Document:

exv10w1

 

Exhibit 10.1

Wachovia Investment Holdings, LLC

Wachovia Capital Markets, LLC

One Wachovia Center

301 South College Street

Charlotte, North Carolina 28288-0737

December 4, 2007

IKON OFFICE SOLUTIONS, INC.

AMENDMENT TO COMMITMENT LETTER

PERSONAL AND CONFIDENTIAL

IKON Office Solutions, Inc.

70 Valley Stream Parkway

Malvern, PA 19355

Attention: Mr. Robert F. Woods, Chief Financial Officer

Dear Mr. Woods:

     Reference is made to the Commitment Letter dated November 20, 2007 (the “Commitment Letter”),
among Wachovia Investment Holdings, LLC (“Wachovia Investments”) and Wachovia Capital Markets, LLC
(“Wachovia Securities” and, collectively with Wachovia Investments, the “Wachovia Parties”, “we” or
"us”) and IKON Office Solutions, Inc., an Ohio corporation (the “Company” or “you”).

     You and the Wachovia Parties hereby agree (i) that the last sentence of the first paragraph of
the Commitment Letter shall be deleted in its entirety and replaced with: “For the purposes of
this Commitment Letter, “Closing Date” shall mean December 20, 2007, unless otherwise defined in
the Note Purchase Agreement (as defined below).”, (ii) the word “Following” in the first sentence
of the third paragraph of the Commitment Letter shall be deleted and replaced with “As of the
Closing Date, pro forma for” and (iii) paragraph (c) of Exhibit C to Commitment Letter; Funding
Conditions will be deleted in its entirety. Except as modified by this letter, the Commitment
Letter shall remain in full force and effect.

     This letter may not be amended or any provision hereof waived or modified except by an
agreement in writing signed by each of the parties hereto. This letter shall be governed by, and
construed in accordance with, the laws of the State of New York.

 

 

     If you are in agreement with the foregoing, kindly sign and return to us the enclosed copy of
this letter.

	 	 	 	 	 
	 	Very truly yours,

WACHOVIA INVESTMENT HOLDINGS, LLC, 

 	 
	 	By:  	/s/ Rit N. Amin
 	 
	 	 	Name:  	Rit N. Amin                   	 
	 	 	Title:  	Director 	 
	 
	 	WACHOVIA CAPITAL MARKETS, LLC 

 	 
	 	By:  	/s/ Rit N. Amin
 	 
	 	 	Name:  	Rit N. Amin       	 
	 	 	Title:  	Director 	 

 

 

Accepted and agreed to as of the

date first above written

IKON OFFICE SOLUTIONS, INC.

	 	 	 	 	 	 	 
	By:	 	/s/ Richard Obetz	 	 
	 	 	 	 	 
	 

	 	Name: 
	 	Richard Obetz	 	 
	 

	 	Title:
	 	Vice President & Treasurerexv10wxay

 

EXHIBIT 10(a)

SEVERANCE AGREEMENT AND GENERAL RELEASE

     This Severance Agreement and General Release (“Agreement”) is entered into by and between Mark
A. Sarvary (“Employee”) and Campbell Soup Company (“the Company”).

     WHEREAS, the Company has decided to sever its employment relationship with Employee effective
November 2, 2007 (“Termination Date”); and

     WHEREAS, in consideration of Employee’s signing this Agreement and releasing the Company from
any and all claims which employee might have against it, the Company will, upon the termination of
Employee’s employment, provide Employee with the severance pay and benefits set forth below;

     NOW, THEREFORE, in exchange for the promises, payments and benefits described in this
Agreement, the parties execute this Agreement in favor of and for the benefit of the other as
follows:

     1. Severance. The Company agrees to continue Employee’s current base salary, in
Periodic Payments (less required payroll taxes and other withholdings and deductions), for a
24-month period (“Severance Period”), beginning subsequent to Employee’s Termination Date, provided
that Employee does not during the Severance Period accept employment or a consulting assignment,
directly or indirectly, with or for a Competitor of the Company, as that term is defined in this
paragraph. If Employee accepts employment or a consulting assignment with or for a Competitor,
directly or indirectly, or otherwise engages in competition with the Company, in any manner, all
payments and benefits otherwise provided under this Agreement will cease. For the purpose of this
Agreement, a Competitor of the Company is defined to mean any person, business, firm, corporation
or other enterprise engaged in, or about to become engaged in, the production, marketing or selling
of any product or service which resembles or competes with a product or service produced, marketed
or sold by the Company (or to Employee’s knowledge was under development by the Company), or any of
the Company’s parent, subsidiary, or affiliated entities.

          (a) Periodic Payments shall be made at such time as Employee would have received regular
salary payments had Employee continued to be employed by the Company at an annual base salary rate
of $635,000 (“Periodic Payments”), except that, depending on when Employee returns the signed
Agreement to the Company, it may take an additional payroll cycle for Periodic Payments to
commence. Further, in no case shall Periodic Payments commence unless and until the expiration of
the Revocation Period, as described in Paragraph 14 below, after Employee signs and returns this
Agreement to the Company. Employee’s coverage will be continued under the Company’s group life and
group medical insurance plans during the time period that Employee receives Periodic Payments under
this Agreement (provided Employee makes required contributions); all other benefits coverage shall
cease. If Employee obtains employment while Periodic Payments are being made, Employee hereby
agrees to so notify the Company in writing, and the Company benefits coverage will cease at the
time that Employee becomes eligible for benefits coverage from a new employer. Any Periodic
Payments that the Company can not make in the first six months of the Severance Period because of
the limitations of Internal Revenue Code section 409A, will be made shortly after the end of the
first six months.

          (b) The amount of severance paid to Employee will count toward accrual of benefits and vesting
under the Campbell Soup Company Mid-Career Hire Pension Plan and the Campbell Soup

Page 1 of 7

 

Company
Retirement and Pension Plan for Salaried Employees and vesting under the Campbell Soup Company
Savings Plus Plan for Salaried Employees.

          (c) The Company agrees that, in the event of Employee’s death, all remaining severance pay due
under this Agreement will be paid to Employee’s estate.

     2. Release.

          (a) Employee hereby forever releases and discharges the Company and its parent, subsidiary and
affiliated entities, and each of their past, present and future officers, directors, shareholders,
agents, employees and insurers, and their successors and assigns (“Releasees”), from any and all
complaints, charges, claims, liabilities, demands, debts, accounts, obligations, promises, suits,
actions, causes of action, and demands in law or equity, including claims for damages, attorney
fees or costs, whether known or unknown, which Employee now has or claims to have, or which
Employee at any time may have had or claimed to have, or which Employee at any time hereafter may
have, or claim to have, arising at any time in the past to and including the date of this
Agreement, including, but without limiting the generality of the foregoing, any matters relating in
any way to Employee’s employment relationship or the cessation of that employment relationship with
the Company.

          (b) The claims, rights and obligations that Employee is releasing herein include, but are not
limited to: (i) those for wrongful discharge, breach of contract, breach of implied contract,
breach of implied covenant of good faith and fair dealing, and any other common law or statutory
claims now or hereafter recognized; and (ii) those for discrimination (including but not limited to
claims for discrimination, harassment or retaliation on account of sex, age, handicap, medical
condition or disability, national origin, race, color, religion, sexual orientation, or veteran
status) which Employee might have or might have had under the federal Age Discrimination in
Employment Act, Title VII of the Civil Rights Act, and any other federal, state or local laws
prohibiting discrimination, harassment or retaliation in employment. BY SIGNING THIS AGREEMENT,
EMPLOYEE AGREES TO GIVE UP OR WAIVE ANY RIGHTS OR CLAIMS WHICH EMPLOYEE MAY HAVE UNDER THE AGE
DISCRIMINATION IN EMPLOYMENT ACT OF 1967, 29 U.S.C. §621 et. seq., OR ANY OTHER
STATUTE OR OTHER LAW, WHICH IS BASED ON ACTIONS OF RELEASEES WHICH OCCURRED UP THROUGH THE DATE
THAT EMPLOYEE SIGNS THIS AGREEMENT.

          (c) Employee further acknowledges and agrees that this Agreement shall operate as a complete
bar to recovery in any and all litigation, charges, complaints, grievances or demands of any kind
whatsoever now pending or now contemplated by Employee, or which might at any time be filed by
Employee, including, but without limiting the generality of the foregoing, any and all matters
arising out of or in any manner whatsoever connected with the matters set forth in Paragraph 2(a)
above. Each and all of the said claims are hereby fully and finally settled, compromised and
released.

          (d) Employee further acknowledges and agrees that neither Employee, nor any person,
organization, or other entity on Employee’s behalf, will file, claim, sue or cause or permit to be
filed or claimed, or join in any claims, as an individual or as a class member, any action for
legal or equitable relief (including damages and injunctive, declaratory, monetary or other
relief), involving any matter or related in any way to Employee’s employment relationship or the
cessation of Employee’s employment relationship with the Company, or involving any continuing
effects of any acts or practices that may have arisen or occurred during Employee’s employment
relationship with the Company.

Page 2 of 7

 

          (e) Nothing in this Paragraph 2 is intended to operate as a release, waiver or forfeiture of
Employee’s rights, and the Company’s obligations, under

               (i) any of the Company’s employee benefit plans in which Employee has been a participant,
including, but not limited to, the Campbell Soup Company Mid-Career Hire Pension Plan, Campbell
Soup Company Retirement and Pension Plan for Salaried Employees and the Campbell Soup Company
Savings Plus Plan for Salaried Employees;

               (ii) any health and welfare benefits to which Employee may in the future be entitled under
COBRA or comparable federal or state law or regulation; or

               (iii) any state workers’ compensation act or statute.

Subject to the terms of Paragraph 1(a) of this Agreement, upon the termination of Employee’s
employment with the Company, Employee’s rights under the applicable employee benefit plans of the
Company will be determined in accordance with the terms of those plans. Employee acknowledges that
awards of additional compensation under the Campbell Soup Company Annual Incentive Plan are subject
to the sole discretion of the Compensation and Organization Committee of the Company’s Board of
Directors.

     3. Inquiries. 

          (a) In the event that inquiries are made by prospective employers concerning Employee’s
employment with the Company, Employee and the Company agree to use their best efforts to refer
those inquiries to the Company’s Human Resources Department.

          (b) Employee will not take any action or make any statement, whether orally or in writing,
which, in any manner, disparages or impugns the reputation or goodwill of the Company, its
Directors or officers, or other Releasees.

     4. Successors and Assigns. This Agreement shall bind the Company and Employee, and
also all of their respective family members, heirs, administrators, representatives, successors,
assigns, officers, directors, agents, employees, shareholders, affiliates, predecessors, and also
all other persons, firms, corporations, associations, partnerships and entities in privity with or
related to or affiliated with any such person, firm, corporation, association, partnership or
entity.

     5. Effect of Agreement. Employee acknowledges and agrees that this Agreement is not
and shall not be construed as an admission of violation of any federal, state or local statute,
ordinance or regulation, or of any duty or obligation the Company owes or owed to Employee, and
that Employee’s execution of this Agreement is a voluntary act to provide an amicable conclusion to
Employee’s employment relationship with the Company.

     6. Confidentiality of Agreement. Employee expressly agrees that the terms and
conditions of this Agreement will not be disclosed to any individual, entity or organization not a
party to this Agreement, other than Employee’s immediate family, legal counsel or tax advisors,
unless such disclosure shall be required by law (or shall be necessary or desirable in connection
with the defense of any lawsuit). Notwithstanding the foregoing, Employee may explain such
non-disclosure by referring to this confidentiality obligation.

Page 3 of 7

 

     7. Confidentiality of Proprietary Information. Employee acknowledges and agrees that
in the course of employment with the Company, Employee has acquired confidential or proprietary
information relating to the business of the Company and/or its affiliates. Employee expressly
agrees that Employee will keep secret and safeguard all such information, and will not, at any
time, in any form or manner, directly or indirectly, divulge, disclose or communicate to any
person, firm, corporation or other entity any such information without the direct written authority
of the Company. This Agreement incorporates by reference all of the provisions of any of the
following agreements which Employee may have signed previously: Patent-Trade Secret Agreement,
Employee Agreement, Non-Competition Agreement, Employee Agreement Relating To Confidential and
Proprietary Information, Confidential and Proprietary Information Agreement and/or any other
agreement which by its terms prohibits Employee’s employment or involvement with certain companies
or activities after the termination of Employee’s employment with the Company. The parties hereby
stipulate that, as between them, the foregoing matters are material and confidential, and gravely
affect the effective and successful conduct of the business of the Company and its goodwill, and
that the Company is entitled to an injunction by any competent court to enjoin and restrain the
unauthorized disclosure of such information.

     8. Return of Company Property. 

          (a) Upon signing this Agreement, Employee agrees to return to the Company any and all Company
property, including but not limited to office, desk and file cabinet keys, Company
identification/pass cards, Company-provided credit cards issued to Employee, Company-owned
equipment (including computers and printers), and any other Company property in the possession of
Employee or Employee’s agents on or before October 5, 2007. Employee acknowledges and represents
that Employee has surrendered and delivered to the Company all files, papers, data, documents,
lists, charts, photographs, computer records, equipment, discs or any other records, relating in
any manner to the business activities of the Company or its affiliates, which were created,
produced, reproduced or utilized by the Company, or any of the Releasees, or by Employee during the
term of Employee’s employment relationship with the Company.

          (b) Employee also agrees to repay any monies owed to the Company, including loans, advances,
charges or debts incurred by Employee, or any other amounts owed to the Company, on or before
Employee’s last day of work.

     9. Competency of Employee. Employee acknowledges, warrants, represents and agrees
that in executing and delivering this Agreement, Employee does so freely, knowingly and voluntarily
and that Employee is fully aware of the contents and effect thereof and that such execution and
delivery is not the result of any fraud, duress, mistake or undue influence whatsoever.

     10. Unknown or Mistake in Facts. It is acknowledged and understood by the parties
that the facts with respect to this Agreement as given may hereafter turn out to be other than or
different from the facts in that connection now known to them or believed by them to be true, and
the parties therefore expressly assume the risk of the facts being different and agree that this
Agreement shall be in all respects effective and not subject to termination or rescission by any
such difference in facts. In addition, it is acknowledged, understood and agreed by Employee that
should the Company determine that Employee has breached Employee’s fiduciary obligations to the
Company (or any affiliated corporate entity), or engaged in any unethical, dishonest or fraudulent
act which affects, or has affected the Company (or any affiliated corporate entity), that the
Company reserves the right, in its sole discretion, to terminate or suspend all payments or
benefits remaining to be paid by the Company under this Agreement. In addition, the Company may
seek all other remedies and relief allowed by law.

Page 4 of 7

 

     11. Savings Clause. It is acknowledged and agreed by the parties that should any
provision of this Agreement be declared or be determined to be illegal or invalid by final
determination of any court of competent jurisdiction, the validity of the remaining parts, terms or
provisions of this Agreement shall not be affected thereby, and the illegal or invalid part, term
or provision shall be deemed not to be a part of this Agreement.

     12. Enforcement. The parties expressly agree that this Agreement constitutes a
binding contract. If Employee breaches any term of this Agreement, or violates any of Employee’s
obligations under this Agreement, the Company may, at its option, terminate or suspend all payments
or benefits remaining to be paid by the Company under this Agreement. In addition, the Company may
seek all other remedies and relief allowed by law.

     13. Entirety of Agreement; Modifications. Employee acknowledges and agrees that this
document, and the attached Addendum, if any, contains the entire agreement and understanding
concerning the subject matter between Employee and the Company, and that it supersedes and replaces
all prior agreements, whether written or oral, except for the agreements referred to in Paragraph 7
of this Agreement, which are incorporated herein by reference. Employee also represents that
Employee has not executed this instrument in reliance on any promise, representation or statement
not contained herein. This Agreement may not be modified except by a writing signed by each of the
parties hereto, or their duly authorized representatives.

     14. Effective Date. It is acknowledged and agreed that Employee has had twenty-one
(21) days to consider this Agreement before signing it. Further, Employee has the right to revoke
this Agreement within seven (7) days after signing this Agreement (the “Revocation Period”). This
Agreement will not become effective or enforceable, and Employee will not receive any of the
severance pay and benefits described in this Agreement, until after the Revocation Period has
expired. To revoke this Agreement, Employee must send a letter to the attention of John J. Furey,
at 1 Campbell Place, Camden, NJ 08103. The letter must be postmarked within seven (7) days of
Employee’s execution of this Agreement. If the seventh day is a Sunday or federal holiday, then
the letter must be postmarked on the following business day. If Employee revokes this Agreement on
a timely basis, Employee shall not be eligible for the payments and other benefits described in
this Agreement.

     15. Employee Rights. Employee acknowledges, represents and agrees to the following:

          (a) EMPLOYEE HAS BEEN ADVISED TO READ THIS ENTIRE AGREEMENT CAREFULLY AND TO CONSULT WITH AN
ATTORNEY OF EMPLOYEE’S CHOICE PRIOR TO SIGNING THIS AGREEMENT;

          (b) Employee was given at least twenty-one (21) days to consider this Agreement before signing
it;

          (c) Employee was advised, in writing, that Employee had a full seven (7) days after Employee
signed this Agreement to revoke it, and that this Agreement would not become effective until that
seven (7) day Revocation Period had run and Employee had not notified Company, in writing, that
Employee has elected to revoke this Agreement;

          (d) Employee carefully read this Agreement prior to signing it, fully understands its terms,
and signed it voluntarily;

Page 5 of 7

 

          (e) Employee understands and agrees that Employee will receive severance pay and benefits in
exchange for signing this Agreement, and that Employee would not have received severance pay and
benefits if Employee had not signed this Agreement; and

          (f) EMPLOYEE UNDERSTANDS THAT, BY SIGNING THIS AGREEMENT, EMPLOYEE WILL LOSE THE RIGHT TO SUE
RELEASEES, FOR ANY VIOLATION OF THE AGE DISCRIMINATION IN EMPLOYMENT ACT (the federal law which
prohibits discrimination on the basis of age), OR ANY OTHER STATUTE OR OTHER LAW.

     16. Addendum. The three-page Addendum attached to this Agreement and signed by the
parties is hereby incorporated herein by reference and made a part of this Agreement.

	 	 	 	 	 	 	 
	 

	 	 	 	Campbell Soup Company	 	 
	 
	 	 	 	 	 	 
	/s/ Mark Sarvary
 

Employee

	 	By:
	 	/s/ John J. Furey
 

	 	 
	 
	 	 	 	 	 	 
	10/25/07

	 	 	 	Vice President and Corporate Secretary	 	 
	 

	 	 	 	 	 	 
	Date

	 	 	 	Title	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	10/29/07
 

Date
	 	 

Page 6 of 7

 

EMPLOYEE: PLEASE SELECT AND COMPLETE ONE OF THE PARAGRAPHS BELOW.

I,                                         , have read all of the terms of this Agreement. I have been informed
by the Company that I have the right to consult with an attorney who is not associated with the
Company, at my own expense. I have been given sufficient time and opportunity to consult with an
attorney, and I have voluntarily chosen not to do so. I understand the terms of this Agreement,
including the fact that my employment relationship with the Company is permanently ended, and that
the Agreement releases the Company forever from any legal action arising from my employment
relationship with or my separation from the Company.

	 	 	 	 	 
	 

	 	 

Employee’s Signature
	 	 
	 
	 	 	 	 
	 

	 	 

Date
	 	 

I, Mark Sarvary, prior to signing this Agreement, have consulted Maureen Binetti, Esq., of the law
firm of Wilentz, Goldman & Spitzer P.A., located at Woodbridge, NJ, who reviewed the Severance
Agreement and General Release and provided advice to me. I understand the terms of this Agreement,
including the fact that my employment relationship with the Company is permanently ended, and that
the Agreement releases the Company forever from any legal action arising from my employment
relationship with or my separation from the Company.

	 	 	 	 	 
	 

	 	/s/ Mark Sarvary
 

Employee’s Signature
	 	 
	 
	 	 	 	 
	 

	 	10/25/07
 

Date
	 	 

Page 7 of 7

 

ADDENDUM

SEVERANCE AGREEMENT AND GENERAL RELEASE

BETWEEN

CAMPBELL SOUP COMPANY

AND

Mark A. Sarvary

1. Employee will be eligible for prorata Annual Incentive Plan (AIP) Plan participation for fiscal
2008, as determined in accordance with the terms of Campbell Soup Company’s Annual Incentive Plan.
Employee understands that any award of compensation which is payable under the AIP will be at the
sole discretion of the Compensation and Organization Committee of the Company’s Board of Directors
which is permitted to make performance related reductions in bonus payments. Decisions regarding
bonus awards are normally made at the end of September.

2. Company will permit Employee to exercise, in accordance with the relevant plan and related
agreements, any previously-granted unexercised stock options on or before the earlier of the
expiration date of the options or three years from Employee’s Termination Date, November 2, 2010,
provided that such options are, by their terms, exercisable on Employee’s Termination Date. In the
event of Employee’s death, the special rules set forth in the relevant plan shall govern. In the
event of any conflict between this Addendum and the relevant plan and related brochures, the
relevant plan and related brochures will govern.

3. Employee was granted Restricted Shares (RS’s) under Campbell Soup Company’s 1994 Long-Term
Incentive Plan (1994 LTIP) on September 25, 2003. At Termination Date, the Employee’s RS’s shall
immediately be reduced by pro-ration for that portion of the restriction period during
which Employee will not be a Company employee. Employee will be entitled to the delivery of such
number of the remaining restricted shares as are earned pursuant to the applicable criteria, as
determined in accordance with provisions of the FY’04 RS Plan and the 1994 LTIP. Any payment
Employee may receive under the 1994 LTIP will be at the sole discretion of the Compensation and
Organization Committee of the Board of Directors of Campbell Soup Company. Employee will be
entitled to receive a prorated grant of 16,863 shares of stock as restricted shares, 11,600 of
which have vested prior to termination, with the remaining 5,263 vesting on November 2, 2007.
Applicable federal, state and local taxes will be withheld from the payment of any RS award. In the
event of any conflict between this Addendum and the 1994 LTIP, the 1994 LTIP will govern.

4. Employee was granted Restricted Shares (RS’s) under Campbell Soup Company’s 2003 Long-Term
Incentive Plan (2003 LTIP) on September 23, 2004. At Termination Date, the Employee’s RS’s shall
immediately be reduced by pro-ration for that portion of the restriction period during
which Employee will not be a Company employee. Employee will be entitled to the delivery of such
number of the remaining restricted shares as are earned pursuant to the applicable criteria, as
determined in accordance with provisions of the FY’05 RS Plan and the 2003 LTIP. Any payment
Employee may receive under the 2003 LTIP will be at the sole discretion of the Compensation and
Organization Committee of the Board of Directors of Campbell Soup Company. Employee will be
entitled to receive a prorated grant of 30,793 shares of stock as restricted shares, 12,000 of
which have vested prior to termination, with the remaining 18,793 vesting on November 2, 2007.
Applicable federal, state and local taxes will be withheld from the payment of any RS award. In the
event of any conflict between this Addendum and the 2003 LTIP, the 2003 LTIP will govern.

Page 1 of 3 

 

5. Employee was granted EPS Performance Shares (EPS) under The Campbell Soup Company 2003 Long-Term
Incentive Plan (2003 LTIP) and FY’06 Long-Term Incentive (LTI) program on September 22, 2005. At
Termination Date, the Employee’s EPS shares shall immediately be reduced by pro-ration for
that portion of the restriction period during which Employee will not be a Company employee.
Employee will be entitled to the delivery of such number of the remaining EPS shares as are earned
pursuant to the applicable criteria, as determined in accordance with provisions of the FY’06 LTI
program and the 2003 LTIP. Any payment Employee may receive under the 2003 LTIP will be at the
sole discretion of the Compensation and Organization Committee of the Board of Directors of
Campbell Soup Company. Employee will be entitled to receive a prorated grant of 15,493 shares of
stock as restricted shares, 11,500 of which have vested prior to termination. Provided the EPS
performance goal for the period has been met, the remaining 3,993 will vest on September 30, 2008.
Applicable federal, state and local taxes will be withheld from the payment of any EPS award. In
the event of any conflict between this Addendum and the 2003 LTIP and the FY’06 LTI program, the
2003 LTIP and FY’06 LTI program will govern.

6. Employee was granted Performance Restricted Stock (PS) under the 2003 LTIP and the FY’06 LTI
program on September 22, 2005. At Termination Date, the Employee’s PS shares shall immediately be
reduced by pro-ration for that portion of the restriction period during which Employee will
not be a Company employee. Employee will be entitled to the delivery of such number of the
remaining PS shares as are earned pursuant to the applicable criteria, as determined in accordance
with provisions of the FY’06 LTI program and the 2003 LTIP. Any payment Employee may receive under
the 2003 LTIP will be at the sole discretion of the Compensation and Organization Committee of the
Board of Directors of Campbell Soup Company. Employee will be eligible to receive a prorated grant
of 27,951 shares of performance restricted stock. The portion of this award banked prior to
termination date, 26,833 shares, will vest on November 2, 2007. The precise number of shares earned
will be based on the Company’s Total Shareowner Return (TSR) ranking during fiscal years 2006,
2007, and 2008, and the difference, if any, between currently banked shares and earned shares will
vest on September 30, 2008. Applicable taxes will be withheld from the payment of any PS award. In
the event of any conflict between this Addendum and the 2003 LTIP and the FY’06 LTI program, the
2003 LTIP and FY’06 LTI program will govern.

7. Employee was granted EPS Performance Shares (EPS) under the Campbell Soup Company 2005 Long-Term
Incentive Plan (2005 LTIP) and the FY’07 LTI program on September 28, 2006. At Termination Date,
the Employee’s EPS shares shall immediately be reduced by pro-ration for that portion of
the restriction period during which Employee will not be a Company employee. Employee will be
entitled to the delivery of such number of the EPS shares as are earned pursuant to the applicable
criteria, as determined in accordance with provisions of the FY’07 LTI program and the 2005 LTIP.
Any payment Employee may receive under the 2005 LTIP will be at the sole discretion of the
Compensation and Organization Committee of the Board of Directors of Campbell Soup Company.
Employee will be entitled to receive a prorated grant of 9,400 shares of stock as restricted
shares, 4,940 of which have vested prior to termination. Provided the EPS performance goals for
the respective periods have been met, the remaining shares will vest as follows: 2,676 on
September 30, 2008 and 1,784 on September 30, 2009. Applicable federal, state and local taxes will
be withheld from the payment of any EPS award. In the event of any conflict between this Addendum
and the 2005 LTIP and FY’07 LTI program, the 2005 LTIP and FY’07 LTI program will govern.

Page 2 of 3 

 

8. Employee was granted Performance Restricted Stock (PS) under the 2005 LTIP and the FY’07 LTI
program on September 28, 2006. At Termination Date, the Employee’s PS shares shall immediately be
reduced by pro-ration for that portion of the restriction period during which Employee will
not be a Company employee. Employee will be entitled to the delivery of such number of the
remaining PS shares as are earned pursuant to the applicable criteria, as determined in accordance
with provisions of the FY’07 LTI program and the 2005 LTIP. Any payment Employee may receive under
the 2005 LTIP will be at the sole discretion of the Compensation and Organization Committee of the
Board of Directors of Campbell Soup Company. Employee will be eligible to receive a prorated grant
of 12,487 shares of performance restricted stock. The precise number of shares earned will be
based on the Company’s TSR ranking during fiscal years 2007, 2008, and 2009, and the earned shares
will vest on September 30, 2009. Applicable taxes will be withheld from the payment of any PS
award. In the event of any conflict between this Addendum and the 2005 LTIP and the FY’07 LTI
program, the 2005 LTIP and the FY’07 LTI program will govern.

9. Employee will not be eligible for any additional awards under the 2005 LTIP.

10. Employee will be entitled to allowable benefits under the Company’s Personal Choice Program
through November 2, 2007.

11. Employee agrees to fully cooperate, in a timely and good faith manner, subsequent to the
Termination Date, with all reasonable requests for assistance made by the Company, relating,
directly or indirectly, to any and all matters which occurred during the course of Employee’s
Company employment, or with which Employee was involved prior to the termination of Employee’s
employment, or with which Employee became aware of during the course of Employee’s employment.
Upon the submission of proper documentation, Company will reimburse Employee for all reasonable
expenses incurred by Employee as a result of such requests for assistance.

12. Employee will be entitled to the continuation of executive coaching services from Personnel
Decisions International Corporation during the Severance Period provided the fees do not exceed
$42,000 per year.

	 	 	 	 	 	 	 
	 

	 	 	 	Campbell Soup Company	 	 
	 
	 	 	 	 	 	 
	/s/ Mark Sarvary
 

Employee

	 	By:
	 	/s/ John J. Furey
 

	 	 
	 
	 	 	 	 	 	 
	10/25/07

	 	Title:	 	Vice President and Corporate Secretary 
	 	 
	 

	 	 	 	 	 	 
	Date

	 	 	 		 	 
	 
	 	 	 	 	 	 
	 

	 	Date:	 	10/29/07 

 

	 	 

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