Document:

exv10wxdy

Exhibit 10
(d)

CAMPBELL SOUP COMPANY

SEVERANCE PAY PLAN FOR SALARIED EMPLOYEES

(as amended and restated effective January 1, 2009)

     Campbell Soup Company (the “Company”) established the Campbell Soup Company Severance Pay
Plan for Salaried Employees (the “Plan”) primarily to assist former U.S. Salaried Employees while
seeking other employment. In 1995, the Company also established the Campbell Soup Company
Supplemental Severance Pay Plan for Exempt Salaried Employees (the “Supplemental Severance Plan”)
to assist former U.S. exempt Salaried Employees at salary level 42 and above for the same purpose.
Effective January 1, 2006, both the Plan and the Supplemental Severance Plan were restated in
response to legislative changes.

     This amendment and restatement combines the Plan and the Supplemental Severance Plan into one
plan. The merged plan shall continue to be called the Campbell Soup Company Severance Pay Plan
for Salaried Employees. The Plan is intended to and will be administered as an employee welfare
benefit plan as defined in Section 3(1) of the Employee Retirement Income Security Act of 1974, as
amended. The amended and restated Plan shall be effective January 1, 2009.

	I.	 	PURPOSE

	 	1.1	 	The purpose of the Campbell Soup Company Severance Pay Plan for Salaried
Employees (the “Plan”) is to set forth the terms and circumstances under which U.S.
Salaried Employees of the Company whose employment is terminated may be eligible for
severance benefits.
	 
	 	 	 	This Plan supersedes and replaces all prior policies or plans for Salaried
Employees regarding severance benefits, except for severance policies, plans or
agreements that are effective in the event of a change in control of the Company.

	II.	 	DEFINITIONS

	 	2.1	 	“Code” means Internal Revenue Code of 1986, as amended from time to time.
	 
	 	2.2	 	“Company” means Campbell Soup Company and all wholly-owned U.S. subsidiaries
and affiliates, unless the Chief Executive Officer of Campbell Soup Company has
excluded such subsidiary or affiliate from participating in the Plan.
	 
	 	2.3	 	“Compensation Limit” means the indexed compensation limit set forth in
section 401(a)(17) of the Internal Revenue Code, which for calendar year

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	 	 	 	2009 is $245,000.

	 	2.4	 	“ERISA” means the Employee Retirement Income Security Act of 1974, as
amended.
	 
	 	2.5	 	“Plan” means the Campbell Soup Company Severance Pay Plan for Salaried
Employees, as amended and restated, effective January 1, 2009.
	 
	 	2.6	 	“Plan Administrator” means the chief Human Resources executive of Campbell
Soup Company.
	 
	 	2.7	 	“Salaried Employee” means an individual (a) who is employed by the Company,
(b) in a regular salaried full-time or part-time position regularly scheduled to work
20 hours or more per week, and (c) who receives a regular and stated compensation
other than a pension, retainer or fees for consulting services rendered. Where the
terms exempt Salaried Employee or non-exempt Salaried Employee are used, “exempt” and
“non-exempt” shall have the same meaning as defined under the Fair Labor Standards
Act of 1938, as amended.
	 
	 	 	 	Salaried Employee shall not include an employee who is classified as a temporary
employee, or who is paid on an hourly basis, or who is a member of a bargaining
unit, or whose employment by the Company is covered by a written employment
contract. In addition, Salaried Employee shall not include individuals who are
contract employees or who are retained as independent contractors, or persons who
the Company does not consider to be employees or other similarly situated
individuals regardless of whether the individual is a common law employee of the
Company. Notwithstanding anything herein to the contrary, the term “Salaried
Employee” shall not include any person who is not so recorded on the payroll
records of the Company, including any such person who is subsequently reclassified
by a court of law or a regulatory body as a common law employee of such Company.
	 
	 	2.8	 	“Termination Date” means the last day of active employment, which is the
date normally at the end of the notice period, if any.
	 
	 	2.9	 	“Weekly Salary Rate” means the Salaried Employee’s annual base salary at the
time of termination, excluding overtime pay, bonus or incentive payments, or other
allowances, divided by 52 weeks.
	 
	 	2.10	 	“Years of Service” means the total number of years of continuous employment
rendered as a regular employee of the Company and all its wholly-owned subsidiaries
and affiliates since the employee’s most recent date of hire. Years of Service shall
be full years; in the final year of

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	 	 	 	employment, service of six full months or more will be counted as one year.

	 	 	 	In addition to service with the Company, continuous years of employment with an
enterprise, the assets or stock of which is acquired by the Company, shall be
counted as years of service with the Company, unless Campbell Soup Company
excludes such prior service with the acquired enterprise.

	III.	 	ELIGIBILITY FOR SEVERANCE PAY

	 	3.1	 	Eligible Terminations.

	 	(a)	 	General. A Salaried Employee whose separation from
employment by the Company due to one of the following events shall be eligible
for severance pay: (1) economic or organizational changes resulting in job
elimination or consolidation or (2) reduction in work force; provided in all
instances such Salaried Employee executes a release of claims as set forth in
Article VI herein.
	 
	 	(b)	 	Specific Events. If any part, unit or function of
the Company is divested, outsourced, closed, or relocated to a different
geographical area, the determination of which shall be within the Company’s
sole discretion, Salaried Employees working in such part, unit or function of
the Company who are terminated by the Company as a direct result of the
divestiture, outsourcing, closing or relocation shall be eligible for
severance pay; provided such Salaried Employee executes a release of claims
as set forth in Article VI herein. Eligibility for severance pay will be
forfeited if a Salaried Employee resigns voluntarily prior to the termination
date selected by the Company.
	 
	 	(c)	 	Exceptions. Notwithstanding anything in the Plan to
the contrary, a Salaried Employee who experiences an otherwise eligible
termination will not be provided with severance pay if such Salaried
Employee: (1) continues employment with or is hired by the buyer, the Company
or the third party outsourcing firm in accordance with the terms of the
applicable purchase and sales agreement, in the case of a buyer, or the terms
of the applicable outsourcing contract, in the case of a third party
outsourcing firm; or (2) is offered, but elects not to accept, a position of
employment with the buyer, the Company or the third party outsourcing firm,
in the same geographical area at the same or substantially equivalent salary
level (the determination of which shall be in the Company’s sole discretion),
except as the Company

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	 	 	 	may determine otherwise.

	 	 	 	In addition, a Salaried Employee whose resignation is requested, or who
is terminated by the Company for unsatisfactory job performance or other
reasons as determined by the Company, shall not be eligible for severance
pay under the Plan, except as the Company in its sole discretion may
determine otherwise.
	 
	 	 	 	Notwithstanding anything herein to the contrary, a Salaried Employee who
is terminated from his/her position through Company-initiated action
shall not be eligible to receive severance pay under the Plan if the
Salaried Employee refuses to accept another position of employment with
the Company in the same geographical area at or above such Salaried
Employee’s current salary, except as the Company may determine otherwise.

	 	3.2	 	Ineligible Terminations. In addition to the foregoing, Salaried
Employees whose separation from employment is due to one of the following events
shall not be eligible for severance pay under the Plan: (a) resignation; (b)
retirement; (c) termination for cause, as determined by the Company in its sole
discretion; (d) violation of a Company policy which provides that violation may
result in disciplinary action including termination; (e) death; (f) disability; (g)
failure to return at the end of an approved leave of absence (including medical leave
of absence); (h) job abandonment; (i) termination as a result of causes beyond the
control of the Company; or (j) a change in ownership of an entity, facility, or
business unit of the Company or a change in control of the Company.

	IV.	 	NOTICE OF TERMINATION/NOTICE PAY

	 	4.1	 	Eligible non-exempt Salaried Employees shall receive two weeks’ notice prior
to termination. Eligible exempt Salaried Employees basis shall receive four weeks’
notice prior to termination. In either case, eligible Salaried Employees may, at the
Company’s option, receive payment in lieu of notice. Severance payments shall be in
addition to such notice or payments made in lieu of notice.

	V.	 	SEVERANCE FORMULA

	 	5.1	 	Calculation of Payments. All severance payments shall be calculated
based upon the Salaried Employee’s Weekly Salary Rate.

	 	(a)	 	Non-Exempt Salaried Employee. Severance payments
for an eligible non-exempt Salaried Employee shall be calculated as follows:
severance pay of two weeks’ pay, plus one week of pay for each Year of
Service through fifteen Years of Service, and

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	 	 	 	two weeks of pay for each Year of Service in excess of fifteen Years of
Service; provided, however, that no non-exempt Salaried Employee shall
receive more than 52 weeks of severance pay regardless of the number of
his or her Years of Service.
	 
	 	(b)	 	Exempt Salaried Employee. Severance payments for an
eligible exempt Salaried Employee shall be determined on the basis of the
Salaried Employee’s grade level on the date of employment termination as set
forth below; provided, however, that no exempt Salaried Employee shall
receive more than the maximum total amount of severance pay applicable to his
or her grade level regardless of the number of his or her Years of Service.

	 	 	 	 	 
	Grade Level	 	Severance Formula	 	Maximum Total
	10-28

	 	4 weeks of pay, plus one week for each
Year of Service through 15 Years of
Service and two weeks for each Year of
Service in excess of 15 Years of Service
	 	52 weeks
	 
	 	 	 	 
	30-34

	 	8 weeks of pay, plus one week for each
Year of Service through 15 Years of
Service and two weeks for each Year of
Service in excess of 15 Years of Service
	 	52 weeks
	 
	 	 	 	 
	36-40

	 	16 weeks of pay, plus one week for each
Year of Service through 15 Years of
Service and two weeks for each Year of
Service in excess of 15 Years of Service
	 	52 weeks
	 
	 	 	 	 
	42-48

	 	52 weeks of pay, plus one week for each
Year of Service through 15 Years of
Service and two weeks for each Year of
Service in excess of 15 Years of Service
	 	18 months
	 
	 	 	 	 
	50 and above

	 	24 months
	 	24 months

	VI.	 	RELEASE OF CLAIMS

	 	6.1	 	In order to receive severance pay or other benefits under the Plan, Salaried
Employees who experience an eligible termination and become eligible for severance pay
must execute a Severance Agreement and General Release satisfactory to the Company.

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	VII.	 	TIMING OF SEVERANCE PAY AND OTHER BENEFITS

	 	7.1	 	Timing and Form of Payments.

(a) Severance. Severance payments shall begin only after a Salaried
Employee’s eligible termination and timely execution of a Severance Agreement and
General Release and after payment of accrued vacation pay as described in Section
7.2(b) below. Severance pay (plus any accrued vacation payments described in
Section 7.2(b)) shall be paid in installments on regular payroll dates except that
the amount of these installments shall not exceed an amount equal to twice the
Compensation Limit within the first six months of the severance pay period. In
the event that the severance pay plus any accrued vacation payments equal twice
the Compensation Limit in the first six months of payments after the Termination
Date, severance payments shall cease. It is intended that these payments will be
considered separation pay exempt from Code section 409A as described in Treas.
Reg. §1.409A-1(b)(9)(iii).

(b) Covered Severance. Covered severance shall be paid in installments
equal to the Weekly Salary Rate on the Salaried Employee’s regular payroll dates
commencing at the end of eight (8) months following his or her Termination Date.
Any difference between the severance amount due under the formula in Section
5.1(b) and the actual severance payments made above under Section 7.1(a) during
the six-month period after the Termination Date, due to the imposition of the
payment limit, shall be paid in a lump sum at the end of the eighth month minus
any missed contributions for benefit coverages. These covered severance payments
shall be treated as installment payments for purposes of Code section 409A.

	 	7.2	 	Other Benefits.

	 	(a)	 	Ongoing Benefits.

	 	(1)	 	Pension Plan. Eligibility for
pension benefits when a Salaried Employee begins to receive
severance payments shall not preclude eligibility for severance
payments nor may one be offset against the other.
	 
	 	(2)	 	Savings and Thrift Plans. Former
Salaried Employees shall not be able to make contributions to the
Savings Plan or any similar Company-sponsored qualified savings plan
nor be eligible for matching contributions after their Termination
Date.

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	 	(3)	 	Medical and Life Insurance.
Participation in the Campbell Soup Company group life insurance and
medical plans will continue until the end of the severance payment
period or until the recipient is eligible for benefit coverage from
another employer, whichever occurs first. Deductions for continuing
Company benefits will be made from the severance payments. The
recipient shall be deemed to be an employee solely for the limited
purpose of participation in the above-named benefit plans.

	 	(b)	 	Terminated Benefits. A Salaried Employee’s
eligibility for and participation in Campbell Soup Company’s short-term and
long-term disability plans, dental benefits, salary continuation plan,
business travel and accident insurance, supplemental accident insurance, and
all other benefit programs cease according to the terms of the respective
plans. The coordination of severance payments with benefits provided by an
applicable short-term or long-term disability plan will be in accordance with
the terms of such plans. Participation in future Campbell Soup Company stock
option awards, restricted stock grants and any other Campbell Soup
Company-sponsored long-term incentive programs shall cease upon termination
of employment. The vesting of any awards granted prior to a Salaried
Employee’s termination shall be subject to the terms and conditions of the
applicable the long-term incentive program under which such award was issued.
	 
	 	 	 	Subject to applicable state wage laws, vacation pay due at the time of
termination shall be paid in installment payments on regular payroll
dates, which shall be paid prior to severance payments.

	VIII.	 	REHIRING

	 	8.1	 	Rehire During Severance Pay Period. If a terminated Salaried
Employee is rehired by the Company during the period in which severance payments are
being made, severance payments shall cease.
	 
	 	8.2	 	Rehire After Severance Pay Period. If a terminated Salaried Employee
is rehired by the Company after the receipt of all severance payments due under the
Plan, no repayment of previously paid severance shall be required.
	 
	 	8.3	 	Effect of Rehire Upon Future Severance Payments. Years of Service
shall not be counted twice in the career of any Salaried Employee for Plan purposes if
a terminated Salaried Employee is rehired by the Company after the receipt of all
severance payments due under the Plan. Thus, if a

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	 	 	 	Salaried Employee is rehired after receiving all severance payments due under the
Plan or a predecessor plan or policy, Years of Service shall be counted from such
Salaried Employee’s most recent date of rehire for the purposes of calculating
severance pay in the event of a subsequent eligible termination of such Salaried
Employee. If, however, a Salaried Employee is rehired during his or her severance
pay period prior to the payment of all severance payments due under the Plan, all
of his or her Years of Service shall be restored to such rehired Salaried Employee
for the purposes of calculating future severance pay, if otherwise eligible under
the terms of the Plan.

	IX.	 	ADMINISTRATION

	 	9.1	 	Plan Administrator. The Plan Administrator has full and exclusive
authority to construe, interpret, and administer, in his or her sole discretion, any
and all provisions of the Plan. The Plan Administrator has full and exclusive
authority to consider and decide, in his or her sole discretion, all questions (of
fact or otherwise) in connection with the administration of the Plan and any claim
arising under the Plan. Decisions or actions of the Plan Administrator with regard to
the Plan are conclusive and binding. The Plan Administrator may maintain such
procedures and records as he or she deems necessary or appropriate. The Plan
Administrator may delegate his or her powers.
	 
	 	9.2	 	Claims Procedure. Generally, Salaried Employees need not file a
claim to receive benefits under the Plan.

	 	(a)	 	Denial of Claim. If, however, severance benefits are
denied, a written notice will be furnished to the claimant within 90 days of
the date on which the claim is received by the Plan Administrator or his or
her delegate, to the extent review authority has been delegated. If special
circumstances require a longer period, the claimant will be notified in
writing, prior to the expiration of the 90-day period, of the reasons for an
extension of time; provided, however, that no extensions will be permitted
beyond 90 days after the expiration of the initial 90-day period.
	 
	 	(b)	 	Reasons for the Denial. A denial or partial denial
of a claim will be dated and will clearly set forth:

	 	(1)	 	the specific reason or reasons for the denial;
	 
	 	(2)	 	specific reference to pertinent Plan provisions on which the denial is
based;
	 
	 	(3)	 	a description of any additional material or information necessary for
the claimant to perfect the claim and an explanation

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	 	 	 	of why such material or information is necessary; and
	 
	 	(4)	 	an explanation of the procedure for review
of the denied or partially denied claim set forth below, including
the claimant’s right to bring a civil action under ERISA section
502(a) following an adverse benefit determination on review.

	 	(c)	 	Review of Denial. Upon denial of a claim, in whole
or in part, a claimant or his duly authorized representative will have the
right to submit a written request to the Plan Administrator for a full and
fair review of the denied claim by filing a written notice of appeal with the
Plan Administrator within 60 days of the receipt by the claimant of written
notice of the denial of the claim. A claimant or the claimant’s authorized
representative will have, upon request and free of charge, reasonable access
to, and copies of, all documents, records, and other information relevant to
the claimant’s claim for benefits and may submit issues and comments in
writing. The review will take into account all comments, documents, records,
and other information submitted by the claimant relating to the claim, without
regard to whether such information was submitted or considered in the initial
benefit determination.
	 
	 	 	 	If the claimant fails to file a request for review within 60 days of the
denial notification, the claim will be deemed abandoned and the claimant
precluded from reasserting it. If the claimant does file a request for
review, his request must include a description of the issues and evidence
he deems relevant. Failure to raise issues or present evidence on review
will preclude those issues or evidence from being presented in any
subsequent proceeding or judicial review of the claim.

	 	(d)	 	Decision Upon Review. The Plan Administrator will
provide a prompt written decision on review. If the claim is denied on
review, the decision shall set forth:

	 	(1)	 	the specific reason or reasons for the
adverse determination;
	 
	 	(2)	 	specific reference to pertinent Plan
provisions on which the adverse determination is based;
	 
	 	(3)	 	a statement that the claimant is entitled
to receive, upon request and free of charge, reasonable access to,
and copies of, all documents, records, and other information relevant
to the claimant’s claim for benefits; and

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	 	(4)	 	a statement describing any voluntary appeal
procedures offered by the Plan and the claimant’s right to obtain the
information about such procedures, as well as a statement of the
claimant’s right to bring an action under ERISA section 502(a).

	 	 	 	A decision will be rendered no more than 60 days after the Plan
Administrator’s receipt of the request for review, except that such period
may be extended for an additional 60 days if the Plan Administrator
determines that special circumstances (such as for a hearing) require such
extension. If an extension of time is required, written notice of the
extension will be furnished to the claimant before the end of the initial
60-day period.

	 	9.3	 	Finality of Determinations; Exhaustion of Remedies. To the extent
permitted by law, decisions reached under the claims procedures set forth in this
Section 9.3 shall be final and binding on all parties. No legal action for benefits
under the Plan shall be brought unless and until the claimant has exhausted his
remedies under this Section 9.3. In any such legal action, the claimant may only
present evidence and theories which the claimant presented during the claims
procedure. Any claims which the claimant does not in good faith pursue through the
review stage of the procedure shall be treated as having been irrevocably waived.
Judicial review of a claimant’s denied claim shall be limited to a determination of
whether the denial was an abuse of discretion based on the evidence and theories the
claimant presented during the claims procedure.
	 
	 	9.4	 	Limitations Period. Any suit or legal action initiated by a claimant
under the Plan must be brought by the claimant no later than one year following a
final decision on the claim for benefits by the Plan Administrator. The one-year
limitation on suits for benefits will apply in any forum where a claimant initiates
such suit or legal action.

	X.	 	AMENDMENT AND TERMINATION

	 	10.1	 	The Chief Executive Officer of Campbell Soup Company reserves the right to
amend, modify, suspend, or terminate the Plan in any respect, at any time, and without
notice. Such amendment may include, without limitation, discontinuing payments to
Salaried Employees. The Chief Executive Officer of Campbell Soup Company may delegate
his or her authority to make certain amendments to the Plan to the chief Human
Resources executive of Campbell Soup Company; however, such amendment authority shall
be limited to amendments that do not increase the benefits available under the Plan,
unless otherwise required by law, or substantially change the form of benefits
provided under the Plan.

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	 	 	 	Notwithstanding the foregoing, no amendment shall have the effect of modifying or
reducing severance payments that have commenced to former Salaried Employees who
have been terminated before the adoption of such amendment.

	XI.	 	GENERAL PROVISIONS

	 	11.1	 	Participant’s Rights Unsecured and Unfunded. The Plan at all times
will be entirely unfunded. No assets of the Company will be segregated or earmarked
to represent the liability for benefits under the Plan. The right of a Salaried
Employee to receive a payment under the Plan will be an unsecured claim against the
general assets of the Company. All payments under the Plan will be made from the
general assets of the Company. Notwithstanding anything in this Plan, no Salaried
Employee, or any other person, may acquire by reason of the Plan any right in or title
to any assets, funds, or property of the Company.
	 
	 	11.2	 	No Enlargement of Employee Rights. Neither the establishment of the
Plan nor any action of the Company or any other person or entity may be held or
construed to confer upon any person any legal right to continue employment with the
Company. In this regard, the Company expressly reserves the right to discharge any
Salaried Employee, at any time, for any reason, in its sole discretion and judgment.
	 
	 	11.3	 	Non-Alienation. Except as set forth in Section 7.2(a)(3) of the
Plan, no interest of any person or entity in, or right to receive a benefit or
distribution under, the Plan may be subject in any manner to sale, transfer,
assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any
kind. Nor may such interest to receive a distribution be taken, either voluntarily or
involuntarily, for the satisfaction of the debts of, or other obligations or claims
against such person or entity, including claims for alimony, support, separate
maintenance and claims in bankruptcy proceedings.
	 
	 	 	 	Notwithstanding the foregoing, the Company shall have the unrestricted right and
power to set off against, or recover out of any severance payments, any amounts
owed or which become owed, to the Company by the Salaried Employee to the extent
permitted by law.
	 
	 	11.4	 	Applicable Law. The Plan will be construed and administered in
accordance with the provisions of ERISA. To the extent ERISA does not apply, the Plan
will be construed and administered in accordance with New Jersey law without regard to
conflict of laws.
	 
	 	11.5	 	Taxes. The Company will withhold from any payments made pursuant to

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	 	 	 	the Plan such amounts as may be required by federal, state, or local law, as
applicable.

	 	11.6	 	Drafting Errors. If, due to errors in drafting, any Plan provision
does not accurately reflect its intended meaning, as demonstrated by consistent
interpretations or other evidence of intent, or as determined solely by Campbell Soup
Company, the provision will be considered ambiguous and will be interpreted by
Campbell Soup Company in a fashion consistent with its intent, as determined solely by
Campbell Soup Company. The Chief Executive Officer of Campbell Soup Company or his or
her delegate may amend the Plan retroactively to cure any such ambiguity.
	 
	 	11.7	 	Excess Payments. If the Weekly Salary Rate, Years of Service, or any
other relevant fact relating to the determination of the Plan benefit is found to have
been misstated or mistaken for any reason (fact or law), the Plan benefit payable will
be the Plan benefit that would have been provided on the basis of the correct
information. Any excess payments due to such misstatement or mistake will be refunded
to the Company or withheld by the Company from any further amounts otherwise payable
under the Plan.
	 
	 	11.8	 	Impact on Other Benefits. Amounts paid under the Plan will not be
included in a Salaried Employee’s compensation for purposes of calculating benefits
under any other plan, program, or arrangement sponsored by the Company, unless such
plan, program, or arrangement expressly provides that amounts paid under the Plan will
be included.
	 
	 	11.9	 	Usage of Terms and Headings. Words in the masculine gender include
the feminine, and vice versa, unless qualified by the context. Words used in the
singular include the plural, and vice versa, unless qualified by the context. Any
headings are included for ease of reference only, and are not to be construed to alter
the terms of the Plan.

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	 	11.10	 	Effective Date. The Plan is effective on January 1, 2009.

          IN WITNESS WHEREOF, this instrument has been executed on December 18, 2008.

	 	 	 	 	 
	 	Campbell Soup Company

 	 
	 	By:  	/s/ Nancy A. Reardon
 	 
	 	 	Nancy A. Reardon 	 
	 	 	Senior Vice President -- Chief Human Resources

and Communications Officer 	 
	 

ATTEST:

	 	 	 	 	 
	By:  	                          /s/ John J. Furey
 	 	 
	 	Corporate Secretary 	 	 
	 	 	 	 
	 

13Exhibit 10.2

	
 

	
 

	
 

	
February 25,
 2009

	
 

	
 

	
 

	
Mr. Paul C.
 Reyelts

	
 

	
1819 James
 Avenue S.

	
 

	
Minneapolis,
 MN 55403

	
 

	
 

	
 

	
Dear Paul: 

	
 

	
 

	
 

	
The following Employment Transition Agreement and Release
 (“Agreement”) summarizes the terms and conditions we have discussed in
 regards to your retirement transition. The Valspar Corporation (“Valspar”)
 has agreed to provide you with certain payments and/or benefits, which are
 set forth below, some of which you would not be otherwise entitled to without
 signing this Agreement and the Updated Release of Claims. 

	
 

	
 

	
•

	
Effective Dates

	
 

	
 

	
 

	
You will resign as an employee of The Valspar Corporation and its
 subsidiaries (“Valspar”), effective May 31, 2009 (the “Effective Date”).

	
 

	
 

	
•

	
Compensation and Other Payments

	
 

	
 

	
 

	
Provided you sign this Agreement and the Updated Release of Claims in
 the applicable time periods, return them to Valspar, and act in accordance
 with the terms outlined in this agreement, you will receive ongoing
 separation payments continuing at a rate equal to your base salary prior to
 the Effective Date, through December 31, 2010. 

	
 

	
 

	
 

	
You agree to remain available to the Company as reasonably requested
 by the Chairman & Chief Executive Officer, on an as-needed basis to
 assist with business such as mergers and acquisitions, strategy and business
 development, and disposition of the current corporate headquarters facility
 through December 31, 2010. Under this Agreement, your accountability will be
 to the Chairman & Chief Executive Officer.

	
 

	
 

	
 

	
In addition
 to the payments above the following apply:

	
 

	
 

	
•

	
Stock Options

	
 

	
 

	
 

	
You will not be eligible for any new stock option grants, however, at
 the Effective Date, you will be 100% vested in all stock options previously
 granted to you. Shares granted before October 2007 include a provision that
 extends the exercise period for up to three additional years, not to exceed
 the original expiration date. Stock options granted to Officers in October
 2007 and after include provisions allowing them to be exercised for the
 balance of the original expiration term. 

	
 

	
 

	
•

	
Restricted Stock

	
 

	
 

	
 

	
You will not be eligible for any new restricted stock awards,
 however, you will be 100% vested in any unvested restricted stock that you
 hold as of the Effective Date and will be taxed on the value of these shares
 on that date. 

	
 

	
 

	
•

	
Long Term Incentive Plan

	
 

	
 

	
 

	
You were a participant in the Officer Long Term Incentive Plan
 (“LTIP”). This program was discontinued after 2007, however a payout
 opportunity remains for the 2007-2009 Plan. Your participation, payout
 opportunity, and timing of payout will not be affected by your retirement
 prior to the Plan payout date (January 2010).

	
 

	
 

	
•

	
Lost ERISA Benefits

	
 

	
 

	
 

	
You participate as an active employee through the Effective Date.
 Eligible earnings for service prior to the Effective date are eligible for
 401k matches and profit sharing contributions under the Company’s Savings
 & Retirement Program. In the event that eligible earnings for service
 prior the Effective Date exceed ERISA income limits, you will be eligible for
 a lost ERISA payment that would occur in January 2010.

	
 

	
 

	
•

	
Executive Perquisites

	
 

	
 

	
 

	
Your monthly car allowance and company-paid membership at the
 Minneapolis Club will end at the Effective Date. Participation in the
 Executive Physical Program will extend through calendar year 2009. You will
 also be eligible for Company payment of eligible expenses related to
 financial planning and tax preparation services through calendar 2009,
 including filing of 2009 income tax returns in 2010. 

	
 

	
 

	
•

	
Benefits Continuation 

	
 

	
 

	
 

	
Medical, dental and life insurance coverage under the Company’s
 active employee programs will terminate on the Effective Date. However, you
 will be eligible to continue medical coverage for your lifetime and for your
 current spouse’s lifetime according to the terms and conditions of the
 Valspar Officer Retiree Medical Plan. Vince Opat can provide additional
 details regarding this Plan. Dental and life insurance can be continued at a
 cost to you equal to 102% of the full cost of coverage. You will be eligible
 to continue these coverages for eighteen months following the Effective Date.

	
 

	
 

	
 

	
You will receive additional COBRA election forms following your
 termination date. If Valspar changes its group insurance plan(s) in the future,
 your coverage will be under the terms of the new plan(s). 

	
 

	
 

	
•

	
Unused Vacation

	
 

	
 

	
 

	
You will accrue vacation up until the Effective Date, and then be
 eligible for payment for any accrued but unused days. Please report the
 number of unused days remaining to me prior to the Effective Date. 

	
 

	
 

	
•

	
Disability Benefits

	
 

	
 

	
 

	
Disability
 coverage will terminate on the Effective Date.

	
 

	
 

	
•

	
Qualified Plans

	
 

	
 

	
 

	
If you participate in any ERISA qualified plan(s), your rights and
 obligations under such plan(s) will be governed by the applicable plan
 document(s).

	
 

	
 

	
•

	
Death

	
 

	
 

	
 

	
In the event of your death prior to the December 31, 2010, your
 spouse will be paid a single lump sum equal to the sum of ongoing separation
 payments to which you would have otherwise been entitled between the date of
 your death and December 31, 2010.

	
 

	
 

	
•

	
Company Property

	
 

	
 

	
 

	
Recognizing that you will be in a consultative role through December
 31, 2010, Valspar will provide continuation of your company email and
 cellular service through that date. Following that date, you may elect to
 convert your cellular service to a private account.

	
 

	
 

	
 

	
Following December 31, 2010, you agree to return all Valspar property
 (e.g., computer) and all confidential information in written or other
 tangible or electronic form, if any, that may be in your possession at that
 time.

	
 

	
 

	
•

	
Confidential Information

	
 

	
 

	
 

	
You understand and acknowledge that as a Valspar employee you had
 access to confidential information. As an example, in the course of your
 employment you worked with or had knowledge of information concerning
 inventions, improvements, formulas, techniques, customer lists, marketing
 plans, price lists, trade secrets, and processes developed, made, used or
 sold by Valspar, and other information relating to Valspar’s products or
 operations. You understand that all of this information belongs exclusively
 to Valspar and you agree not to use or share this information with any other
 person, or entity, except with Valspar’s written consent. 

	
 

	
 

	
•

	
Rescission/Revocation/Consideration Period

	
 

	
 

	
 

	
By signing this Agreement, you acknowledge and agree that Valspar
 informed you that (1) you have the right to consult with an attorney or your
 choice prior to signing this Agreement, and (2) you are entitled to twenty-one
 (21) calendar days from the receipt of this Agreement to consider whether the
 terms are acceptable to you. Valspar encourages you to use the full 21-day
 period to consider this Agreement but you have the right, if you choose, to
 sign this Agreement period prior to the expiration of the twenty-one (21) day
 period. Changes to this Agreement, whether material or immaterial, will not
 restart this 21-day consideration period.

	
 

	
 

	
 

	
You may revoke (i.e., rescind) your release of claims under the Age
 Discrimination in Employment Act of 1967 for any reason within seven (7)
 calendar days after signing this Agreement. If you revoke such release,
 Valspar shall have no further obligation under this Agreement and you shall
 immediately repay Valspar for all benefits and payments made hereunder as if
 you had terminated effective on the last day on which you were actively
 working for Valspar on a full-time basis. 

	
 

	
 

	
 

	
To revoke such release, you must notify Valspar in writing and hand
 deliver (within the 7-day period) or mail the notice to Ronda Bayer. If you
 send the notice of revocation by mail, it must be: 1) postmarked within the
 7-day period; 2) properly addressed to The Valspar Corporation, Attention:
 Ronda Bayer, 1101 Third Street South, Minneapolis, Minnesota 55415; and 3)
 sent by certified mail, return receipt requested.

	
 

	
 

	
•

	
Release of Claims

	
 

	
 

	
 

	
Because of the additional consideration described above, you hereby
 unconditionally release and discharge Valspar, and all its affiliates,
 predecessors, successors, subsidiaries, employees, officers, directors,
 agents, insurers, representatives, counsel, shareholders, and all other
 persons, entities and corporations affiliated or related with any of them
 (referred to as “the Released Parties”) from all liability for damages or
 claims or demands, whether known or unknown, of any kind, including but not
 limited to all claims for costs, expenses and attorney’s fees arising out of
 any acts, decisions, or omissions occurring prior to your execution of this
 Agreement, including, but not limited to, your change in status from
 full-time to part-time employment with the Released Parties. You will not
 make a claim in any court based upon any act of, or failure to act by the
 Released Parties during the time you worked for the Released Parties. Some
 examples of the released claims are:

	
 

	
 

	
 

	
a) Discrimination or violation of civil rights (including but not
 limited to any claims arising under the Age Discrimination in Employment Act
 of 1967, Title VII of the Civil Rights
 Act of 1964, the Americans with Disabilities Act, and any applicable state
 anti-discrimination or human rights statutes), arising under local,
 state or federal laws, or any other claim
 for retaliation, discrimination, or harassment based on sex, race, color,
 religion, age, national origin or ancestry, disability, or other protected
 class status. 

	
 

	
 

	
 

	
b) Employment termination based on breach of contract, infliction of
 emotional distress, lack of good faith, violation of public policy, invasion
 of privacy, defamation or other tortuous conduct, or any other local, state
 or federal statute or common law claims.

	
 

	
 

	
 

	
c) Any claims you may have for wages, bonuses, commissions,
 penalties, deferred compensation, stock, stock options, vacation pay, and/or
 benefits, negligence, emotional distress, improper discharge (based on
 contract, common law, or statute, including any federal, state or local
 statute or ordinance prohibiting discrimination or retaliation in
 employment), any claims arising under the Worker Adjustment and Retraining
 Notification Act, and any state or local plant closing and/or mass layoff
 statute or ordinance, or claims arising under any other federal or state
 constitutions or statute, including but not limited to the Employee
 Retirement Income Security Act of 1974, the Sarbanes-Oxley Act, and the
 Family and Medical Leave Act

	
 

	
 

	
 

	
d) Any
 assertion that the Released Parties cannot cease the employment relationship.

	
 

	
 

	
 

	
You understand and agree that the above list contains examples only
 and does not contain all claims that you are releasing. By signing this
 Agreement, you are releasing all claims against the Released Parties. You
 also represent that you have not filed any claims against the Released
 Parties and, to the full extent permitted by law, will not do so at any time
 after signing this Agreement or the Updated Release of Claims.

	
 

	
 

	
 

	
You further agree that, to the full extent permitted by law, you will
 not institute any claim for damages, by charge, complaint or otherwise, nor
 otherwise authorize any other party, governmental or otherwise, to institute
 any claim for damages via administrative or legal proceedings against the
 Released Parties. If you previously filed, file, or have filed on your
 behalf, a charge, complaint, or action, you agree that the benefits described
 in this Agreement are in complete satisfaction of any and all claims in
 connection with such charge, complaint, or action and you waive the right to
 money damages or other legal or equitable relief awarded by any governmental
 agency or other entity related to any such claim.

	
 

	
 

	
•

	
Change In Control Agreement

	
 

	
 

	
 

	
Your Change in Control Agreement with Valspar shall remain in effect
 through the Effective Date. In the event of a qualifying change in control,
 as defined by that agreement, prior to the Effective Date, you will be
 entitled solely to the benefits provided by your Change In Control Agreement
 and this Agreement and any benefits due hereunder shall immediately
 terminate. 

	
 

	
 

	
•

	
Cooperation

	
 

	
 

	
 

	
At Valspar’s request, you will cooperate with Valspar in any pending
 or future claims or lawsuits involving Valspar where you have knowledge of
 the underlying facts. In addition, for a
 period of five years from the Effective Date, you will not
 voluntarily aid, assist, or cooperate with any claimants or plaintiffs or
 their attorneys or agents in any claims or lawsuits commenced in the future
 against Valspar; provided, however, that nothing in this Agreement will be
 construed to prevent you from testifying truthfully and completely at an
 administrative hearing, a deposition, or in court in response to a lawful
 subpoena or as otherwise required by law, in any litigation or proceeding
 involving Valspar.

	
 

	
 

	
•

	
Miscellaneous

	
 

	
 

	
 

	
a. Other Payments or Benefits. You agree that you are not eligible for any other payments or
 benefits except for those expressly described in this Agreement, provided
 that you sign and return this Agreement and the Updated Release of Claims
 within the specified time periods, and do not revoke this Agreement or any
 part, including required Updated Release of Claims.

	
 

	
 

	
 

	
b. References. Should anyone contact Valspar’s human resources
 department for references on you, Valspar will only verify employment dates,
 job title, and rate of compensation. 

	
 

	
 

	
 

	
c. Non-Disparagement. You agree not to make disparaging or
 defamatory remarks about Valspar or any of its Officers.

	
 

	
 

	
 

	
d. Confidentiality of Agreement. You agree not to disclose or
 provide copies of this Agreement to anyone, except your spouse, attorney, tax
 advisor, or as may be required by law, the terms of this Agreement or any
 circumstances which are confidential to the termination of your employment.

	
 

	
 

	
 

	
e. Non-Admission. It is expressly
 understood that this Agreement does not constitute, nor shall it be construed
 as an admission by Valspar or you of any liability or unlawful conduct
 whatsoever. Valspar and you specifically deny any liability or unlawful
 conduct.

	
 

	
 

	
 

	
f. Successors and Assigns. This
 Agreement is personal to you and may not be assigned by you without the
 written Agreement of Valspar. The rights and obligations of this Agreement
 shall inure to the successors and assigns of Valspar.

	
 

	
 

	
 

	
g. Enforceability. If a court finds
 any term of this Agreement to be invalid, unenforceable, or void, the parties
 agree that the court shall modify such term to make it enforceable to the
 maximum extent possible. If the term cannot be modified, the parties agree
 that the term shall be severed and all other terms of this Agreement shall
 remain in effect.

	
 

	
 

	
 

	
h. Governing Law/Venue. This Agreement
 shall be governed and construed in accordance with the laws of the State of
 Minnesota. The parties agree that any action relating to this
 Agreement shall be instituted and prosecuted in Hennepin County, Minnesota,
 in either state court (Hennepin County District Court) or federal court
 (United States District Court for the District of Minnesota). You and Valspar
 hereby consent to submit to the personal jurisdiction of such courts and
 agree not to bring any action relating to this Agreement or your employment
 and/or termination in any court other than Hennepin County District Court or
 United States District Court for the District of Minnesota. 

	
 

	
 

	
 

	
i. Entire Agreement. This Agreement (which includes the Updated
 Release of Claims) contains the sole offer and full Agreement between you and
 Valspar relating to your employment with Valspar and the termination of such
 employment and may not be modified, altered, or changed in any way except by
 written Agreement signed by both parties. With the exception of your Change
 in Control Agreement as provided herein, the parties agree that this
 Agreement supersedes and terminates any and all other written and oral
 Agreements and understandings between the parties, including, but not limited
 to any such Agreements and/or understandings concerning termination or
 separation benefits you may have been eligible for or entitled to from The
 Valspar Corporation. 

	
 

	
 

	
 

	
j. Acknowledgment of Reading and
 Understanding. By signing this Agreement, you acknowledge that you have
 read this Agreement, including the Updated Release of Claims, and understand
 that the release(s) of claims is a full and final release of all claims
 you may have against Valspar and the other entities and individuals covered
 by the release. By signing, you also acknowledge and agree that you have
 entered into this Agreement knowingly and voluntarily.

If you have
any questions, please call me at 612-375-7988.

Sincerely,

Anthony L.
Blaine

Senior Vice President, Human Resources

I have read the above Agreement and Release, and the Updated Releases
of Claims and after consultation with my attorney, understand and agree to its
contents. I am signing this Agreement knowingly, voluntarily and without
reliance upon any statements made by Valspar employees or attorneys.

	
 

	
 

	
 

	
 

	
 

	
 

	
Signature

	
 

	
Date

	
 

	
 

	
 

	
 

	
 

	
 

	
Paul C.
 Reyelts

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness
 Signature (Notary or Valspar employee)

	
 

	
Date

	
 

	
 

	
 

	
 

	
 

	
 

	
Print Name

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