Document:

Albertson's, Inc. 2004 Equity and Performance Incentive Plan, as amended

 Exhibit 10.28 
 ALBERTSON’S, INC. 
 2004 EQUITY AND PERFORMANCE INCENTIVE PLAN 
 Section 1. Purposes. 
 The purposes of the 2004
Equity and Performance Incentive Plan are to promote the growth and profitability of SUPERVALU INC. and its Subsidiaries by enabling them to attract and retain the best available personnel for positions of substantial responsibility, to provide
officers and other key employees, non-employee directors and Special Advisors with an opportunity for investment in the Company’s Common Shares to give them an additional incentive to increase their efforts on behalf of the Company and its
Subsidiaries, and to further align the long-term interests of officers and other key employees, non-employee directors and Special Advisors with those of the stockholders. 
 The 2004 Equity and Performance Incentive Plan was assumed by SUPERVALU INC. in connection with its acquisition of certain businesses formerly owned by
Albertson’s, Inc. on June 2, 2006 and was amended and restated effective April 17, 2007. 
 Section 2. Definitions. 
 As used in this Plan, 
 (a) “Appreciation
Right” means a right granted pursuant to Section 5 of this Plan, and will include both Tandem Appreciation Rights and Free-Standing Appreciation Rights. 
 (b) “Base Price” means the price to be used as the basis for determining the Spread upon the exercise of a Free-Standing Appreciation Right and a Tandem Appreciation Right. 
 (c) “Board” means the Board of Directors of the Company and, to the extent of any delegation by the Board to a committee (or subcommittee
thereof) pursuant to Section 17 of this Plan, such committee (or subcommittee). 
 (d) “Change in Control” has the meaning
provided in Section 13 of this Plan. 
 (e) “Code” means the Internal Revenue Code of 1986, as amended from time to time.

 (f) “Common Shares” means the shares of common stock, par value $1.00 per share, of the Company or any security into which such
Common Shares may be changed by reason of any transaction or event of the type referred to in Section 12 of this Plan. 
 (g)
“Company” means SUPERVALU INC., a Delaware corporation, or any successor corporation. 
 (h) “Covered Employee” means a
Participant who is, or is determined by the Board to be likely to become, a “covered employee” within the meaning of Section 162(m) of the Code (or any successor provision). 

 (i) “Date of Grant” means the date specified by the Board on which a grant of Option Rights,
Appreciation Rights, Performance Shares, Performance Units or other awards contemplated by Section 10 of this Plan or a grant or sale of Restricted Shares, Deferred Shares or other awards contemplated by Section 10 of this Plan will become
effective (which date will not be earlier than the date on which the Board takes action with respect thereto). 
 (j) “Deferral
Period” means the period of time during which Deferred Shares are subject to deferral limitations under Section 7 of this Plan. 
 (k) “Deferred Shares” means an award made pursuant to Section 7 or Section 9 of this Plan of the right to receive Common Shares at the end of a specified Deferral Period. An award of Deferred Shares may be described as
an award of “restricted stock units.” 
 (l) “Director” means a member of the Board of Directors of the Company.

 (m) “Effective Date” means June 10, 2004. 
 (n) “Eligible Transferee” means (i) one or more members of the Participant’s immediate family (as the term “immediate family” is defined in Rule 16a-1(e) promulgated under
Section 16(a) of the Exchange Act (or any successor provision), (ii) one or more trusts established solely for the benefit of one or more members of the Participant’s immediate family, (iii) one or more corporations or limited
liability companies in which the only equity holders are members of the Participant’s immediate family or (iv) one or more partnerships in which the only partners are members of the Participant’s immediate family. 
 (o) “Evidence of Award” means an agreement or other type or form of writing that sets forth the terms and conditions of the awards granted. An
Evidence of Award may be in an electronic medium and need not be signed by a representative of the Company or a Participant. 
 (p)
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, as such law, rules and regulations may be amended from time to time. 
 (q) “Fair Market Value” means, with respect to any property (including, without limitation, any Common 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 Board Notwithstanding the foregoing and unless otherwise determined by the Board, the Fair Market Value of a Common Share as of a
given date shall be, if the Common Shares are then listed on the New York Stock Exchange, the closing price of one Common 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. 
 (r) “Free-Standing Appreciation Right”
means an Appreciation Right granted pursuant to Section 5 of this Plan that is not granted in tandem with an Option Right. 
 (s)
“Incentive Stock Options” means Option Rights that are intended to qualify as “incentive stock options” under Section 422 of the Code or any successor provision. 
  

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 (t) “Incumbent Directors” means the individuals who, as of June 2, 2006, are Directors of
the Company and any individual becoming a Director subsequent to June 2, 2006, whose election, nomination for election by the Company’s stockholders, or appointment, was approved by a vote of at least two-thirds of the then Incumbent
Directors (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without objection to such nomination); provided, however, that an individual shall not be an Incumbent
Director if such individual’s election or appointment to the Board occurs as a result of an actual or threatened election contest (as described in Rule 14a-12(c) of the Exchange Act) with respect to the election or removal of Directors or other
actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board. 
 (u) “Management
Objectives” means the measurable performance objective or objectives established pursuant to this Plan for Participants who have received grants of Performance Shares or Performance Units or, when so determined by the Board, Option Rights,
Appreciation Rights, Restricted Shares, dividend credits and other awards pursuant to this Plan. Management Objectives may be described in terms of Company-wide objectives or objectives that are related to the performance of the individual
Participant or of the Subsidiary, division, department, region or function within the Company or Subsidiary in which the Participant is employed. The Management Objectives may be made relative to the performance of other companies. The Management
Objectives applicable to any award to a Covered Employee will be based on specified levels of or growth in one or more of the following criteria: 
 1. total shareholder return, including its components of stock price appreciation, dividends and/or dividend yield; 
 2. return on
assets, equity, invested capital, cash flow, investment or sales; 
 3. sales, including food items, non-food items, or private label sales;

 4. pre-tax or after-tax profit levels, including: earnings per share; earnings before interest and taxes; earnings before interest, taxes,
depreciation and amortization; net operating profits after tax, and net income; 
 5. cash flow and cash flow return on investment;

 6. economic profit and/or cost of capital; 
 7. turnover of assets, capital, or inventory; 
 8. levels of operating expense or other expense items as
reported on the income statement, including operating and maintenance expense; 
 9. measures of customer satisfaction and customer service
as surveyed from time to time, including the relative improvement therein; or 
 10. market share. 
  

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 If the Board determines that a change in the business, operations, corporate structure or capital structure of the
Company, or the manner in which it conducts its business, or other events or circumstances (such as expenses as a result of restructuring or productivity initiatives; non-operating items; acquisition expenses; and any other items of gain, loss or
expense that are determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment of a business or to a change of accounting principles) render the Management Objectives unsuitable, the Board
may in its discretion modify such Management Objectives or the related minimum acceptable level of achievement, in whole or in part, as the Board deems appropriate and equitable, except in the case of a Covered Employee where such action would
result in the loss of the otherwise available exemption of the award under Section 162(m) of the Code. In such case, the Board will not make any modification of the Management Objectives or minimum acceptable level of achievement with respect
to such Covered Employee. 
 (v) “Market Value per Share” means Fair Market Value of a Common Share for purposes of any Evidence of
Award covering any award granted under this Plan before April 17, 2007. 
 (w) “Non-Employee Director” means a person who is a
“non-employee director” of the Company within the meaning of Rule 16b-3 of the Exchange Act. 
 (x) “Optionee” means the
optionee named in an Evidence of Award evidencing an outstanding Option Right. 
 (y) “Option Price” means the purchase price
payable on exercise of an Option Right. 
 (z) “Option Right” means the right to purchase Common Shares upon exercise of an option
granted pursuant to Section 4 or Section 9 of this Plan. 
 (aa) “Participant” means a person who is selected by the
Board to receive benefits under this Plan and who is at the time a Special Advisor, an officer, or other key employee of the Company or any one or more of its Subsidiaries, or who has agreed to commence serving in any of such capacities within 90
days of the Date of Grant, and will also include each Non-Employee Director who receives Common Shares or an award of Option Rights, Appreciation Rights, Restricted Shares, Deferred Shares or other awards under this Plan; provided, however, that on
and after June 2, 2006, the Board may only select persons who were also employees of Albertson’s, Inc. or one of its subsidiaries prior to June 2, 2006 to receive awards granted under this Plan on and after June 2, 2006.

 (bb) “Performance Period” means, in respect of a Performance Share or Performance Unit, a period of time established pursuant to
Section 8 of this Plan within which the Management Objectives relating to such Performance Share or Performance Unit are to be achieved. 
 (cc) “Performance Share” means a bookkeeping entry that records the equivalent of one Common Share awarded pursuant to Section 8 of this Plan. 
 (dd) “Performance Unit” means a bookkeeping entry that records a unit equivalent to $1.00 awarded pursuant to Section 8 of this Plan. 
  

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 (ee) “Person” means any individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Exchange Act). 
 (ff) “Plan” means this Albertson’s, Inc. 2004 Equity and
Performance Incentive Plan. 
 (gg) “Restricted Shares” means Common Shares granted or sold pursuant to Section 6 or
Section 9 of this Plan as to which neither the substantial risk of forfeiture nor the prohibition on transfers referred to in such Section 6 has expired. 
 (hh) “Special Advisor” means an individual designated as such by the Board. 
 (ii)
“Spread” means the excess of the Fair Market Value of a Common Share on the date when an Appreciation Right is exercised, or on the date when Option Rights are surrendered in payment of the Option Price of other Option Rights, over the
Option Price or Base Price provided for in the related Option Right or Free-Standing Appreciation Right, respectively. 
 (jj)
“Subsidiary” means any corporation in which the Company owns, directly or indirectly through Subsidiaries, at least 50% of the total combined voting power of all classes of stock, or, except for purposes of any grant of Incentive Stock
Options, any other entity (including, but not limited to, partnerships and joint ventures) in which the Company owns an interest of at least 50% of the total combined equity generally entitled to make decisions for such entity. 
 (kk) “Tandem Appreciation Right” means an Appreciation Right granted pursuant to Section 5 of this Plan that is granted in tandem with an
Option Right. 
 (ll) “Voting Stock” means the then-outstanding securities entitled to vote generally in the election of Directors.

 Section 3. Shares Available Under the Plan. 
 (a) Subject to adjustment as provided in Section 3(b) and Section 12 of this Plan, the number of Common Shares that may be issued or transferred (i) upon the exercise of Option Rights or Appreciation
Rights, (ii) as Restricted Shares and released from substantial risks of forfeiture thereof, (iii) as Deferred Shares, (iv) in payment of Performance Shares or Performance Units that have been earned, (v) as awards to
Non-Employee Directors, (vi) as other awards contemplated by Section 10 of this Plan or (vii) in payment of dividend equivalents paid with respect to awards made under the Plan, will not exceed in the aggregate 16 million Common
Shares, plus any shares described in Section 3(b). Such shares may be shares of original issuance or treasury shares or a combination of the foregoing. 
 (b) The number of shares available in Section 3(a) above will be adjusted to account for shares relating to awards that expire or are forfeited or that are transferred, surrendered or relinquished upon the
payment of any Option Price by the transfer to the Company of Common Shares or upon satisfaction of any withholding amount. Upon payment in cash of the benefit provided by any award granted under this Plan, any shares that were covered by that award
will again be available for issue or transfer hereunder. If, under this Plan, a Participant has given up the right to receive compensation in exchange for Common Shares based on the Fair Market Value of a Common Share, such Common Shares will not
count against the number of shares available in Section 3(a) above. 
  

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 (c) Notwithstanding anything in this Section 3, or elsewhere in this Plan, to the contrary and
subject to adjustment as provided in Section 12 of this Plan, (i) the aggregate number of Common Shares actually issued or transferred by the Company upon the exercise of Incentive Stock Options will not exceed 20% of the Common Shares
reserved for purposes of this Plan pursuant to Section 3(a) hereof; (ii) no Participant will be granted Option Rights, Appreciation Rights, Restricted Shares, Deferred Shares, Performance Shares, Performance Units or other awards under
Section 10 of this Plan during the life of the Plan, in the aggregate, for more than 20% of the Common Shares reserved for purposes of this Plan pursuant to Section 3(a) hereof; and (iii) the number of shares issued as Restricted
Shares, Deferred Shares, Performance Shares and Performance Units (after taking into account any forfeitures, expirations or transfers upon satisfaction of any withholding amount) will not during the life of the Plan, in the aggregate, exceed 25% of
the Common Shares reserved for purposes of this Plan pursuant to Section 3(a) hereof. 
 (d) Notwithstanding any other provision of this
Plan to the contrary, in no event will any Participant in any calendar year receive an award of Performance Shares or Performance Units having an aggregate maximum value as of their respective Dates of Grant in excess of $5,000,000. 
 Section 4. Option Rights. 
 The Board may, from
time to time and upon such terms and conditions as it may determine, authorize the granting to Participants of options to purchase Common Shares. Each such grant may utilize any or all of the authorizations, and will be subject to all of the
requirements contained in the following provisions: 
 (a) Each grant will specify the number of Common Shares to which it pertains subject to
the limitations set forth in Section 3 of this Plan. 
 (b) Each grant will specify an Option Price per share, which may not be less
than the Fair Market Value of a Common Share on the Date of Grant. 
 (c) Each grant will specify whether the Option Price will be payable
(i) in cash, by check acceptable to the Company or by wire transfer of immediately available funds, (ii) by the actual or constructive transfer to the Company of Common Shares owned by the Optionee for at least 6 months (or other
consideration authorized pursuant to Section 4(d)) having a value at the time of exercise equal to the total Option Price, or (iii) by a combination of such methods of payment. 
 (d) The Board may determine, at or after the Date of Grant, that payment of the Option Price of any Option Right (other than an Incentive Stock Option)
may also be made in whole or in part in the form of Restricted Shares or other Common Shares that are forfeitable or subject to restrictions on transfer or in the form of Deferred Shares. Unless otherwise determined by the Board at or after the Date
of Grant, whenever any Option Price is paid in 

  

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whole or in part by means of any of the forms of consideration specified in this Section 4(d), the Common Shares received upon the exercise of the
Option Rights will be subject to such risks of forfeiture or restrictions on transfer as may correspond to any that apply to the consideration surrendered, but only to the extent, determined with respect to the consideration surrendered, of the
number of shares. 
 (e) To the extent permitted by law, any grant may provide for deferred payment of the Option Price from the proceeds of
sale through a bank or broker on a date satisfactory to the Company of some or all of the shares to which such exercise relates. 
 (f)
Successive grants may be made to the same Participant whether or not any Option Rights previously granted to such Participant remain unexercised. 
 (g) Each grant will specify the period or periods of continuous service by the Optionee with the Company or any Subsidiary that is necessary before the Option Rights or installments thereof will become exercisable and may provide for the
earlier exercise of such Option Rights in the event of a Change in Control. 
 (h) Any grant of Option Rights may specify Management
Objectives that must be achieved as a condition to the exercise of such rights. 
 (i) Option Rights granted under this Plan may be
(i) options, including, without limitation, Incentive Stock Options, that are intended to qualify under particular provisions of the Code, (ii) options that are not intended so to qualify, or (iii) combinations of the foregoing.
Incentive Stock Options may only be granted to Participants who meet the definition of “employees” under Section 3401(c) of the Code. 
 (j) The Board may, at or after the Date of Grant of any Option Rights (other than Incentive Stock Options), provide for the payment of dividend equivalents to the Optionee on either a current or deferred or contingent
basis or may provide that such equivalents will be credited against the Option Price. 
 (k) The exercise of an Option Right will result in
the cancellation on a share-for-share basis of any Tandem Appreciation Right authorized under Section 5 of this Plan. 
 (l) No Option
Right will be exercisable more than 10 years from the Date of Grant. 
 (m) The Board reserves the discretion at or after the Date of Grant
to provide for (i) the payment of a cash bonus at the time of exercise; (ii) the availability of a loan at exercise; and (iii) the right to tender in satisfaction of the Option Price nonforfeitable, unrestricted Common Shares, which
are already owned by the Optionee and have a value at the time of exercise that is equal to the Option Price. 
 (n) Each grant of Option
Rights will be evidenced by an Evidence of Award. Each Evidence of Award shall be subject to the Plan and shall contain such terms and provisions as the Board may approve. 
  

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 Section 5. Appreciation Rights 
 (a) The Board may authorize the granting (i) to any Optionee, of Tandem Appreciation Rights in respect of Option Rights granted hereunder, and (ii) to any Participant, of Free-Standing Appreciation Rights. A
Tandem Appreciation Right will be a right of the Optionee, exercisable by surrender of the related Option Right, to receive from the Company an amount determined by the Board, which will be expressed as a percentage of the Spread (not exceeding 100
percent) at the time of exercise. Tandem Appreciation Rights may be granted at any time prior to the exercise or termination of the related Option Rights; provided, however, that a Tandem Appreciation Right awarded in relation to an Incentive Stock
Option must be granted concurrently with such Incentive Stock Option. A Free-Standing Appreciation Right will be a right of the Participant to receive from the Company an amount determined by the Board, which will be expressed as a percentage of the
Spread (not exceeding 100 percent) at the time of exercise. 
 (b) Each grant of Appreciation Rights may utilize any or all of the
authorizations, and will be subject to all of the requirements, contained in the following provisions: 
 (i) Any grant may specify that the
amount payable on exercise of an Appreciation Right may be paid by the Company in cash, in Common Shares or in any combination thereof and may either grant to the Participant or retain in the Board the right to elect among those alternatives.

 (ii) Any grant may specify that the amount payable on exercise of an Appreciation Right may not exceed a maximum specified by the Board at
the Date of Grant. 
 (iii) Any grant may specify waiting periods before exercise and permissible exercise dates or periods. 
 (iv) Any grant may specify that such Appreciation Right may be exercised only in the event of, or earlier in the event of, a Change in Control.

 (v) Any grant may provide for the payment to the Participant of dividend equivalents thereon in cash or Common Shares on a current,
deferred or contingent basis. 
 (vi) Any grant of Appreciation Rights may specify Management Objectives that must be achieved as a condition
of the exercise of such Appreciation Rights. 
 (vii) Each grant of Appreciation Rights will be evidenced by an Evidence of Award, which
Evidence of Award will describe such Appreciation Rights, identify the related Option Rights (if applicable), and contain such other terms and provisions, consistent with this Plan, as the Board may approve. 
 (c) Any grant of Tandem Appreciation Rights will provide that such Tandem Appreciation Rights may be exercised only at a time when the related Option
Right is also exercisable and at a time when the Spread is positive, and by surrender of the related Option Right for cancellation. 
  

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 (d) Regarding Free-Standing Appreciation Rights only: 
 (i) Each grant will specify in respect of each Free-Standing Appreciation Right a Base Price, which will be equal to or greater than the Fair Market Value
of a Common Share on the Date of Grant; 
 (ii) Successive grants may be made to the same Participant regardless of whether any Free-Standing
Appreciation Rights previously granted to the Participant remain unexercised; and 
 (iii) No Free-Standing Appreciation Right granted under
this Plan may be exercised more than 10 years from the Date of Grant. 
 Section 6. Restricted Shares. 
 The Board may also authorize the grant or sale of Restricted Shares to Participants. Each such grant or sale may utilize any or all of the authorizations,
and will be subject to all of the requirements, contained in the following provisions: 
 (a) Each such grant or sale will constitute an
immediate transfer of the ownership of Common Shares to the Participant in consideration of the performance of services, entitling such Participant to voting, dividend and other ownership rights, but subject to the substantial risk of forfeiture and
restrictions on transfer hereinafter referred to. 
 (b) Each such grant or sale may be made without additional consideration or in
consideration of a payment by such Participant that is less than the Fair Market Value of a Common Share at the Date of Grant. 
 (c) Each
such grant or sale will provide that the Restricted Shares covered by such grant or sale will be subject to a “substantial risk of forfeiture” within the meaning of Section 83 of the Code for a period of not less than one year to be
determined by the Board at the Date of Grant and may provide for the earlier lapse of such substantial risk of forfeiture in the event of a Change in Control. 
 (d) Each such grant or sale will provide that during the period for which such substantial risk of forfeiture is to continue, the transferability of the Restricted Shares will be prohibited or restricted in the manner
and to the extent prescribed by the Board at the Date of Grant (which restrictions may include, without limitation, rights of repurchase or first refusal in the Company or provisions subjecting the Restricted Shares to a continuing substantial risk
of forfeiture in the hands of any transferee). 
 (e) Any grant of Restricted Shares may specify Management Objectives that, if achieved,
will result in termination or early termination of the restrictions applicable to such shares. Each grant may specify in respect of such Management Objectives a minimum acceptable level of achievement and may set forth a formula for determining the
number of Restricted Shares on which restrictions will terminate if performance is at or above the minimum level, but falls short of full achievement of the specified Management Objectives. 
  

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 (f) Any such grant or sale of Restricted Shares may require that any or all dividends or other
distributions paid thereon during the period of such restrictions be automatically deferred and reinvested in additional Restricted Shares, which may be subject to the same restrictions as the underlying award. 
 (g) Each grant or sale of Restricted Shares will be evidenced by an Evidence of Award and will contain such terms and provisions, consistent with this
Plan, as the Board may approve. Unless otherwise directed by the Board, all certificates representing Restricted Shares will be held in custody by the Company until all restrictions thereon will have lapsed, together with a stock power or powers
executed by the Participant in whose name such certificates are registered, endorsed in blank and covering such Shares. 
 Section 7. Deferred
Shares. 
 The Board may also authorize the granting or sale of Deferred Shares to Participants. Each such grant or sale may utilize any
or all of the authorizations, and will be subject to all of the requirements contained in the following provisions: 
 (a) Each such grant or
sale will constitute the agreement by the Company to deliver Common Shares to the Participant in the future in consideration of the performance of services, but subject to the fulfillment of such conditions during the Deferral Period as the Board
may specify. 
 (b) Each such grant or sale may be made without additional consideration or in consideration of a payment by such Participant
that is less than the Fair Market Value of a Common Share at the Date of Grant. 
 (c) Each such grant or sale will be subject to a Deferral
Period of not less than one year, as determined by the Board at the Date of Grant, and may provide for the earlier lapse or other modification of such Deferral Period in the event of a Change in Control. 
 (d) During the Deferral Period, the Participant will have no right to transfer any rights under his or her award and will have no rights of ownership in
the Deferred Shares and will have no right to vote them, but the Board may, at or after the Date of Grant, authorize the payment of dividend equivalents on such Deferred Shares on either a current or deferred or contingent basis, either in cash or
in additional Common Shares. 
 (e) Each grant or sale of Deferred Shares will be evidenced by an Evidence of Award and will contain such
terms and provisions, consistent with this Plan, as the Board may approve. 
 Section 8. Performance Shares and Performance Units. 
 The Board may also authorize the granting of Performance Shares and Performance Units that will become payable to a Participant upon achievement of
specified Management Objectives. Each such grant may utilize any or all of the authorizations, and will be subject to all of the requirements, contained in the following provisions: 
 (a) Each grant will specify the number of Performance Shares or Performance Units to which it pertains, which number may be subject to adjustment to
reflect changes in compensation or other factors; provided, however, that no such adjustment will be made in the case of a Covered Employee where such action would result in the loss of the otherwise available exemption of the award under
Section 162(m) of the Code. 
  

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 (b) The Performance Period with respect to each Performance Share or Performance Unit will be such period
of time (not less than one year), commencing with the Date of Grant as will be determined by the Board at the time of grant which may be subject to earlier lapse or other modification in the event of a Change in Control. 
 (c) Any grant of Performance Shares or Performance Units will specify Management Objectives which, if achieved, will result in payment or early payment
of the award, and each grant may specify in respect of such specified Management Objectives a minimum acceptable level of achievement and will set forth a formula for determining the number of Performance Shares or Performance Units that will be
earned if performance is at or above the minimum level, but falls short of full achievement of the specified Management Objectives. The grant of Performance Shares or Performance Units will specify that, before the Performance Shares or Performance
Units will be earned and paid, the Board must certify that the Management Objectives have been satisfied. 
 (d) Each grant will specify the
time and manner of payment of Performance Shares or Performance Units that have been earned. Any grant may specify that the amount payable with respect thereto may be paid by the Company in cash, in Common Shares or in any combination thereof and
may either grant to the Participant or retain in the Board the right to elect among those alternatives. 
 (e) Any grant of Performance
Shares may specify that the amount payable with respect thereto may not exceed a maximum specified by the Board at the Date of Grant. Any grant of Performance Units may specify that the amount payable or the number of Common Shares issued with
respect thereto may not exceed maximums specified by the Board at the Date of Grant. 
 (f) The Board may, at or after the Date of Grant of
Performance Shares, provide for the payment of dividend equivalents to the holder thereof on either a current or deferred or contingent basis, either in cash or in additional Common Shares. 
 (g) Each grant of Performance Shares or Performance Units will be evidenced by an Evidence of Award and will contain such other terms and provisions,
consistent with this Plan, as the Board may approve. 
 Section 9. Awards to Non-Employee Directors. 
 The Board may, from time to time on or before June 2, 2006, and upon such terms and conditions as it may determine, authorize the granting to
Non-Employee Directors Option Rights, Appreciation Rights or other awards contemplated by Section 10 of this Plan and may also authorize the grant or sale of Common Shares, Restricted Shares or Deferred Shares to Non-Employee Directors.

  

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 (a) Each grant of Option Rights awarded pursuant to this Section 9 will be upon terms and conditions
consistent with Section 4 of this Plan and will be evidenced by an Evidence of Award in such form as will be approved by the Board. Each grant will specify an Option Price per share, which will not be less than the Fair Market Value of a Common
Share on the Date of Grant. Each such Option Right granted under the Plan will expire not more than 10 years from the Date of Grant and will be subject to earlier termination as hereinafter provided. Unless otherwise determined by the Board, such
Option Rights will be subject to the following additional terms and conditions: 
 (i) Each grant will specify the number of Common Shares to
which it pertains subject to the limitations set forth in Section 3 of this plan. 
 (ii) If a Non-Employee Director subsequently
becomes an employee of the Company or a Subsidiary while remaining a member of the Board, any Option Rights held under the Plan by such individual at the time of such commencement of employment will not be affected thereby. 
 (iii) Option Rights may be exercised by a Non-Employee Director only upon payment to the Company in full of the Option Price of the Common Shares to be
delivered. Such payment will be made in cash or in Common Shares then owned by the optionee for at least six months, or in a combination of cash and such Common Shares. 
 (b) Non-Employee Directors, pursuant to this Section 9, may be awarded, or may be permitted to elect to receive, pursuant to procedures established by the Board, all or any portion of their annual retainer,
meeting fees or other fees in Common Shares in lieu of cash. 
 (c) Each grant of Appreciation Rights pursuant to this Section 9 will be
upon terms and conditions consistent with Section 5 of this Plan. 
 (d) Each grant or sale of Restricted Shares pursuant to this
Section 9 will be upon terms and conditions consistent with Section 6 of this Plan. 
 (e) Each grant or sale of Deferred Shares
pursuant to this Section 9 will be upon terms and conditions consistent with Section 7 of this Plan. 
 (f) Non-Employee Directors
may be granted, sold or awarded other awards as contemplated by Section 10 of this Plan. 
 Section 10. Other Awards. 
 (a) The Board may, subject to limitations under applicable law, grant to any Participant such other awards that may be denominated or payable in, valued
in whole or in part by reference to, or otherwise based on, or related to, Common Shares or factors that may influence the value of such shares, including, without limitation, convertible or exchangeable debt securities, other rights convertible or
exchangeable into Common Shares, purchase rights 

  

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for Common Shares, awards with value and payment contingent upon performance of the Company or specified Subsidiaries, affiliates or other business units
thereof or any other factors designated by the Board, and awards valued by reference to the book value of Common Shares or the value of securities of, or the performance of specified Subsidiaries, affiliates or other business units of the Company.
The Board shall determine the terms and conditions of such awards. Common Shares delivered pursuant to an award in the nature of a purchase right granted under this Section 10 shall be purchased for such consideration, paid for at such time, by
such methods, and in such forms, including, without limitation, cash, Common Shares, other awards, notes or other property, as the Board shall determine. 
 (b) Cash awards, as an element of or supplement to any other award granted under this Plan, may also be granted pursuant to this Section 10 of this Plan. 
 (c) The Board may grant Common Shares as a bonus, or may grant other awards in lieu of obligations of the Company or a Subsidiary to pay cash or deliver
other property under this Plan or under other plans or compensatory arrangements, subject to such terms as shall be determined by the Board. 
 Section 11. Transferability. 
 (a) Except as otherwise determined by the Board, no Option Right, Appreciation Right or
other derivative security granted under the Plan will be transferable by a Participant other than by will or the laws of descent and distribution or, except with respect to an Incentive Stock Option, pursuant to a domestic relations order (within
the meaning of Rule 16a-12 promulgated under the Exchange Act). Except as otherwise determined by the Board, Option Rights and Appreciation Rights will be exercisable during the Optionee’s lifetime only by him or her or by his or her guardian
or legal representative. 
 (b) The Board may specify at the Date of Grant that part or all of the Common Shares that are (i) to be
issued or transferred by the Company upon the exercise of Option Rights or Appreciation Rights, upon the termination of the Deferral Period applicable to Deferred Shares or upon payment under any grant of Performance Shares or Performance Units or
(ii) no longer subject to the substantial risk of forfeiture and restrictions on transfer referred to in Section 6 of this Plan, will be subject to further restrictions on transfer. 
 (c) Notwithstanding the provisions of Section 11(a), but subject to prior authorization by the Board (whether in an Evidence of Award or
thereafter), Option Rights (other than Incentive Stock Options), Appreciation Rights, Restricted Shares, Deferred Shares, Performance Shares, Performance Units and other awards under Section 10 of this Plan shall be transferable by a
Participant to an Eligible Transferee, without payment of consideration therefor; provided, however, that (i) no such transfer shall be effective unless reasonable prior notice thereof is delivered to the Company and such transfer is thereafter
effected in accordance with any terms and conditions that shall have been made applicable thereto by the Company or the Board and (ii) any such transferee shall be subject to the same terms and conditions hereunder as the Participant.

  

 13 

 Section 12. Adjustments. 
 The Board may make or provide for such adjustments in the numbers of Common Shares covered by outstanding Option Rights, Appreciation Rights, Deferred Shares, and Performance Shares granted hereunder and, if
applicable, in the number of Common Shares covered by other awards granted pursuant to Section 10 hereof, in the Option Price and Base Price provided in outstanding Appreciation Rights, and in the kind of shares covered thereby, as the Board,
in its sole discretion, exercised in good faith, may determine is equitably required to prevent dilution or enlargement of the rights of Participants or Optionees that otherwise would result from (a) any stock dividend, stock split, combination
of shares, recapitalization or other change in the capital structure of the Company, or (b) any merger, consolidation, spin-off, split-off, spin-out, split-up, reorganization, partial or complete liquidation or other distribution of assets,
issuance of rights or warrants to purchase securities, or (c) any other corporate transaction or event having an effect similar to any of the foregoing. Moreover, in the event of any such transaction or event, the Board, in its discretion, may
provide in substitution for any or all outstanding awards under this Plan such alternative consideration as it, in good faith, may determine to be equitable in the circumstances and may require in connection therewith the surrender of all awards so
replaced. The Board may also make or provide for such adjustments in the numbers of shares specified in Section 3 of this Plan as the Board in its sole discretion, exercised in good faith, may determine is appropriate to reflect any transaction
or event described in this Section 12; provided, however, that any such adjustment to the number specified in Section 3(c)(i) will be made only if and to the extent that such adjustment would not cause any Option intended to qualify as an
Incentive Stock Option to fail so to qualify. Upon any adjustment made pursuant to this Section 12, the Company will, upon request, deliver to the Participant or to the Participant’s successors a certificate of its Secretary setting forth
the exercise price thereafter in effect and the number and kind of shares or other securities thereafter purchaseable upon the exercise of such award. 
 Section 13. Change in Control. 
 For purposes of this Plan, except as may be otherwise prescribed by the Board in an
agreement evidencing a grant or award made under the Plan, a “Change in Control” will mean if at any time any of the following events will have occurred: 
 (a) the acquisition by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of the combined voting power of the then-outstanding Voting Stock of the
Company; provided, however, that: 
 (i) for purposes of this Section 13(a), the following acquisitions shall not constitute a Change in
Control: (A) any acquisition of Voting Stock of the Company directly from the Company that is approved by a majority of the Incumbent Directors, (B) any acquisition of Voting Stock of the Company by the Company or any Subsidiary,
(C) any acquisition of Voting Stock of the Company by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, and (D) any acquisition of Voting Stock of the Company by any Person pursuant to a
Business Combination that complies with clauses (A), (B) and (C) of Section 13(c) below; 
  

 14 

 (ii) if any Person acquires beneficial ownership of 20% or more of combined voting power of the
then-outstanding Voting Stock of the Company as a result of a transaction described in clause (A) of Section 13(a)(i) above and such Person thereafter becomes the beneficial owner of any additional shares of Voting Stock of the Company
representing 1% or more of the then-outstanding Voting Stock of the Company, other than in an acquisition directly from the Company that is approved by a majority of the Incumbent Directors or other than as a result of a stock dividend, stock split
or similar transaction effected by the Company in which all holders of Voting Stock are treated equally, such subsequent acquisition shall be treated as a Change in Control; 
 (iii) a Change in Control will not be deemed to have occurred if a Person acquires beneficial ownership of 20% or more of the Voting Stock of the Company
as a result of a reduction in the number of shares of Voting Stock of the Company outstanding unless and until such Person thereafter becomes the beneficial owner of any additional shares of Voting Stock of the Company representing 1% or more of the
then-outstanding Voting Stock of the Company, other than as a result of a stock dividend, stock split or similar transaction effected by the Company in which all holders of Voting Stock are treated equally; and 
 (iv) if at least a majority of the Incumbent Directors determine in good faith that a Person has acquired beneficial ownership of 20% or more of the
Voting Stock of the Company inadvertently, and such Person divests as promptly as practicable a sufficient number of shares so that such Person beneficially owns less than 20% of the Voting Stock of the Company, then no Change in Control shall have
occurred as a result of such Person’s acquisition; or 
 (b) a majority of the Directors are not Incumbent Directors; or 
 (c) the consummation of a reorganization, merger or consolidation, or sale or other disposition of all or substantially all of the assets of the Company
or the acquisition of the stock or assets of another corporation, or other transaction (each, a “Business Combination”), unless, in each case, immediately following such Business Combination (A) all or substantially all of the
individuals and entities who were the beneficial owners of Voting Stock of the Company immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of the combined voting power of the then outstanding shares
of Voting Stock of the entity resulting from such Business Combination (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or
through one or more subsidiaries), (B) no Person (other than the Company, such entity resulting from such Business Combination, or any employee benefit plan (or related trust) sponsored or maintained by the Company, any Subsidiary or such
entity resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of the combined voting power of the then outstanding shares of Voting Stock of the entity resulting from such Business Combination, and
(C) at least a majority of the members of the board of directors of the entity resulting from such Business Combination were Incumbent Directors at the time of the execution of the initial agreement or of the action of the Board providing for
such Business Combination; or 
  

 15 

 (d) approval by the stockholders of the Company of a complete liquidation or dissolution of the Company,
except pursuant to a Business Combination that complies with clauses (A), (B) and (C) of Section 13(c). 
 Section 14. Fractional
Shares. 
 The Company will not be required to issue any fractional Common Shares pursuant to this Plan. The Board may provide for the
elimination of fractions or for the settlement of fractions in cash. 
 Section 15. Withholding Taxes. 
 To the extent that the Company is required to withhold federal, state, local or foreign taxes in connection with any payment made or benefit realized by a
Participant or other person under this Plan, and the amounts available to the Company for such withholding are insufficient, it will be a condition to the receipt of such payment or the realization of such benefit that the Participant or such other
person make arrangements satisfactory to the Company for payment of the balance of such taxes required to be withheld, which arrangements (in the discretion of the Board) may include relinquishment of a portion of such benefit. 
 Section 16. Foreign Employees. 
 In order to
facilitate the making of any grant or combination of grants under this Plan, the Board may provide for such special terms for awards to Participants who are foreign nationals or who are employed by the Company or any Subsidiary outside of the United
States of America as the Board may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Moreover, the Board may approve such supplements to or amendments, restatements or alternative versions of this Plan
as it may consider necessary or appropriate for such purposes, without thereby affecting the terms of this Plan as in effect for any other purpose, and the Secretary or other appropriate officer of the Company may certify any such document as having
been approved and adopted in the same manner as this Plan. No such special terms, supplements, amendments or restatements, however, will include any provisions that are inconsistent with the terms of this Plan as then in effect unless this Plan
could have been amended to eliminate such inconsistency without further approval by the stockholders of the Company. 
 Section 17. Administration of
the Plan. 
 (a) This Plan will be administered by the Board, which may from time to time delegate all or any part of its authority under
this Plan to the Executive Personnel & Compensation Committee of the Board (or a subcommittee thereof), as constituted from time to time. To the extent of any such delegation, references in this Plan to the Board will be deemed to be
references to such committee or subcommittee. A majority of the committee (or subcommittee) will constitute a quorum, and the acts of the members of the committee (or subcommittee) present at any meeting at which a quorum is present, or acts
unanimously approved in writing, will be the acts of the committee (or subcommittee). 
  

 16 

 (b) The interpretation and construction by the Board of any provision of this Plan or of any agreement,
notification or document evidencing the grant of Option Rights, Appreciation Rights, Restricted Shares, Deferred Shares, Performance Shares, Performance Units or other awards under Section 10 of this Plan and any determination by the Board
pursuant to any provision of this Plan or of any such agreement, notification or document will be final and conclusive. No member of the Board will be liable for any such action or determination made in good faith. 
 Section 18. Amendments, Etc. 
 (a) The Board may
at any time and from time to time amend the Plan in whole or in part; provided, however, that any amendment which must be approved by the stockholders of the Company in order to comply with applicable law or the rules of the New York Stock Exchange
or, if the Common Shares are not traded on the New York Stock Exchange, the principal national securities exchange upon which the Common Shares are traded or quoted, will not be effective unless and until such approval has been obtained. 

(b) The Board will not authorize the amendment of any outstanding Option Right to reduce the Option Price. Furthermore, no Option Right will be
cancelled and replaced with awards having a lower Option Price without further approval of the stockholders of the Company. This Section 18(b) is intended to prohibit the repricing of “underwater” Option Rights and will not be
construed to prohibit the adjustments provided for in Section 12 of this Plan. 
 (c) The Board also may permit Participants to elect to
defer the issuance of Common Shares or the settlement of awards in cash under the Plan pursuant to such rules, procedures or programs as it may establish for purposes of this Plan. The Board also may provide that deferred issuances and settlements
include the payment or crediting of dividend equivalents or interest on the deferral amounts. 
 (d) The Board may condition the grant of any
award or combination of awards authorized under this Plan on the surrender or deferral by the Participant of his or her right to receive a cash bonus or other compensation otherwise payable by the Company or a Subsidiary to the Participant.

 (e) In case of termination of employment by reason of death, disability or normal or early retirement, or in the case of hardship or other
special circumstances, of a Participant who holds an Option Right or Appreciation Right not immediately exercisable in full, or any Restricted Shares as to which the substantial risk of forfeiture or the prohibition or restriction on transfer has
not lapsed, or any Deferred Shares as to which the Deferral Period has not been completed, or any Performance Shares or Performance Units which have not been fully earned, or any other awards made pursuant to Section 10 subject to any vesting
schedule or transfer restriction, or who holds Common Shares subject to any transfer restriction imposed pursuant to Section 11(b) of this Plan, the Board may, in its sole discretion, accelerate the time at which such Option Right, Appreciation
Right or other award may be exercised or the time at which such substantial risk of forfeiture or prohibition or restriction on transfer will lapse or the time when such Deferral Period will end or the time at which such Performance Shares or
Performance Units will be deemed to have been fully earned or the time when such transfer restriction will terminate or may waive any other limitation or requirement under any such award. 
  

 17 

 (f) This Plan will not confer upon any Participant any right with respect to continuance of employment or
other service with the Company or any Subsidiary, nor will it interfere in any way with any right the Company or any Subsidiary would otherwise have to terminate such Participant’s employment or other service at any time. 
 (g) To the extent that any provision of this Plan would prevent any Option Right that was intended to qualify as an Incentive Stock Option from
qualifying as such, that provision will be null and void with respect to such Option Right. Such provision, however, will remain in effect for other Option Rights and there will be no further effect on any provision of this Plan. 
 (h) The Board may amend the terms of any award theretofore granted under this Plan prospectively or retroactively, but subject to Section 12 above
no such amendment shall impair the rights of any holder without his or her consent. The Board may, in its discretion, terminate this Plan at any time. Termination of this Plan will not affect the rights of Participants or their successors under any
awards outstanding hereunder and not exercised in full on the date of termination. 
 Section 19. Governing Law. 
 The Plan and all grants and awards and actions taken thereunder shall be governed by and construed in accordance with the internal substantive laws of the
State of Delaware. 
 Section 20. Termination. 
 No grant will be made under this Plan more than 10 years after the Effective Date, but all grants made on or prior to such date will continue in effect thereafter subject to the terms thereof and of this Plan.

 Section 21. General Provisions. 
 (a) No award under this Plan may be exercised by the holder thereof if such exercise, and the receipt of cash or stock thereunder, would be, in the opinion of counsel selected by the Board, contrary to law or the regulations of any duly
constituted authority having jurisdiction over this Plan. 
 (b) Absence on leave approved by a duly constituted officer of the Company or
any of its Subsidiaries shall not be considered interruption or termination of service of any employee for any purposes of this Plan or awards granted hereunder, except that no awards may be granted to an employee while he or she is absent on leave.

 (c) No Participant shall have any rights as a stockholder with respect to any shares subject to awards granted to him or her under this
Plan prior to the date as of which he or she is actually recorded as the holder of such shares upon the stock records of the Company. 
  

 18 

 (d) All notices under this Plan shall be in writing, and if to the Company, shall be delivered to the
Secretary of the Company or mailed to its principal office, 11840 Valley View Road, P.O. Box 990, Minneapolis, MN 55440, addressed to the attention of the Secretary; and if to a Participant, shall be delivered personally or mailed to the Participant
at the address appearing in the payroll records of the Company or a Subsidiary. Such addresses may be changed at any time by written notice to the other party. 
 (e) No participant shall have rights under an award granted under the Plan to such Participant unless and until an Evidence of Award shall have been duly executed on behalf of the Company, and, if requested by the
Company, signed by the Participant, or until such Evidence of Award is delivered and accepted through any electronic medium in accordance with procedures established by the Company. 
  

 19Form of Albertson's, Inc. 2004 Equity and Performance Incentive Plan

 Exhibit 10.29 
 ALBERTSONS, INC. 
 2004 EQUITY AND PERFORMANCE INCENTIVE PLAN 
 (As Assumed by SUPERVALU INC.) 
 STOCK OPTION AGREEMENT 
 This agreement is made and entered into as of the Grant Date indicated below, by and between SUPERVALU INC. and the
individual whose name and signature appears below (“Optionee”). 
 The Company has established the Albertson’s, Inc. 2004 Equity and
Performance Plan, as assumed by SUPERVALU INC. (the “Plan”), under which key employees of the Company and its Affiliates may be granted Options to purchase shares of the Company’s common stock. Optionee has been selected by the
Company to receive an Option subject to the provisions of this agreement. Capitalized terms that are used in this agreement, that are not defined, shall have the meanings ascribed to them in the Plan. 
 The Company and Optionee hereby agree as follows: 
  

	1.	    Option Grant. The Company hereby grants to Optionee, subject to Optionee’s acceptance hereof, the right and option to purchase the number of
Shares indicated below at the exercise price per Share indicated below. The Option has been designated as a Non-Qualified Stock Option (“NQ”) for tax purposes, the consequences of which are set forth in the prospectus that describes the
Plan. 

  

	2.	    Acceptance of Option and Stock Option Terms and Conditions. The Option is subject to and governed by the Stock Option Terms and Conditions attached
hereto, and the Plan. To accept the Option, Optionee must sign and return a copy of this agreement to the Company within ninety (90) days after the Grant Date. By so doing, Optionee agrees to be bound by the Stock Option Terms and Conditions
and the provisions of the Plan. 

  

	3.	    Vesting, Exercise Rights and Expiration. Twenty percent (20%) of the Option shall vest on the Grant Date and the remaining portion shall vest in
four (4) equal annual installments commencing on each anniversary of the Grant Date. The vested portion of the Option may be exercised in whole or part, subject to the Stock Option Terms and Conditions. Except as otherwise provided in the Stock
Option Terms and Conditions, the Option will expire on the Expiration Date indicated below. 

  

											
	 Option
 Number
	 	 Grant
 Date
	 	 Number of
 Shares
	 	 Type of
 Option
	 	 Exercise
 Price
	 	 Expiration
 Date

  

					
	SUPERVALU INC.	 		 	OPTIONEE
	  	 		 	  
	Burt M. Fealing	 		 	
	Vice President, Corporate Secretary and Chief Securities Counsel	 		 	

  

 1 

 ALBERTSON’S, INC. 
 2004 EQUITY AND PERFORMANCE INCENTIVE PLAN 
 (As assumed by SUPERVALU INC.) 
 STOCK OPTION TERMS AND CONDITIONS 
 These Stock Option
Terms and Conditions (“Terms and Conditions”) apply to the Option granted to you under the Albertson’s, Inc. 2004 Equity and Performance Incentive Plan, as assumed by SUPERVALU INC. (the “Plan”), pursuant to the Stock Option
Agreement to which this document is attached. Capitalized terms that are used in this document, but are not defined, shall have the meanings ascribed to them in the Plan or the Stock Option Agreement. 
  

	1.	Vesting and Exercisability. The Option shall vest in cumulative installments as follows: 

  

	 	a)	As of the Grant Date, twenty percent (20%) of the Option shall immediately vest and twenty percent (20%) of the Shares subject to the Option shall then be available for
purchase, provided you have signed and returned your Stock Option Agreement within the time period specified. 

  

	 	b)	On each anniversary of the Grant Date, an additional twenty percent (20%) of the Option shall vest and an additional twenty percent (20%) of the Shares subject to the
Option shall then be available for purchase. 

 The vested portion of the Option may be exercised at any time, or from time to time, to
purchase Shares. If in any year the full amount of Shares that may be purchased pursuant to the vested portion of the Option is not purchased, the remaining amount of such Shares shall be available for purchase during the remainder of the term of
the Option. 
 2. Manner of Exercise. Except as provided in Section 8 below, you cannot exercise the Option unless at the time of exercise you
are an employee of the Company or an Affiliate. Prior to your death, only you may exercise the Option. You may exercise the Option as follows: 
  

	 	a)	By delivering a “Notice of Exercise of Stock Option” to the Company at its principal office, attention: Corporate Secretary, stating the number of Shares being purchased
and accompanied by payment of the full purchase price for such Shares (determined by multiplying the Exercise Price by the number of Shares to be purchased). [Note: In the event the Option is exercised by any person other than you pursuant to any of
the provisions of Section 8 below, the Notice must be accompanied by appropriate proof of such person’s right to exercise the Option.]; or 

  

	 	b)	By entering an order to exercise the Option using E*TRADE’s OptionsLink website. 

 3. Method of Payment. The full purchase price for the Shares to be purchased upon exercise of the Option must be paid as follows: 
  

	 	a)	By delivering directly to the Company, cash or its equivalent payable to the Company; 

  

	 	b)	By delivering indirectly to the Company, cash or its equivalent payable to the Company through E*TRADE’s OptionsLink website; or 

  

	 	c)	By delivering Shares having a Fair Market Value as of the Exercise Date equal to the purchase price (commonly known as a “Stock Swap”); or 

  

	 	d)	By delivering the full purchase price in a combination of cash and shares. 

 4. Delivery of Shares. You shall not have any of the rights of a stockholder with respect to any Shares subject to the Option until such Shares are purchased by you upon exercise of the Option. Such Shares shall then be issued
and delivered to you by the Company as follows: 
  

	 	a)	In the form of a stock certificate registered in your name or your name and the name of another adult person (21 years of age or older) as joint tenants, and mailed to your address;
or 

  

 2 

	 	b)	In “book entry” form, i.e. registered with the Company’s stock transfer agent, in your name or your name and the name of another adult person (21 years of age or
older) as joint tenants, and sent by electronic delivery to your brokerage account. 

 5. Withholding Taxes. You are responsible for the
payment of any federal, state, local or other taxes that are required to be withheld by the Company upon exercise of the Option and you must promptly remit such taxes to the Company. You may elect to remit these taxes by: 
  

	 	a)	Delivering directly to the Company, cash or its equivalent payable to the Company; 

  

	 	b)	Delivering indirectly to the Company, cash or its equivalent payable to the Company through E*TRADE’s OptionsLink website; 

  

	 	c)	Having the Company withhold a portion of the Shares to be issued upon exercise of the Option having a Fair Market Value equal to the amount of federal and state income tax required
to be withheld upon such exercise (commonly referred to as a “Tax Swap” or “Stock for Tax”); or 

  

	 	d)	Delivering Shares to the Company, other than the Shares issuable upon exercise of the Option, having a Fair Market Value equal to such taxes. [Note: In addition to delivering Shares
to satisfy required tax withholding obligations, you may also elect to deliver additional Shares to the Company, other than the Shares issuable upon exercise of the Option, having a Fair Market Value equal to the amount of any additional federal or
state income taxes imposed on you in connection with the exercise of the Option, provided such Shares have been held by you for a minimum of six (6) months.] 

 6. Change of Control. In the event of the occurrence of a Change of Control of the Company, the unvested portion of the Option shall immediately vest and the Option shall become immediately exercisable in full.
The term “Change of Control”, means any of the following events: 
  

	 	a)	The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of twenty percent (20%) or more of either (A) the then outstanding shares of common stock of the Company or (B) the combined
voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, that for purposes of this subsection (a), the following share acquisitions shall not constitute a
Change of Control; (A) any acquisition directly from the Company or (B) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company; or

  

	 	b)	The consummation of any merger or other business combination of the Company, the sale or lease of all or substantially all the Company’s assets or any combination of the
foregoing transactions (each a “Transaction”) other than a Transaction immediately following which the stockholders of the Company and any trustee or fiduciary of any Company employee benefit plan immediately prior to the Transaction own
at least sixty percent (60%) of the voting power, directly or indirectly, of (A) the surviving corporation in any such merger or other business combination; (B) the purchaser or lessee of the Company’s assets; or (C) both
the surviving corporation and the purchaser or lessee in the event of any combination of Transactions; or 

  

	 	c)	 Within any 24-month period, the persons who were directors immediately before the beginning of such period (the “Incumbent Directors”) shall cease (for
any reason other than death) to constitute at least a majority of the Board of Directors of the Company or the board of directors of a successor to the Company. 

  

 3 

	 	 
For this purpose, any director who was not a director at the beginning of such period shall be deemed to be an Incumbent Director if such director was
elected to the Board of Directors of the Company by, or on the recommendation of or with the approval of, at least three-fourths of the directors who then qualified as Incumbent Directors (so long as such director was not nominated by a person who
has expressed an intent to effect a Change of Control or engage in a proxy or other control contest); or. 

  

	 	d)	Such other event or transaction as the Board of Directors of the Company shall determine constitutes a Change of Control. 

 You acknowledge that as a result of the foregoing acceleration of vesting and exercisability, to the extent that the aggregate Fair Market Value of all Shares subject to
stock options that are Incentive Stock Options which are exercisable for the first time by you during any calendar year (under all plans of the Company and its subsidiaries, if any) exceeds $100,000, all or any portion of the Option, as well as any
other stock option held by you, may become a stock option which is not an Incentive Stock Option. 
 7. Transferability. The Option shall not be
transferable other than by will or the laws of descent and distribution. More particularly, the Option may not be assigned, transferred, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to
execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Option contrary to these provisions, or the levy of an execution, attachment or similar process upon the Option, shall be
void. 
 You may designate a beneficiary or beneficiaries to exercise your rights with respect to the Option upon your death. In the absence of any such
designation, benefits remaining unpaid at your death shall be paid to your estate. 
 8. Effect of Termination of Employment. Following the
termination of your employment with the Company or an Affiliate for any of the reasons set forth below, your right to exercise the Option, as well as that of your beneficiary or beneficiaries, shall be as follows: 
  

	 	a)	Voluntary or Involuntary. In the event your employment is terminated voluntarily or involuntarily for any reason other than retirement, death or permanent disability, you may
exercise the Option prior to its Expiration Date, at any time within a period of up to three (3) months after such termination of employment, to the full extent of the number of Shares you were entitled to purchase under that portion of
the Option which was vested as of the date of termination of your employment. However, the Committee may, in its sole and absolute discretion, except in the case of the termination of your employment following the occurrence of a Change of Control,
during a period of seventy-five (75) days after such termination of employment and following ten (10) days’ written notice to you, reduce the period of time during which the Option may be exercised to any period of time designated by
the Committee, provided such period is not less than ninety (90) days following termination of your employment. 

  

	 	b)	Retirement. You shall be deemed to have retired, solely for purposes of this Agreement, in the event that your employment terminates for any reason other than death or disability
and you are at least 55 years of age. 

  

	 	(i)	In the event you retire and you have completed ten (10) or more years of service with the Company or an Affiliate, the unvested portion of the Option shall immediately vest in
full. Thereafter, you may exercise the Option at any time prior to its Expiration Date, to the full extent of the Shares covered by the Option that were not previously purchased. 

  

	 	(ii)	In the event you retire and you have completed less than ten (10) years of service with the Company or an Affiliate, you may exercise the Option prior to its Expiration Date,
at any time within a period of up to two (2) years after the date of your retirement, to the full extent of the number of Shares you were entitled to purchase under that portion of the Option which was vested as of the date of your
retirement. 

  

 4 

	 	c)	Death Prior to Age 55. In the event your death occurs before you attain the age of fifty-five (55), while you are employed by the Company or an Affiliate, or within three
(3) months after the termination of your employment, the unvested portion of the Option shall immediately vest in full. Thereafter, the Option may be exercised prior to its Expiration Date, by your beneficiary(ies), or a legatee(s) under your
last will, or your personal representative(s) or the distributee(s) of your estate, to the full extent of the Shares covered by the Option that were not previously purchased: 

  

	 	(i)	At any time within a period of up to one (1) year after your death if such occurs while you are employed, or 

  

	 	(ii)	At any time within a period of up to one (1) year following the termination of your employment if your death occurs within three (3) months thereafter.

  

	 	d)	Death After Age 55. In the event your death occurs after you attain the age of fifty-five (55), while you are employed by the Company or an Affiliate, or within three
(3) months after the termination of your employment, the unvested portion of the Option shall immediately vest in full. Thereafter, the Option may be exercised prior to its Expiration Date, by your beneficiary(ies), or a legatee(s) under your
last will, or your personal representative(s) or the distributee(s) of your estate, to the full extent of the Shares covered by the Option that were not previously purchased: 

  

	 	(i)	At any time, if you have completed ten (10) or more years of service with the Company or an Affiliate; or 

  

	 	(ii)	If you have completed less than ten (10) years of service with the Company or an Affiliate, then at any time within a period of up to one (1) year after the date of
your death if such occurs while you are employed, or within a period of up to one (1) year after the date of termination of your employment if your death occurs within three (3) months thereafter. 

  

	 	e)	Disability Prior to Age 55. In the event your employment terminates before you attain the age of fifty-five (55), as a result of a permanent disability, the unvested portion
of the Option shall immediately vest in full. Thereafter, the Option may be exercised prior to its Expiration Date, by you or by your personal representative(s), at any time within a period of up to one (1) year after your employment
terminates due to such permanent disability, to the full extent of the Shares covered by the Option that were not previously purchased. 

 You shall be considered permanently disabled if you suffer from a medically determinable physical or mental impairment that renders you incapable of performing any substantial gainful employment, and is evidenced by a
certification to such effect by a doctor of medicine approved by the Company. In lieu of such certification, the Company shall accept, as proof of permanent disability, your eligibility for long-term disability payments under the applicable
Long-Term Disability Plan of the Company. 
  

	 	f)	Disability After Age 55. In the event your employment terminates as a result of a permanent disability after you attain the age of fifty-five (55), the unvested portion of
the Option shall immediately vest in full. Thereafter, the Option may be exercised prior to its Expiration Date, by you or by your personal representative(s), to the full extent of the Shares covered by the Option that were not previously purchased:

  

	 	(i)	At any time, if you have completed ten (10) or more years of service with the Company or an Affiliate; or 

  

	 	(ii)	If you have completed less than ten (10) years of service with the Company or an Affiliate, then at any time within a period of one (1) year after your employment
terminates due to such permanent disability. 

 You shall be considered permanently disabled if you suffer from a medically
determinable physical or mental impairment that renders you incapable of performing any substantial gainful employment, and is evidenced by 

  

 5 

 
a certification to such effect by a doctor of medicine approved by the Company. In lieu of such certification, the Company shall accept, as proof of
permanent disability, your eligibility for long-term disability payments under the applicable Long-Term Disability Plan of the Company. 
  

	 	g)	Change in Duties/Leave of Absence. The Option shall not be affected by any change of your duties or position or by a temporary leave of absence approved by the Company, so
long as you continue to be an employee of the Company or of an Affiliate. 

 9. Repurchase Rights. If you exercise the Option within six
(6) months prior to or three (3) months after the date your employment with the Company or an Affiliate terminates for any reason, whether voluntary or involuntary, with or without cause (except as a result of death, permanent
disability or retirement pursuant to the Company’s retirement plans then in effect), the Company shall have the right and option to repurchase from you, that number of Shares which is equal to the number you purchased upon such exercise(s)
within such time periods, and you agree to sell such Shares to the Company. 
 The Company may exercise its repurchase rights by depositing in the United
States mail a written notice addressed to you at the latest mailing address for you on the records of the Company (i) within thirty (30) days following the termination of your employment for the repurchase of Shares purchased prior to such
termination, or (ii) within thirty (30) days after any exercise of the Option for the repurchase of Shares purchased after your termination of employment. Within thirty (30) days after the mailing of such notice, you shall deliver to
the Company the number of Shares the Company has elected to repurchase and the Company shall pay to you in cash, as the repurchase price for such Shares upon their delivery, an amount which shall be equal to the purchase price paid by you for the
Shares. If you have disposed of the Shares, then in lieu of delivering an equivalent number of Shares to the Company, you must pay to the Company the amount of gain realized by you from the disposition of the Shares exclusive of any taxes due and
payable or commissions or fees arising from such disposition. 
 The Company may exercise its repurchase rights described above only in the event you are
terminated for cause, or if you breach any of the covenants contained in Section 10 below. 
 If the Company exercises its repurchase option prior to
the actual issuance and delivery to you of any Shares pursuant to the exercise of the Option, no Shares need be issued or delivered. In lieu thereof, the Company shall return to you the purchase price you tendered upon the exercise of the Option to
the extent that it was actually received from you by the Company. 
 Following the occurrence of a Change of Control, the Company shall have no right to
exercise the repurchase rights set forth in this Section. 
 10. Employee Covenants. In consideration of benefits described elsewhere in these Terms
and Conditions and the Stock Option Agreement to which they apply, and in recognition of the fact that, as a result of your employment with the Company or any of its Affiliates, you have had or will have access to and gain knowledge of highly
confidential or proprietary information or trade secrets pertaining to the Company or its Affiliates, as well as the customers, suppliers, joint ventures, licensors, licensees, distributors, or other persons and entities with whom the Company or any
of its Affiliates does business (“Confidential Information”), which the Company or its Affiliates have expended time, resources, and money to obtain or develop and which have significant value to the Company and its Affiliates, you agree
for the benefit of the Company and its Affiliates, and as a material condition to your receipt of benefits described elsewhere in these Terms and Conditions and accompanying the Stock Option Agreement, as follows: 
  

	 	a)	 Non-Disclosure of Confidential Information. You acknowledge that you will receive access or have received access to Confidential Information about the
Company or its Affiliates, that this information was obtained or developed by the Company or its Affiliates at great expense and is zealously guarded by the Company and its Affiliates from unauthorized disclosure, and that your possession of this
special knowledge is due solely to your employment with the Company or one or more of its Affiliates. In recognition of the foregoing, you 

  

 6 

	 	 
will not at any time during employment or following termination of employment for any reason, disclose, use or otherwise make available to any third party,
any Confidential Information relating to the Company’s or any Affiliate’s business, products, services, customers, vendors, or suppliers; trade secrets, data, specifications, developments, inventions, and research activity; marketing and
sales strategies, information, and techniques; long and short term plans; existing and prospective client, vendor, supplier, and employee lists, contacts, and information; financial, personnel, and information system information and applications;
and any other information concerning the business of the Company or its Affiliates which is not disclosed to the general public or known in the industry, except for disclosure necessary in the course of your duties or with the express written
consent of the Company. All Confidential Information, including all copies, notes regarding, and replications of such Confidential Information will remain the sole property of the Company or its Affiliate, as applicable, and must be returned to the
Company or such Affiliate immediately upon termination of your employment. 

  

	 	b)	Return of Property. Upon termination of employment with the Company or any of its Affiliates, or at any other time at the request of the Company, you shall deliver to a
designated Company representative all records, documents, hardware, software, and all other property of the Company or its Affiliates and all copies of such property in your possession. You acknowledge and agree that all such materials are the sole
property of the Company or its Affiliates and that you will certify in writing to the Company at the time of delivery, whether upon termination or otherwise, that you have complied with this obligation. 

  

	 	c)	Non-Solicitation of Existing or Prospective Customers, Vendors, and Suppliers. You specifically acknowledge that the Confidential Information described in Section 10(a)
includes confidential data pertaining to existing and prospective customers, vendors, and suppliers of the Company or its Affiliates; that such data is a valuable and unique asset of the business of the Company or its Affiliates; and that the
success or failure of the their businesses depends upon the their ability to establish and maintain close and continuing personal contacts and working relationships with such existing and prospective customers, vendors, and suppliers and to develop
proposals which are specific to such existing and prospective customers, vendors, and suppliers. Therefore, during your employment with the Company or any of its Affiliates and for the twelve (12) months following termination of employment for
any reason, you agree that you will not, except on behalf of the Company or its Affiliates, or with the Company’s express written consent, solicit, approach, contact or attempt to solicit, approach, or contact, either directly or indirectly, on
your own behalf or on behalf of any other person or entity, any existing or prospective customers, vendors, or suppliers of the Company or its Affiliates with whom you had contact or about whom you gained Confidential Information during your
employment with the Company or its Affiliates for the purpose of obtaining business or engaging in any commercial relationship that would be competitive with the “Business of the Company” (as defined below in Section 10(e)(i)) or
cause such customer, supplier, or vendor to materially change or terminate its business or commercial relationship with the Company or its Affiliates. 

  

	 	d)	Non-Solicitation of Employees. You specifically acknowledge that the Confidential Information described in Section 10(a) also includes confidential data pertaining to
employees and agents of the Company or its Affiliates, and you further agree that during your employment with the Company or its Affiliates and for the twelve (12) months following termination of employment for any reason, you will not,
directly or indirectly, on your own behalf or on behalf of any other person or entity, solicit, contact, approach, encourage, induce or attempt to solicit, contact, approach, encourage, or induce any of the employees or agents of the Company or its
Affiliates to terminate their employment or agency with the Company or any of its Affiliates. 

  

	 	e)	Non-Competition. You covenant and agree that during your employment with the Company or any of its Affiliates and for the twelve (12) months following termination of
employment for any reason, you will not, in any geographic market in which you worked on behalf of the Company or any of its Affiliates, or for which you had any sales, marketing, operational, logistical, or other management or oversight
responsibility, engage in or carry on, directly or indirectly, as an owner, employee, agent, associate, consultant, partner, or in any other capacity, a business competitive with the Business of the Company. This Section 10(e) shall not apply
in the event of a Change in Control as described in Section 6 above. 

  

 7 

	 	i)	The “Business of the Company” shall mean any business or activity involved in grocery or general merchandise retailing and supply chain logistics, including but not
limited to grocery distribution, business-to-business portal, retail support services, and third-party logistics, of the type provided by the Company or its Affiliates, or presented in concept to you by the Company or its Affiliates at any time
during your employment with the Company or any of its Affiliates. 

  

	 	ii)	To “engage in or carry on” shall mean to have ownership in such business (excluding ownership of up to 1% of the outstanding shares of a publicly-traded company) or to
consult, work in, direct, or have responsibility for any area of such business, including but not limited to operations, logistics, sales, marketing, finance, recruiting, sourcing, purchasing, information technology, or customer service.

  

	 	f)	No Disparaging Statements. You agree that you will not make any disparaging statements about the Company, its Affiliates, directors, officers, agents, employees, products,
pricing policies or services. 

  

	 	g)	Remedies for Breach of These Covenants. Any breach of the covenants in this Section 10 likely will cause irreparable harm to the Company or its Affiliates for which
money damages could not reasonably or adequately compensate the Company or its Affiliates. Accordingly, the Company or any of its Affiliates shall be entitled to all forms of injunctive relief (whether temporary, emergency, preliminary, prospective,
or permanent) to enforce such covenants, in addition to damages and other available remedies, and you consent to the issuance of such an injunction without the necessity of the Company or any such Affiliate posting a bond or, if a court requires a
bond to be posted, with a bond of no greater than $500 in principal amount. In the event that injunctive relief or damages are awarded to Company or any of its Affiliates for any breach by you of this Section 10, you further agree that the
Company or such Affiliate shall be entitled to recover its costs and attorneys’ fees necessary to obtain such recovery. In addition, you agree that upon your breach of any covenant in this Section, the Option, and any other unexercised options
issued under the Plan or any other stock option plans of the Company will immediately terminate. 

  

	 	h)	Enforceability of These Covenants. It is further agreed and understood by you and the Company that if any part, term, or provision of these Terms and Conditions should be
held to be unenforceable, invalid, or illegal under any applicable law or rule, the offending term or provision shall be applied to the fullest extent enforceable, valid, or lawful under such law or rule, or, if that is not possible, the offending
term or provision shall be struck and the remaining provisions of these Terms and Conditions shall not be affected or impaired in any way. 

 11. Arbitration. You and the Company agree that any controversy, claim, or dispute arising out of or relating to the Stock Option Agreement or the breach of any of these Stock Option Terms and Conditions, or arising out of or
relating to your employment relationship with the Company or any of its Affiliates, or the termination of such relationship, shall be resolved by binding arbitration before a neutral arbitrator under rules set forth in the Federal Arbitration Act,
except for claims by the Company relating to your breach of any of the employee covenants set forth in Section 10 above. By way of example only, claims subject to this agreement to arbitrate include claims litigated under federal, state and
local statutory or common law, such as the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, as amended, including the Civil Rights Act of 1994, the Americans with Disabilities Act, the law of contract and the law of
tort. You and the Company agree that such claims may be brought in an appropriate administrative forum, but at the point at which you or the Company seek a judicial forum to resolve the matter, this agreement for binding arbitration becomes
effective, and you and the Company hereby knowingly and voluntarily waive any right to have any such dispute tried and adjudicated by a judge or jury. The foregoing not to the contrary, the Company may seek to enforce the employee covenants set
forth in Section 10 above, in any court of competent jurisdiction. 
 This agreement to arbitrate shall continue in full force and effect despite the
expiration or termination of your Option or your employment relationship with the Company or any of its Affiliates. You and the Company agree that any award rendered by the arbitrator shall be final and binding and that judgment upon the final award
may be entered in any court having jurisdiction thereof. The arbitrator may grant any remedy or relief that the arbitrator deems just and equitable, including any remedy or relief that would have been available to you, the Company or any of its
Affiliates 

  

 8 

 
had the matter been heard in court. All expenses of the arbitration, including the required travel and other expenses of the arbitrator and any witnesses,
and the costs relating to any proof produced at the direction of the arbitrator, shall be borne equally by you and the Company unless otherwise mutually agreed or unless the arbitrator directs otherwise in the award. The arbitrator’s
compensation shall be borne equally by you and the Company unless otherwise mutually agreed or unless the law provides otherwise. 
 12. Severability.
In the event that any portion of these Terms and Conditions shall be held to be invalid, the same shall not affect in any respect whatsoever the validity and enforceability of the remainder of these Terms and Conditions. 
  

 9

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