Document:

Exhibit

EXHIBIT 10(b)

Mark Alexander
#############
#############

Re:    Severance Agreement and General Release
Dear Mark:
The purpose of this letter is to confirm the terms regarding the termination of your employment with Campbell Soup Company and/or its subsidiary or affiliated entity (“the Company”).  As set forth more fully below, we offer to you the following Severance Agreement, which includes a General Release (“the Agreement”).

The terms and conditions set forth in Paragraph 1 below will apply regardless of whether you decide to sign this Agreement.  However, you will not be eligible to receive the payments and other benefits (“Severance Benefits”) described in Paragraph 2 below unless you sign and do not revoke this Agreement.  (Please see Paragraph 17 below for what it means to revoke this Agreement.) 
This Agreement is an important legal document.  You are encouraged to read it carefully and make certain that you understand and agree with it before you sign it.  You may consider for forty-five (45) days whether you wish to sign this Agreement.  Because this is a legal document, you are encouraged to review it with your attorney. 
1.General Terms of Termination. As noted above, whether or not you sign this Agreement:

(a)Your last official day of work will be April 2, 2018.  Thereafter, you will be on paid garden leave until your official notice date of September 3, 2018.

(b)You will then receive four (4) weeks’ pay in lieu of notice, after which, on October 1, 2018, your employment with the Company will terminate (“Termination Date”).
  
(c)You will receive a lump sum payment for your accrued but unused paid-time off, if any, as of your Termination Date.

(d)Your eligibility to participate in the Company-sponsored health plans (medical, dental, and vision) as an employee of the Company will end on the last day of the month in which your Termination Date occurs.  Thereafter, you will be eligible to continue such coverages at your sole expense in accordance with a federal law called the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), subject to the terms, conditions and restrictions of the group medical, dental, and vision plans and COBRA.  However, if you sign and do not revoke this Agreement, while your period of COBRA eligibility will commence on the first day of the month following your Termination Date, you will remain eligible to participate in the Company’s medical (but not dental or vision) plan at active employee premium contribution rates until the end of the Severance Period as defined in Paragraph 2(a) below.  After the end of the Severance Period, you will be eligible to continue participation in the Company’s medical plan at your sole expense for the remainder, if any, of your COBRA eligibility period.

(e)Your eligibility to participate in all other Company-sponsored group benefits, including but not limited to group life, business travel, disability, and accidental death and dismemberment coverage, will terminate on the Termination Date, unless the applicable plan document provides for a different result.  However, if you sign and do not revoke this Agreement, you will remain eligible to participate in the Company’s group life insurance until the end of the Severance Period as defined in Paragraph 2(a) below.

(f)You remain legally bound by and must comply with the terms, conditions, and restrictions of the Nonqualified Stock Option and Non-Competition Agreement executed by you on June 26, 1997 (the “Non-Competition Agreement”).  The prohibitions in paragraphs 5, 6 and 7 of the Non-Competition Agreement shall expire on April 30, 2019; however, nothing in this Agreement shall prevent you on or after May 1, 2018 from accepting and starting any employment (or providing any services to any entity) that does not violate the Non-Competition Agreement.  Questions regarding prospective opportunities and the impact of your Non-Competition Agreement will be handled generally in accordance with the terms set forth in Paragraph 9 of the Campbell Soup Company Confidential and Proprietary Information Agreement signed by you on March 31, 1997.  

2.Severance Benefits.  If you sign and do not revoke this Agreement, agreeing to be bound by the General Release in Paragraph 3 below and the other terms and conditions of this Agreement, the Company will do the following:

(a)The Company will pay you one hundred four (104) weeks of severance pay at your current base salary ($731,800), less withholding of all applicable federal, state, and local taxes.  The severance payments will be paid to you in accordance with the Company’s regular payroll practices after you have received your pay in lieu of notice in accordance with Paragraph 1(b) above (and in accordance with the provisions relating to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) in the Company’s Severance Pay Plan for Salaried Employees (the “Severance Pay Plan”), which provisions are incorporated into this Agreement by reference).  For purposes of this Agreement, the period in which you receive severance payments pursuant to this Paragraph 2(a) shall be referred to as the “Severance Period.” 

(b)While your COBRA eligibility period will commence on the first day of the month following your Termination Date, the Company will continue your medical (but not dental or vision) coverage until the end of the Severance Period as though you were actively employed by the Company at active employee premium contribution rates, and your portion of the monthly contributions will be deducted from the payments you receive following the Termination Date (and with respect to such continuation the provisions relating to Section 409A of the Code in the Severance Pay Plan concerning such continuation are incorporated by reference into this Agreement).  Notwithstanding the foregoing, during this period, the Company shall impute as taxable income to you an amount equal to the full actuarial cost of such coverage in excess of your contributions to the cost of such coverage, for each month during which such coverage is in effect for you and/or your eligible dependents but only if and to the extent such imputation is required for you to avoid being subject to tax under Section 105(h) of the Code, with respect to any payment or  reimbursement of expenses made to you or for you and/or any of your eligible dependents’ benefit under such plan.  After the Severance Period, your continued participation in the Company’s group medical plan for the remainder, if any, of your COBRA eligibility period shall be at your sole expense. 

(c)The Company will continue your group life insurance until the end of the Severance Period as though you were actively employed by the Company.  After the Severance Period, your continued participation in the Company’s group life insurance shall terminate.

(d)In lieu of providing you with outplacement services, the Company will pay the fees for your executive coach for his services for an additional 12 months.  

(e)Your eligibility to participate in the Company’s benefit plans and programs in accordance with Paragraphs 2(b) and (c) above shall cease when you become eligible for benefits coverage from a new employer.  You must inform me when you become eligible for benefits from a new employer.

(f)If you violate any of the post-termination restrictions set forth in the Non-Competition Agreement, the Company, in its sole discretion, may cease making the payments and providing the benefits set forth in this Paragraph 2; however, the General Release in Paragraph 3 below shall remain in full force and effect. Prior to taking such action, the Company shall give you written notice and a reasonable opportunity to cure and if you cure such event, the Company shall not have the right to cease making such payments or providing such benefits.  This shall be in addition to any other remedies which may be available to the Company under the Non-Competition Agreement.   

3.General Release. 

(a)In exchange for the Company’s Severance Benefits described in Paragraph 2, you release and forever discharge, to the maximum extent permitted by law, the Company and each of the other “Releasees” as defined below, from any and all claims, causes of action, complaints, lawsuits, or liabilities of any kind (collectively, “Claims”) as described below which you, your heirs, agents, administrators, or executors have or may have against the Company or any of the other Releasees.

(b)By agreeing to this General Release, you are waiving, to the maximum extent permitted by law, any and all Claims that you have or may have against the Company or any of the other Releasees arising out of or relating to your employment and/or the termination of your employment with the Company, including, but not limited to, the following: (i) any Claims for severance, benefits, bonuses, commissions, and/or other compensation of any kind; (ii) any Claims for reimbursement of expenses that are not submitted before the Termination Date; (iii) any Claims for attorneys’ fees or costs; (iv) any Claims under the Employee Retirement Income Security Act (“ERISA”); (v) any Claims of discrimination and/or harassment based on age, sex, pregnancy, race, religion, color, creed, disability, handicap, medical condition, failure to accommodate, citizenship, national origin, ancestry, marital status, sexual orientation, gender identity or expression, or any other factor protected by federal, state, or local law (such as the Age Discrimination in Employment Act, Title VII of the Civil 

Rights Act of 1964, the Americans with Disabilities Act, the Equal Pay Act, the Genetic Information Non-discrimination Act, and any state or local non-discrimination law or ordinance) and any Claims for retaliation under any of the foregoing laws; (vi) any Claims regarding leaves of absence including, but not limited to, any Claims under the Family and Medical Leave Act or similar state or local laws related to leaves; (vii) any Claims arising under the Uniformed Services Employment and Reemployment Rights Act (“USERRA”) or any state or local laws governing military leave; (viii) any Claims for wrongful discharge, violation of public policy, and breach of contract, implied contract, or the implied duty of good faith and fair dealing; (ix) any whistleblower or retaliation Claims; (x) any claims under the Worker Adjustment Retraining and Notification Act (“WARN”) or similar state or local laws; and/or (xi) any other statutory, regulatory, common law, or other Claims of any kind, including, but not limited to, Claims for libel, slander, fraud,  promissory estoppel, equitable estoppel, invasion of privacy, misrepresentation, emotional distress, and pain and suffering.

(c)The term “Releasees” includes:  the Company and any parent, subsidiary, related, or affiliated entities of the Company, and each of their past and present employees, officers, directors, attorneys, shareholders, partners, insurers, benefit plan fiduciaries and agents, and all of their respective successors and assigns.

(d)    As of the date of this Agreement, the Company acknowledges that it does not know of any claim the Company may have against you.
4.Non-Released Claims.  The General Release by you in Paragraph 3 above does not apply to:

(a)Any Claims for vested benefits under any Company qualified and/or non-qualified retirement, savings or other benefit plans in which you participate, for example, any claims under the Campbell Soup Company Retirement and Pension Plan, the Campbell Soup Company 401(k) Retirement Plan, the Pension Plan for Employees of Campbell Company of Canada and/or the Mid-Career Hire Pension Plan;  

(b)Any Claims to require the Company to honor its commitments set forth in this Agreement or to interpret or determine the enforceability, scope, meaning, or effect of this Agreement; 

(c)Any Claims arising after you have signed this Agreement; and

(d)Any Claims for workers’ compensation benefits, any Claims for unemployment compensation benefits, and any other Claims that cannot be waived by a General Release.

(e)Your right to be indemnified for third-party claims pursuant to the Company’s bylaws or applicable law (including advancement of expenses) and/or to be covered under any applicable directors’ and officers’ liability insurance policies.

5.Retained Rights.  As noted above, you retain certain important rights under this Agreement.  Regardless of whether or not you sign this Agreement, nothing in this Agreement is intended to or shall be interpreted to restrict or otherwise interfere with: (i) your obligation to testify truthfully in any forum; (ii) your right and/or obligation to contact, cooperate with, or provide information to - or testify or otherwise participate in any action, investigation, or proceeding of - any federal, state, or local government agency or commission (including, but not limited to, the EEOC or the SEC); or (iii) your right to disclose any information or produce any documents as is required by law or legal process.  Further, the General Release in Paragraph 3 does not prevent you from contacting or filing a charge with any federal, state, or local government agency or commission (including, but not limited to, the EEOC or the SEC).

6.Prior Acts.  It is acknowledged, understood and agreed by you that should Campbell discover that you have engaged in any unethical, dishonest or fraudulent act which harms, or has harmed the Company (or any affiliated corporate entity), the Company reserves the right, in its sole discretion, to terminate or suspend all payments or benefits remaining to be paid by the Company under Paragraph 2 of this Agreement; however, the General Release in Paragraph 3 above shall remain in full force and effect.  In addition, the Company may seek all other remedies and relief allowed by law, including but not limited to the return of any payments made under this Agreement.

7.Confidential Information.

(a)Duty to Retain as Confidential.  You acknowledge and agree that, in the course of your employment with the Company, you may have created and/or acquired confidential and/or proprietary information relating to the business of the Company and/or any parent, subsidiary, related, or affiliated company which is not known by or generally accessible to the public. You expressly agree that you will keep secret and safeguard all such information, and will not, at any time, in any form 

or manner, directly or indirectly, divulge, disclose, or communicate to any person, firm, corporation, or other entity any such information without the direct written authority of the Company.  More specifically, this Agreement incorporates by reference all of the provisions of the Non-Competition Agreement.  Because of the importance of this provision to the successful conduct of the Company and its good will, you agree that if you use or disclose, or threaten to use or disclose, confidential and/or proprietary information in violation of this Agreement, the Company will have available, in addition to any other right or remedy available, the right to obtain injunctive and equitable relief of any type from a court of competent jurisdiction, including but not limited to restraining such breach or threatened breach.  Notwithstanding the foregoing, you shall be permitted to disclose confidential and/or proprietary information (i) to the extent required by law or by any court or governmental or regulatory body or agency, or (ii) in connection with any Claim to enforce, interpret or determine the scope, meaning or effect of this Agreement.

(b)Duty to Notify.  In the event you receive a request or demand, orally, in writing, electronically, or otherwise, for the disclosure or production of confidential and/or proprietary information which you created or acquired in the course of your employment, unless prohibited by law or regulation, you must notify immediately the Company’s Chief Legal Officer, by calling him/her at the following phone number: 856-342-6125.  Regardless of whether you are successful in reaching him/her by telephone, unless prohibited by law or regulation, you also must notify him/her immediately in writing, via certified mail, at the following address:  Chief Legal Officer, Campbell Soup Company, 1 Campbell Place, Camden, NJ 08103-1799.  A copy of the request or demand shall be included with the written notification.  You shall wait a minimum of ten (10) days (or the maximum time permitted by such legal process, if less) after sending the letter before making a disclosure or production to give the Company time to seek to prohibit and/or restrict the production and/or disclosure and/or to obtain a protective order with regard thereto.

8.Company Property and Documents.  Regardless of whether you sign this Agreement, and as a condition of receiving the Severance Benefits set forth in Paragraph 2 above, you must return, retaining no copies, all Company property (including, but not limited to, office, desk, or file cabinet keys, Company identification/pass cards, Company-provided credit cards, and Company equipment, such as computers, tablets, and mobile phones) and all Company documents (including, but not limited to, all hard copy, electronic and other files, forms, lists, charts, photographs, correspondence, computer records, programs, notes, memos, disks, DVDs, etc.).  Notwithstanding anything to the contrary herein or otherwise (including the Non-Competition Agreement), you shall be permitted to retain information (including copies of plans and agreements) relating to your compensation and/or reimbursement of business expenses and/or your contact lists.

9.Confidentiality of this Agreement.  Unless and until the Company publicly discloses this Agreement, you agree that, at all times, the existence, terms, and conditions of this Agreement will be kept secret and confidential and will not be disclosed voluntarily to any third party, except:  (i) to your spouse, domestic partner, civil union partner, or immediate family member, if applicable; (ii) to the extent required by law; (iii) in connection with any Claim to enforce, interpret, or determine the scope, meaning, enforceability, or effect of the Agreement; (iv) to obtain confidential legal, tax, or financial advice with respect thereto; (v) in connection with any of your Retained Rights as set forth in Paragraph 5 above; or (vi) to any prospective employer but only with respect to the restrictions, if any, on your activities following May 1, 2018 (which permission shall also extend to the Non-Competition Agreement).  However, you may reference this provision to explain your non-disclosure of this Agreement.

10.Non-Disparagement.  You agree that you will not make any negative comments or disparaging remarks, in writing, orally, or electronically, about the Company or any past or present director, officer or employee of the Company or its subsidiaries or affiliates.  This restriction is subject to and limited by your Retained Rights in Paragraph 5 above.  However, nothing in this Agreement is intended or shall be interpreted to restrict any party’s right or obligation (i) to testify truthfully in any forum; (ii) for you, to make truthful statements in connection with any cooperation provided by you under Paragraph 18 below; or (iii) to make any truthful statement in connection with any Claim to enforce, interpret or determine the scope, meaning or effect of this Agreement.

11.References.  You agree that you will direct any and all prospective employers seeking a reference to contact only persons employed in the Company’s Human Resources Department.  The Human Resources Department shall provide a neutral reference only (dates of employment and title of last position held).

12.Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey.

13.Statement of Non-Admission.  Nothing in this Agreement is intended as or shall be construed as an admission or concession of liability or wrongdoing by the Company or any other Releasee as defined above, or by you.  Rather, the 

proposed Agreement is being offered for the sole purpose of settling cooperatively and amicably any and all possible disputes between the parties.

14.Interpretation of Agreement.  Nothing in this Agreement is intended to violate any law or shall be interpreted to violate any law.  If any part of this Agreement or the application thereof is construed to be overbroad and/or unenforceable, then the court making such determination shall have the authority to narrow the part as necessary to make it enforceable and the part(s) shall then be enforceable in its/their narrowed form.  Moreover, each paragraph, part, or subpart of each paragraph in this Agreement is independent of and severable (separate) from each other.  In the event that any part of this Agreement shall be found to be unenforceable or invalid by a court and is not modified by a court to be enforceable, the remaining provisions shall not be affected and shall continue to be binding.

15.Entire Agreement.  This Agreement constitutes the entire agreement between the parties and supersedes any and all prior representations, agreements, written or oral, expressed or implied, except for the Non-Competition Agreement referenced in Paragraph 1(f) above which survives the termination of your employment and is incorporated herein by reference.  This Agreement may not be modified or amended other than by an agreement in writing signed by an officer of the Company and you.

16.Representations.  You agree and represent that: (a) you have read carefully the terms of this Agreement, including the General Release; (b) you have had an opportunity to and have been encouraged to review this Agreement, including the General Release, with an attorney; (c) you understand the meaning and effect of the terms of this Agreement, including the General Release; (d) you were given forty-five (45) days to determine whether you wished to sign this Agreement; (e) your decision to sign this Agreement, including the General Release, is of your own free and voluntary act without compulsion of any kind; (f) no promise or inducement not expressed in this Agreement has been made to you; (g) you understand that you are waiving your Claims as set forth in Paragraph 3 above, including, but not limited to, any Claims for age discrimination under the Age Discrimination in Employment Act; and (h) you have adequate information to make a knowing and voluntary waiver of any and all Claims as set forth in Paragraph 3 above.

17.Revocation Period.  If you sign this Agreement, you will retain the right to revoke it for seven (7) days.  This Agreement is not effective or enforceable until after the Revocation Period has expired without your having revoked it.  To revoke this Agreement, you must send a certified letter to my attention at the following address: 1 Campbell Place, Camden, NJ 08103.  The letter must be post‐marked within seven (7) days of your execution of this Agreement.  If the seventh day is a Sunday or federal holiday, then the letter must be post-marked on the following business day.  If you revoke this Agreement on a timely basis, you are indicating that you do not want to be legally bound by this Agreement and, as a result, you shall not be eligible for the Severance Benefits set forth in Paragraph 2.

18.Cooperation.  Taking into account your business and personal commitments and provided such cooperation is not adverse to your legal interests, you agree to reasonably cooperate, in a timely and good faith manner, subsequent to the Termination Date, with all reasonable requests for assistance made by the Company, relating directly or indirectly to all investigations, legal claims or any regulatory matter with respect to any matter which occurred during the course of your employment with the Company, with which you were involved prior to the termination of your employment, or with which you became aware of during the course of your employment.  Upon the submission of proper documentation, the Company will reimburse you for all reasonable expenses you incur as a result of such requests for assistance, if any.

19.Offer Expiration Date.  In order for you to receive the Severance Benefits set forth in Paragraph 2 above, there is an important deadline you must meet. As noted above, you have forty-five (45) days, until May 3, 2018, to decide whether you wish to sign this Agreement.  If you wish, you can (but are not required to) sign the Agreement before the forty-five (45) day period has expired. However, if you do not sign this Agreement by May 3, 2018, then this offer is withdrawn and you will not be eligible for the Severance Benefits set forth in Paragraph 2 above.

20.Indemnification/D&O Insurance Coverage.  The Company confirms that you are covered under the indemnification provisions of the Company’s by-laws and you shall be covered for acts or omissions occurring during your employment under the Company’s directors’ and officers’ insurance policies to the same extent you would have been covered if you had continued to be employed.

21.280G of the Code.  The parties agree and acknowledge that the termination of your employment was not in connection with a change in control and, as such, agree to use reasonable efforts to rebut any such presumption under the Code.  Notwithstanding the foregoing, if we are not successful in rebutting such presumption, then the provisions in your Severance Protection Agreement relating to a gross up for any excise taxes, interest or penalties imposed on you under Section 4999 of the Code shall remain in full force and effect.

22.Addendum.  You may be eligible for payments under an Annual Incentive Plan, Sales Incentive Plan and/or the Long-Term Incentive Plan. The attached Addendum to this Agreement sets forth the terms and conditions of your eligibility, if any, as well as your other entitlements. 

23.Attachment.  You are not the only employee whose employment is being terminated.  You are part of a group of employees whose employment is being terminated.  Attached to this Agreement as Exhibit A is information for you to consider in deciding whether to sign this Severance Agreement and General Release.  If you have any questions about Exhibit A, please let me know.
*        *        *
If you agree with the all of the terms of this Agreement, please sign below, indicating that you understand, agree with and intend to be legally bound by this Agreement, including the General Release, and return the signed Agreement to me.
We wish you the best in the future.
Sincerely, 
                            
/s/ Robert W. Morrissey
Robert W. Morrissey

	
			
	UNDERSTOOD AND AGREED, INTENDING TO BE LEGALLY BOUND:

	 
	 
	 

	/s/ Mark Alexander
	 
	April 30, 2018

	Mark Alexander
	 
	Date

 

ADDENDUM
    
		
	1.
	Annual Incentive Plan: You will be eligible to participate in the Campbell Soup Company Annual Incentive Plan (the AIP) for fiscal 2018, as determined in accordance with the terms of the AIP and this Addendum. Eligibility for an award is contingent upon the Company receiving your signed Severance Agreement and General Release.  Without a signed release, you are not eligible to receive an award. In the calculation of your award, the Company will utilize your target bonus opportunity of 90% of your Base Salary, with 60% of the award based on the Company’s performance and 40% based on your Division’s performance.  The actual amount paid to you under the AIP for 2018 will be based on the Company’s performance and your Division’s performance as determined in the sole discretion of the Compensation and Organization Committee of the Campbell Soup Company’s Board of Directors.  Decisions regarding bonus awards are normally made at the end of September and paid by the end of October.  You will not be eligible for the AIP for fiscal 2019.

		
	2.
	Restricted and Performance Stock:  The following section details the treatment upon termination of vested and unvested Stock Options, and outstanding unvested Restricted Stock Units (RSU) and Performance Restricted Stock Units (PSU) granted to you under the Campbell Soup Company 2005 Long-Term Incentive Plan (the 2005 LTIP) and the Campbell Soup Company 2015 Long-Term Incentive Plan (the 2015 LTIP).  Eligibility for a prorated award is contingent upon the Company receiving your signed Severance Agreement and General Release.  Without a signed release, all unvested units are forfeited.  Applicable taxes will be withheld from the payment of any RSU or PSU award. In the event of any conflict between this Addendum and the 2005 LTIP and the 2015 LTIP, the 2005 LTIP and the 2015 LTIP will govern.

		
	a.
	You were granted 81,152 Stock Options under the 2005 LTIP on October 1, 2015 that will vest on September 30, 2018.  You may exercise any vested, unexercised options within one year of your Termination Date or until the options expire, whichever is earlier.

		
	b.
	You were granted EPS PSU and TSR PSU under the 2005 LTIP on October 1, 2015.  These grants will be fully vested prior to your Termination Date and will not be impacted.

		
	c.
	You were granted 55,290 Stock Options under the 2015 LTIP on October 1, 2016.  As of the Termination Date, all unvested Stock Options (18,430) will be forfeited upon termination in accordance with the terms of the Long-Term Incentive Program, and you may exercise any vested, unexercised options within one year of your Termination Date or until the options expire, whichever is earlier.

		
	d.
	You were granted EPS PSU under the 2015 LTIP on October 1, 2016, from which 2,634 PSU will vest as scheduled on September 30, 2018.  As of the Termination Date, you will have 2,634 unvested units from this grant, 878 of which will be forfeited upon termination in accordance with the terms of the Long-Term Incentive Program.  The remaining 1,756 units will vest on the following schedule and shall be delivered within two months of the vest date:

		
	i.
	1,756 EPS PSU will vest on September 30, 2019

		
	e.
	You were granted TSR PSU under the 2015 LTIP on October 1, 2016. As of the Termination Date, you will have 15,802 unvested units from this grant, 5,267 of which will be forfeited upon termination in accordance with the terms of the Long-Term Incentive Program.  The remaining 10,535 units will continue to be unvested until their originally scheduled vesting date.   The precise number of units earned will be based on the Company’s Total Shareowner Return ranking during fiscal years 2017, 2018 and 2019, and the earned PSU will vest on September 30, 2019, and shall be delivered within two months of the vest date.

		
	f.
	You were granted 62,901 Stock Options under the 2015 LTIP on October 1, 2017.  As of the Termination Date, all unvested Stock Options (41,934) will be forfeited upon termination in accordance with the terms of the Long-Term Incentive Program, and you may exercise any vested, unexercised options within one year of your Termination Date or until the options expire, whichever is earlier.

		
	g.
	You were granted EPS PSU under the 2015 LTIP on October 1, 2017.  Subject to the Company’s achievement of the fiscal 2018 EPS threshold, 2,996 EPS PSU will vest as scheduled on September 30, 2018.  As of the Termination Date, you will have 5,993 unvested units from this grant, 3,496 of which will be forfeited upon termination in accordance with the terms of the Long-Term Incentive Program.  Subject to the Company’s achievement of the fiscal 2018 EPS threshold, the remaining 2,497 units will vest on the following schedule and shall be delivered within two months of the vest date:

		
	i.
	1,498 EPS PSU will vest on September 30, 2019

		
	ii.
	999 EPS PSU will vest on September 30, 2020

		
	h.
	You were granted TSR PSU under the 2015 LTIP on October 1, 2017. As of the Termination Date, you will have 17,977 unvested units from this grant, 11,985 of which will be forfeited upon termination in accordance with the terms of the Long-Term Incentive Program.  The remaining 5,992 units will continue to be unvested until their originally scheduled vesting date.   The precise number of units earned will be based on the Company’s Total Shareowner Return ranking during fiscal years 2018, 2019 and 2020, and the earned PSU will vest on September 30, 2020, and shall be delivered within two months of the vest date.

		
	3.
	You will not be eligible for any additional awards under the 2005 LTIP and the 2015 LTIP.

		
	4.
	Your final quarterly payment under the Company’s Personal Choice Program will be paid in August 2018. 

		
	5.
	All reimbursements or in-kind benefits under this Agreement shall be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable: (i) the amount of expenses eligible for reimbursement or the provision of in-kind benefits in one year will not affect eligibility for reimbursements or benefits in any other year; (ii) any reimbursement of eligible expenses will be made on or before the last day of the year following the year in which the expense was incurred; and (iii) your right to reimbursement shall not be subject to liquidation or exchange for another benefit.

EXHIBIT A

In or around March 2018, Campbell Soup Company (the “Company”), as part of an examination of its corporate structure and design, decided to eliminate and restructure certain positions on the Campbell Leadership Team.  The Company decided to offer all employees whose roles were eliminated and who did not move into another permanent role with the Company an amount of severance pay and other benefits, calculated in accordance with its Severance Pay Plan for Salaried Employees, in exchange for the execution of a Severance Agreement and General Release.  In accordance with the Age Discrimination in Employment Act, 29 U.S.C. § 626(f)(1)(H), the Company is providing the following information to affected employees:

A.There are different groups of employees impacted by the Company’s plans to restructure.  For these purposes, your decisional unit is the Campbell Leadership Team.

B.All employees whose roles were eliminated and who did not move into another permanent role are eligible for severance benefits in accordance with the Campbell Soup Company Severance Pay Plan for Salaried Employees.  The criteria applied in determining which positions would be eliminated or redesigned, and which employees would be impacted, included business strategy, corporate design, and job functions and requirement.

C.All persons who are being offered severance pay in exchange for executing a Severance Agreement and General Release must sign the Agreement and return it to the Company within forty-five (45) days after receiving it.  Once the signed Agreement is returned to the Company, the employee has seven (7) days in which to revoke the Agreement.

A.Again, there are different groups of employees impacted by the Company’s plans to restructure.  We are providing the following information to you about other employees who are being impacted around the same time, including those not in your decisional unit.   Your decisional unit can be found at pages 1-2.

The following is a listing of the job titles and ages of the employees in both of decisional units who were and were not selected for termination and an offer of severance benefits in exchange for signing a Severance Agreement and General Release.

	
				
	Campbell Leadership Team

	Job Title
	Age
(as of 3/16/2018)
	Selected to Receive Severance
	Not Selected to Receive Severance 

	President, Americas Simple Meals & Beverages
	##
	x
	 

	President, Campbell Fresh
	##
	 
	X

	President, Global Biscuits & Snacks
	##
	 
	X

	Senior Vice President & Chief Financial Officer
	##
	 
	X

	Senior Vice President & Chief Human Resources Officer
	##
	 
	X

	Senior Vice President & General Counsel
	##
	 
	X

	Senior Vice President, Global Research and Development 
	##
	x
	 

	Senior Vice President, Global Supply Chain
	##
	 
	X

	Senior Vice President, Integrated Global Services
	##
	x
	 

	Senior Vice President, U.S. Sales
	##
	 
	X

	Vice President, Corporate Strategy
	##
	 
	X

	
				
	IGS Finance Leadership Team 

	Job Title
	Age
(as of 3/16/2018)
	Selected to Receive Severance
	Not Selected to Receive Severance 

	Director - Finance Enterprise Projects
	##
	 
	X

	Director - Global Transactional Services
	##
	 
	X

	Director, Commercial Spend & Global Accounting Services
	##
	 
	X

	Director, Reporting, Planning & Analytics COE
	##
	 
	X

	Director, Supply Chain COE
	##
	 
	X

	Manager FP&A - Plum
	##
	 
	X

	Sr Manager - Finance Technology
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	Sr Manager, FP&A Governance
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	Sr Manager, FP&A Smart Spend
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	VP, Finance - IGS 
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	XExhibit 10.1

 

BED BATH & BEYOND INC.

650 Liberty Avenue

Union, NJ 07083

 

	
 
    	
As of June 4, 2018
    

 

Ms. Robyn D’Elia

Bed Bath & Beyond Inc.

650 Liberty Avenue

Union, N.J. 07083

 

Dear Robyn:

 

We write to set forth our agreement with respect to your employment as an executive of Bed Bath & Beyond Inc. (“the “Company”). Your current title with the Company is Chief Financial Officer and Treasurer.

 

1. Duties.

 

The Company hereby agrees to employ you, and you agree to be employed by the Company, on the terms and conditions hereinafter set forth. You will perform such duties as may from time to time be assigned to you by the Chief Executive Officer of the Company. You agree to serve the Company faithfully, diligently and competently, and to devote your full working time, energy and skill to the Company’s business. Your place of employment will remain in the greater New York area unless you consent to move.

 

2. Compensation.

 

The Company will pay you an annual salary at a rate not less than your current salary, payable in accordance with the Company’s customary payroll practices from time to time in effect. The Company will review your compensation annually and may, in its sole discretion, increase your annual salary. At no time will your annual salary be less than your annual salary in the immediately preceding year. You will be entitled to participate in such privileges and in such insurance and other benefit programs as are generally made available to the Company’s employees to the extent you meet the eligibility requirements for such privileges and programs. You will be entitled to take vacations in accordance with the Company’s vacation policy for managers from time to time in effect.

 

3. Severance Compensation.

 

A. Your employment by the Company is not for any specific term but rather is on an ongoing at-will basis with the right by the Company and you to terminate your employment at any time. If the Company terminates your employment for any reason other than for “cause”, causes your employment to terminate because of “constructive termination” (which means: (i) a requirement by the Company that you relocate your place of employment more than twenty five (25) air miles (“as the crow flies”); or (ii) the material breach by the Company of one or more of the terms of your Employment Agreement) or your employment terminates due to death or “disability” (as defined under Code Section 409A, as set forth under Paragraph 5(d)), then the Company shall pay you, as severance pay, provided that you have not breached the provisions of Paragraph 4 hereof, your salary at the rate in effect immediately prior to such termination, during the Severance Period (as such term is hereinafter defined), commencing on the first business day following the sixtieth (60th) day after any such termination payable in normal payroll installments in accordance with the Company’s then payroll practices, subject to Paragraphs 3C, 4 and 5(d). Thus, if you have not violated the non-compete restrictions in Paragraph 4 hereof (as well as the other restrictions in that paragraph) during the Severance Period, the Company will pay you your salary during the Severance Period.   The Company shall have “cause” to terminate your employment only if you have (i) acted in bad faith or with dishonesty, (ii) willfully failed to follow the directions of the Company’s Chief Executive Officer or the Board of Directors (provided such directions would not be in violation of law or constitute

 

 

fraud), (iii) performed your duties with gross negligence, or (iv) been convicted of a felony. For purposes of this Agreement, the “Severance Period” shall mean (I) the one (1) year period following the termination of your employment for any reason other than for “cause”, (II) the one (1) year period following the termination of your employment as a result of your death or disability, or (III) the two (2) year period following the termination of your employment for any reason other than for “cause” in the event the Company, in its sole discretion, elects to extend the one (1) year period set forth in subsection (I) above to a period of two (2) years following the termination of your employment for any reason other than for “cause”, notice of which election of extension shall be provided to you by the Company not later than one hundred eighty (180) days prior to the end of the one (1) year period set forth in subsection (I) above.  In the event of your termination because of a “constructive termination,” you shall give the Company written notice detailing the specific circumstances alleged to constitute “constructive termination” within sixty (60) days after the first occurrence of such circumstances and the Company shall have thirty (30) days following receipt of such notice to cure such circumstances in all material respects, provided that no termination because of a “constructive termination” shall occur after the one-hundred twentieth (120th) day following the first occurrence of any “constructive termination.”

 

B. In addition, subject to Paragraphs 3C, 4 and 5(d), if the Company terminates your employment for any reason other than for “cause”, or causes your employment to terminate because of “constructive termination” (as defined in subsection A of Paragraph 3), and if at the date of such termination there are options or time vested or performance vested restricted shares (“TVRS”) or incentive cash awards granted to you by the Company under any stock equity or cash plan which were then not exercisable (in the case of options) and/or which were not then vested (in the case of TVRS or cash) by reason of the installment terms thereof, the Company shall take such steps as may be necessary or appropriate to (i) make such options immediately exercisable for a period of at least thirty (30) days following the termination of your employment, and/or (ii) provide (subject to the achievement of any applicable performance goals) for the immediate acceleration of any then-unvested TVRS or cash. For purposes of this subsection B of this Paragraph 3, your death or disability shall constitute a termination of your employment by the Company for a reason other than for “cause”, except that, in such event, the Company shall take such steps as are necessary or appropriate to (y) make such options immediately exercisable for a period of at least twelve (12) months following the termination of your employment, and/or (z) provide (without regard to the achievement of any applicable performance goals) for the immediate acceleration of any then-unvested TVRS or cash.

 

C.  In consideration for your receipt of the benefits set forth in subsections A and B of this Paragraph 3, and as a condition to the Company’s obligation to make the severance payments during the Severance Period and to take the steps with respect to the options and/or TVRS and/or cash described above, you shall deliver to the Company, within twenty-one (21) days (or, if applicable, forty-five (45) days) of the termination of your employment, a fully executed release agreement (the form of which release agreement shall be commercially reasonable) which shall fully and irrevocably release and discharge the Company, its  officers, directors, employees and agents from any and all claims, charges, complaints, and liabilities of any kind, known or unknown which you have or may have against any of the foregoing parties (the “Release”).  In addition, the provisions of Paragraph 4 below shall apply during the period of time set forth therein without payment of the severance payments or any other compensation to you (including with respect to the options and/or TVRS and/or cash described above) until the Company receives the fully executed Release within the time period specified above and any applicable revocation period expires.  For purposes of clarity, if you do not deliver to the Company a fully executed Release within the time specific above or if you revoke the Release within the time prescribed by applicable law, your obligations under Paragraph 4 shall remain in effect, but your right to severance under Paragraph’s 3A and 3B will be forfeited.

 

 

4. Additional Provisions.

 

A. During your employment by the Company and for a period of one year thereafter (which one year period is subject to extension pursuant to the provisions of subsection A of Paragraph 3), except if permitted by the Chairman or the CEO of the Company (in either of their sole discretion), you agree that you will not,  whether alone or in association with any other person, directly or indirectly, engage or be interested in any business or enterprise in the United States that is competitive with the business of the Company. For purposes of this paragraph, you will be considered to have been engaged or interested in any business or enterprise if you are interested in such business or enterprise as a stockholder, director, officer, employee, agent, broker, partner, individual proprietor, lender, consultant or in any other capacity, except that nothing herein contained will prevent you from owning less than one percent (1%) of any class of equity or debt securities of any publicly traded company. For purposes of this paragraph, a business or enterprise will be deemed competitive with the business of the Company if it includes the operation of:

 

(i)                                    any retail store which utilizes (or intends to utilize) more than 30% of the selling space of the store for the sale of any combination of: giftware; housewares; linens and domestics; home furnishings; and/or health and beauty care products; and/ or products for infants and young children (including, without limitation, cribs and juvenile furniture, toys and games, infant’s and young children’s clothing, strollers, car seats, carriers, bedding, bath and safety accessories, and feeding and eating accessories);  and/or

 

(ii)                                 any non-traditional retail format (such as, but not limited to, any on-line, internet, catalog or television format) which allocates (or intends to allocate) more than 30% of such format’s listing space or time slots to the sale of any combination of: giftware; housewares; linens and domestics; home furnishings; and/or health and beauty care products; and/or products for infants and young children (including, without limitation, cribs and juvenile furniture, toys and games, infant’s and young children’s clothing, strollers, car seats, carriers, bedding, bath and safety accessories, and feeding and eating accessories).

 

B. During your employment by the Company and for a period of two years thereafter, you agree that you will not, whether alone or in association with any other person, directly or indirectly, (i) solicit or induce, or attempt to solicit or induce, any employee of the Company to leave the employ of the Company; (ii) employ, or solicit for employment, on your behalf or on behalf of any other person (other than the Company), any person that is or was at any time an employee of the Company; or (iii) without the consent of the Company, trade with any supplier of the Company.

 

C. During or after your employment by the Company and thereafter, you agree that you will not, whether alone or in association with any other person, directly or indirectly (i) knowingly divulge, furnish or make accessible to any third person or organization other than in the regular course of the Company’s business any confidential information concerning the Company or its subsidiaries or its or their business, including, without limitation, confidential methods of operation and organization, confidential sources of supply and customer or other mailing lists, or (ii) disparage (even by making truthful statements) the Company, any affiliates of the Company as well as their officers, directors, employees, agents or others with whom the Company has business relationships.

 

D. The provisions of this paragraph 4 shall survive the end of the term of your employment hereunder. You acknowledge that any remedy at law for a breach or threatened breach of any of the provisions of this paragraph 4 may be inadequate and that accordingly the Company shall be entitled to an injunction or specific performance or any other mode of equitable relief without the necessity of showing any actual damage, posting a bond or furnishing other security.

 

 

5. Miscellaneous.

 

(a) The Company may, at its option and for its benefit, obtain insurance with respect to your death, disability or injury. You agree to submit to such physical examinations and supply such information as may be reasonably required in order to permit the Company to obtain such insurance.

 

(b) Any notice or other communication required or permitted to be given hereunder shall be deemed to have been duly given when personally delivered or when sent by registered mail, return receipt requested, postage prepaid, as follows:

 

If to the Company, at:

Bed Bath & Beyond Inc.

650 Liberty Avenue

Union, NJ 07083

 

If to you, at:

 

[Your home address on file with the Company]

 

Either party hereto may change its or his address for the purpose of this paragraph by written notice similarly given.

 

(c) Neither party hereto may assign its rights or delegate its duties hereunder, except that the Company may assign its rights hereunder to any person that (i) acquires substantially all of the business and assets of the Company (whether by merger, consolidation, purchase of assets or other acquisition transaction), and (ii) agrees in writing to assume the obligations of the Company hereunder. This agreement shall be construed and enforced in accordance with the internal laws of the State of New York, without regard to principles of conflicts of laws. Nothing in this agreement shall create, or be deemed to create, any third party beneficiary rights in any person, including, without limitation, any employee of the Company other than you. You agree that all actions or proceedings relating to this agreement shall be tried and litigated only in the New York State or Federal courts located in the County of New York, State of New York. You hereby irrevocably submit to the exclusive jurisdiction of such courts for the purpose of any such action or proceeding. If any provision of this agreement shall be held to be invalid or unenforceable, such invalidity or unenforceability shall attach only to such provision and shall not affect or render invalid or unenforceable any other provision of this agreement, and this agreement shall be construed as if such provision had been drawn so as not to be invalid or unenforceable. This letter sets forth our entire understanding with respect to the subject matter hereof and cannot be changed, waived or terminated except by a writing signed by you and the Company. Any waiver by either party of a breach of any provision of this agreement shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this agreement. This agreement shall be binding on the successors and assigns of the Company.

 

(d)  Although the Company does not guarantee the particular tax treatment of any payments or benefits paid or provided hereunder, it is the intent of the parties that such payments and benefits comply with, or be exempt from, Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, our agreement set forth herein shall be interpreted in a manner consistent with such intent. A termination of employment shall not be deemed to have occurred for purposes of any provision providing for payments or benefits that are considered “nonqualified deferred compensation” under Code Section 409A upon or following a termination of employment unless such termination is also a “separation from service” under Code Section 409A. To the extent applicable, if you are deemed on the date of termination to be a “specified employee” (as defined under Code Section 409A(a)(2)(B)), then, any payments that are considered “nonqualified deferred compensation” under Code Section 409A (“409A Payments”) shall be made as provided herein after the date which is the earlier of (i) the expiration of the six-month period measured 

 

 

from the date of your “separation from service,” and (ii) the date of your death (the “Delay Period”).  Upon the expiration of the Delay Period, all 409A Payments delayed pursuant to this provision (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid to you in a lump sum on the first business day following the end of the Delay Period, and any remaining payments and benefits due hereunder shall be paid in accordance with the normal payment dates specified for them herein. Any right you have hereunder to receive installment payments shall be treated as a right to receive a series of separate and distinct payments.

 

If the foregoing correctly sets forth your understanding of our agreement, please so indicate by signing and returning to us a copy of this letter.

 

 

	
BED BATH &   BEYOND INC.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Steven H. Temares
    	
 
    	
/s/ Robyn D’Elia
    
	
 
    	
Steven H. Temares, CEO
    	
 
    	
Robyn D’Elia
    

 

 

H: D’Elia Severance 6.4.18

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