Document:

EXHIBIT 10.102

 

EXHIBIT 10.102

NEW YORK MORTGAGE TRUST, INC.

2005 STOCK INCENTIVE PLAN

 

 

			
	NEW YORK MORTAGE TRUST, INC.
	 	2005 STOCK INCENTIVE PLAN

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	Section	 	 	 	Page	 
	Article I
	 	DEFINITIONS	 	 	1	 
	 
	 	 	 	 	 	 
	1.01.
	 	Acquiring Person	 	 	1	 
	1.02.
	 	Affiliate	 	 	1	 
	1.03.
	 	Agreement	 	 	1	 
	1.04.
	 	Associate	 	 	1	 
	1.05.
	 	Board	 	 	1	 
	1.06.
	 	Change in Control	 	 	1	 
	1.07.
	 	Code	 	 	2	 
	1.08.
	 	Committee	 	 	2	 
	1.09.
	 	Common Stock	 	 	2	 
	1.10.
	 	Company	 	 	2	 
	1.11.
	 	Continuing Director	 	 	2	 
	1.12.
	 	Control Change Date	 	 	3	 
	1.13.
	 	Corresponding SAR	 	 	3	 
	1.14.
	 	Exchange Act	 	 	3	 
	1.15.
	 	Fair Market Value	 	 	3	 
	1.16.
	 	Incentive Award	 	 	3	 
	1.17.
	 	Initial Value	 	 	3	 
	1.18.
	 	Option	 	 	3	 
	1.19.
	 	Participant	 	 	3	 
	1.20.
	 	Performance Shares	 	 	4	 
	1.21.
	 	Person	 	 	4	 
	1.22.
	 	Plan	 	 	4	 
	1.23.
	 	Prior Plan	 	 	4	 
	1.24.
	 	Related Entity	 	 	4	 
	1.25.
	 	SAR	 	 	4	 
	1.26.
	 	Stock Award	 	 	5	 
	 
	 	 	 	 	 	 
	Article II
	 	PURPOSES	 	 	6	 
	 
	 	 	 	 	 	 
	Article III
	 	ADMINISTRATION	 	 	7	 
	 
	 	 	 	 	 	 
	Article IV
	 	ELIGIBILITY	 	 	8	 
	 
	 	 	 	 	 	 
	Article V
	 	COMMON STOCK SUBJECT TO PLAN	 	 	9	 
	 
	 	 	 	 	 	 
	5.01.
	 	Common Stock Issued	 	 	9	 
	5.02.
	 	Aggregate Limit	 	 	9	 
	5.03.
	 	Individual Limit	 	 	9	 
	5.04.
	 	Reallocation of Shares	 	 	9	 
	 
	 	 	 	 	 	 
	Article VI
	 	OPTIONS	 	 	11	 
	 
	 	 	 	 	 	 
	6.01.
	 	Award	 	 	11	 
	6.02.
	 	Option Price	 	 	11	 
	6.03.
	 	Maximum Option Period	 	 	11	 
	6.04.
	 	Nontransferability	 	 	11	 

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	NEW YORK MORTAGE TRUST, INC.
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	6.05.
	 	Transferable Options	 	 	11	 
	6.06.
	 	Employee Status	 	 	12	 
	6.07.
	 	Exercise	 	 	12	 
	6.08.
	 	Payment	 	 	12	 
	6.09.
	 	Change in Control	 	 	13	 
	6.10.
	 	Stockholder Rights	 	 	13	 
	6.11.
	 	Disposition of Shares	 	 	13	 
	 
	 	 	 	 	 	 
	Article VII
	 	SARS	 	 	14	 
	 
	 	 	 	 	 	 
	7.01.
	 	Award	 	 	14	 
	7.02.
	 	Maximum SAR Period	 	 	14	 
	7.03.
	 	Nontransferability	 	 	14	 
	7.04.
	 	Transferable SARs	 	 	14	 
	7.05.
	 	Exercise	 	 	15	 
	7.06.
	 	Change in Control	 	 	15	 
	7.07.
	 	Employee Status	 	 	15	 
	7.08.
	 	Settlement	 	 	15	 
	7.09.
	 	Stockholder Rights	 	 	15	 
	 
	 	 	 	 	 	 
	Article VIII
	 	STOCK AWARDS	 	 	16	 
	 
	 	 	 	 	 	 
	8.01.
	 	Award	 	 	16	 
	8.02.
	 	Vesting	 	 	16	 
	8.03.
	 	Performance Objectives	 	 	16	 
	8.04.
	 	Employee Status	 	 	16	 
	8.05.
	 	Change in Control	 	 	17	 
	8.06.
	 	Stockholder Rights	 	 	17	 
	 
	 	 	 	 	 	 
	Article IX
	 	PERFORMANCE SHARE AWARDS	 	 	18	 
	 
	 	 	 	 	 	 
	9.01.
	 	Award	 	 	18	 
	9.02.
	 	Earning the Award	 	 	18	 
	9.03.
	 	Payment	 	 	18	 
	9.04.
	 	Stockholder Rights	 	 	18	 
	9.05.
	 	Nontransferability	 	 	19	 
	9.06.
	 	Transferable Performance Shares	 	 	19	 
	9.07.
	 	Employee Status	 	 	19	 
	9.08.
	 	Change in Control	 	 	19	 
	 
	 	 	 	 	 	 
	Article X
	 	INCENTIVE AWARDS	 	 	20	 
	 
	 	 	 	 	 	 
	10.01.
	 	Award	 	 	20	 
	10.02.
	 	Terms and Conditions	 	 	20	 
	10.03.
	 	Nontransferability	 	 	20	 
	10.04.
	 	Transferable Incentive Awards	 	 	20	 
	10.05.
	 	Employee Status	 	 	21	 
	10.06.
	 	Change in Control	 	 	21	 
	10.07.
	 	Stockholder Rights	 	 	21	 

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	NEW YORK MORTAGE TRUST, INC.
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	Article XI
	 	ADJUSTMENT UPON CHANGE IN COMMON STOCK	 	 	22	 
	 
	 	 	 	 	 	 
	Article XII
	 	COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES	 	 	23	 
	 
	 	 	 	 	 	 
	Article XIII
	 	GENERAL PROVISIONS	 	 	24	 
	 
	 	 	 	 	 	 
	13.01.
	 	Effect on Employment and Service	 	 	24	 
	13.02.
	 	Unfunded Plan	 	 	24	 
	13.03.
	 	Rules of Construction	 	 	24	 
	 
	 	 	 	 	 	 
	Article XIV
	 	AMENDMENT	 	 	2500	 
	 
	 	 	 	 	 	 
	Article XV
	 	DURATION OF PLAN	 	 	26	 
	 
	 	 	 	 	 	 
	Article XVI
	 	EFFECTIVE DATE OF PLAN	 	 	27	 

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	NEW YORK MORTAGE TRUST, INC.
	 	2005 STOCK INCENTIVE PLAN

ARTICLE I

DEFINITIONS

1.01. Acquiring Person

     Acquiring Person means that a Person, considered alone or as part of a “group” within the
meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, is or becomes
directly or indirectly the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of
securities representing at least fifty percent (50%) of the Company’s then outstanding securities
entitled to vote generally in the election of the Board.

1.02. Affiliate

     Affiliate means any “subsidiary” or “parent” corporation (as such terms are defined in Section
424 of the Code) of the Company.

1.03. Agreement

     Agreement means a written agreement (including any amendment or supplement thereto) between
the Company and a Participant specifying the terms and conditions of a Stock Award, an award of
Performance Shares, an Incentive Award or an Option or SAR granted to such Participant.

1.04. Associate

     Associate, with respect to any Person, is defined in Rule 12b-2 of the General Rules and
Regulations under the Exchange Act. An Associate does not include the Company or a majority-owned
subsidiary of the Company.

1.05. Board

     Board means the Board of Directors of the Company.

1.06. Change in Control

     “Change in Control” means (i) a Person is or becomes an Acquiring Person; (ii) holders of the
securities of the Company entitled to vote thereon approve any agreement with a Person (or, if such
approval is not required by applicable law and is not solicited by the Company, the closing of such
an agreement) that involves the transfer of all or substantially all of the Company’s total assets
on a consolidated basis, as reported in the Company’s consolidated financial statements filed with
the Securities and Exchange Commission; (iii) holders of the securities of the Company entitled to
vote thereon approve a transaction (or, if such approval is not required by applicable law and is
not solicited by the Company, the closing of such a transaction) pursuant to which the Company will
undergo a merger, consolidation, or statutory

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	 	2005 STOCK INCENTIVE PLAN

share exchange with a Person, regardless of whether the Company is intended to be the
surviving or resulting entity after the merger, consolidation, or statutory share exchange, other
than a transaction that results in the voting securities of the Company carrying the right to vote
in elections of persons to the Board outstanding immediately prior to the closing of the
transaction continuing to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity) at least 50% (fifty percent) of the Company’s voting
securities carrying the right to vote in elections of persons to the Company’s Board, or such
securities of such surviving entity, outstanding immediately after the closing of such transaction;
(iv) the Continuing Directors cease for any reason to constitute a majority of the Board; (v)
holders of the securities of the Company entitled to vote thereon approve a plan of complete
liquidation of the Company or an agreement for the sale or liquidation by the Company of all or
substantially all of the Company’s assets (or, if such approval is not required by applicable law
and is not solicited by the Company, the commencement of actions constituting such a plan or the
closing of such an agreement); or (vi) the Board adopts a resolution to the effect that, in its
judgment, as a consequence of any one or more transactions or events or series of transactions or
events, a Change in Control of the Company has effectively occurred. The Board shall be entitled
to exercise its sole and absolute discretion in exercising its judgment and in the adoption of such
resolution, whether or not any such transaction(s) or event(s) might be deemed, individually or
collectively, to satisfy any of the criteria set forth in subparagraphs (i) through (v) above.

1.07. Code

     Code means the Internal Revenue Code of 1986, and any amendments thereto.

1.08. Committee

     Committee means the Compensation Committee of the Board.

1.09. Common Stock

     Common Stock means the common stock, par value $0.01 per share, of the Company.

1.10. Company

     Company means New York Mortgage Trust, Inc., a Maryland corporation.

1.11. Continuing Director

     Continuing Director means any member of the Board, while a member of the Board and (i) who was
a member of the Board on the closing date of the Company’s initial public offering of the Common
Stock or (ii) whose nomination for or election to the Board was recommended or approved by a
majority of the Continuing Directors.

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	NEW YORK MORTAGE TRUST, INC.
	 	2005 STOCK INCENTIVE PLAN

1.12. Control Change Date

     Control Change Date means the date on which a Change in Control occurs. If a Change in
Control occurs on account of a series of transactions, the “Control Change Date” is the date of the
last of such transactions.

1.13. Corresponding SAR

     Corresponding SAR means an SAR that is granted in relation to a particular Option and that can
be exercised only upon the surrender to the Company, unexercised, of that portion of the Option to
which the SAR relates.

1.14. Exchange Act

     Exchange Act means the Securities Exchange Act of 1934, as amended.

1.15.  Fair Market Value

     Fair Market Value means, on any given date, the reported “closing” price of a share of Common
Stock on the New York Stock Exchange. If, on any given date, no share of Common Stock is traded on
the New York Stock Exchange, then Fair Market Value shall be determined with reference to the next
preceding day that the Common Stock was so traded.

1.16. Incentive Award

     Incentive Award means an award which, subject to such terms and conditions as may be
prescribed by the Committee, entitles the Participant to receive shares of Common Stock or a cash
payment from the Company or an Affiliate.

1.17. Initial Value

     Initial Value means, with respect to a Corresponding SAR, the option price per share of the
related Option and, with respect to an SAR granted independently of an Option, the Fair Market
Value of one share of Common Stock on the date of grant.

1.18. Option

     Option means a stock option that entitles the holder to purchase from the Company a stated
number of shares of Common Stock at the price set forth in an Agreement.

1.19. Participant

     Participant means an employee of the Company or an Affiliate, a non-employee member of the
Board, or a person or entity that provides services to the Company or an Affiliate and who
satisfies the requirements of Article IV and is selected by the Committee to receive an award of

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Performance Shares, a Stock Award, an Option, an SAR, an Incentive Award or a combination
thereof.

1.20. Performance Shares

     Performance Shares means an award, in the amount determined by the Committee, stated with
reference to a specified number of shares of Common Stock, that in accordance with the terms of an
Agreement entitles the holder to receive a cash payment or shares of Common Stock or a combination
thereof.

1.21. Person

     “Person” means any human being, firm, corporation, partnership, or other entity. “Person”
also includes any human being, firm, corporation, partnership, or other entity as defined in
sections 13(d)(3) and 14(d)(2) of the Exchange Act. The term “Person” does not include the Company
or any Related Entity, and the term Person does not include any employee-benefit plan maintained by
the Company or any Related Entity, or any person or entity organized, appointed, or established by
the Company or any Related Entity for or pursuant to the terms of any such employee-benefit plan,
unless the Board determines that such an employee-benefit plan or such person or entity is a
“Person”.

1.22. Plan

     Plan means the New York Mortgage Trust, Inc. 2005 Stock Incentive Plan.

1.23. Prior Plan

     Prior Plan means the New York Mortgage Trust, Inc. 2004 Stock Incentive Plan.

1.24. Related Entity

     Related Entity means any entity that is part of a controlled group of corporations or is under
common control with the Company within the meaning of Sections 1563(a), 414(b) or 414(c) of the
Code.

1.25. SAR

     SAR means a stock appreciation right that in accordance with the terms of an Agreement
entitles the holder to receive a number of shares of Common Stock, or in the discretion of the
Committee, a cash award, or a combination of shares of Common Stock and cash based on the increase
in the Fair Market Value of the shares underlying the stock appreciation right during a stated
period specified by the Committee. References to “SARs” include both Corresponding SARs and SARs
granted independently of Options, unless the context requires otherwise.

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	NEW YORK MORTAGE TRUST, INC.
	 	2005 STOCK INCENTIVE PLAN

1.26. Stock Award

     Stock Award means shares of Common Stock awarded to a Participant under Article VIII.

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	NEW YORK MORTAGE TRUST, INC.
	 	2005 STOCK INCENTIVE PLAN

ARTICLE II

PURPOSES

     The Plan is intended to assist the Company and its Affiliates in recruiting and retaining
individuals and other service providers with ability and initiative by enabling such persons or
entities to participate in the future success of the Company and its Affiliates and to associate
their interests with those of the Company and its stockholders. The Plan is intended to permit the
grant of both Options qualifying under Section 422 of the Code (“incentive stock options”) and
Options not so qualifying, and the grant of SARs, Stock Awards, Performance Shares and Incentive
Awards in accordance with the Plan and procedures that may be established by the Committee. No
Option that is intended to be an incentive stock option shall be invalid for failure to qualify as
an incentive stock option. The proceeds received by the Company from the sale of shares of Common
Stock pursuant to this Plan shall be used for general corporate purposes.

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	NEW YORK MORTAGE TRUST, INC.
	 	2005 STOCK INCENTIVE PLAN

ARTICLE III

ADMINISTRATION

     The Plan shall be administered by the Committee. The Committee shall have authority to grant
Stock Awards, Performance Shares, Incentive Awards, Options and SARs upon such terms (not
inconsistent with the provisions of this Plan), as the Committee may consider appropriate. Such
terms may include conditions (in addition to those contained in this Plan), on the exercisability
of all or any part of an Option or SAR or on the transferability or forfeitability of a Stock
Award, an award of Performance Shares or an Incentive Award. Notwithstanding any such conditions,
the Committee may, in its discretion, accelerate the time at which any Option or SAR may be
exercised, or the time at which a Stock Award may become transferable or nonforfeitable or the time
at which an Incentive Award or award of Performance Shares may be settled. In addition, the
Committee shall have complete authority to interpret all provisions of this Plan; to prescribe the
form of Agreements; to adopt, amend, and rescind rules and regulations pertaining to the
administration of the Plan; and to make all other determinations necessary or advisable for the
administration of this Plan. The express grant in the Plan of any specific power to the Committee
shall not be construed as limiting any power or authority of the Committee. Any decision made, or
action taken, by the Committee in connection with the administration of this Plan shall be final
and conclusive. The members of the Committee shall not be liable for any act done in good faith
with respect to this Plan or any Agreement, Option, SAR, Stock Award, Incentive Award or award of
Performance Shares. All expenses of administering this Plan shall be borne by the Company.

     The Committee, in its discretion, may delegate to one or more officers of the Company all or
part of the Committee’s authority and duties with respect to grants and awards to individuals who
are not subject to the reporting and other provisions of Section 16 of the Exchange Act. The
Committee may revoke or amend the terms of a delegation at any time but such action shall not
invalidate any prior actions of the Committee’s delegate or delegates that were consistent with the
terms of the Plan and the Committee’s prior delegation.

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	NEW YORK MORTAGE TRUST, INC.
	 	2005 STOCK INCENTIVE PLAN

ARTICLE IV

ELIGIBILITY

     Any employee of the Company or an Affiliate (including a corporation that becomes an Affiliate
after the adoption of this Plan) and any non-employee member of the Board is eligible to
participate in this Plan. In addition, any other person or entity that provides services to the
Company or an Affiliate is eligible to participate in this Plan if the Board, in its sole
discretion, determines that it is in the best interest of the Company.

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	NEW YORK MORTAGE TRUST, INC.
	 	2005 STOCK INCENTIVE PLAN

ARTICLE V

COMMON STOCK SUBJECT TO PLAN

5.01. Common Stock Issued

     Upon the award of shares of Common Stock pursuant to a Stock Award or in settlement of an
award of Performance Shares, the Company may deliver to the Participant shares of Common Stock or
treasury shares from its authorized but unissued Common Stock. Upon the exercise of any Option or
SAR, the Company may deliver to the Participant (or the Participant’s broker if the Participant so
directs), shares of Common Stock from its authorized but unissued Common Stock.

5.02. Aggregate Limit

     (a) The maximum aggregate number of shares of Common Stock that may be issued under this Plan
is 936,111 shares.

     (b) The maximum aggregate number of shares of Common Stock that may be issued as Stock Awards
and Performance Shares and in settlement of SARs granted independently of Options shall be
increased by (i) the number of shares of Common Stock covered by awards granted under the Prior
Plan that are forfeited or terminated after March 10, 2005 to the extent that they would have been
available for subsequent grants under the Prior Plan plus (ii) 6.0% of the number of shares of
Common Stock issued by the Company (other than pursuant to this Plan or the Prior Plan) during the
period beginning on March 10, 2005 and ending on May 31, 2006.

     (c) The maximum aggregate number of shares of Common Stock that may be issued under this Plan
(including the number of additional shares made available on account of the forfeiture or
termination of awards granted under the Prior Plan) shall be subject to adjustment as provided in
Article XI.

     (d) For purposes of applying the foregoing limits, if an SAR is exercised and settled with
shares of Common Stock, the foregoing limits shall be reduced by the number of shares for which the
SAR was exercised rather than the number of shares of Common Stock issued in settlement of the SAR.

5.03. Individual Limit

     The maximum number of shares of Common Stock for which awards may be granted to any
Participant in any calendar year is 175,000 shares.

5.04. Reallocation of Shares

     If an Option is terminated, in whole or in part, for any reason other than its exercise or the
exercise of a Corresponding SAR that is settled with shares of Common Stock, the number of

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	NEW YORK MORTAGE TRUST, INC.
	 	2005 STOCK INCENTIVE PLAN

shares of Common Stock allocated to the Option or portion thereof may be reallocated to other
Options, SARs, Performance Shares, and Stock Awards to be granted under this Plan. If an SAR is
terminated, in whole or in part, for any reason other than its exercise that is settled with shares
of Common Stock or the exercise of a related Option, the number of shares of Common Stock allocated
to the SAR or portion thereof may be reallocated to other Options, SARs, Performance Shares, and
Stock Awards to be granted under this Plan. If an award of Performance Shares is terminated, in
whole or in part, for any reason other than its settlement with shares of Common Stock, the number
of shares allocated to the Performance Share award or portion thereof may be reallocated to other
Options, SARs, Performance Shares and Stock Awards to be granted under this Plan. If a Stock Award
is forfeited, in whole or in part, for any reason, the number of shares of Common Stock allocated
to the Stock Award or portion thereof may be reallocated to other Options, SARs, Performance Shares
and Stock Awards to be granted under this Plan.

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	NEW YORK MORTAGE TRUST, INC.
	 	2005 STOCK INCENTIVE PLAN

ARTICLE VI

OPTIONS

6.01. Award

     In accordance with the provisions of Article IV, the Committee will designate each individual
to whom an Option is to be granted and will specify the number of shares of Common Stock covered by
such awards.

6.02. Option Price

     The price per share of Common Stock purchased on the exercise of an Option shall be determined
by the Committee on the date of grant, but shall not be less than the Fair Market Value on the date
the Option is granted. Except as provided in Article XI, the price per share of an outstanding
Option may not be reduced (by amendment, cancellation and new grant or otherwise) without the
approval of shareholders.

6.03. Maximum Option Period

     The maximum period in which an Option may be exercised shall be determined by the Committee on
the date of grant, except that no Option that is an incentive stock option shall be exercisable
after the expiration of ten years from the date such Option was granted. The terms of any Option
that is an incentive stock option may provide that it is exercisable for a period less than such
maximum period.

6.04. Nontransferability

     Except as provided in Section 6.05, each Option granted under this Plan shall be
nontransferable except by will or by the laws of descent and distribution. In the event of any
transfer of an Option (by the Participant or his transferee), the Option and any Corresponding SAR
that relates to such Option must be transferred to the same person or persons or entity or
entities. Except as provided in Section 6.05, during the lifetime of the Participant to whom the
Option is granted, the Option may be exercised only by the Participant. No right or interest of a
Participant in any Option shall be liable for, or subject to, any lien, obligation, or liability of
such Participant.

6.05. Transferable Options

     Section 6.04 to the contrary notwithstanding, if the Agreement provides, an Option that is not
an incentive stock option may be transferred by a Participant to the Participant’s children,
grandchildren, spouse, one or more trusts for the benefit of such family members or a partnership
in which such family members are the only partners, on such terms and conditions as may be
permitted under Rule 16b-3 under the Exchange Act as in effect from time to time. The holder of an
Option transferred pursuant to this Section shall be bound by the same terms and conditions

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	NEW YORK MORTAGE TRUST, INC.
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that governed the Option during the period that it was held by the Participant; provided,
however, that such transferee may not transfer the Option except by will or the laws of descent and
distribution. In the event of any transfer of an Option (by the Participant or his transferee),
the Option and any Corresponding SAR that relates to such Option must be transferred to the same
person or persons or entity or entities.

6.06. Employee Status

     For purposes of determining the applicability of Section 422 of the Code (relating to
incentive stock options), or in the event that the terms of any Option provide that it may be
exercised only during employment or continued service or within a specified period of time after
termination of employment or continued service, the Committee may decide to what extent leaves of
absence for governmental or military service, illness, temporary disability, or other reasons shall
not be deemed interruptions of continuous employment or service.

6.07. Exercise

     Subject to the provisions of this Plan and the applicable Agreement, an Option may be
exercised in whole at any time or in part from time to time at such times and in compliance with
such requirements as the Committee shall determine; provided, however, that incentive stock options
(granted under the Plan and all plans of the Company and its Affiliates) may not be first
exercisable in a calendar year for shares of Common Stock having a Fair Market Value (determined as
of the date an Option is granted) exceeding $100,000. An Option granted under this Plan may be
exercised with respect to any number of whole shares less than the full number for which the Option
could be exercised. A partial exercise of an Option shall not affect the right to exercise the
Option from time to time in accordance with this Plan and the applicable Agreement with respect to
the remaining shares subject to the Option. The exercise of an Option shall result in the
termination of any Corresponding SAR to the extent of the number of shares with respect to which
the Option is exercised.

6.08. Payment

     Subject to rules established by the Committee and unless otherwise provided in an Agreement,
payment of all or part of the Option price may be made in cash, certified check, by tendering
shares of Common Stock (which, if acquired from the Company, have been held by the Participant for
at least six months) or by a broker-assisted cashless exercise. If shares of Common Stock are used
to pay all or part of the Option price, the sum of the cash and cash equivalent and the Fair Market
Value (determined as of the day preceding the date of exercise) of the shares surrendered must not
be less than the Option price of the shares for which the Option is being exercised.

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	NEW YORK MORTAGE TRUST, INC.
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6.09. Change in Control

     Section 6.07 to the contrary notwithstanding, the Committee shall have the authority to cause
any or all of the Options outstanding as of any Control Change Date to become fully exercisable on
and after such Control Change Date.

6.10. Stockholder Rights

     No Participant shall have any rights as a stockholder with respect to shares subject to his
Option until the date of exercise of such Option.

6.11. Disposition of Shares

     A Participant shall notify the Company of any sale or other disposition of shares of Common
Stock acquired pursuant to an Option that was an incentive stock option if such sale or disposition
occurs (i) within two years of the grant of an Option or (ii) within one year of the issuance of
shares of Common Stock to the Participant. Such notice shall be in writing and directed to the
Secretary of the Company.

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	NEW YORK MORTAGE TRUST, INC.
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ARTICLE VII

SARS

7.01. Award

     In accordance with the provisions of Article IV, the Committee will designate each individual
to whom SARs are to be granted and will specify the number of shares of Common Stock covered by
such awards. For purposes of the individual limit prescribed by Section 5.03, an Option and
Corresponding SAR shall be treated as a single award. In addition no Participant may be granted
Corresponding SARs (under all incentive stock option plans of the Company and its Affiliates) that
are related to incentive stock options which are first exercisable in any calendar year for shares
of Common Stock having an aggregate Fair Market Value (determined as of the date the related Option
is granted) that exceeds $100,000.

7.02. Maximum SAR Period

     The term of each SAR shall be determined by the Committee on the date of grant, except that no
Corresponding SAR that is related to an incentive stock option shall have a term of more than ten
years from the date such related Option was granted. The terms of any Corresponding SAR that is
related to an incentive stock option may provide that it has a term that is less than such maximum
period.

7.03. Nontransferability

     Except as provided in Section 7.04, each SAR granted under this Plan shall be nontransferable
except by will or by the laws of descent and distribution. In the event of any such transfer, a
Corresponding SAR and the related Option must be transferred to the same person or persons or
entity or entities. Except as provided in Section 7.04, during the lifetime of the Participant to
whom the SAR is granted, the SAR may be exercised only by the Participant. No right or interest of
a Participant in any SAR shall be liable for, or subject to, any lien, obligation, or liability of
such Participant.

7.04. Transferable SARs

     Section 7.03 to the contrary notwithstanding, if the Agreement provides, an SAR, other than a
Corresponding SAR that is related to an incentive stock option, may be transferred by a Participant
to the Participant’s children, grandchildren, spouse, one or more trusts for the benefit of such
family members or a partnership in which such family members are the only partners, on such terms
and conditions as may be permitted under Rule 16b-3 under the Exchange Act as in effect from time
to time. The holder of an SAR transferred pursuant to this Section shall be bound by the same
terms and conditions that governed the SAR during the period that it was held by the Participant;
provided, however, that such transferee may not transfer the SAR except by will or the laws of
descent and distribution. In the event of any transfer of a Corresponding SAR

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(by the Participant or his transferee), the Corresponding SAR and the related Option must be
transferred to the same person or person or entity or entities.

7.05. Exercise

     Subject to the provisions of this Plan and the applicable Agreement, an SAR may be exercised
in whole at any time or in part from time to time at such times and in compliance with such
requirements as the Committee shall determine; provided, however, that a Corresponding SAR that is
related to an incentive stock option may be exercised only to the extent that the related Option is
exercisable and only when the Fair Market Value exceeds the option price of the related Option. An
SAR granted under this Plan may be exercised with respect to any number of whole shares less than
the full number for which the SAR could be exercised. A partial exercise of an SAR shall not
affect the right to exercise the SAR from time to time in accordance with this Plan and the
applicable Agreement with respect to the remaining shares subject to the SAR. The exercise of a
Corresponding SAR shall result in the termination of the related Option to the extent of the number
of shares with respect to which the SAR is exercised.

7.06. Change in Control

     Section 7.05 to the contrary notwithstanding, the Committee shall have the authority to cause
any or all of the SARs outstanding as of any Control Change Date to become fully exercisable on and
after such Control Change Date.

7.07. Employee Status

     If the terms of any SAR provide that it may be exercised only during employment or continued
service or within a specified period of time after termination of employment or continued service,
the Committee may decide to what extent leaves of absence for governmental or military service,
illness, temporary disability or other reasons shall not be deemed interruptions of continuous
employment or service.

7.08. Settlement

     At the Committee’s discretion, the amount payable as a result of the exercise of an SAR may be
settled in cash, shares of Common Stock, or a combination of cash and Common Stock. No fractional
share will be deliverable upon the exercise of an SAR but a cash payment will be made in lieu
thereof.

7.09. Stockholder Rights

     No Participant shall, as a result of receiving an SAR, have any rights as a stockholder of the
Company or any Affiliate until the date that the SAR is exercised and then only to the extent that
the SAR is settled by the issuance of Common Stock.

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	NEW YORK MORTAGE TRUST, INC.
	 	2005 STOCK INCENTIVE PLAN

ARTICLE VIII

STOCK AWARDS

8.01. Award

     In accordance with the provisions of Article IV, the Committee will designate each individual
to whom a Stock Award is to be made and will specify the number of shares of Common Stock covered
by such awards.

8.02. Vesting

     The Committee, on the date of the award, may prescribe that a Participant’s rights in a Stock
Award shall be forfeitable or otherwise restricted for a period of time or subject to such
conditions as may be set forth in the Agreement. By way of example and not of limitation, the
Committee may prescribe that Participant’s rights in a Stock Award shall be forfeitable or
otherwise restricted subject to the attainment of objectives stated with reference to the
Company’s, an Affiliate’s or a business unit’s attainment of objectives stated with respect to
performance criteria listed in Section 8.03. If the Committee prescribes that a Stock Award shall
become nonforfeitable and transferable only upon the attainment of performance objectives stated
with respect to one or more of the criteria listed in Section 8.03, the shares of Common Stock
subject to the Stock Award shall become nonforfeitable and transferable only to the extent that the
Committee certifies that such objectives have been achieved.

8.03. Performance Objectives

     In accordance with Section 8.02, the Committee may prescribe that Stock Awards will become
vested or transferable or both based on objectives stated with respect to the Company’s, an
Affiliate’s or a business unit’s (a) total stockholder return, (b) total stockholder return as
compared to total return (on a comparable basis) of a publicly available index, (c) net income, (d)
pretax earnings, (e) funds from operations, (f) earnings before interest expense, taxes,
depreciation and amortization, (g) operating margin, (h) earnings per share, (i) return on equity,
capital, assets or investment, (j) operating earnings, (k) working capital, (l) ratio of debt to
stockholders equity and (m) revenue. If the Committee, on the date of award, prescribes that a
Stock Award shall become nonforfeitable and transferable only upon the attainment of any of the
above criteria, the shares of Common Stock subject to such Stock Award shall become nonforfeitable
and transferable only to the extent that the Committee certifies that such objectives have been
achieved.

8.04. Employee Status

     In the event that the terms of any Stock Award provide that shares may become transferable and
nonforfeitable thereunder only after completion of a specified period of employment or continuous
service, the Committee may decide in each case to what extent leaves

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of absence for governmental or military service, illness, temporary disability, or other
reasons shall not be deemed interruptions of continuous employment or service.

8.05. Change in Control

     Sections 8.02, 8.03 and 8.04 to the contrary notwithstanding, the Committee shall have the
authority to cause any or all of the Stock Awards outstanding as of any Control Change Date to
become fully transferable and to cause all forfeiture restrictions to terminate on and after such
Control Change Date.

8.06. Stockholder Rights

     Prior to their forfeiture (in accordance with the applicable Agreement and while the shares of
Common Stock granted pursuant to the Stock Award may be forfeited or are nontransferable), a
Participant will have all rights of a stockholder with respect to a Stock Award, including the
right to receive dividends and vote the shares; provided, however, that during such period (i) a
Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of shares
granted pursuant to a Stock Award, (ii) the Company shall retain custody of the certificates
evidencing shares granted pursuant to a Stock Award, and (iii) the Participant will deliver to the
Company a stock power, endorsed in blank, with respect to each Stock Award. The limitations set
forth in the preceding sentence shall not apply after the shares granted under the Stock Award are
transferable and are no longer forfeitable.

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	NEW YORK MORTAGE TRUST, INC.
	 	2005 STOCK INCENTIVE PLAN

ARTICLE IX

PERFORMANCE SHARE AWARDS

9.01. Award

     In accordance with the provisions of Article IV, the Committee will designate each individual
to whom an award of Performance Shares is to be made and will specify the number of shares covered
by such awards.

9.02. Earning the Award

     The Committee, on the date of the grant of an award, shall prescribe that the Performance
Shares, or portion thereof, will be earned, and the Participant will be entitled to receive payment
pursuant to the award of Performance Shares, only upon the satisfaction of performance objectives
and such other criteria as may be prescribed by the Committee during a performance measurement
period of at least three years from the date of the award; provided, however, that the performance
measurement period shall be at least one year from the date of the award if the payment pursuant to
the Performance Share award is contingent upon the attainment of objectives stated with respect to
performance criteria listed in the following sentence. The performance objectives may be stated
with respect to the Company’s, an Affiliate’s or a business unit’s (a) total stockholder return,
(b) total Stockholder return as compared to total return (on a comparable basis) of a publicly
available index, (c) net income, (d) pretax earnings, (e) funds from operations, (f) earnings
before interest expense, taxes, depreciation and amortization, (g) operating margin, (h) earnings
per share, (i) return on equity, capital, assets or investment, (j) operating earnings, (k) working
capital, (l) ratio of debt to stockholders equity and (m) revenue. No payments will be made with
respect to Performance Shares unless, and then only to the extent that, the Committee certifies
that such objectives have been achieved.

9.03. Payment

     In the discretion of the Committee, the amount payable when an award of Performance Shares is
earned may be settled in cash, by the issuance of shares of Common Stock, or a combination thereof.
A fractional share of Common Stock shall not be deliverable when an award of Performance Shares is
earned, but a cash payment will be made in lieu thereof.

9.04. Stockholder Rights

     No Participant shall, as a result of receiving an award of Performance Shares, have any rights
as a stockholder until and to the extent that the award of Performance Shares is earned and settled
in shares of Common Stock. After an award of Performance Shares is earned and settled in shares, a
Participant will have all the rights of a stockholder as described in Section 8.06.

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	 	2005 STOCK INCENTIVE PLAN

9.05. Nontransferability

     Except as provided in Section 9.06, Performance Shares granted under this Plan shall be
nontransferable except by will or by the laws of descent and distribution. No right or interest of
a Participant in any Performance Shares shall be liable for, or subject to, any lien, obligation,
or liability of such Participant.

9.06. Transferable Performance Shares

     Section 9.05 to the contrary notwithstanding, if the Agreement provides, an award of
Performance Shares may be transferred by a Participant to the Participant’s children,
grandchildren, spouse, one or more trusts for the benefit of such family members or a partnership
in which such family members are the only partners, on such terms and conditions as may be
permitted under Rule 16b-3 under the Exchange Act as in effect from time to time. The holder of
Performance Shares transferred pursuant to this Section shall be bound by the same terms and
conditions that governed the Performance Shares during the period that they were held by the
Participant; provided, however that such transferee may not transfer Performance Shares except by
will or the laws of descent and distribution.

9.07. Employee Status

     In the event that the terms of any Performance Share award provide that no payment will be
made unless the Participant completes a stated period of employment or continued service, the
Committee may decide to what extent leaves of absence for government or military service, illness,
temporary disability, or other reasons shall not be deemed interruptions of continuous employment
or service.

9.08. Change in Control

     Sections 9.02 to the contrary notwithstanding, on and after a Control Change Date, the
Committee shall have the authority to cause any or all of the Performance Share awards outstanding
as of any Control Change Date to become fully earned as of such Control Change Date. To the extent
that the Committee determines that a Performance Share award is fully earned as of a Control Change
Date and the Agreement provides that the Performance Share award may be settled with shares of
Common Stock, such shares shall be nonforfeitable and transferable as of the Control Change Date.

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	 	2005 STOCK INCENTIVE PLAN

ARTICLE X

INCENTIVE AWARDS

10.01. Award

     The Committee shall designate Participants to whom Incentive Awards are made. All Incentive
Awards shall be finally determined exclusively by the Committee under the procedures established by
the Committee; provided, however, that no Participant may receive an Incentive Award payment in any
calendar year that exceeds $3,000,000.

10.02. Terms and Conditions

     The Committee, at the time an Incentive Award is made, shall specify the terms and conditions
which govern the award. Such terms and conditions shall prescribe that the Incentive Award shall
be earned only upon, and to the extent that, performance objectives are satisfied during a
performance period of at least one year after the grant of the Incentive Award. The performance
objectives may be stated with respect to the Company’s, an Affiliate’s or a business unit’s (a)
total stockholder return, (b) total Stockholder return as compared to total return (on a comparable
basis) of a publicly available index, (c) net income, (d) pretax earnings, (e) funds from
operations, (f) earnings before interest expense, taxes, depreciation and amortization, (g)
operating margin, (h) earnings per share, (i) return on equity, capital, assets or investment, (j)
operating earnings, (k) working capital, (l) ratio of debt to stockholders equity and (m) revenue.
Such terms and conditions also may include other limitations on the payment of Incentive Awards
including, by way of example and not of limitation, requirements that the Participant complete a
specified period of employment or service with the Company or an Affiliate. The Committee, at the
time an Incentive Award is made, shall also specify when amounts shall be payable under the
Incentive Award and whether amounts shall be payable in the event of the Participant’s death,
disability, or retirement.

10.03. Nontransferability

     Except as provided in Section 10.04, Incentive Awards granted under this Plan shall be
nontransferable except by will or by the laws of descent and distribution. No right or interest of
a Participant in an Incentive Award shall be liable for, or subject to, any lien, obligation, or
liability of such Participant.

10.04. Transferable Incentive Awards

     Section 10.03 to the contrary notwithstanding, if provided in an Agreement, an Incentive Award
may be transferred by a Participant to the Participant’s children, grandchildren, spouse, one or
more trusts for the benefit of such family members or to a partnership in which such family members
are the only partners, on such terms and conditions as may be permitted by Rule 16b-3 under the
Exchange Act as in effect from time to time. The holder of an Incentive Award transferred pursuant
to this Section shall be bound by the same terms and conditions that

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governed the Incentive Award during the period that it was held by the Participant; provided,
however, that such transferee may not transfer the Incentive Award except by will or the laws of
descent and distribution.

10.05. Employee Status

     If the terms of an Incentive Award provide that a payment will be made thereunder only if the
Participant completes a stated period of employment or continuous service, the Committee may decide
to what extent leaves of absence for governmental or military service, illness, temporary
disability or other reasons shall not be deemed interruptions of continuous employment or service.

10.06. Change in Control

     Section 10.02 to the contrary notwithstanding, the Committee shall have the authority to cause
any or all of the Incentive Awards outstanding as of any Control Change Date to become fully earned
as of such Control Change Date.

10.07. Stockholder Rights

     No Participant shall, as a result of receiving an Incentive Award, have any rights as a
stockholder of the Company or any Affiliate on account of such award.

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	 	2005 STOCK INCENTIVE PLAN

ARTICLE XI

ADJUSTMENT UPON CHANGE IN COMMON STOCK

     The maximum number of shares as to which Options, SARs, Performance Shares and Stock Awards
may be granted (including the number of additional shares made available on account of the
forfeiture or termination of Prior Plan awards); the terms of outstanding Stock Awards, Options,
Performance Shares, Incentive Awards, and SARs; and the per individual limitations on the number of
shares of Common Stock for which Options, SARs, Performance Shares, and Stock Awards may be granted
shall be adjusted as the Board shall determine to be equitably required in the event that (i) the
Company (a) effects one or more stock dividends, stock split-ups, subdivisions or consolidations of
shares or (b) engages in a transaction to which Section 424 of the Code applies or (ii) there
occurs any other event which, in the judgment of the Board necessitates such action. Any
determination made under this Article XI by the Board shall be final and conclusive.

     The issuance by the Company of stock of any class, or securities convertible into stock of any
class, for cash or property, or for labor or services, either upon direct sale or upon the exercise
of rights or warrants to subscribe therefor, or upon conversion of stock or obligations of the
Company convertible into such stock or other securities, shall not affect, and no adjustment by
reason thereof shall be made with respect to, the maximum number of shares as to which Options,
SARs, Performance Shares and Stock Awards may be granted (including the number of additional shares
made available on account of the forfeiture or termination of Prior Plan awards); the per
individual limitations on the number of shares for which Options, SARs, Performance Shares and
Stock Awards may be granted; or the terms of outstanding Stock Awards, Options, Performance Shares,
Incentive Awards or SARs.

     The Committee may make Stock Awards and may grant Options, SARs, Performance Shares, and
Incentive Awards in substitution for performance shares, phantom shares, stock awards, stock
options, stock appreciation rights, or similar awards held by an individual who becomes an employee
of the Company or an Affiliate in connection with a transaction described in the first paragraph of
this Article XI. Notwithstanding any provision of the Plan (other than the limitation of Section
5.02), the terms of such substituted Stock Awards or Option, SAR, Performance Shares or Incentive
Award grants shall be as the Committee, in its discretion, determines is appropriate.

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	NEW YORK MORTAGE TRUST, INC.
	 	2005 STOCK INCENTIVE PLAN

ARTICLE XII

COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES

     No Option or SAR shall be exercisable, no shares of Common Stock shall be issued, no
certificates for shares of Common Stock shall be delivered, and no payment shall be made under this
Plan except in compliance with all applicable federal and state laws and regulations (including,
without limitation, withholding tax requirements), any listing agreement to which the Company is a
party, and the rules of all domestic stock exchanges on which the Company’s shares may be listed.
The Company shall have the right to rely on an opinion of its counsel as to such compliance. Any
stock certificate issued to evidence shares of Common Stock when a Stock Award is granted, a
Performance Share is settled or for which an Option or SAR is exercised may bear such legends and
statements as the Committee may deem advisable to assure compliance with federal and state laws and
regulations. No Option or SAR shall be exercisable, no Stock Award or Performance Share shall be
granted, no shares of Common Stock shall be issued, no certificate for shares of Common Stock shall
be delivered, and no payment shall be made under this Plan until the Company has obtained such
consent or approval as the Committee may deem advisable from regulatory bodies having jurisdiction
over such matters.

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	NEW YORK MORTAGE TRUST, INC.
	 	2005 STOCK INCENTIVE PLAN

ARTICLE XIII

GENERAL PROVISIONS

13.01. Effect on Employment and Service

     Neither the adoption of this Plan, its operation, nor any documents describing or referring to
this Plan (or any part thereof), shall confer upon any individual or entity any right to continue
in the employ or service of the Company or an Affiliate or in any way affect any right and power of
the Company or an Affiliate to terminate the employment or service of any individual or entity at
any time with or without assigning a reason therefor.

13.02. Unfunded Plan

     This Plan, insofar as it provides for grants, shall be unfunded, and the Company shall not be
required to segregate any assets that may at any time be represented by grants under this Plan.
Any liability of the Company to any person with respect to any grant under this Plan shall be based
solely upon any contractual obligations that may be created pursuant to this Plan. No such
obligation of the Company shall be deemed to be secured by any pledge of, or other encumbrance on,
any property of the Company.

13.03. Rules of Construction

     Headings are given to the articles and sections of this Plan solely as a convenience to
facilitate reference. The reference to any statute, regulation, or other provision of law shall be
construed to refer to any amendment to or successor of such provision of law.

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	 	2005 STOCK INCENTIVE PLAN

ARTICLE XIV

AMENDMENT

     The Board may amend or terminate this Plan at any time; provided, however, that no amendment
may adversely impair the rights of Participants with respect to outstanding awards. In addition,
an amendment will be contingent on approval of the Company’s stockholders, to the extent required
by law, the rules of the New York Stock Exchange or if the amendment would increase the benefits
accruing to Participants under the Plan, materially increase the aggregate number of shares of
Common Stock that may be issued under the Plan or materially modify the requirements as to
eligibility for participation in the Plan.

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	NEW YORK MORTAGE TRUST, INC.
	 	2005 STOCK INCENTIVE PLAN

ARTICLE XV

DURATION OF PLAN

     No Stock Award, Performance Share Award, Option, SAR, or Incentive Award may be granted under
this Plan after March 9, 2015. Stock Awards, Performance Share Awards, Options, SARs, and
Incentive Awards granted before that date shall remain valid in accordance with their terms.

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	NEW YORK MORTAGE TRUST, INC.
	 	2005 STOCK INCENTIVE PLAN

ARTICLE XVI

EFFECTIVE DATE OF PLAN

     Options, SARs, Stock Awards, Performance Shares and Incentive Awards may be granted under
this Plan upon its adoption by the Board; provided that, this Plan shall not be effective unless
approved by a majority of the votes cast by the Company’s stockholders, voting either in person or
by proxy, at a duly held stockholders’ meeting at which a stockholder quorum is present, before
March 10, 2006.

 - 27 -<PAGE>
                                                                  EXHIBIT 10.58

                                     FORM OF
                                ALBERTSON'S, INC.
                   NON-EMPLOYEE DIRECTOR DEFERRED SHARE UNITS

     These Deferred Share Units are granted pursuant to Section 9 of the
Albertson's, Inc. 2004 Equity and Performance Incentive Plan (the "Plan") upon
the terms and conditions set forth in this grant agreement (this "Agreement")
and in the Plan. Except as expressly provided in this Agreement, capitalized
terms used herein will have the meaning ascribed to such terms in the Plan.

1.   Albertson's, Inc. (the "Company"), pursuant to the Plan, which is
     incorporated herein by reference, hereby confirms the grant on ______, 200_
     (the "Date of Grant"), to ____________, a non-employee member of the Board
     of Directors of the Company (the "Director"), of ______ deferred share
     units (the "Deferred Share Units"). Each Deferred Share Unit represents a
     hypothetical share of the Company's common stock, $1.00 par value (the
     "Stock").

2.   The Deferred Share Units have been credited to the Deferred Share Unit
     account of the Director and will be credited with "dividend equivalents"
     each time that a dividend is paid by the Company with respect to the Stock.
     Such "dividend equivalents" shall be reinvested into additional Deferred
     Share Units using the closing price of the Stock on the payable date of the
     dividend and held in the Deferred Share Unit account of the Director.

3.   The Deferred Share Unit account of the Director will be distributed in a
     lump sum to the Director in Stock upon the later of the first anniversary
     of the Date of Grant and the time of the termination of the Director's
     service as a member of the Board of Directors of the Company (six months
     after the Director's termination of service, if the Director is a
     "specified employee" within the meaning of Section 409A of the Internal
     Revenue Code (the "Code")); provided, however, that if the Director has
     elected a specified payout date in an election (an "Initial Election") or a
     Deferral Election (as defined in Section 4 below) made in the form and
     manner prescribed by the Company and in accordance with Section 409A of the
     Code, the Director's Deferred Share Unit account will be distributed upon
     the later of such payout date and the first anniversary of the Date of
     Grant.

4.   The Director may elect, in the manner and form prescribed by the Company (a
     "Deferral Election"), to defer the distribution date applicable to the
     Director's Deferred Share Units. If permitted by Section 409A of the Code,
     such Deferral Election may apply to less than all of the Director's
     Deferred Share Units hereunder. However, unless otherwise permitted in
     accordance with Section 409A of the Code, such Deferral Election will not
     be effective unless (i) in the case of a distribution to be made by reason
     of a specified time or a fixed schedule, the Deferral Election is made not
     less than twelve months prior to the first date that distribution would
     have been made absent such Deferral Election, (ii) distribution under such
     Deferral Election will be made no less than five years from the date
     payment would have been made absent such

<PAGE>
     Deferral Election, and (iii) such Deferral Election will not take effect
     until twelve months after the date on which the Deferral Election is made.

5.   Notwithstanding Sections 3 and 4, the Deferred Share Unit account of the
     Director will be distributed in Stock to the estate or beneficiary of the
     Director, as the case may be, upon the Director's death.

6.   During the one-year period beginning on the Date of Grant, the Deferred
     Share Units are nontransferable by the Director. On or after the first
     anniversary of the Date of Grant, the Deferred Share Units are
     nontransferable by the Director except by will or by the laws of descent or
     distribution, pursuant to a domestic relations order (within the meaning of
     Rule 16a-12 promulgated under the Securities Exchange Act of 1934, as
     amended) or to an "Eligible Transferee" (as that term is defined in
     Section 2 of the Plan) of the Director, and for purposes of these Deferred
     Share Units, such transferee shall be deemed to be the Director.

7.   The Deferred Share Units shall not be construed as giving the Director any
     right to be retained as a Director of the Company.

8.   The laws of the State of Delaware shall govern the interpretation, validity
     and performance of the terms of the Deferred Share Units, regardless of the
     law that might be applied under principles of conflicts of law.

9.   The Director has been given a copy of this Agreement and the Memorandum
     regarding the Plan, which together constitute the Prospectus. A copy of the
     Registration Statement on Form S-8 which was filed with the Securities and
     Exchange Commission, together with copies of the documents incorporated by
     reference in Item 3 of Part II of the Registration Statement and which are
     incorporated by reference into the Section 10(a) prospectus, are available,
     without charge, upon written or oral request to the Corporate Secretary's
     office.

10.  The Company's obligations to the Director with respect to the Deferred
     Share Units will be satisfied in full upon the distribution of shares of
     Stock corresponding to such Deferred Share Units.

11.  The Director will not have any rights as a stockholder with respect to any
     shares of Stock issuable pursuant to the Deferred Share Units until the
     date on which a stock certificate (or certificates) representing such Stock
     is issued.

12.  The obligations of the Company under this Agreement will be merely that of
     an unfunded and unsecured promise of the Company to deliver shares of Stock
     in the future, and the rights of the Director will be no greater than that
     of an unsecured general creditor. No assets of the Company will be held or
     set aside as security for the obligations of the Company under this
     Agreement.

13.  The number of shares of Stock issuable pursuant to the Deferred Share Units
     is subject to adjustment as provided in Section 12 of the Plan.

                                       2
<PAGE>
14.    It is intended that:

          a.   this Agreement and its administration comply with the
               provisions of Section 409A of the Code. Notwithstanding any
               provision in this Agreement to the contrary, this Agreement will
               be interpreted, applied and to the minimum extent necessary,
               amended in the sole discretion of the Company, so that the
               Agreement does not fail to meet, and is operated in accordance
               with, the requirements of paragraphs (2), (3) and (4) of Section
               409A(a) of the Code; and

          b.   to the extent applicable, all Director elections hereunder will
               comply with Section 409A of the Code. The Company is authorized
               to adopt rules or regulations deemed necessary or appropriate in
               connection therewith to anticipate and/or comply with the
               requirements thereof; and

          c.   any reference in this Agreement to Section 409A of the Code
               will also include any proposed, temporary or final regulations,
               or any other guidance, promulgated with respect to such Section
               by the U.S. Department of the Treasury or the Internal Revenue
               Service.

15.    Notices hereunder will be mailed or delivered to the Company at
       Compensation Department, Albertson's, Inc., P.O. Box 20, Boise, Idaho
       83726 and will be mailed to or delivered to the Director at the
       Director's address set forth in the records of the Company, or in either
       case, at such other address as one party may subsequently furnish to the
       other party in writing.

16.    In the event that one or more of the provisions of this Agreement shall
       be invalidated for any reason by a court of competent jurisdiction, any
       provision so invalidated shall be deemed to be separable from the other
       provisions hereof, and the remaining provisions hereof shall continue to
       be valid and fully enforceable.

17.    This award is subject to the terms of the Plan. To the extent any
       provision of this Agreement violates or is inconsistent with an express
       provision of the Plan, the Plan provision will govern and any
       inconsistent provision in this Agreement will have no force or effect.

18.    Any amendment to the Plan will be deemed to be an amendment to this
       Agreement. Except as provided in this Agreement, no amendment will
       adversely affect the number or value of the Director's Deferred Share
       Units without the Director's written consent. This Agreement cannot be
       changed or terminated orally. The Agreement and the Plan contain the
       entire agreement between the parties relating to the subject matter
       hereof.

                                       3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}]]