Document:

Amendment to the 1999 Amended and Restated Equity Participation Plan

 Exhibit 10(iii).28 
  
 AMENDMENT TO THE 1999 
 AMENDED AND RESTATED EQUITY PARTICIPATION PLAN 
 OF 
 SAFEWAY INC. 
  
 Adopted by the Board of Directors on May 2, 2004 
  
 Safeway Inc., a Delaware corporation (the “Company”), adopted The 1999 Amended and Restated Equity Participation Plan of Safeway Inc. (the
“Plan”), effective upon the approval of the Plan by the stockholders of the Company. The stockholders of the Company approved the Plan at the Company’s meeting of stockholders held on May 11, 1999. The Plan was amended to increase the
aggregate number of shares of Common Stock issuable under the Plan by an amendment to the Plan adopted by the Board on February 25, 2003, and such amendment was approved at the Company’s annual meeting of stockholders on May 15, 2003. The Plan
was further amended by the Board of Directors on February 26, 2004. The Company desires to further amend the Plan to prohibit repricing of equity awards under the Plan without stockholder approval and to prohibit the use of loans by directors and
officers to exercise stock options or other equity awards. 
  
 Pursuant to Section 11.2 of the Plan, the Board of Directors of the Company (the “Board”) hereby adopts this Amendment to the Plan, effective as of May 2, 2004. 
  
 1. Section 10.2 of the Plan is hereby amended to read in its entirety as follows: 
  
 10.2 Duties and Powers of Committee. It shall be the duty of
the Committee to conduct the general administration of the Plan in accordance with its provisions. The Committee shall have the power to interpret the Plan and the Award Agreements, and to adopt such rules for the administration, interpretation, and
application of the Plan as are consistent therewith, to interpret, amend or revoke any such rules and to amend any Award Agreement provided that the rights or obligations of the Holder of the Award that is the subject of any such Award Agreement are
not affected adversely. Notwithstanding the foregoing, except as provided in Section 11.3, neither the Committee nor the Board shall, without the approval of the stockholders of the Company, authorize the amendment of any outstanding Award to reduce
its exercise price. Furthermore, except as provided in Section 11.3, no Award shall be canceled and replaced with the grant of an Award having a lesser per share exercise price without the further approval of stockholders of the Company. Any grant
or award under the Plan need not be the same with respect to each Holder. Any interpretations and rules with respect to Incentive Stock Options shall be consistent with the provisions of Section 422 of the Code. In its absolute discretion, the Board
may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan except with respect to matters which under Rule 16b-3 or Section 162(m) of the Code, or any regulations or rules issued thereunder, are
required to be determined in the sole discretion of the Committee. Notwithstanding the foregoing, the full Board, acting by a majority of its members in office, shall conduct the general administration of the Plan with respect to Options and
Dividend Equivalents granted to Independent Directors. 

 2. Section 11.2 of the Plan is hereby amended in its entirety as follows: 
  
 11.2 Amendment, Suspension or Termination of the Plan.
Except as otherwise provided in this Section 11.2, the Plan may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Board. However, without approval of the Company’s stockholders
given within twelve months before or after the action by the Board, no action of the Administrator may (a) except as provided in Section 11.3, increase the limits imposed in Section 2.1 on the maximum number of shares which may be issued under the
Plan, (b) materially increase the benefits available to participants under the Plan, (c) amend the Plan to authorize the amendment of any outstanding Award to reduce its exercise price (except as provided in Section 11.3) or (d) amend the Plan to
permit the cancellation and replacement of any outstanding Award with the grant of an Award having a lesser per share exercise price (except as provided in Section 11.3). No amendment, suspension or termination of the Plan shall, without the consent
of the Holder alter or impair any rights or obligations under any Award theretofore granted or awarded, unless the Award itself otherwise expressly so provides. No Awards may be granted or awarded during any period of suspension or after termination
of the Plan, and in no event may any Incentive Stock Options be granted under the Plan after the first to occur of the following events: 
  
 (a) The expiration of ten years from the date the Plan is adopted by the Board; or 
  
 (b) The expiration of ten years from the date the Plan is
approved by the Company’s stockholders under Section 11.5. 
  
 For purposes of the preceding sentence, the adoption by the Board of an amendment to the Plan increasing the aggregate number of shares of Common Stock issuable under the Plan, and the approval of such amendment by the stockholders of the
Company within twelve months pursuant to Section 11.5, shall be treated as the adoption of the Plan by the Board, and the approval of the Plan by the Company’s stockholders, respectively. 
  
 3. Section 11.5 of the Plan is hereby amended to read in its entirety as
follows: 
  
 11.5 Approval of Plan by
Stockholders. The Plan will be submitted for the approval of the Company’s Stockholders within twelve months after the date of the Board’s initial adoption of the Plan. Any amendment to the Plan increasing the aggregate number of shares of
Common Stock issuable under the Plan, and any other amendment to the Plan that requires the approval of the Company’s stockholders, will be submitted for the approval of the Company’s stockholders within twelve months after the date of the
Board’s adoption of such amendment. In addition, to the extent required under Section 162(m) of the Code, if the Board determines that Awards other than Options or Stock Appreciation Rights which may be granted to Section 162(m) Participants
should continue to be eligible to qualify as performance-based compensation under Section 162(m)(4)(C) of the Code, the Performance Criteria must be disclosed to and approved by the Company’s stockholders no later than the first stockholder
meeting that occurs in the fifth year following the year in which the Company’s stockholders previously approved the Performance Criteria. 
  

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 4. Section 11.7 of the Plan is hereby amended to read in its entirety as follows: 
  
 11.7 Loans. The Committee may, in its discretion, extend one
or more loans to Employees (other than any Director or officer of the Company) in connection with the exercise or receipt of an Award granted or awarded under the Plan, or the issuance of Restricted Stock or Deferred Stock awarded under the Plan.
The terms and conditions of any such loan shall be set by the Committee. Notwithstanding the foregoing, no loan shall be made to an Employee under this Section to the extent such loan shall result in an extension or maintenance of credit, an
arrangement for the extension of credit, or a renewal of an extension of credit in the form of a personal loan that is prohibited by Section 13(k) of the Exchange Act or other applicable law. In the event that the Administrator determines in its
discretion that any loan under this Section is or will become prohibited by Section 13(k) of the Exchange Act or other applicable law, the Administrator may provide that such loan is immediately due and payable in full and may take any other action
in connection with such loan as the Administrator determines in its discretion to be necessary or appropriate for the repayment, cancellation or extinguishment of such loan. 
  
 IN WITNESS WHEREOF, the Board of Directors of Safeway Inc. has hereunder adopted this Amendment to the Plan as indicated by
the signature of the duly authorized officer of Safeway Inc. this 25th day of June, 2004. 
  

			
	 SAFEWAY INC.

		
	 By:
	 	 /s/ Linda C. Sayler

	 Name:
	 	 Linda C. Sayler

	 Title:
	 	 Secretary

  

 3Amendment to the 1999 Amended and Restated Equity Participation Plan

 Exhibit 10(iii).29 
  
 AMENDMENT TO THE 1999 
 AMENDED AND RESTATED EQUITY PARTICIPATION PLAN 
 OF 
 SAFEWAY INC. 
  
 Adopted by the Board of Directors on June 2, 2004 
  
 Safeway Inc., a Delaware corporation (the “Company”), adopted The 1999 Amended and Restated Equity Participation Plan of Safeway Inc. (the
“Plan”), effective upon the approval of the Plan by the stockholders of the Company. The stockholders of the Company approved the Plan at the Company’s meeting of stockholders held on May 11, 1999. The Plan was amended to increase the
aggregate number of shares of Common Stock issuable under the Plan by an amendment to the Plan adopted by the Board on February 25, 2003, and such amendment was approved at the Company’s annual meeting of stockholders on May 15, 2003. The Plan
was further amended by the Board of Directors on February 26, 2004 and May 2, 2004. The Company desires to amend the Plan to modify certain provisions of the Plan relating to Independent Directors (as defined in the Plan) and the Options (as defined
in the Plan) to be granted to Independent Directors. 
  
 Pursuant
to Section 11.2 of the Plan, the Board of Directors of the Company (the “Board”) hereby adopts this Amendment to the Plan, effective as of June 2, 2004, subject to the approval of this Amendment by the stockholders of the Company within 12
months of such adoption. 
  
 Commencing on June 3, 2004, Options
shall be granted to Independent Directors under the terms and conditions of the Plan (as amended by this Amendment). Each Option granted to an Independent Director under the Plan (as amended by this Amendment) shall not be exercisable by the
Independent Director (or any other holder thereof), unless and until this Amendment is approved by the stockholders of the Company in accordance with the Plan. In the event that the stockholders of the Company fail to approve this Amendment in
accordance with the terms of the Plan, any Option granted to an Independent Director under the Plan (as amended by this Amendment) shall immediately terminate and be null and void. 
  
 This Amendment shall be presented to the stockholders of the Company at the annual meeting of stockholders next following
the adoption of this Amendment. In the event that the stockholders of the Company fail to approve this Amendment at such meeting of stockholders, this Amendment shall cease to be effective as of June 2, 2004, and shall be null and void, and the Plan
(as in effect prior to this Amendment) shall be and remain in full force and effect in accordance with the terms thereof. In such event, the Company shall, and shall cause each Independent Director to, comply with the provisions of the Plan (as in
effect prior to this Amendment) as soon as reasonably practicable. 
  
 1. Section 1.29 of the Plan is hereby amended to delete the provisions thereof and to reserve such Section. 
  
 2. Section 4.5 of the Plan is hereby amended to read in its entirety as follows: 
  
 4.5. Granting of Options to Independent Directors. Any Independent Director who is initially elected or
appointed to the Board shall, upon the date of such election or appointment, be granted an Option to purchase twenty thousand (20,000) shares of Common Stock (subject to adjustment as provided in Section 11.3). 

 3. Section 5.4 of the Plan is hereby amended to read in its entirety as follows: 
  
 5.4. Terms of Options Granted to Independent Directors. The
price per share of the shares subject to each Option granted to an Independent Director under Section 4.5 shall be set by the Board; provided, however, that such price shall be no less than 100% of the fair market value of a share of Common Stock on
the date the Option is granted. Options granted to Independent Directors shall become exercisable in cumulative annual installments of one-third on each of the first, second and third anniversaries of the date of Option grant and, subject to Section
6.6, the term of each Option granted to an Independent director shall be ten (10) years from the date the Option is granted. No portion of an Option which is unexercisable at Termination of Directorship shall thereafter become exercisable.

  
 4. Section 11.4 of the Plan is hereby amended to delete the
provisions thereof and to reserve such Section. 
  
 5. The Plan is
hereby amended to delete Schedule I thereto. 
  
 IN WITNESS
WHEREOF, the Board of Directors of Safeway Inc. has hereunder adopted this Amendment to the Plan as indicated by the signature of the duly authorized officer of Safeway Inc. this 2nd day of June, 2004. 
  

			
	 SAFEWAY INC.

		
	 By:
	 	 /s/ Linda C. Sayler

	 Name:
	 	 Linda C. Sayler

	 Title:
	 	 Secretary

  

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