Document:

Supplemental Indenture No. 1 dated as of May 7, 2004

 EXHIBIT 4.14 
 THIS SUPPLEMENTAL INDENTURE No. 1 (this “Supplemental Indenture”), dated as of May 7, 2004, is between ALBERTSON’S, INC., a Delaware corporation (the “Company”), and
U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee (the “Trustee”). 
 RECITALS 
 WHEREAS, the Company has heretofore executed and delivered to the Trustee, as successor trustee an Indenture dated as of May 1, 1992 (the
“Base Indenture” and together with this Supplemental Indenture, the “Indenture”), providing for the issuance from time to time of series of the Company’s Securities (as defined in the Base Indenture); 
 WHEREAS, Section 901(7) of the Base Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the Base Indenture
to establish the form or terms of Securities of any series as permitted by Section 301 of the Base Indenture; 
 WHEREAS, pursuant to
Sections 201 or 301 of the Base Indenture, the Company wishes to provide for the issuance of a new series of Securities to be known as its 3.75% Senior Notes due February 16, 2009 (the “Senior Notes”), the form and terms
of such Senior Notes, and the terms, provisions and conditions thereof to be set forth as provided in this Supplemental Indenture; 
 WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture and all requirements necessary to make this Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms,
and to make the Senior Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid, binding and enforceable obligations of the Company, have been done and performed, and the execution and delivery of this
Supplemental Indenture has been duly authorized in all respects. 
 NOW, THEREFORE, in consideration of the covenants and agreements set
forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 Section 1.01. Relation to Base Indenture. This Supplemental Indenture constitutes an integral part of the Base Indenture. 
 Section 1.02. Definition Of Terms. For all purposes of this Supplemental Indenture: 
 (a) Capitalized terms used herein without definition shall have the meanings specified in the Base Indenture, or, if not defined in the Base Indenture, in
the Purchase Contract Agreement, the Pledge Agreement or the Remarketing Agreement, as applicable; 
 (b) a term defined anywhere in this
Supplemental Indenture has the same meaning throughout; 
  

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 (c) the singular includes the plural and vice versa; 
 (d) headings are for convenience of reference only and do not affect interpretation; 
 (e) the following terms have the meanings given to them in this Article 1: 
 “Accounting Event” means the receipt by the audit committee of the board of directors of the Company of a written report in accordance
with Statement on Auditing Standards (“SAS”) No. 97, “Amendment to SAS No. 50 - Reports on the Application of Accounting Principles”, from the Company’s independent auditors, provided at the request of the
management of the Company, to the effect that, as a result of a change in accounting rules after the date hereof, the Company must either (i) account for all or any portion of the Purchase Contracts as derivatives under SFAS 133 (or otherwise
mark-to-market or measure at fair value all or any portion of the Purchase Contracts, with changes appearing in the Company’s income statement) or (ii) account for the Units using the if-converted method under SFAS 128, and that such
accounting treatment will cease to apply upon redemption of the Senior Notes. 
 “Applicable Principal Amount” means the
aggregate principal amount of the Senior Notes that are part of Corporate Units on the Special Event Redemption Date. 
 “Business
Day” shall have the meaning specified in the Purchase Contract Agreement. 
 “Corporate Units” shall have the
meaning specified in the Purchase Contract Agreement. 
 “Coupon Rate” shall have the meaning set forth in
Section 2.05(a). 
 “Depositary” means a clearing agency registered under Section 17A of the Securities Exchange
Act of 1934, as amended, that is designated to act as Depositary for the Corporate Units pursuant to the Purchase Contract Agreement. 
 “Depositary Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time the Depositary effects book entry transfers and pledges of securities deposited with the
Depositary. 
 “Final Remarketing Price” shall have the meaning set forth in Section 8.02(b). 
 “Global Senior Notes” shall have the meaning set forth in Section 2.04. 
 “Interest Payment Date” shall have the meaning set forth in Section 2.05(b). 
 “Maturity Date” shall have the meaning specified in Section 2.02. 
 “Pledge Agreement” means the Pledge Agreement, dated as of the date hereof among the Company, U.S. Bank Trust National Association, as
Collateral Agent, Custodial Agent and Securities Intermediary, and U.S. Bank Trust National Association, as Purchase Contract Agent and attorney-in-fact for the Holders of the Purchase Contracts, as amended from time to time. 
  

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 “Purchase Contract Agreement” means: the Purchase Contract Agreement, dated as of the
date hereof, between the Company and U.S. Bank Trust National Association, as purchase contract agent, as amended from time to time. 
 “Purchase Contracts” and “Purchase Contract” shall have their respective meanings specified in the Purchase Contract Agreement. 
 “Purchase Contract Settlement Date” means May 16, 2007. 
 “Put Price”
shall have the meaning set forth in Section 8.05(a). 
 “Put Right” shall have the meaning set forth in
Section 8.05(a). 
 “Quotation Agent” means any primary U.S. government securities dealer selected by the Company.

 “Record Date” means, with respect to any Interest Payment Date for the Senior Notes, the first Business Day of the
calendar month in which such Interest Payment Date falls; provided that the Company may, at its option, select any other day as the Record Date for any Interest Payment date so long as such Record Date selected is more than one Business Day but less
than 60 Business Days prior to such Interest Payment Date. 
 “Redemption Amount” means, for each Senior Note, the product
of the principal amount of such Senior Note and a fraction, the numerator of which is the Treasury Portfolio Purchase Price and the denominator of which is the Applicable Principal Amount. 
 “Redemption Price” means, for each Senior Note, the Redemption Amount plus any accrued and unpaid interest on such Senior Note to but
excluding the Special Event Redemption Date. 
 “Remarketed Senior Notes” shall have the meaning set forth in
Section 8.01(c). 
 “Remarketing Agent” shall have the meaning set forth in the Remarketing Agreement. 
 “Remarketing Agreement” means the Remarketing Agreement, dated as of the date hereof, among the Company, Banc of America Securities LLC
and U.S. Bank Trust National Association, as Purchase Contract Agent, as amended from time to time. 
 “Remarketing Price”
shall have the meaning set forth in Section 8.02(a). 
 “Reset Effective Date” means the date three Business Days
following the date of a Successful Remarketing pursuant to which the Coupon Rate is reset to a Reset Rate. 
 “Reset Rate”
means the interest rate per annum on the Senior Notes (i) in the case of a Successful Remarketing prior to the Final Remarketing Date, as determined by the Remarketing 

  

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Agent as necessary to remarket the Remarketed Senior Notes at a price per Remarketed Senior Note such that the aggregate price for the Remarketed Senior
Notes is equal to approximately 100.25% (but not less than 100%) of the sum of the Treasury Portfolio Purchase Price and the Separate Senior Notes Purchase Price, and (ii) in the case of a Successful Remarketing on the Final Remarketing Date,
as the rate necessary to remarket the Remarketed Senior Notes at a price per Remarketed Senior Note such that the aggregate price for the Remarketed Senior Notes is equal to approximately 100.25% (but not less than 100%) of the aggregate principal
amount of the Remarketed Senior Notes; provided that if there are no Corporate Units outstanding and none of the Holders elect to have Separate Senior Notes held by them remarketed, or in the case of a Failed Remarketing, the interest rate payable
on the Senior Notes will not be reset and the interest rate payable on the Senior Notes shall continue to be the Coupon Rate. 
 “Separate Senior Notes” means Senior Notes that are no longer a component of Corporate Units. 
 “Special
Event” shall mean either a Tax Event or an Accounting Event. 
 “Special Event Redemption” means the redemption of
the Senior Notes pursuant to the terms hereof following the occurrence of a Special Event. 
 “Special Event Redemption
Date” shall have the meaning set forth in Section 3.01. 
 “Tax Event” means the receipt by the Company of an
opinion of counsel, rendered by a law firm having a recognized national tax practice, to the effect that, as a result of any amendment to, change in or announced proposed change in the laws (or any regulations thereunder) of the United States or any
political subdivision or taxing authority thereof or therein, or as a result of any official administrative decision, pronouncement, judicial decision or action interpreting or applying such laws or regulations, which amendment or change is
effective or which proposed change, pronouncement, action or decision is announced on or after the date hereof, there is more than an insubstantial increase in the risk that interest payable by the Company on the Senior Notes is not, or within 90
days of the date of such opinion, will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes. 
 “Treasury Portfolio” means a portfolio of (1) U.S. treasury securities (or principal or interest strips thereof) that mature on or prior to May 15, 2007 in an aggregate amount at maturity equal to the Applicable
Principal Amount, and (2) (x) in the case of a Successful Remarketing prior to the Final Remarketing Date, for the scheduled Interest Payment Date on the Purchase Contract Settlement Date, U.S. treasury securities (or principal or interest
strips thereof) that mature on or prior to May 15, 2007 in an aggregate amount at maturity equal to the aggregate interest payment (assuming no reset of the interest rate) that would have been due on the Purchase Contract Settlement Date on the
Applicable Principal Amount, and (y) in the case of a Special Event Redemption, for each scheduled Interest Payment Date that occurs after the Special Event Redemption Date to and including the Purchase Contract Settlement Date, U.S. treasury
securities (or principal or interest strips thereof) that mature on or prior to the business day immediately preceding such scheduled Interest Payment Date in an aggregate amount equal to the aggregate interest payment (assuming no reset of the
interest rate) that would have been due on such scheduled Interest Payment Date on the Applicable Principal Amount. 
  

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 “Treasury Portfolio Purchase Price” means the lowest aggregate ask-side price quoted by
a Primary Treasury Dealer to the Quotation Agent between 9:00 a.m. and 11:00 a.m., New York City time, (i) in the case of a Special Event Redemption, on the third Business Day immediately preceding the Special Event Redemption Date for the
purchase of the applicable Treasury Portfolio for settlement on the Special Event Redemption Date, and (ii) in the case of a Successful Remarketing prior to the Final Remarketing Date, on the date of such Successful Remarketing for the purchase
of the applicable Treasury Portfolio for settlement on the third’ Business Day immediately following the date of such Successful Remarketing. 
 “Treasury Units” shall have the meaning specified in the Purchase Contract Agreement. 
 “Units”
means either the Corporate Units or the Treasury Units or both the Corporate Units and Treasury Units. 
 The terms
“Company,” “Trustee,” “Indenture,” “Base Indenture” and “Senior Notes” shall have the respective meanings set forth in the recitals to this Supplemental Indenture
and the paragraph preceding such recitals. 
 ARTICLE 2 
 GENERAL TERMS AND CONDITIONS OF THE SENIOR NOTES 
 Section 2.01.
Designation and Principal Amount. There is hereby authorized a series of Securities designated as 3.75% Senior Notes due 2009 limited in aggregate principal amount $1,000,000,000 (or up to $1,150,000,000 to the extent that the over-allotment
option granted to the Underwriters pursuant to the Underwriting Agreement is exercised). The Senior Notes may be issued from time to time upon written order of the Company for the authentication and delivery of Senior Notes pursuant to
Section 303 of the Base Indenture. 
 Section 2.02. Maturity. Unless a Special Event Redemption occurs prior to the Maturity
Date (defined below), or as provided in Section 8.02, the date upon which the Senior Notes shall become due and payable at final maturity, together with any accrued and unpaid interest, is February 16, 2009 (the “Maturity
Date”). 
 Section 2.03. Form, Payment and Appointment. Except as provided in Section 2.04, the Senior Notes shall
be issued in fully registered, certificated form, bearing identical terms. Principal of and interest on the Senior Notes will be payable, the transfer of such Senior Notes will be registrable, and such Senior Notes will be exchangeable for Senior
Notes of a like aggregate principal amount bearing identical terms and provisions, at the office or agency of the Company maintained for such purpose in the Borough of Manhattan, the City of New York, which shall initially be the Corporate Trust
Office of the Trustee; provided, however; that payment of interest may be made at the option of the Company by check mailed to the Holder at such address as shall appear in the Security Register or by wire transfer to an account appropriately
designated by the Holder entitled to payment. 
 No service charge shall be made for any registration of transfer or exchange of the Senior
Notes, but the Company may require payment from the Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 
  

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 The Security Registrar and Paying Agent for the Senior Notes shall initially be the Trustee. 

The Senior Notes shall be issuable in denominations of $1,000 and integral multiples thereof, except that an interest in a Senior Note held as a part
of a Corporate Unit represents an ownership interest of 1/40th, or 2.5%, of a Senior Note and will therefore correspond to the stated amount of $25 per Corporate Unit. 
 Section 2.04. Global Senior Notes. Senior Notes that are no longer a component of the Corporate Units and are released from the Collateral Account (as defined in the Pledge Agreement) will be issued in
permanent global form (a “Global Senior Note”), and if issued as one or more Global Senior Notes, the Depositary shall be The Depository Trust Company or such other depositary as any officer of the Company may from time to time
designate. Upon the creation of Treasury Units or the recreation of Corporate Units, an appropriate annotation shall be made on the Schedule of Increases and Decreases on the Global Senior Notes held by the Depositary. Unless and until such Global
Senior Note is exchanged for Senior Notes in certificated form, Global Senior Notes may be transferred, in whole but not in part, and any payments on the Senior Notes shall be made, only to the Depositary or a nominee of the Depositary, or to a
successor Depositary selected or approved by the Company or to a nominee of such successor Depositary. 
 Section 2.05. Interest.
(a) The Senior Notes will bear interest initially at the rate of 3.75% per year (the “Coupon Rate”) from the original date of issuance through and including the earlier of (i) the Maturity Date and (ii) the day
immediately preceding any Reset Effective Date. In the event of a Successful Remarketing of the Senior Notes, the Coupon Rate will be reset by the Remarketing Agent at the appropriate Reset Rate with effect from the related Reset Effective Date,
asset forth under Section 8.03. If the Coupon Rate is so reset, the Senior Notes will bear interest at the Reset Rate from the related Reset Effective Date until the principal thereof and interest thereon is paid or duly made available for
payment and shall bear interest, to the extent permitted by law, compounded quarterly, on any overdue principal and payment of interest at the Coupon Rate through and including the day immediately preceding the Reset Effective Date and at the Reset
Rate thereafter. 
 (b) Interest on the Senior Notes shall be payable quarterly in arrears on February 16, May 16, August 16
and November 16 of each year (each, an “Interest Payment Date”), commencing August 16, 2004, to the Person in whose name such Senior Note, or any predecessor Senior Note, is registered at the close of business on the
Record Date for such Interest Payment Date. Interest on the Senior Notes shall accrue from May 7, 2004. 
 In the event of a Successful
Remarketing of the Senior Notes, the Interest Payment Dates may be redetermined and Senior Notes will bear interest at the appropriate Reset Rate from the related Reset Effective Date payable semi-annually instead of quarterly. 
 (c) The amount of interest payable for any full quarterly or semi-annual period, as the case may be, will be computed on the basis of a 360-day year
consisting of twelve 30-day months. The amount of interest payable for any period shorter than a full quarterly or semi-annual period, as the case may be, for which interest is computed will be computed on the 

  

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basis of a 30-day month and, for any period less than a month, on the basis of the actual number of days elapsed per 30-day month. In the event that any
scheduled Interest Payment Date falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in
respect of any such delay), except that, if such Business Day is in the next calendar year, then such payment will be made on the preceding Business Day. 
 Section 2.06. No Defeasance. The provisions of Article 13 of the Base Indenture shall not apply to the Senior Notes. 
 Section 2.07. No Sinking Fund. The provisions of Article 12 of the Base Indenture shall not apply to the Senior Notes and the Senior Notes are not entitled to the benefit of any sinking fund.

 ARTICLE 3 
 REDEMPTION OF THE SENIOR NOTES 
 Section 3.01. Special Event Redemption. If a Special Event shall occur and be
continuing, the Company may, at its option, redeem the Senior Notes in whole, but not in part, on any Interest Payment Date prior to the earlier of the date of a Successful Remarketing or the Purchase Contract Settlement Date, at a price per Senior
Note equal to the Redemption Price, payable on the date of redemption (the “Special Event Redemption Date”) to the Holders of the Senior Notes registered at the close of business on the Record Date for such Interest Payment Date. If
the Company so elects to redeem the Senior Notes, the Company shall appoint the Quotation Agent to assist the Company in determining the Treasury Portfolio Purchase Price. Notice of any Special Event Redemption will be mailed by the Company (with a
copy to the Trustee) at least 30 days but not more than 60 days before the Special Event Redemption Date to each registered Holder of the Senior Notes at its registered address. In addition, the Company shall notify the Collateral Agent in writing
that a Special Event has occurred and that the Company intends to redeem the Senior Notes on the Special Event Redemption Date. Unless the Company defaults in the payment of the Redemption Price, on and after the Special Event Redemption Date,
(a) interest shall cease to accrue on the Senior Notes, (b) the Senior Notes shall become due and payable at the Redemption Price, and (c) the Senior Notes shall be void and all rights of the Holders in respect of the Senior Notes
shall terminate and lapse (other than the right to receive the Redemption Price upon surrender of such Senior Notes but without interest on such Redemption Price). Following the notice of a Special Event Redemption, neither the Company nor the
Trustee shall be required to register the transfer of or exchange the Senior Notes to be redeemed. 
 Except as set forth in this
Section 3.01, the Senior Notes shall not be redeemable by the Company prior to the Maturity Date. The provisions of this Article 3 shall supersede any conflicting provisions contained in Article 11 of the Base Indenture. 

Section 3.02. Redemption Procedures. On or prior to 10:00 a.m. New York City time on the Special Event Redemption Date, the Company shall
deposit with the Trustee immediately available funds in an amount sufficient to pay, on the Special Event Redemption Date, the aggregate Redemption Price for all outstanding Senior Notes. In exchange for any Senior Notes 

  

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surrendered for redemption on or after the Special Event Redemption Date, the Trustee shall pay an amount equal to the Redemption Price (a) to the
Collateral Agent, in the case of Senior Notes that are included in Corporate Units, which amount shall be applied by the Collateral Agent in accordance with the terms of the Pledge Agreement, and (b) to the holders of the Separate Senior Notes,
in the case of Separate Senior Notes. 
 ARTICLE 4 
 FORM OF SENIOR NOTE 
 Section 4.01. Form of Senior Note. The Senior Notes and the
Trustee’s Certificate of Authentication to be endorsed thereon are to be substantially in the forms attached as Exhibit A hereto, with such changes therein as the officers of the Company executing the Senior Notes (by manual or facsimile
signature) may approve, such approval to be conclusively evidenced by their execution thereof. 
 ARTICLE 5 
 ORIGINAL ISSUE OF SENIOR NOTES 
 Section 5.01. Original Issue of Senior Notes. Senior Notes in the aggregate principal amount of $1,000,000,000 (or up to $1,150,000,000 to the extent that the over-allotment option granted to the Underwriters pursuant to the
Underwriting Agreement is exercised) may from time to time, upon execution of this Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver said
Senior Notes to or upon the written order of the Company pursuant to Section 303 of the Base Indenture without any further action by the Company (other than as required by the Base Indenture). 
 ARTICLE 6 
 ORIGINAL ISSUE
DISCOUNT 
 Section 6.01. Original Issue Discount. The Company shall file with the Trustee promptly at the end of each
calendar year (i) a written notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on Senior Notes that are Outstanding as of the end of the year and (ii) such other specific information
relating to such original issue discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time. 
 ARTICLE 7 
 MISCELLANEOUS 
 Section 7.01. Ratification of Indenture. The Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of
the Indenture in the manner and to the extent herein and therein provided. 
 Section 7.02. Trustee not Responsible for Recitals.
The recitals herein contained are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Supplemental
Indenture. 
  

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 Section 7.03. New York Law to Govern. THIS SUPPLEMENTAL INDENTURE AND EACH SENIOR NOTE SHALL
BE DEEMED TO BE CONTRACTS MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 Section 7.04. Separability. In case any one or more of the provisions contained in this Supplemental Indenture or in the Senior Notes shall for any reason be held to be invalid, illegal or unenforceable in
any respect, then, to the extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provisions of this Supplemental Indenture or of the Senior Notes, but this Supplemental Indenture and the Senior Notes
shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 
 Section 7.05.
Counterparts. This Supplemental Indenture may be executed in any number of counterparts each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 
 ARTICLE 8 
 REMARKETING

 Section 8.01. Remarketing Procedures. (a) Unless a Special Event Redemption or a Successful Remarketing has occurred
prior to the applicable Remarketing Date, the Company shall engage the Remarketing Agent pursuant to the Remarketing Agreement for the Remarketing of the Senior Notes. The Company will request, not later than seven nor more than 15 calendar days
prior to the applicable Remarketing Date, that the Depositary or its nominee notify the Beneficial Owners or Depositary Participants holding Separate Senior Notes, Corporate Units and Treasury Units of the procedures to be followed in the applicable
Remarketing. 
 (b) Each Holder of Separate Senior Notes may elect to have Separate Senior Notes held by such Holder remarketed in any
Remarketing. A Holder making such an election must, pursuant to the Pledge Agreement, notify the Custodial Agent and deliver such Separate Senior Notes to the Custodial Agent on or prior to 5:00 p.m. (New York City time) on or prior to the fifth
Business Day immediately preceding the applicable Remarketing Date (but no earlier than the Interest Payment Date immediately preceding the applicable Remarketing Date). Any such notice and delivery may not be conditioned upon the level at which the
Reset Rate is established in the Remarketing. Any such notice and delivery may be withdrawn on or prior to 5:00 p.m. (New York City time) on the fifth Business Day immediately preceding the applicable Remarketing Date in accordance with the
provisions set forth in the Pledge Agreement. Any such notice and delivery not withdrawn by such time will be irrevocable with respect to such Remarketing. Pursuant to Section 5.07(c) of the Pledge Agreement, promptly after 11:00 a.m., New York
City time, on the Business Day immediately preceding the applicable Remarketing Date, the Custodial Agent, based on the notices and deliveries received by it prior to such time, shall notify the Remarketing Agent of the principal amount of Separate
Senior Notes to be tendered for remarketing and shall cause such Separate Senior Notes to be presented to the 

  

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Remarketing Agent. Under Section 5.02 of the Purchase Contract Agreement, Senior Notes that are components of Corporate Units will be deemed tendered
for Remarketing and will be remarketed in accordance with the terms of the Remarketing Agreement. 
 (c) The right of each Holder of Senior
Notes that are included in Corporate Units to have such Senior Notes, and each Holder of Separate Senior Notes to have any Separate Senior Notes (together, the “Remarketed Senior Notes”), remarketed and sold on any Remarketing Date
shall be limited to the extent that (i) the Remarketing Agent conducts a Remarketing pursuant to the terms of the Remarketing Agreement, (ii) a Special Event Redemption has not occurred prior to such Remarketing Date, (iii) the
Remarketing Agent is able to find a purchaser or purchasers for Remarketed Senior Notes at the Remarketing Price or the Final Remarketing Price, as the case may be, and (iv) the purchaser or purchasers deliver the purchase price therefor to the
Remarketing Agent as and when required. 
 (d) Neither the Trustee, the Company nor the Remarketing Agent shall be obligated in any case to
provide funds to make payment upon tender of Senior Notes for remarketing. 
 Section 8.02. Remarketing. (a) Unless a
Special Event Redemption has occurred prior to the Initial Remarketing Date, on the Initial Remarketing Date, the Remarketing Agent shall, pursuant and subject to the terms of the Remarketing Agreement, use commercially reasonable efforts to
remarket the Remarketed Senior Notes at a price (the “Remarketing Price”) equal to approximately 100.25% (but in no event less than 100%) of the sum of the Treasury Portfolio Purchase Price and the Separate Senior Note Purchase
Price. 
 (b) In the case of a Failed Initial Remarketing and unless a Special Event Redemption has occurred prior to the Final Remarketing
Date, on the Final Remarketing Date, the Remarketing Agent shall use commercially reasonable efforts to remarket the Remarketed Senior Notes at a price (the “Final Remarketing Price”) equal to approximately 100.25% of the aggregate
principal amount of the Remarketed Senior Notes. It is understood and agreed that Remarketing on any Remarketing Date will be considered successful and no further attempts will be made if the resulting proceeds are at least 100% of the sum of the
Treasury Portfolio Purchase Price and the Separate Senior Note Purchase Price, and 100% of the aggregate principal amount of the Remarketed Senior Notes in the case of the Final Remarketing. 
 Section 8.03. Reset Rate and Extended Maturity Date. (a) In connection with each Remarketing, the Remarketing Agent shall determine, in
consultation with the Company, the Reset Rate (rounded to the nearest one-thousandth (0.001) of one percent per annum) that the Remarketed Senior Notes should bear in order to have an aggregate market value equal to the Remarketing Price or the
Final Remarketing Price, as the case may be, and that in the sole discretion of the Remarketing Agent will enable it to remarket all of the Remarketed Senior Notes at the Remarketing Price or Final Remarketing Price, as the case may be, in such
Remarketing. 
 (b) Anything herein to the contrary notwithstanding, the Remarketing Agent shall have no obligation to determine whether there
is any limitation under applicable law on the Reset Rate or, if there is any such limitation, the maximum permissible Reset Rate on the Senior 

  

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Notes and shall rely solely upon written notice from the Company (which the Company agrees to provide prior to the eighth Business Day before the Initial
Remarketing Date) as to whether or not there is any such limitation in any applicable jurisdiction. 
 (c) In connection with a Remarketing,
the Remarketing Agent, in consultation with the Company, may extend the Maturity Date to a date selected by the Company that is two or three years from the date on which the Reset Rate is set. Such extended maturity date (the “Extended
Maturity Date”), if any, will be specified in the remarketing announcement and will become effective on the date on which the Reset Rate is set. 
 (d) In connection with a Remarketing, the Company may also elect to add any additional financial covenants as the Company may determine. Such an election would take effect upon a Successful Remarketing, on the
Purchase Contract Settlement Date. In addition, as provided in Section 2.05(b) herein, upon a Successful Remarketing, the Interest Payment Dates may be redetermined to provide for payment of interest semi-annually instead of quarterly.

 (e) In the event of a Failed Remarketing or if no Senior Notes are included in Corporate Units and none of the holders of the Separate
Senior Notes elect to have their Senior Notes remarketed in any Remarketing, the applicable interest rate on the Senior Notes will not be reset and will continue to be the Coupon Rate and the Maturity Date will not be extended. 
 (f) In the event of a Successful Remarketing, the Coupon Rate shall be reset at the Reset Rate as determined by the Remarketing Agent under the
Remarketing Agreement and the Maturity Date will be extended to the Extended Maturity Date. 
 Section 8.04. Failed Remarketing.
(a) If, by 4:00 p.m. (New York City time) on any Remarketing Date, the Remarketing Agent is unable to remarket all of the Remarketed Senior Notes at the Remarketing Price or the Final Remarketing Price, as the case may be, pursuant to the terms
and conditions hereof, a Failed Remarketing shall be deemed to have occurred, and the Remarketing Agent shall so advise by telephone the Depositary, the Purchase Contract Agent and the Company. Whether or not there has been a Failed Remarketing will
be determined in the sole reasonable discretion of the Remarketing Agent. Promptly following any Failed Remarketing, the Remarketing Agent shall return Separate Senior Notes submitted for remarketing, if any, to the Custodial Agent for distribution
to the appropriate Holders. 
 (b) The Company shall cause a notice of such Failed Remarketing to be published in a daily newspaper in the
English language of general circulation in the City of New York, which is expected to be The Wall Street Journal. 
 Section 8.05. Put Right. (a) Subject to paragraph (b) hereof, if there has not been a Successful Remarketing prior to the Purchase Contract Settlement Date, Holders of Separate Senior Notes and Holders of Senior Notes
that are a component of Corporate Units will, subject to this Section 8.05, have the right (the “Put Right”) to require the Company to purchase their Senior Notes, on the Purchase Contract Settlement Date, at a price per Senior
Note equal to $1,000.00, plus accrued and unpaid interest to but excluding the Purchase Contract Settlement Date (the “Put Price”). 
  

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 (b) The Put Right of Holders of Senior Notes that are part of Corporate Units will be automatically
exercised unless such Holders (1) prior to 11:00 a.m., New York City time, on the second Business Day immediately preceding the Purchase Contract Settlement Date, provide written notice to the Purchase Contract Agent of their intention to
settle the related Purchase Contract with separate cash, and (2) on or prior to 5:00 p.m., New York City time, on the Business Day immediately preceding the Purchase Contract Settlement Date, deliver to the Collateral Agent $25 in cash per
Purchase Contract, in each case pursuant to the Purchase Contract Agreement and such Holders shall be deemed to have elected to pay the Purchase Price for the shares of Common Stock to be issued under the related Purchase Contract from a portion of
the Proceeds of the Put Right of such Senior Notes equal to the Purchase Price in full satisfaction of such Holders’ obligations under the Purchase Contracts, and any remaining amount of the Put Price following satisfaction of the related
Purchase Contract will be paid to such Holder. 
 (c) The Put Right of a Holder of a Separate Senior Note shall only be exercisable upon
delivery of a notice to the Trustee by such Holder on or prior to the second Business Day prior to the Purchase Contract Settlement Date. On or prior to the Purchase Contract Settlement Date, the Company shall deposit with the Trustee immediately
available funds in an amount sufficient to pay, on the Purchase Contract Settlement Date, the aggregate Put Price of all Separate Senior Notes with respect to which a Holder has exercised a Put Right. In exchange for any Separate Senior Notes
surrendered pursuant to the Put Right, the Trustee shall then distribute such amount to the Holders of such Separate Senior Notes. 
 Section 8.06. Additional Event of Default. In addition to the events listed as Events of Default in Section 501 of the Base Indenture, it shall be an additional Event of Default with respect to the Senior Notes, if the
Company shall not have satisfied its obligation to pay the Put Price when due with respect to any Separate Senior Note following exercise of the Put Right in accordance with Section 8.05. 
 ARTICLE 9 
 TAX TREATMENT 
 Section 9.01. Tax Treatment. The Company agrees, and by acceptance of a Corporate Unit, each holder of a Corporate Unit will be deemed to
have agreed (1) for United States federal, state and local income and franchise tax purposes to treat the acquisition of a Corporate Unit as the acquisition of the Senior Note and the Purchase Contract constituting the Corporate Unit and
(2) to treat the Senior Note as indebtedness for United States federal, state and local income and franchise tax purposes. A Holder of Senior Notes may obtain the comparable yield and projected payment schedule for the Senior Notes, determined
by the Company pursuant to Treas. Reg. Sec. 1.1275-4, by submitting a written request for such information to the Company at the following address: Albertson’s, Inc., 250 Parkcenter Boulevard, P.O. Box 20, Boise, Idaho 83726, Attention:
Treasurer. 
  

 12 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, as of
the day and year first written above. 

					
	ALBERTSON’S, INC.	 	
			
	 By:
	 	 /s/
	 	
	 Name:
	 	John Boyd	 	
	 Title:
	 	Group Vice President and Treasurer	 	

  

					
	Attest:	 	
		
	 /s/
	 	
	 Name:
	 	Julie Backe	 	
	 Title:
	 	Assistant Secretary	 	

  

					
	U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee	 	
			
	 By:
	 	 /s/
	 	
	 Name:
	 	 Patrick A. Crowley
	 	
	 Title:
	 	 Vice President
	 	

  

 13 

 EXHIBIT A 
 [IF THIS SENIOR NOTE IS TO BE A GLOBAL SECURITY, INSERT:] 
 THIS SENIOR NOTE IS A GLOBAL SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY OR A NOMINEE OF THE DEPOSITORY TRUST COMPANY. THIS SENIOR NOTE IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER
THAN THE DEPOSITORY TRUST COMPANY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY TO A NOMINEE OF THE DEPOSITORY TRUST COMPANY OR BY A NOMINEE
OF THE DEPOSITORY TRUST COMPANY TO THE DEPOSITORY TRUST COMPANY OR ANOTHER NOMINEE OF THE DEPOSITORY TRUST COMPANY. 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 No.         
 CUSIP
No. 013104 40 1 
 $500,000,000 
 ALBERTSON’S, INC. 
 SENIOR NOTE 
 DUE 2009 
 ALBERTSON’S, INC., a corporation organized and existing under the laws of Delaware
(hereinafter called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                , or registered assigns, the principal sum of up to FIVE HUNDRED MILLION Dollars ($500,000,000), as set forth in the Schedule of Increases or
Decreases In Senior Note attached hereto, on February 16, 2009 (such date is hereinafter referred to as the “Maturity Date”), and to pay interest thereon from August 16, 2004 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, quarterly in arrears on February 16, May 16, August 16 and November 16 of each year, commencing August 16, 2004, at the rate of 3.75% per annum through and including the day
immediately preceding the Reset Effective Date, if any, 

  

 14 

 
and thereafter semi-annually at the Reset Rate, if any, on the basis of a 360-day year consisting of twelve 30-day months, until the principal hereof is paid
or duly provided for or made available for payment, and (to the extent that the payment of such interest shall be legally enforceable) to pay interest, compounded quarterly, at the rate of 3.75% per annum on any overdue principal and payment of
interest through and including the day immediately preceding the Reset Effective Date, if any, and thereafter at the Reset Rate and on semi-annual Interest Payment Dates, if any. The amount of interest payable for any period shorter than a full
quarterly period or, following a Successful Remarketing, semi-annual period as applicable, for which interest is computed will be computed on the basis of a 30-day month and, for any period less than a month, on the basis of the actual number of
days elapsed per 30-day month. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Senior Note (or one or more Predecessor
Senior Notes) is registered at the close of business on the Record Date for such Interest Payment Date. 
 Payment of the principal of and
interest on this Senior Note will be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, the City of New York, which shall initially be the Corporate Trust Office of the Trustee, in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the Holder at such
address as shall appear in the Security Register or by wire transfer to an account appropriately designated by the Holder entitled to payment. 
 Reference is hereby made to the further provisions of this Senior Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Senior Note
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
  

 15 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
 Dated:
                                        

  

					
	ALBERTSON’S, INC.	 	
			
	By:	 	  
	 	
	Name:	 		 	
	Title:	 		 	

  

					
	[SEAL]	 	
		
	  
	 	
	Name:	 		 	
	Title:	 		 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Senior Notes referred to in the within mentioned Indenture. 
 Dated:
                                        

  

					
	U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee	 	
			
	 By:
	 	  
	 	
		 	Authorized Signatory	 	

  

 16 

 FORM OF REVERSE OF SENIOR NOTE 
 This Senior Note is one of a duly authorized issue of securities of the Company (herein called the “Senior Notes”), issued and to be
issued in one or more series under an Indenture, dated as of May 1, 1992, between the Company and U.S. Bank Trust National Association, as successor trustee (herein called the “Trustee”, which term includes any successor
trustee)(the “Base Indenture”), as supplemented by the Supplemental Indenture No. 1 between the Company and the Trustee (the “Supplemental Indenture” and together with the Base Indenture, the
“Indenture”), to which Indenture reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Senior Notes and of the
terms upon which the Senior Notes are, and are to be, authenticated and delivered. This Senior Note is one of the series designated on the face hereof, limited in aggregate principal amount to $1,000,000,000 (or up to $1,150,000,000 to the extent
that the over-allotment option granted to the Underwriters pursuant to the Underwriting Agreement is exercised). 
 If a Special Event shall
occur and be continuing, the Company may, at its option, redeem the Senior Notes of this series in whole; but not in part, on any Interest Payment Date prior to the earlier of the date of a Successful Remarketing and the Purchase Contract Settlement
Date, at a price per Senior Note equal to the Redemption Price as set forth in the Indenture. 
 If there has not been a Successful
Remarketing prior to the Purchase Contract Settlement Date, the holders of Senior Notes will have the right to require the Company to purchase their Senior Notes on the Purchase Contract Settlement Date; all as more fully described in the
Supplemental Indenture. 
 The Senior Notes are not entitled to the benefit of any sinking fund and will not be subject to defeasance.

 If an Event of Default with respect to Senior Notes of this series shall occur and be continuing, the principal of the Senior Notes of
this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Senior Notes at any time by the Company and the Trustee with the consent of the
Holders of at least a majority in principal amount of the Senior Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Senior Notes at the time Outstanding,
on behalf of the Holders of all Senior Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Senior
Note shall be conclusive and binding upon such Holder and upon all future Holders of this Senior Note and of any Senior Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such
consent or waiver is made upon this Senior Note. 

 No reference herein to the Indenture and no provision of this Senior Note or of the Indenture shall alter
or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Senior Note at the times, place and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Senior Note is registrable in the Securities
Register, upon surrender of this Senior Note for registration of transfer at the office or agency of the Company in any place where the principal of and interest on this Senior Note are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Securities Registrar duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Senior Notes of this series, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Senior Notes of
this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Senior Notes of this series are
exchangeable for a like aggregate principal amount of Senior Notes of this series of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Senior Note for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Senior Note is registered as the owner hereof for all purposes, whether or not this Senior Note be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 All terms used in this Senior Note which are defined
in the Indenture shall have the meanings assigned to them in the Indenture. 
 This Senior Note shall be governed by the laws of New York.

 The Company agrees, and by acceptance of a Corporate Unit, each holder of a Corporate Unit will be deemed to have agreed (1) for
United States federal, state and local income and franchise tax purposes to treat the acquisition of a Corporate Unit as the acquisition of the Senior Note and the Purchase Contract constituting the Corporate Unit and (2) to treat the Senior
Note as indebtedness for United States federal, state and local income and franchise tax purposes. A Holder of Senior Notes may obtain the comparable yield and projected payment schedule for the Senior Notes, determined by the Company pursuant to
Treas. Reg. Sec. 1.1275-4, by submitting a written request for it to the Company at the following address: Albertson’s, Inc., 250 Parkcenter Boulevard, P.O. Box 20, Boise, Idaho 83726; Attention: Treasurer. 

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned assigns and transfers this Senior Note to: 
                                       
                                        
                                        
                                        
                                        
                                        
                    
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (Insert assignee’s social
security or taxpayer identification number) 
                                       
                                        
                                        
                                        
                                        
                                        
                    
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (Insert address and zip code of
assignee) 
 and irrevocably appoints 
                                       
                                        
                                        
                                        
                                        
                                        
                    
                                       
                                        
                                        
                                       
                                        
                                        
                      
 agent to transfer this
Senior Note on the books of the Company. The agent may substitute another to act for him or her. 
 Date:
                                        

  

	
	Signature:
	
	  

	
	Signature Guarantee:
                                        
        

 (Sign exactly as your name appears on the other side of this Senior Note) 

 SIGNATURE GUARANTEE 
 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program
(“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

			
	By:	 	  

	Name:	 	
	Title:	 	

 SCHEDULE OF INCREASES OR DECREASES IN SENIOR NOTE 
 The following increases or decreases in a part of this Senior Note have been made: 
  

									
	 Date
	 	 Amount of
 decrease in
 principal
 amount of this
 Senior
Note
	 	 Amount of
 increase in
 principal
 amount of this
 Senior
Note
	 	 Principal
 amount of this
 Senior Note
 following such
 decrease
 (or increase)
	 	 Signature of
 authorized officer
 or TrusteeSUPERVALU INC. 2002 Stock Plan, as amended

 Exhibit 10.1 
 SUPERVALU INC. 
 2002 STOCK PLAN 
 Section 1. Purpose. 
 The purpose of the Plan is to promote the interests of the Company and its
stockholders by aiding the Company in attracting and retaining key management personnel for the Company and its Affiliates as well as non-employee directors for the Company, capable of assuring the future success of the Company and its Affiliates;
to offer such individuals incentives to put forth maximum efforts for the success of the Company’s business; and, to afford such individuals an opportunity to acquire a proprietary interest in the Company. 
 Section 2. Definitions. 
 As used in the Plan,
the following terms shall have the meanings set forth below: 
 (a) “Affiliate” shall mean (i) any entity that, directly or
indirectly through one or more intermediaries, is controlled by the Company and (ii) any entity in which the Company has a significant equity interest, in each case as determined by the Committee. 
 (b) “Award” shall mean any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Award, or Other Stock-Based
Award granted under the Plan. 
 (c) “Award Agreement” shall mean any written agreement, contract or other instrument or document
evidencing any Award granted under the Plan. An Award Agreement may be in an electronic medium and need not be signed by a representative of the Company or the Participant. Each Award Agreement shall be subject to the applicable terms and conditions
of the Plan and any other terms and conditions (not inconsistent with the Plan) determined by the Committee. 
 (d) “Code” shall
mean the Internal Revenue Code of 1986, as amended from time to time, and any regulations promulgated thereunder. 
 (e)
“Committee” shall mean a committee of the Board of Directors of the Company designated by such Board to administer the Plan. The Committee shall be comprised of not less than such number of directors as shall be required to permit Awards
granted under the Plan to qualify under Rule 16b-3, and each member of the Committee shall be a “Non-Employee Director” within the meaning of Rule 16b-3 and an “outside director” within the meaning of
Section 162(m) of the Code. The Company expects to have the Plan administered in accordance with the requirements for the award of “qualified performance-based compensation” within the meaning of Section 162(m) of the Code.

 (f) “Company” shall mean SUPERVALU INC., a Delaware corporation, and any successor corporation. 
 (g) “Eligible Person” shall mean any employee, officer, consultant or independent contractor providing services to the Company or any
Affiliate, who the Committee determines to be an Eligible Person, or any director of the Company who is not an employee of the Company or an Affiliate. 

 (h) “Fair Market Value” shall mean, with respect to any property (including, without
limitation, any Shares or other securities), the fair market value of such property determined by such methods or procedures as shall be established from time to time by the Committee. Notwithstanding the foregoing, and unless otherwise determined
by the Committee, the Fair Market Value of a Share as of a given date shall be, if the Shares are then listed on the New York Stock Exchange, the closing price of one Share as reported on the New York Stock Exchange on such date or, if the New York
Stock Exchange is not open for trading on such date, on the next date that the New York Stock Exchange is open for trading. 
 (i)
“Incentive Stock Option” shall mean an option to purchase Shares that is granted under Section 6(a) of the Plan and intended to meet the requirements of Section 422 of the Code or any successor provision. 
 (j) “Non-Qualified Stock Option” shall mean an option to purchase Shares that is granted under Section 6(a) of the Plan and is not
intended to be an Incentive Stock Option. 
 (k) “Option” shall mean an option to purchase Shares that is granted under
Section 6(a) of the Plan as an Incentive Stock Option or a Non-Qualified Stock Option, and shall include Restoration Options. 
 (l)
“Other Stock-Based Award” shall mean any right granted under Section 6(e) of the Plan. 
 (m) “Participant” shall
mean an Eligible Person that is granted an Award under the Plan. 
 (n) “Performance Award” shall mean any right granted under
Section 6(d) of the Plan. 
 (o) “Person” shall mean any individual, corporation, partnership, association or trust.

 (p) “Plan” shall mean this SUPERVALU INC 2002 Stock Plan, as amended from time to time. 
 (q) “Restoration Option” shall mean any Option granted under Section 6(a)(iv) of the Plan. 
 (r) “Restricted Stock” shall mean any Share granted under Section 6(c) of the Plan. 
 (s) “Restricted Stock Unit” shall mean any unit granted under Section 6(c) of the Plan evidencing the right to receive a Share (or a cash
payment equal to the Fair Market Value of a Share) at some future date. 
  

 2 

 (t) “Rule 16b-3” shall mean Rule 16b-3 promulgated by the Securities and Exchange
Commission under the Securities Exchange Act of 1934, as amended, or any successor rule or regulation. 
 (u) “Share” shall mean a
share of the common stock of the Company, par value $1.00 per share, or such other security or property as may become subject to an Award pursuant to an adjustment made under Section 4(c) of the Plan. 
 (v) “Stock Appreciation Right” shall mean any right granted under Section 6(b) of the Plan. 
 Section 3. Administration. 
 (a) Power and
Authority of the Committee. The Plan shall be administered by the Committee. Subject to the express provisions of the Plan and applicable law, the Committee shall have full power and authority to: (i) designate Eligible Persons and
Participants; (ii) determine the type or types of Awards to be granted to each Participant under the Plan; (iii) determine the number of Shares to be covered by (or with respect to which payments, rights or other matters are to be
calculated in connection with) each Award; (iv) determine the terms and conditions of any Award or Award Agreement; (v) amend the terms and conditions of any Award or Award Agreement and accelerate the vesting or exercisability of Options,
or the lapse of restrictions relating to Restricted Stock, Restricted Stock Units or other Awards; provided however, that no such amendment shall amend the exercise price of any Option or Stock Appreciation Rights previously granted, except for any
adjustment made under Section 4(c) of the Plan, without the approval of the Company’s stockholders; (vi) determine whether, to what extent and under what circumstances Awards may be exercised in cash, Shares, other securities, other
Awards or other property, or canceled, forfeited or suspended; (vii) determine whether, to what extent and under what circumstances cash, Shares, other securities, other Awards, other property and other amounts payable with respect to an Award
under the Plan shall be deferred either automatically or at the election of the holder thereof or the Committee; (viii) interpret and administer the Plan and any instrument or agreement, including an Award Agreement, relating to the Plan;
(ix) establish, amend, suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (x) make any other determination and take any other action that the
Committee deems necessary or desirable for the administration of the Plan. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations and other decisions under or with respect to the Plan or any Award shall be
within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon any Eligible Person or Participant, any holder or beneficiary of any Award and any employee of the Company or any Affiliate.

 (b) Delegation. The Committee may delegate its powers and duties under the Plan to one or more directors or officers of the
Company, or to a committee of directors or officers, subject to such terms, conditions and limitations as the Committee may establish in its sole discretion; provided, however, that the Committee shall not delegate its powers and duties under the
Plan (i) with regard to officers or directors of the Company or any Affiliate who are subject to Section 16 of the Securities Exchange Act of 1934, (ii) in such a manner as would cause the Plan not to comply with the requirements of
Section 162(m) of the Code or (iii) in such a manner as would contravene Section 157 of the Delaware General Corporation Law. 
  

 3 

 (c) Power and Authority of the Board of Directors. Notwithstanding anything to the contrary
contained herein, the Board of Directors may, at any time and from time to time, without any further action of the Committee, exercise the powers and duties of the Committee under the Plan. 
 Section 4. Shares Available for Awards. 
 (a)
Shares Available. Subject to adjustment as provided in Section 4(c), the aggregate number of Shares that may be issued under all Awards under the Plan shall be 13,000,000, of which 7,500,000 shares shall be reserved solely for the grant
of Awards designated as stock options. Shares to be issued under the Plan may be either Shares reacquired and held in the treasury or authorized but unissued Shares. If any Shares covered by an Award or to which an Award relates are not purchased or
are forfeited, or if an Award otherwise terminates or is settled without delivery of any Shares, then the number of Shares counted against the aggregate number of Shares available under the Plan with respect to such Award, to the extent of any such
forfeiture, termination or settlement, shall again be available for granting Awards under the Plan. Any shares tendered in payment of the exercise price of an Option granted under the Plan or an option granted under any other stock plan of the
Company shall be credited to the number of Shares available for grant under the Plan; provided however, that with respect to any Option granted under the Plan commencing June 15, 2005, and thereafter, any shares of the Company’s common
stock that are tendered in payment of the exercise price of such Option shall no longer be credited to the number of Shares available for grant under the Plan. 
 (b) Accounting for Awards. For purposes of this Section 4, if an Award entitles the holder thereof to receive or purchase Shares, the number of Shares covered by such Award or to which such Award relates
shall be counted on the date of grant of such Award against the aggregate number of Shares available for granting Awards under the Plan. 
 (c) Adjustments. In the event that the Committee shall determine that any dividend or other distribution (whether in the form of cash, Shares, other securities or other property), recapitalization, stock split, reverse stock split,
reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company or other similar
corporate transaction or event affects the Shares such that an adjustment is determined by the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the
Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the number and type of Shares (or other securities or other property) which thereafter may be made the subject of Awards, (ii) the number and
type of Shares (or other securities or other property) subject to outstanding Awards and (iii) the purchase or exercise price with respect to any Award; provided, however, that the number of Shares covered by any Award or to which such Award
relates shall always be a whole number. 
  

 4 

 (d) Award Limitations Under the Plan. No Eligible Person, who is an employee of the Company at the
time of grant, may be granted any Option, Stock Appreciation Right or Other Stock-Based Award (the value of which is based solely on an increase in the value of the Shares after the date of grant) for more than 500,000 Shares (subject to adjustment
as provided for in Section 4(c)), taking into account all such awards granted by the Company pursuant to any of its stock compensation plans, in any calendar year period beginning with the period commencing January 1, 2002. The foregoing
annual limitation specifically includes the grant of any Awards representing “qualified performance-based compensation” within the meaning of Section 162(m) of the Code. 
 Section 5. Eligibility. 
 Any Eligible Person, including any Eligible Person who is an officer or
director of the Company or any Affiliate, shall be eligible to be designated a Participant. In determining which Eligible Persons shall receive an Award and the terms of any Award, the Committee may take into account the nature of the services
rendered by the respective Eligible Persons, their present and potential contributions to the success of the Company or such other factors as the Committee, in its discretion, shall deem relevant. Notwithstanding the foregoing, an Incentive Stock
Option may only be granted to full-time or part-time employees (which term as used herein includes, without limitation, officers and directors who are also employees) and an Incentive Stock Option shall not be granted to an employee of an Affiliate
unless such Affiliate is also a “subsidiary corporation” of the Company within the meaning of Section 424(f) of the Code or any successor provision. 
 Section 6. Awards. 
 (a) Options. The Committee is hereby authorized to grant Options to Participants with the
following terms and conditions and with such additional terms and conditions not inconsistent with the provisions of the Plan as the Committee shall determine: 
 (i) Exercise Price. The purchase price per Share purchasable under an Option shall be determined by the Committee; provided, however, that such purchase price shall not be less than 100% of the Fair Market
Value of a Share on the date of grant of such Option and shall not be adjusted thereafter except as provided for in Section 4(c) of the Plan. 
 (ii) Option Term. The term of each Option shall be fixed by the Committee, but shall not exceed seven years for Options granted after April 1, 2005, except for Restoration Options granted with respect to previously granted
Options pursuant to clause (iv) below. 
 (iii) Time and Method of Exercise. The Committee shall determine the time or times at
which an Option may be exercised in whole or in part and the method or methods by which, and the form or forms (including, without limitation, cash, Shares, promissory notes, other securities, other Awards or other property, or any combination
thereof, having a Fair Market Value on the exercise date equal to the relevant exercise price) in which, payment of the exercise price with respect thereto may be made or deemed to have been made. 
  

 5 

 (iv) Restoration Options. The Committee may grant Restoration Options, separately or together
with another Option, pursuant to which, subject to the terms and conditions established by the Committee and any applicable requirements of law, the Participant would be granted a new Option when the payment of the exercise price of the option to
which such Restoration Option relates is made by the delivery of Shares pursuant to the relevant provisions of the plan or agreement relating to such option, which new Option would be an Option to purchase the number of Shares not exceeding the sum
of (A) the number of Shares so provided as consideration upon the exercise of the previously granted option to which such Restoration Option relates, (B) the number of Shares, if any, tendered or withheld as payment of the amount required
to be withheld under applicable tax laws in connection with the exercise of the option to which such Restoration Option relates, and (C) the number of previously owned Shares, if any, tendered as payment for additional tax obligations of the
Participant in connection with the exercise of the option to which such Restoration Option relates pursuant to the relevant provisions of the plan or agreement relating to such option. Restoration Options may be granted with respect to options
previously granted under the Plan or any other stock option plan of the Company, and may be granted in connection with any option granted under the Plan or any other stock option plan of the Company at the time of such grant. Such Restoration
Options shall have a per share exercise price equal to the Fair Market Value of one Share as of the date of grant of the new Option. Any Restoration Option shall be subject to availability of sufficient Shares for grant under the Plan. Shares
surrendered as part or all of the exercise price of the Option to which it relates that have been owned by the optionee less than six months will not be counted for purposes of determining the number of Shares that may be purchased pursuant to a
Restoration Option. Notwithstanding the foregoing, no Restoration Option shall be granted in connection with Options granted under the Plan or any other stock option plan of the Company after April 1, 2005. 
 (b) Stock Appreciation Rights. The Committee is hereby authorized to grant Stock Appreciation Rights to Participants subject to the terms of the
Plan and any applicable Award Agreement. A Stock Appreciation Right granted under the Plan shall confer on the holder thereof a right to receive upon exercise thereof the excess of (i) the Fair Market Value of one Share on the date of exercise
(or, if the Committee shall so determine, at any time during a specified period before or after the date of exercise) over (ii) the grant price of the Stock Appreciation Right as specified by the Committee, which price shall not be less than
100% of the Fair Market Value of one Share on the date of grant of the Stock Appreciation Right. Subject to the terms of the Plan and any applicable Award Agreement, the grant price, term, methods of exercise, dates of exercise, methods of
settlement and any other terms and conditions of any Stock Appreciation Right shall be as determined by the Committee. The Committee may impose such conditions or restrictions on the exercise of any Stock Appreciation Right as it may deem
appropriate. 
 (c) Restricted Stock and Restricted Stock Units. The Committee is hereby authorized to grant Awards of Restricted
Stock and Restricted Stock Units to Participants with the following terms and conditions and with such additional terms and conditions not inconsistent with the provisions of the Plan as the Committee shall determine: 
 (i) Restrictions. Shares of Restricted Stock and Restricted Stock Units shall be subject to such restrictions as the Committee may impose
(including, without 

  

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limitation, any limitation on the right to vote a Share of Restricted Stock or the right to receive any dividend or other right or property with respect
thereto), which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise as the Committee may deem appropriate. 
 (ii) Stock Certificates. Any Restricted Stock granted under the Plan shall, at the option of the Company, be evidenced by book entry Shares held in the Participant’s name on the records of the
Company’s transfer agent or by issuance of a stock certificate or certificates, which certificate or certificates shall be held by the Company. Such book entry Shares or certificate or certificates shall be registered in the name of the
Participant and shall bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Stock. In the case of Restricted Stock Units, no Shares shall be issued at the time such Awards are granted.

 (iii) Forfeiture; Delivery of Shares. Except as otherwise determined by the Committee, upon termination of employment (as
determined under criteria established by the Committee) during the applicable restriction period, all Shares of Restricted Stock and all Restricted Stock Units at such time subject to restriction shall be forfeited and reacquired by the Company;
provided, however, that the Committee may, when it finds that a waiver would be in the best interest of the Company, waive in whole or in part any or all remaining restrictions with respect to Shares of Restricted Stock or Restricted Stock Units.
Any Share representing Restricted Stock that is no longer subject to restrictions shall be delivered to the holder thereof promptly after the applicable restrictions lapse or are waived. Upon the lapse or waiver of restrictions and the restricted
period relating to Restricted Stock Units evidencing the right to receive Shares, such Shares shall be issued and delivered to the holders of the Restricted Stock Units. 
 (d) Performance Awards. The Committee is hereby authorized to grant Performance Awards to Participants subject to the terms of the Plan and any applicable Award Agreement. A Performance Award granted under the
Plan (i) may be denominated or payable in cash, Shares (including, without limitation, Restricted Stock), other securities, other Awards or other property and (ii) shall confer on the holder thereof the right to receive payments, in whole
or in part, upon the achievement of such performance goals during such performance periods as the Committee shall establish. Subject to the terms of the Plan and any applicable Award Agreement, the performance goals to be achieved during any
performance period, the length of any performance period, the amount of any Performance Award granted, the amount of any payment or transfer to be made pursuant to any Performance Award and any other terms and conditions of any Performance Award
shall be determined by the Committee. 
 (e) Other Stock-Based Awards. The Committee is hereby authorized to grant to Participants
such other Awards that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Shares (including, without limitation, securities convertible into Shares), as are deemed by the Committee to be
consistent with the purpose of the Plan; provided, however, that such grants must comply with applicable law. Subject to the terms of the Plan and any applicable Award Agreement, the Committee shall determine the terms and conditions of such Awards.
Shares or other securities delivered pursuant to a purchase right granted under this Section 6(e) shall be purchased for such consideration, which may be paid by 

  

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such method or methods and in such form or forms (including without limitation, cash, Shares, promissory notes, other securities, other Awards or other
property or any combination thereof) as the Committee shall determine, the value of which consideration, as established by the Committee, shall not be less than 100% of the Fair Market Value of such Shares or other securities as of the date such
purchase right is granted. 
 (f) General. 
 (i) Consideration for Awards. Awards may be granted for no cash consideration or for other consideration as may be determined by the Committee or required by applicable law. 
 (ii) Awards May Be Granted Separately or Together. Awards may, in the discretion of the Committee, be granted either alone or in addition to, in
tandem with or in substitution for any other Award or any award granted under any plan of the Company or any Affiliate other than the Plan. Awards granted in addition to or in tandem with other Awards or in addition to or in tandem with awards
granted under any such other plan of the Company or any Affiliate may be granted either at the same time as or at a different time from the grant of such other Awards or awards. 
 (iii) Forms of Payment under Awards. Subject to the terms of the Plan and of any applicable Award Agreement, payments or transfers to be made by
the Company or an Affiliate upon the grant, exercise or payment of an Award may be made in such form or forms as the Committee shall determine (including, without limitation, cash, Shares, promissory notes, other securities, other Awards or other
property or any combination thereof), and may be made in a single payment or transfer, in installments or on a deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures may include,
without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments. 
 (iv) Limits on
Transfer of Awards. No Award and no right under any such Award shall be transferable by a Participant other than by will or by the laws of descent and distribution; provided, however, that, if so determined by the Committee, a Participant may,
in the manner established by the Committee, transfer Non-Qualified Stock Options or designate a beneficiary or beneficiaries to exercise the rights of the Participant and receive any property distributable with respect to any Award upon the death of
the Participant. Each Award or right under any such Award shall be exercisable during the Participant’s lifetime only by the Participant (except as otherwise provided in an Award Agreement or amendment thereto relating to a Non-Qualified Stock
Option pursuant to terms determined by the Committee) or, if permissible under applicable law, by the Participant’s guardian or legal representative. No Award or right under any such Award may be pledged, alienated, attached or otherwise
encumbered, and any purported pledge, alienation, attachment or encumbrance thereof shall be void and unenforceable against the Company or any Affiliate. 
 (v) Term of Awards. Except as provided in Section 6(a)(ii), the term of each Award shall be for such period as may be determined by the Committee. 
  

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 (vi) Restrictions; Securities Exchange Listing. All Shares or other securities delivered under
the Plan pursuant to any Award or the exercise thereof shall be subject to such stop transfer orders or other restrictions as the Committee may deem advisable under the Plan or the rules, regulations and other requirements of the Securities and
Exchange Commission and any applicable federal or state securities laws, and the Committee may cause a legend or legends to be placed on the certificates for such shares or other securities to reflect such restrictions. If the Shares or other
securities are traded on a securities exchange, the Company shall not be required to deliver any Shares or other securities covered by an Award unless and until such Shares or other securities have been admitted for trading on such securities
exchange. 
 Section 7. Amendment and Termination; Adjustments. 
 (a) Amendments to the Plan. The Board of Directors of the Company may amend, alter, suspend, discontinue or terminate the Plan; provided, however, that, notwithstanding any other provision of the Plan or any
Award Agreement, without the approval of the stockholders of the Company, no such amendment, alteration, suspension, discontinuation or termination shall be made that, absent such approval: 
 (i) would violate the rules or regulations of the New York Stock Exchange, any other securities exchange or the National Association of Securities
Dealers, Inc. that are applicable to the Company; or 
 (ii) would cause the Company to be unable, under the Code, to grant Incentive Stock
Options under the Plan; or 
 (iii) would amend the exercise price of any Option or Stock Appreciation Rights previously granted, except for
any adjustment made under Section 4(c) of the Plan; or 
 (iv) would allow exercise price of any Option or the grant price of any Stock
Appreciation Right to be less than 100% of the Fair Market Value of one Share on the date such Option or Stock Appreciation Right is granted. 
 (b) Amendments to Awards. Subject to the provisions of the Plan, the Committee may waive any conditions of or rights of the Company under any outstanding Award, prospectively or retroactively. The Committee may not amend, alter,
suspend, discontinue or terminate any outstanding Award, prospectively or retroactively, in any manner that adversely affects any Award, without the consent of the Participant or holder or beneficiary thereof, except as otherwise herein provided or
in an Award Agreement. 
 (c) Correction of Defects, Omissions and Inconsistencies. The Committee may correct any defect, supply any
omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem desirable to carry the Plan into effect. 
 Section 8. Income Tax Withholding and Payment. 
 In order to comply with all applicable federal or state income tax laws
or regulations, the Company may take such action as it deems appropriate to ensure that all applicable federal or 

  

 9 

 
state payroll, withholding, income or other taxes, which are the sole and absolute responsibility of a Participant, are withheld or collected from such
Participant. In order to assist a Participant in paying all or a portion of the federal and state taxes to be withheld or collected upon exercise or receipt of (or the lapse of restrictions relating to) an Award, the Committee, in its discretion and
subject to such additional terms and conditions as it may adopt, may permit the Participant to satisfy such tax obligation by (i) electing to have the Company withhold a portion of the Shares otherwise to be delivered upon exercise or receipt
of (or the lapse of restrictions relating to) such Award with a Fair Market Value equal to the amount of such taxes or (ii) delivering to the Company Shares other than Shares issuable upon exercise or receipt of (or the lapse of restrictions
relating to) such Award with a Fair Market Value equal to the amount of such taxes. In addition to the amounts required to be withheld to pay applicable taxes, subject to such terms and conditions as the Committee shall determine in its sole and
absolute discretion, the Committee may permit the Participant to elect to deliver to the Company Shares (other than Shares issuable upon exercise or receipt of (or the lapse of restrictions relating to) such Award) with a Fair Market Value equal to
the amount of such additional federal and/or state income taxes imposed on the Participant in connection with the exercise of the Award. All elections, if any, must be made on or before the date that the amount of tax to be withheld is determined.

 Section 9. General Provisions. 
 (a) No Rights to Awards. No Eligible Person, Participant or other Person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of Eligible Persons, Participants or holders
or beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to any Participant or with respect to different Participants. 
 (b) Award Agreements. No Participant shall have rights under an Award granted to such Participant unless and until an Award Agreement shall have
been duly executed on behalf of the Company, and if requested by the Company, signed by the Participant, or until such Award Agreement is delivered and accepted through any electronic medium in accordance with procedures established by the Company.

 (c) No Limit on Other Compensation Arrangements. Nothing contained in the Plan shall prevent the Company or any Affiliate from
adopting or continuing in effect other or additional compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases. 
 (d) No Right to Employment. The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of the
Company or any Affiliate, nor will it affect in any way the right of the Company or an Affiliate to terminate such employment at any time, with or without cause. In addition, the Company or an Affiliate may at any time dismiss a Participant from
employment free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or in any Award Agreement. 
 (e) Governing Law. The validity, construction and effect of the Plan or any Award, and any rules and regulations relating to the Plan or any Award, shall be determined in accordance with the laws of the State of Delaware. 

 

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 (f) Severability. If any provision of the Plan or any Award is or becomes or is deemed to be
invalid, illegal or unenforceable in any jurisdiction or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be
so construed or deemed amended without, in the determination of the Committee, materially altering the purpose or intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction or Award, and the remainder of the Plan or
any such Award shall remain in full force and effect. 
 (g) No Trust or Fund Created. Neither the Plan nor any Award shall create or
be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate and a Participant or any other Person. To the extent that any Person acquires a right to receive payments from the Company
or any Affiliate pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company or any Affiliate. 
 (h) No Fractional Shares. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash shall be paid in lieu of any fractional Shares or
whether such fractional Shares or any rights thereto shall be canceled, terminated or otherwise eliminated. 
 (i) Headings. Headings
are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof.

 Section 10. Effective Date of the Plan. 
 The Plan shall be effective as of April 10, 2002, subject to approval by the stockholders of the Company within one year thereafter. 
 Section 11. Term of the Plan. 
 Unless the Plan shall have been discontinued or terminated as provided in Section 7(a),
the Plan shall terminate on April 9, 2012. No Award shall be granted after the termination of the Plan. However, unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore granted may extend
beyond the termination of the Plan, and the authority of the Committee provided for hereunder with respect to the Plan and any Awards, and the authority of the Board of Directors of the Company to amend the Plan, shall extend beyond the termination
of the Plan. 
 Amended 06/15/2005 
 Amended 4/17/2007
(“Fair Market Value” definition) 
  

 11

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