Document:

EX-10.48

EXHIBIT 10.48

SIXTH AMENDMENT

OF

SUPERVALU INC.

NONQUALIFIED SUPPLEMENTAL

EXECUTIVE RETIREMENT PLAN

          Effective February 26, 1989, this corporation established an unfunded nonqualified deferred
compensation plan for certain executive employees in accordance with the terms of the Plan
Statement entitled “SUPERVALU INC. Nonqualified Supplemental Executive Retirement Plan,” as amended
through a Fifth Amendment adopted on June 2, 2003 (the “Plan Statement”). SUPERVALU INC. has
reserved to itself the power to amend said Plan Statement and it now desires to amend the Plan
Statement in the following respects:

1.       PURPOSE. Effective January 1, 2008, the Plan Statement is amended by revising Section 1.1 to
read as follows:

1.1.     Purpose. Effective February 26, 1989, SUPERVALU INC. (“SUPERVALU”) and certain affiliated
corporations adopted a nonqualified, unfunded deferred compensation and excess benefit plan (the
“Plan”) which is currently embodied in the document entitled “SUPERVALU INC. Nonqualified
Supplemental Executive Retirement Plan,” as amended (the “Plan Statement”) for the purpose of
providing benefits to certain employees in excess of their benefits provided under certain
qualified retirement plans.

          1.1.1.       Rules That Apply To Pre-2005 Accruals. The portion of a Participant’s benefit that
accrued under the Plan as of December 31, 2004, shall be governed by the terms of the Plan
Statement disregarding requirements under section 409A of the Code and the rules set forth in
Appendix B.

          1.1.2.        Rules That Apply to Post-2004 Accruals. The portion of a Participant’s benefit that
accrued after December 31, 2004, shall be governed by the terms of the Plan Statement subject to
the modifications specified in Appendix B, which are intended to comply with section 409A of the
Code and final regulations thereunder. No portion of the benefit of any Tier 2 Participant accrued
after December 31, 2004.

2.       CONFIRMATION OF EFFECT OF ACCRUAL FREEZE IN SUPERVALU INC. RETIREMENT PLAN. Effective December
31, 2007, Section 1.2.1 of the Plan Statement is amended by adding a new paragraph (c) to read as
follows:

	 	 (c)	 	Confirmation of Effect of Accrual Freeze in SUPERVALU INC. Retirement Plan.
Credited Service and Final Average Compensation in the Plan have the meaning
assigned in the SUPERVALU INC. Retirement Plan (“Retirement Plan”). No service after
December 31, 2007, is taken

 

 

	 	 	 	into account for purposes of determining Credited Service in the Retirement
Plan and no compensation after December 31, 2012, is taken into account for
purposes of determining Final Average (Pay) Compensation in the Retirement
Plan. Accordingly, notwithstanding any thing to the contrary in the Plan
Statement, no service after December 31, 2007, and no compensation after
December 31, 2012, shall be taken into account for purposes of determining
Credited Service or Final Average Compensation under this Plan. Consistent
with the foregoing and notwithstanding anything to the contrary in the Plan
Statement, a Participant’s Approximate Social Security Benefit shall be
determined as of the earliest of (i) the Participant’s Termination of
Employment, (ii) the Participant’s sixty-fifth (65th) birthday,
or (iii) December 31, 2012.

3.       COMMITTEE. Effective August 1, 2007, the Plan Statement is amended by revising Section 1.2.12
to read as follows (and by re-ordering Section 1.2 accordingly):

          1.2.12.       Committee – the Executive Benefit Committee, the Benefit Plans Committee or the
Retirement & Savings Plans Administrative Committee (“Administrative Committee”), as applicable,
established pursuant to the document entitled “Committee Bylaws for SUPERVALU Benefit Plans”
adopted effective August 1, 2007, by action of the Chief Executive Officer of SUPERVALU, as amended
from time to time (“Bylaws”).

4.       PARTICIPATION. Effective December 31, 2004, the Plan Statement is amended by adding to Section
2.1 the following sentence:

Notwithstanding the foregoing, all Participants in this Plan shall be determined on or before
December 31, 2004, based on the employee’s potential to satisfy all of the requirements in Section
2.1. No employees shall become Participants in this Plan after December 31, 2004. As provided in
Section 3.5, however, any such Participant who, at Separation from Service, does not in fact
satisfy the requirements at Section 2.1 (ii) and (iii) (i.e., must have at least fifteen (15) years
of Credited Service with SUPERVALU and its subsidiaries and must be a “highly compensated employee”
as defined in Code section 414(q)) shall not be entitled to any benefit in this Plan.

5.       CREDITED SERVICE AND HIGHLY COMPENSATED EMPLOYEE REQUIREMENTS. Effective December 31, 2004, the
Plan Statement is amended by adding a new Section 3.5 to read in full as follows:

3.5.     Benefit Contingent on Satisfaction of All Section 2.1 Requirements. Notwithstanding anything
to the contrary in the Plan Statement and Appendix A, any Participant who, at Termination of
Employment, does not in fact satisfy the requirements at Section 2.1 (ii) and (iii) (i.e., has at
least fifteen (15) years of Credited Service with SUPERVALU and its subsidiaries and is a “highly
compensated employee” as defined in Code section 414(q)) shall not be entitled to any benefit
payable from this Plan.

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6.       AMENDMENT. Effective January 1, 2009, the Plan Statement is amended by revising Section 7.1 to
read in full as follows:

7.1.     Amendment. SUPERVALU INC. reserves the power to amend this Plan Statement either
prospectively or retroactively or both:

	 	(i)	 	in any respect by action of its Board of
Directors (or any duly authorized committee of the Directors) and

	 
	 	(ii)	 	in any respect that increases or decreases the
cost of the Plan by more than Five Million Dollars ($5,000,000), by
action of the Executive Plans Committee, and

	 
	 	(iii)	 	in any respect that increases or decreases the
cost of the Plan by Five Million Dollars ($5,000,000) or less, by
action of the Benefit Plans Committee.

7.       CLAIMS PROCEDURE. Effective January 1, 2008, the Plan Statement is amended by revising Section
8 to read in full as follows:

8.1     Determinations. The Administrative Committee shall make such determinations as may be required
from time to time in the administration of this Plan. The Administrative Committee shall have the
discretionary authority and responsibility to interpret and construe the Plan Statement and all
relevant documents and information, and to determine all factual and legal questions under this
Plan, including but not limited to the entitlement of Participants and Beneficiaries, and the
amounts of their respective interests.

8.2     Method of Executing Instruments. Information to be supplied or written notices to be made or
consents to be given by the Principal Sponsor, the Employer, the Committee, or any other person
pursuant to any provision of the Plan Statement may be signed in the name of the Principal Sponsor
or Employer by any officer or other person who has been authorized to make such certification or to
give such notices or consents.

8.3     Claims Procedure. The claim and review procedures set forth in this Section shall be the
mandatory claim and review procedures for the resolution of disputes and disposition of claims
filed under the Plan. An application for a distribution shall be considered as a claim for the
purposes of this Section.

          8.3.1.     Initial Claim and Decision. An individual may, subject to any applicable deadline,
file with the Administrative Committee a written claim for benefits under the Plan in a form and
manner prescribed by the Administrative Committee. If the claim is denied in whole or in part, the
Administrative Committee shall notify the claimant of the adverse benefit determination within
90 days after receipt of the claim. The 90 day period for making the claim determination may be
extended for 90 days if the Administrative Committee determines that special circumstances require
an extension of time for determination of the claim, provided that

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the Administrative Committee
notifies the claimant, prior to the expiration of the initial 90 day period, of the special
circumstances requiring an extension and the date by which a claim determination is expected to be
made. The notice of adverse determination shall provide: (i) the specific reasons for the adverse
determination; (ii) references to the specific provisions of the Plan Statement (or other
applicable Plan document) on which the adverse determination is based; (iii) a description of any
additional material or information necessary to perfect the claim and an explanation of why such
material or information is necessary; and (iv) a description of the claim and review procedures,
including the time limits applicable to such procedure, and (v) a statement of the claimant’s right
to bring a civil action under ERISA section 502(a) following an adverse determination on review.

          8.3.2.     Request for Review and Final Decision. Within 60 days after receipt of an initial
adverse benefit determination notice, the claimant may file with the Administrative Committee a
written request for a review of the adverse determination and may, in connection therewith submit
written comments, documents, records and other information relating to the claim benefits. Any
request for review of the initial adverse determination not filed within 60 days after receipt of
the initial adverse determination notice shall be untimely. If the claim, upon review, is denied
in whole or in part, the Administrative Committee shall notify the claimant within 60 days after
receipt of the request for a review. Such 60-day period may be extended for 60 days if the
Administrative Committee determines that special circumstances require an extension and notifies
the claimant what special circumstances require the extension and the date by which the decision is
expected. If the extension is due to the claimant’s failure to submit information necessary to
decide the claim, the claimant shall have 60 days to provide the necessary information and the
period for making the decision shall be tolled from the date on which the extension notice is sent
until the date the claimant responds to the information request or, if earlier, the expiration of
60 days. The Administrative Committee’s review of a denied claim shall take into account all
documents and other information submitted by the claimant, whether or not the information was
submitted before the claim was initially decided. The notice of denial upon review shall set forth
in a manner calculated to be understood by the claimant: (i) the specific reasons for the denial;
(ii) references to the specific provisions of the Plan document on which the denial is based;
(iii) 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
claim; and (iv) a statement of the claimant’s right to bring a civil action under ERISA
section 502(a).

8.4.     Rules and Regulations.

          8.4.1.     Adoption of Rules. Any rule not in conflict or at variance with the provisions hereof
may be adopted by the Administrative Committee.

          8.4.2.     Specific Rules.

	 	 (a)	 	Any decision or determination to be made by the Principal Sponsor or
Employer shall be made by the Administrative Committee unless delegated, in which
case references in this Section 8 to the Administrative

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	 	  	 	Committee shall be treated as
references to the Administrative Committee’s delegate. No inquiry or question shall
be deemed to be a claim or a request for a review of a denied claim unless made in
accordance with the established claim procedures. The Administrative Committee may
require that any claim for benefits and any request for a review of a denied claim be
filed on forms to be furnished by the Administrative Committee upon request.

	 
	 	 (b)	 	Claimants may be represented by a lawyer or other representative at their
own expense, but Administrative Committee reserves the right to require the claimant
to furnish written authorization and establish reasonable procedures for determining
whether an individual has been authorized to act on behalf of a claimant. A
claimant’s representative shall be entitled to copies of all notices given to the
claimant.

	 
	 	 (c)	 	The decision on a claim and on a request for a review of a denied claim may
be provided to the claimant in electronic form instead of in writing at the
discretion of the Administrative Committee.

	 
	 	 (d)	 	The time period within which a benefit determination will be made shall
begin to run at the time a claim or request for review is filed in accordance with
the claims procedures, without regard to whether all the information necessary to
make a benefit determination accompanies the filing.

	 
	 	 (e)	 	The claims and review procedures shall be administered with appropriate
safeguards so that benefit claim determinations are made in accordance with governing
plan documents and, where appropriate, the plan provisions have been applied
consistently with respect to similarly situated claimants.

	 
	 	 (f)	 	For the purpose of this Section, a document, record, or other information
shall be considered “relevant” as defined in Labor Reg. §2560.503-1(m)(8).

	 
	 	 (g)	 	The Administrative Committee may, in its discretion, rely on any applicable
statute of limitation or deadline as a basis for denial of any claim.

          8.4.3.   Limitations and Exhaustion.

	 	 (a)	 	No claim shall be considered under these administrative procedures unless
it is filed with the Administrative Committee within one (1) year after the
Participant knew (or reasonably should have known) of the general nature of the
dispute giving rise to the claim. Every untimely claim shall be denied by the
Administrative Committee without regard to the merits of the claim. No suit may be
brought by or on behalf of any Participant or

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	 	  	 	Beneficiary on any matter pertaining to
this Plan unless the action is commenced in the proper forum before the earlier of:
(i) three (3) years after the Participant knew (or reasonably should have known) of
the general nature of the dispute giving rise to the action, or (ii) sixty (60) days
after the Participant has exhausted these administrative procedures.

	 
	 	 (b)	 	These administrative procedures are the exclusive means for resolving any
dispute arising under this Plan. No Participant or Beneficiary shall be permitted to
litigate any such matter unless a timely claim has been filed under these
administrative procedures and these administrative procedures have been exhausted,
and determinations under these administrative procedures (including determinations as
to whether the claim was timely filed) shall be afforded the maximum deference
permitted by law.

	 
	 	 (c)	 	For the purpose of applying the deadlines to file a claim or a legal
action, knowledge of all facts that a Participant knew or reasonably should have
known shall be imputed to every claimant who is or claims to be a Beneficiary of the
Participant or otherwise claims to derive an entitlement by reference to the
Participant for the purpose of applying the previously specified periods.

	 
	 	 (d)	 	Except to the extent that federal law is controlling, this Plan Statement
shall be construed and enforced in accordance with the laws of the State of
Minnesota. All controversies, disputes, claims, or causes of action arising under or
related to the Plan or any other party with a relationship to the Plan (including any
claims for benefits or any other claims brought under ERISA section 502) must be
brought in the United States District Court For the District of Minnesota.

8.       PLAN ADMINISTRATION. Effective August 1, 2007, the Plan Statement is amended by revising
Sections 9.1 and 9.2 to read as follows:

9.1.     Employer. Except as hereinafter provided, functions generally assigned to the Employer shall
be discharged by its officers or delegated and allocated as provided herein.

9.2.     Committees. Each Committee established pursuant to the Bylaws shall have authority and
responsibility under the Plan as set forth in such Bylaws and shall perform all duties assigned to
such Committee by the express terms of this Plan Statement.

9.       COMMITTEE FUNCTIONS. Effective August 1, 2007, all references in this Plan Statement to
Retirement Committee are replaced by Benefit Plans Committee except as specifically provided
herein.

10.     CONSTRUCTION. Effective January 1, 2008, the Plan Statement is amended by adding after the
first sentence in Section 9.6 the following sentences:

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The rules of section 409A of the Code shall apply to this Plan to the extent applicable and this
Plan Statement shall be construed and administered accordingly. The Principal Sponsor has
affirmatively determined that all amounts accrued under the Plan that were earned and vested before
January 1, 2005 (i.e., amounts specified in Section 1.1.1) shall not be subject to 409A of the Code
and this Plan Statement shall be construed accordingly. Notwithstanding the foregoing, neither the
Principal Sponsor, nor the Employer nor any of its officers, directors, agents or affiliates shall
be obligated, directly or indirectly to any Participant or any other person for any taxes,
penalties, interest or like amounts that may be imposed on the Participant or other person on
account of any amounts under this Plan or on account of any failure to comply with any Code
section.

11.     APPENDIX A. Effective January 1, 2008, Appendix A to the Plan Statement is amended by revising
Section 2 to read as follows:

          Section 2.   Optional Annuity Forms. The factors to be used to convert the Single Life Annuity
form to any optional annuity form shall be determined by reference to the rules and factors in
effect under the Retirement Plan at the time the benefit is first payable.

12.     APPENDIX A. Effective January 1, 2008, Appendix A to the Plan Statement is amended by revising
the Interest Rate Assumption and the Mortality Assumption in Section 3 to read as follows:

	 	 	 	 	 	 
	 	Interest Rate Assumption

	 	 	During each stability period, the applicable
interest rate under Code section 417(e)(3) for
the look back month. The stability period shall
be the calendar year. The look back month shall
be the October preceding the commencement of the
stability period
	 
	 	 
	 	 	 	 
	 	Mortality Assumption

	 	 	During each calendar year, the mortality rate
determined from the applicable mortality table
under Code section 417(e)(3) for the calendar
year
	 
	 	 
	 	 	 	 
	 	Notwithstanding the foregoing, the lump sum during the period from January 1,
2008 to February 23, 2008, shall be determined using whichever of the following
look back months results in the greatest lump sum payment: (i) November 2006,
(ii) October 2007, or (iii) November 2007, and the lump sum during the period
from February 24, 2008 through December 31, 2008, shall be determined using
whichever of the following look back months results in the greater lump sum
payment: (i) October 2007, or (ii) November 2007.

	 

13.     APPENDIX B. Effective January 1, 2008, the Plan Statement is amended by adding the Appendix B
attached to this amendment.

14.     SAVINGS CLAUSE. Save and except as herein expressly amended the Plan Statement shall continue
in full force and effect.

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APPENDIX B

RULES FOR POST-2004 ACCRUALS

The portion of a Participant’s benefit that accrued after December 31, 2004, shall be governed by
the terms of the Plan Statement subject to modifications specified in this Appendix B which are
intended to comply with section 409A of the Code.

Pursuant to Section 2.1 of the Plan Statement (as amended herein), all Participants in this Plan
were determined on or before December 31, 2004, and no employees shall become Participants in this
Plan after December 31, 2004. Elections of time and form of distribution with respect to accruals
after December 31, 2004, were made by Participants before December 31, 2004, or in accordance with
the transition relief described in IRS Notice 2005-1; Q&A–19(c) and the preambles to the proposed
regulations under section 409A of the Code.

1.       Separation from Service. The term Termination of Employment is replaced throughout the Plan
Statement except in Section 1.2.3 by the term Separation from Service, and Separation from Service
is defined as follows:

Separation from Service — a severance of an employee’s employment relationship with the Employers
and all Affiliates for any reason other than the employee’s death.

	 	 (a)	 	A transfer from employment with an Employer to employment with an
Affiliate, or vice versa, shall not constitute a Separation from Service.

	 
	 	 (b)	 	Whether a Separation from Service has occurred is determined based on
whether the facts and circumstances indicate that the Employer and employee
reasonably anticipated that no further services would be performed after a certain
date or that the level of bona fide services the employee would perform after such
date (whether as an employee or as an independent contractor) would permanently
decrease to no more than twenty percent (20%) of the average level of bona fide
services performed (whether as an employee or an independent contractor) over the
immediately preceding thirty-six (36) month period (or the full period of services to
the employer if the employee has been providing services to the employer for less
than thirty-six months).

	 
	 	 (c)	 	Separation from Service shall not be deemed to occur while the employee is
on military leave, sick leave or other bona fide leave of absence if the period does
not exceed six (6) months or, if longer, so long as the employee retains a right to
reemployment with the Employer or an Affiliate under an applicable statute or by
contract. For this purpose, a
leave is bona fide only if, and so long as, there is a reasonable
expectation

B-1

 

	 	  	 	that the employee will return to perform services for the
Employer or an Affiliate. Notwithstanding the foregoing, a 29-month period
of absence will be substituted for such 6-month period if the leave is due
to any medically determinable physical or mental impairment that can be
expected to result in death or can be expected to last for a continuous
period of no less than 6 months and that causes the employee to be unable to
perform the duties of his or her position of employment.

	 
	 	 (d)	 	Where as part of a sale or other disposition of assets by the Employer to
an employer that is not an Affiliate, an employee providing services to the Employer
immediately before the transaction and to the buyer immediately after the transaction
(“Affected Employee”) would otherwise experience a Separation from Service from the
Employer as a result of the transaction, the Employer and the buyer shall have the
discretion to specify that the Affected Employee has not experienced a Separation
from Service if (i) the transaction results from bona fide, arm’s length
negotiations, (ii) all Affected Employees are treated consistently, and (iii) such
treatment is specified in writing no later than the closing date of the transaction.

2.       Specified Employee. For purposes of application of the six (6) month delay rule in Section
3.1.1 (as modified in this Appendix B), Specified Employee is defined as follows:

Specified Employee — a Participant who is a key employee as defined in section 416(i) of the Code.
A Participant’s status as a Specified Employee shall be determined each December 31st
based on the facts existing during the year ending on that date. If a Participant is determined to
be a Specified Employee on that date, the Participant shall be treated as a Specified Employee for
purposes of the six (6) month delay under Section 3.1.1 (as modified in this Appendix B) if
Separation from Service occurs during the twelve (12) month period beginning the following April 1.

3.       Affiliate. For purposes of the application of the definition of Separation from Service,
Affiliate is defined as follows:

Affiliate — a business entity that is treated as a single employer with SUPERVALU INC. under the
rules of section 414(b) and (c) of the Code, including the eighty percent (80%) standard therein.

4.       Time of Distribution. Section 3.1.1 of the Plan Statement is revised to read in full as
follows:

          3.1.1.     Time of Distribution. Distribution of a Participant’s benefit shall be made or
commenced at whichever of the following dates as the Participant shall have timely elected in
writing delivered to the Plan Sponsor:

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	 	(i)	 	within thirty (30) days after the Participant’s
Separation from Service;

	 
	 	(ii)	 	during the month of March following the
Participant’s Separation from Service;

	 
	 	(iii)	 	during the month of March following the later
of (A) the Participant’s fifty-fifth (55th) birthday or (B)
the Participant’s Separation from Service;

	 
	 	(iv)	 	during the month of March following the later
of (A) the Participant’s sixty-second (62nd) birthday or (B)
the Participant’s Separation from Service;

	 
	 	(v)	 	during the month of March following the later
of (A) the Participant’s sixty-fifth (65th) birthday or (B)
the Participant’s Separation from Service; or

	 
	 	(vi)	 	within thirty (30) days after the later of (A)
the date specified by the Participant or (B) the Participant’s
Separation from Service;

provided, however, that if distribution is made or commenced in the event of the Participant’s
Separation from Service and if the Participant is a Specified Employee, distribution shall be
delayed until the six (6) month anniversary of the date following the date of the Participant’s
Separation from Service (or if earlier, until the death of the Participant) and distribution shall
be made or commenced on the first payroll date of the Plan Sponsor thereafter.

Notwithstanding the foregoing, the time of any distribution shall be delayed in accordance with the
rules in Section 3.1.5 related to subsequent election changes.

If for any reason a Participant shall have failed to make a timely affirmative election of time for
distribution (including reasons entirely beyond the control of the Participant), the Participant
shall be deemed to have elected to receive distribution during the March following the
Participant’s Separation from Service.

No spouse or former spouse shall have any right to participate in the Participant’s election of
time of distribution.

5.       Form of Distribution. Section 3.1.4 of the Plan Statement is revised to read in full as
follows:

          3.1.4. Form of Distribution. Distribution of the Participant’s benefit shall be made to the
Participant in whichever of the forms listed in Section 4.1 as the Participant shall have timely
elected in writing delivered to the Plan Sponsor. If for any reason a Participant shall have
failed to make a timely election of form of distribution (including reasons entirely beyond

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the control of the Participant), distribution shall be made in the form of a single lump sum. No
spouse or former spouse shall have any right to participate in the Participant’s election of form
of distribution.

6.       Subsequent Changes in Distribution Elections. Section 3 of the Plan Statement is revised by
adding a new Section 3.1.5 to read in full as follows:

          3.1.5.     Subsequent Changes in Distribution Elections. A Participant shall be permitted to
change prior elections of time of distribution and form of distribution if such election change is
made in the form and manner prescribed by the Administrative Committee and only if the following
conditions are satisfied:

	 	 (a)	 	the election change shall not take effect until the date that is twelve
(12) months after the date on which the Participant submits the election change;

	 
	 	 (b)	 	if the Participant changes the form of distribution elected under Section
3.1.4 (as modified in this Appendix B), distribution shall be delayed until the date
that is five (5) years after the date the distribution would have been made or
commenced but for the election change; provided, however, that for this purpose, a
change from one life annuity form of distribution to another actuarially equivalent
life annuity form before distribution has commenced shall not be considered a change
in form of distribution; and

	 
	 	 (c)	 	if the Participant changes the time of distribution elected under
Section 3.1.1 (as modified in this Appendix B), the election change (i) must be
submitted at least 12 months before the distribution date previously elected by the
Participant, and (ii) distribution shall be delayed at least five (5) years after the
date distribution would have been made or commenced but for the election change.

7.       Disability Rules. Section 3.2.1 in the Plan Statement is revised to read in full as follows:

          3.2.1.     Special Disability Benefits. If a Participant becomes Disabled prior to the
Participant’s Normal Retirement Date while actively employed in Recognized Employment, distribution
of the Participant’s benefit shall be made or commenced in accordance with the rules for time and
form of payment set forth in Sections 3.1.1 and 3.1.4 (as modified by this Appendix B). However,
as of the first day of the calendar month following the earlier of: (i) the Participant’s Normal
Retirement Date, or (ii) the date of the Participant’s death, the Participant’s benefit shall be
redetermined and benefit payments shall be adjusted accordingly.

For purposes of such redetermination, the Participant shall be deemed to have:

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	 	 (i)	 	earned the maximum Credited Service from the time the Participant became
Disabled until the earliest of: (A) December 31, 2007, (B) the Participant’s Normal
Retirement Date, (C) the date the Participant is no longer Disabled, or (D) the date
of the Participant’s death, and

	 
	 	 (ii)	 	continued to have received annual compensation from the Employer at the
rate of the Participant’s annual compensation as of the date distribution was made or
commenced under this Appendix B from the time the Participant became Disabled until
the earliest of: (A) December 31, 2012, (B) the Participant’s Normal Retirement Date,
(C) the date the Participant is no longer Disabled, or (D) the date of the
Participant’s death.

8.       Suspension of Benefits. Section 3.3 of the Plan Statement is revised to read in full as
follows:

3.3.    Suspension of Benefits. The payment of retirement income benefits shall not be suspended
under any circumstances. Notwithstanding Section 3.1.1, 3.1.4 and 3.1.5, if a Participant is
reemployed after distribution has been made or commenced under this Appendix B, the benefit accrued
by the Participant after the date of such reemployment shall be distributed in a lump sum within
thirty (30) days after the Participant’s subsequent Separation from Service and such Participant
shall not be entitled to make any change to such time and form of distribution. For purposes of
determining the benefit accrued by a Participant after reemployment, all Credited Service prior to
reemployment shall be disregarded.

9.       Sections Disregarded. Sections 4.2, 4.3, 4.4 and 4.6 of the Plan Statement (and all
cross-references thereto) are deleted and have no further effect.

10.     Time of Distribution of Death Benefit. Section 5.1.1 of the Plan Statement shall be revised to
read in full as follows:

          5.1.1.     Time of Distribution. A survivor benefit (“Survivor Benefit”) shall be payable within
sixty (60) days after the death of the Participant who at death had not yet begun to receive any
payment of the Supplemental Pension under the Plan.

11.     Form of Distribution of Death Benefit. Section 5.1.4 of the Plan Statement shall be revised to
read in full as follows:

          5.1.4.     Form of Distribution. The Survivor Benefit shall be paid to the beneficiary in a lump
sum which is the Actuarial Equivalent of a monthly annuity payable to the beneficiary for the
lifetime of an individual who is the same age as the Participant, the first payment of which would
be due after the death of the Participant on the first day of the month following the Participant’s
death with no actuarial reduction for early commencement.

B-5EX-10.72

EXHIBIT 10.72

THIRD AMENDMENT

OF THE

ALBERTSON’S, INC.

EXECUTIVE PENSION MAKEUP PLAN

          WHEREAS, the Albertson’s, Inc. Executive Pension Makeup Plan was amended and restated
effective December 1, 2002, and subsequently amended by a First Amendment adopted on December 22,
2003 and by a Second Amendment adopted on April 28, 2006 (the “Plan”); and

          WHEREAS, the Second Amendment, which amended the Plan to allow participants to elect to
receive their entire benefit in the Plan in a lump sum as soon as practicable after the later of
January 1, 2007, or the date of a change in control of Albertson’s Inc., was a material
modification of the Plan in effect as of October 3, 2004, and, therefore, caused all benefits in
the Plan to be subject to section 409A of the Code;

          WHEREAS, effective June 2, 2006, sponsorship of the Plan was assumed by New Albertson’s Inc.
pursuant to the Purchase and Separation Agreement dated January 22, 2006 (as amended June 2, 2006),
by and among Albertson’s Inc., New Albertson’s, Inc., SUPERVALU INC., and AB Acquisition LLC; and

          WHEREAS, the Board of Directors of New Albertson’s, Inc. has amended the Plan to provide that
the Benefit Plans Committee of SUPERVALU INC. (parent of New Albertson’s Inc.) has the right to
adopt amendments of the Plan that do not increase the cost of the Plan; and

          WHEREAS, New Albertson’s Inc. and SUPERVALU INC. wish to amend the Plan to comply with
section 409A of the Code;

          NOW, THEREFORE, the Plan is hereby amended as follows:

1.       NEW DEFINITIONS. Effective January 1, 2008, the following definitions are added to Article I of
the Plan:

          “Affiliate” means a business entity that is treated as a single employer with New Albertson’s,
Inc. under the rules of section 414(b) and (c) of the Code, including the eighty percent (80%)
standard therein.

          “Committee” shall mean the Executive Benefit Committee, the Benefit Plans Committee or the
Retirement & Savings Plans Administrative Committee (“Administrative Committee”), as applicable,
established pursuant to the document entitled “Committee Bylaws for SUPERVALU Benefit Plans”
adopted effective August 1, 2007, by action of the Chief Executive Officer of SUPERVALU, as amended
from time to time (“Bylaws”).

 

 

          “Separation from Service” shall mean severance of an employee’s employment relationship with
the Employers and all Affiliates for any reason other than the employee’s death.

	 	 (a)	 	A transfer from employment with an Employer to employment with an
Affiliate, or vice versa, shall not constitute a Separation from Service.

	 
	 	 (b)	 	Whether a Separation from Service has occurred is determined based on
whether the facts and circumstances indicate that the Employer and employee
reasonably anticipated that no further services would be performed after a certain
date or that the level of bona fide services the employee would perform after such
date (whether as an employee or as an independent contractor) would permanently
decrease to twenty percent (20%) or less of the average level of bona fide services
performed (whether as an employee or an independent contractor) over the immediately
preceding thirty-six (36) month period (or the full period of services to the
employer if the employee has been providing services to the employer for less than
thirty-six months).

	 
	 	 (c)	 	Separation from Service shall not be deemed to occur while the employee is
on military leave, sick leave or other bona fide leave of absence if the period does
not exceed six (6) months or, if longer, so long as the employee retains a right to
reemployment with the Employer or an Affiliate under an applicable statute or by
contract. For this purpose, a leave is bona fide only if, and so long as, there is a
reasonable expectation that the employee will return to perform services for the
Employer or an Affiliate. Notwithstanding the foregoing, a 29-month period of
absence will be substituted for such 6-month period if the leave is due to any
medically determinable physical or mental impairment that can be expected to result
in death or can be expected to last for a continuous period of no less than 6 months
and that causes the employee to be unable to perform the duties of his or her
position of employment.

	 
	 	 (d)	 	Where as part of a sale or other disposition of assets by the Employer to
an employer that is not an Affiliate, an employee providing services to the Employer
immediately before the transaction and to the buyer immediately after the transaction
(“Affected Employee”) would otherwise experience a Separation from Service from the
Employer as a result of the transaction, the Employer and the buyer shall have the
discretion to specify that the Affected Employee has not experienced a Separation
from Service if (i) the transaction results from bona fide, arm’s length
negotiations, (ii) all Affected Employees are treated consistently, and (iii) such
treatment is specified in writing no later than the closing date of the transaction.

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	 	 (e)	 	Pursuant to the Purchase and Separation Agreement dated January 22, 2006
(as amended June 2, 2006) by and among Albertson’s Inc., New Albertson’s, Inc.,
SUPERVALU INC., and AB Acquisition LLC, certain employees of Albertson’s, Inc. became
employees of New Albertson’s, Inc. or Albertson’s LLC on June 2, 2006. Such
employees are Affected Employees under paragraph (d) above and did not experience a
Separation from Service on June 2, 2006. For purposes of determining whether a
Separation from Service has occurred for such Affected Employees after June 2, 2006,
(i) for employees of New Albertson’s, Inc., Employer and Affiliate shall have the
meaning set forth in this Amendment, and (ii) for employees of Albertson’s LLC,
Employer shall mean Albertson’s LLC, and Affiliate shall mean a business entity that
is treated as a single employer with Albertson’s LLC under the rules of
section 414(b) and (c) of the Code, including the eighty percent (80%) standard
therein.

          “Specified Employee” shall mean a Participant who is a key employee as defined in
section 416(i) of the Code. A Participant’s status as a Specified Employee shall be determined
each December 31st based on the facts existing during the year ending on that date. If a
Participant is determined to be a Specified Employee on that date, the Participant shall be treated
as a Specified Employee for purposes of the six (6) month delay under Section 4.01 if Separation
from Service occurs during the twelve (12) month period beginning the following April 1.

2.       EMPLOYER. Effective June 2, 2006, the definition of Employer is amended to read as follows:

          “Employer” shall mean New Albertson’s, Inc. and its wholly owned subsidiaries and any
successor business organization which shall assume the obligations of the Plan and shall include
any predecessor employer. For purposes of the definition of Separation from Service, Employer
shall mean New Albertson’s, Inc. except as provided in paragraph (e) of such definition.

3.       PARTICIPATION CLOSED. Effective May 28, 2006, Section 2.01 of the Plan is amended adding the
following sentence:

Notwithstanding the foregoing, no Employee shall become a Participant in the Plan on or after
May 28, 2006.

4.       PRE-RETIREMENT DEATH BENEFIT. Effective January 1, 2009, Section 3.04 of the Plan is amended by
replacing the third and fourth sentences with the following:

Distribution of any such benefit shall commence within 60 days after the later of: (i) the date of
the Participant’s death, or (ii) if the Participant had 5 or more years of service but less than 10
years of service, the date the Participant would have attained age 62 or if the Participant had 10
or more years of service, the date the Participant would have attained age 55. Notwithstanding
anything to the contrary in this Plan or the Albertson’s Corporate Employees Pension Plan (or

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any successor plan), distribution of the pre-retirement death benefit shall in all events and
regardless of the present value be made to the surviving spouse in the form of the survivor portion
of a 100% Joint and Survivor Annuity.

5.       NOTICE OF BENEFIT. Effective January 1, 2009, Section 3.05 of the Plan is deleted.

6.       COMMENCEMENT OF BENEFIT. Effective January 1, 2009, Section 4.01 of the Plan is amended to read
in full as follows:

          4.01     Commencement of Retirement Benefit. A Participant’s benefit under Section 3.02
shall be determined as of the first day of the month coincident with or next following the later
of: (i) the date of the Participant’s Separation from Service, or (ii) the date, if any,
designated by the Participant, and distribution of such benefit shall be made or commenced within
60 days thereafter; provided, however, that if distribution is made or commenced in the event of
the Participant’s Separation from Service and if the Participant is a Specified Employee,
distribution shall be delayed until the six (6) month anniversary of the date following the date of
the Participant’s Separation from Service (or if earlier, until the death of the Participant) and
distribution shall be made or commenced on the first payroll date of the Plan Sponsor thereafter.

          For a Participant who has Separated from Service before January 1, 2009, and who does not
designate a date when distribution shall be made or commenced, the Participant’s benefit under
Section 3.02 shall be determined as of March 1, 2010, and commenced within 60 days thereafter.

          A Participant’s designation of a distribution date, if any, under this Section 4.02 shall be
made either before December 31, 2004, or in accordance with the transition relief described in IRS
Notice 2005-1; Q&A-19(c) and the preambles to the proposed regulations under section 409A of the
Code.

          Notwithstanding the foregoing, the time of any distribution shall be delayed in accordance
with the rules in Section 4.03 related to subsequent election changes.

          No spouse or former spouse shall have any right to participate in the Participant’s election
of time of distribution.

7.       FORM OF BENEFIT PAYMENTS. Effective January 1, 2009, Section 4.02 of the Plan is amended to
read in full as follows:

          4.02     Form of Benefit Payments. Benefit payments shall be paid in one of the following
forms elected by the Participant either before December 31, 2004, or in accordance with the
transition relief described in IRS Notice 2005-1; Q&A-19(c) and the preambles to the proposed
regulations under section 409A of the Code: (i) Single Life Annuity, (ii) 50% Joint and Survivor
Annuity, (iii) 100% Joint and Survivor Annuity, (iv) 120 month Period-Certain and Life Annuity,
(v) 180 month Period-Certain and Life Annuity, or (vi) single lump sum. Such

-4-

 

benefit payments, under whichever form elected, shall be the Actuarial Equivalent of the
Participant’s Retirement Benefit payable as a Single-Life Annuity. For a Participant who does not
elect a form of payment, the Participant’s benefit shall be paid in a single lump sum.

8.       SUBSEQUENT ELECTION CHANGES. Effective January 1, 2009, Section 4.03 is amended to read in full
as follows:

          4.03     Subsequent Changes in Distribution Elections. A Participant shall be permitted
to change prior elections of time of distribution and form of distribution if such election change
is made in the form and manner prescribed by the Administrator and only if the following conditions
are satisfied:

	 	 (a)	 	the election change shall not take effect until the date that is twelve
(12) months after the date on which the Participant submits the election change;

	 
	 	 (b)	 	if the Participant changes the form of distribution elected under
Section 4.02, distribution shall be delayed until the date that is five (5) years
after the date the distribution would have been made or commenced but for the
election change; provided, however, that for this purpose, a change from one life
annuity form of distribution to another actuarially equivalent life annuity form
before distribution has commenced shall not be considered a change in form of
distribution; and

	 
	 	 (c)	 	if the Participant changes the designated date under Section 4.01, the
election change (i) must be submitted at least 12 months before the distribution date
previously elected by the Participant, and (ii) distribution shall be delayed at
least five (5) years after the date distribution would have been made or commenced
but for the election change.

9.       AMENDMENT AND TERMINATION. Effective January 1, 2009, Article V of the Plan is amended to read
in full as follows:

          5.01     Amendment. SUPERVALU INC. reserves the power to amend this Plan Statement either
prospectively or retroactively or both:

	 	(i)	 	in any respect by action of its Board of
Directors (or any duly authorized committee of the Directors) and

	 
	 	(ii)	 	in any respect that increases or decreases the
cost of the Plan by more than Five Million Dollars ($5,000,000), by
action of the Executive Plans Committee, and

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	 	(iii)	 	in any respect that increases or decreases the
cost of the Plan by Five Million Dollars ($5,000,000) or less, by
action of the Benefit Plans Committee.

          5.02     Termination. The Board of Directors of SUPERVALU INC. (or any duly authorized
committee of such Directors) to terminate the Plan; provided, any termination of the Plan shall not
affect any benefits previously accrued hereunder.

10.     ADMINISTRATION. Effective January 1, 2008, Article VI of the Plan is amended to read in full
as follows:

          6.01     Employer. Except as hereinafter provided, functions generally assigned to the
Employer shall be discharged by its officers of SUPERVALU INC. or delegated and allocated as
provided herein.

          6.02     Committees. Each Committee established pursuant to the Bylaws shall have
authority and responsibility under the Plan as set forth in such Bylaws and shall perform all
duties assigned to such Committee by the express terms of this Plan.

          6.03     Determinations. The Administrative Committee shall make such determinations as
may be required from time to time in the administration of this Plan. The Administrative Committee
shall have the discretionary authority and responsibility to interpret and construe the Plan and
all relevant documents and information, and to determine all factual and legal questions under this
Plan, including but not limited to the entitlement of Participants and Beneficiaries, and the
amounts of their respective interests.

          6.04     Method of Executing Instruments. Information to be supplied or written notices
to be made or consents to be given by the Employer, the Committee, or any other person pursuant to
any provision of the Plan may be signed in the name of the Employer by any officer or other person
who has been authorized to make such certification or to give such notices or consents.

          6.05     Claims Procedure. The claim and review procedures set forth in this Section
shall be the mandatory claim and review procedures for the resolution of disputes and disposition
of claims filed under the Plan. An application for a distribution shall be considered as a claim
for the purposes of this Section.

	 	 (a)	 	Initial Claim and Decision. An individual may, subject to any
applicable deadline, file with the Administrative Committee a written claim for
benefits under the Plan in a form and manner prescribed by the Administrative
Committee. If the claim is denied in whole or in part, the Administrative Committee
shall notify the claimant of the adverse benefit determination within 90 days after
receipt of the claim. The 90 day period for making the claim determination may be
extended for 90 days if the Administrative Committee determines that special
circumstances require

-6-

 

	 	 	 	an extension of time for determination of the claim, provided that the
Administrative Committee notifies the claimant, prior to the expiration of
the initial 90 day period, of the special circumstances requiring an
extension and the date by which a claim determination is expected to be
made. The notice of adverse determination shall provide: (i) the specific
reasons for the adverse determination; (ii) references to the specific
provisions of the Plan Statement (or other applicable Plan document) on
which the adverse determination is based; (iii) a description of any
additional material or information necessary to perfect the claim and an
explanation of why such material or information is necessary; and (iv) a
description of the claim and review procedures, including the time limits
applicable to such procedure, and (v) a statement of the claimant’s right to
bring a civil action under ERISA section 502(a) following an adverse
determination on review.

	 
	 	(b)	 	Request for Review and Final Decision. Within 60 days after
receipt of an initial adverse benefit determination notice, the claimant may file
with the Administrative Committee a written request for a review of the adverse
determination and may, in connection therewith submit written comments, documents,
records and other information relating to the claim benefits. Any request for review
of the initial adverse determination not filed within 60 days after receipt of the
initial adverse determination notice shall be untimely. If the claim, upon review,
is denied in whole or in part, the Administrative Committee shall notify the claimant
within 60 days after receipt of the request for a review. Such 60-day period may be
extended for 60 days if the Administrative Committee determines that special
circumstances require an extension and notifies the claimant what special
circumstances require the extension and the date by which the decision is expected.
If the extension is due to the claimant’s failure to submit information necessary to
decide the claim, the claimant shall have 60 days to provide the necessary
information and the period for making the decision shall be tolled from the date on
which the extension notice is sent until the date the claimant responds to the
information request or, if earlier, the expiration of 60 days. The Administrative
Committee’s review of a denied claim shall take into account all documents and other
information submitted by the claimant, whether or not the information was submitted
before the claim was initially decided. The notice of denial upon review shall set
forth in a manner calculated to be understood by the claimant: (i) the specific
reasons for the denial; (ii) references to the specific provisions of the Plan
document on which the denial is based; (iii) 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 claim; and (iv) a
statement of the claimant’s right to bring a civil action under ERISA section 502(a).

-7-

 

	 	(c)	 	Rules and Regulations.

	 	(i)	 	Any rule not in conflict or at variance with
the provisions hereof may be adopted by the Administrative Committee.

	 
	 	(ii)	 	Any decision or determination to be made by the
Employer shall be made by the Administrative Committee unless
delegated, in which case references in this Section 8 to the
Administrative Committee shall be treated as references to the
Administrative Committee’s delegate. No inquiry or question shall be
deemed to be a claim or a request for a review of a denied claim unless
made in accordance with the established claim procedures. The
Administrative Committee may require that any claim for benefits and
any request for a review of a denied claim be filed on forms to be
furnished by the Administrative Committee upon request.

	 
	 	(iii)	 	Claimants may be represented by a lawyer or
other representative at their own expense, but Administrative Committee
reserves the right to require the claimant to furnish written
authorization and establish reasonable procedures for determining
whether an individual has been authorized to act on behalf of a
claimant. A claimant’s representative shall be entitled to copies of
all notices given to the claimant.

	 
	 	(iv)	 	The decision on a claim and on a request for a
review of a denied claim may be provided to the claimant in electronic
form instead of in writing at the discretion of the Administrative
Committee.

	 
	 	(v)	 	The time period within which a benefit
determination will be made shall begin to run at the time a claim or
request for review is filed in accordance with the claims procedures,
without regard to whether all the information necessary to make a
benefit determination accompanies the filing.

	 
	 	(vi)	 	The claims and review procedures shall be
administered with appropriate safeguards so that benefit claim
determinations are made in accordance with governing plan documents
and, where appropriate, the plan provisions have been applied
consistently with respect to similarly situated claimants.

	 
	 	(vii)	 	For the purpose of this Section, a document,
record, or other information shall be considered “relevant” as defined
in Labor Reg. §2560.503-1(m)(8).

-8-

 

	 	(viii)	 	The Administrative Committee may, in its discretion, rely on any
applicable statute of limitation or deadline as a basis for denial of
any claim.

	 	(d)	 	Limitations and Exhaustion.

	 	(i)	 	No claim shall be considered under these
administrative procedures unless it is filed with the Administrative
Committee within one (1) year after the Participant knew (or reasonably
should have known) of the general nature of the dispute giving rise to
the claim. Every untimely claim shall be denied by the Administrative
Committee without regard to the merits of the claim. No suit may be
brought by or on behalf of any Participant or Beneficiary on any matter
pertaining to this Plan unless the action is commenced in the proper
forum before the earlier of: (i) three (3) years after the Participant
knew (or reasonably should have known) of the general nature of the
dispute giving rise to the action, or (ii) sixty (60) days after the
Participant has exhausted these administrative procedures.

	 
	 	(ii)	 	These administrative procedures are the
exclusive means for resolving any dispute arising under this Plan. No
Participant or Beneficiary shall be permitted to litigate any such
matter unless a timely claim has been filed under these administrative
procedures and these administrative procedures have been exhausted, and
determinations under these administrative procedures (including
determinations as to whether the claim was timely filed) shall be
afforded the maximum deference permitted by law.

	 
	 	(iii)	 	For the purpose of applying the deadlines to
file a claim or a legal action, knowledge of all facts that a
Participant knew or reasonably should have known shall be imputed to
every claimant who is or claims to be a Beneficiary of the Participant
or otherwise claims to derive an entitlement by reference to the
Participant for the purpose of applying the previously specified
periods.

	 
	 	(iv)	 	Except to the extent that federal law is
controlling, this Plan Statement shall be construed and enforced in
accordance with the laws of the State of Minnesota. All controversies,
disputes, claims, or causes of action arising under or related to the
Plan or any other party with a relationship to the Plan (including any
claims for benefits or any other claims brought under ERISA
section 502) must be brought in the United States District Court For
the District of Minnesota.

-9-

 

11.     MISCELLANEOUS. Effective January 1, 2008, the Plan is amended by revising Article VII by
deleting Section 7.03 (now covered by new Section 6.01), by deleting the last sentence in
Section 7.04, by deleting Section 7.05 (now covered by new Section 6.05(d)(iv)), by deleting
Section 7.06, and by adding a new Section to Article VII to read as follows:

          7.04     Construction. The rules of section 409A of the Code shall apply to this Plan and
this Plan document shall be construed and administered accordingly. Notwithstanding the foregoing,
neither SUPERVALU INC., nor the Employer nor any of theirs officers, directors, agents or
affiliates shall be obligated, directly or indirectly to any Participant or any other person for
any taxes, penalties, interest or like amounts that may be imposed on the Participant or other
person on account of any amounts under this Plan or on account of any failure to comply with any
Code section.

12.     EXHIBIT A. Effective January 1, 2008, the Plan is amended by revising Exhibit A as follows:

•          In the lead-in to paragraph 1, replace the words “at least 12 months prior to the
commencement of benefits” with the words “in accordance with Section 4.02”

•          Revise paragraph 1(d) by deleting subparagraph (i), subparagraph (ii), and the lead-in to
subparagraph (iii)

•          In the lead-in to paragraph 2, replace the words “prior to (but within 12 months of) the
commencement of benefits” with the words “ in accordance with the rules in Section 4.03”

•          In paragraph 3, after the words “after the commencement of benefits” insert that words “in
accordance with the rules in Section 4.03”

•          Delete paragraph 5

13.     SAVINGS CLAUSE. Except as provided, herein, the Plan shall remain in full force and effect.

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