject to the terms and conditions of the Plan.  Such terms and conditions of the Plan are incorporated into and made a part of this Agreement by reference.  In the event of any conflicts between the provisions of this Agreement and the terms of the Plan, the terms of the Plan will control.  Capitalized terms used but not defined in this Agreement shall have the meanings set forth in the Plan unless the context clearly requires an alternative meaning.  

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by a duly authorized executive, all as of the Grant Date.

CAMPBELL SOUP COMPANY

By:    _______________________________        
Robert W. Morrissey
Sr. Vice President and 
Chief Human Resources Officer

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