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EXHIBIT 10(b)

CAMPBELL SOUP COMPANY

 

2003 Long-Term Incentive Plan

(As Amended and Restated)

Effective: September 25, 2008

 

 

CAMPBELL SOUP COMPANY

2003 LONG-TERM INCENTIVE PLAN

TABLE OF CONTENTS

	 	 	 	 	 
	Article	 	 	 	Page
	I
	 	Purpose and Effective Date	 	3
	II
	 	Definitions	 	3
	III
	 	Administration	 	5
	IV
	 	Awards	 	6
	V
	 	Stock Options and Stock Appreciation Rights	 	8
	VI
	 	Restricted Stock	 	11
	VII
	 	Awards for Non-Employee Directors	 	11
	VIII
	 	Unrestricted Campbell Stock Awards for Key Employees	 	12
	IX
	 	Award of Performance Units	 	12
	X
	 	Deferral of Payments	 	13
	XI
	 	Miscellaneous Provisions	 	13
	XII
	 	Change in Control of the Company	 	16

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ARTICLE I

PURPOSE AND EFFECTIVE DATE

     § 1.1 Purpose. The purpose of the Plan is to provide financial incentives for selected Key
Employees of the Campbell Group and for the non-employee Directors of the Company, thereby
promoting the long-term growth and financial success of the Campbell Group by (1) attracting and
retaining employees and Directors of outstanding ability, (2) strengthening the Campbell Group’s
capability to develop, maintain, and direct a competent management team, (3) providing an effective
means for selected Key Employees and non-employee Directors to acquire and maintain ownership of
Campbell Stock, (4) motivating Key Employees to achieve long-range Performance Goals and
objectives, and (5) providing incentive compensation opportunities competitive with those of other
major corporations.

     § 1.2 Effective Date and Expiration of Plan. The Plan was approved by Shareowners on
November 21, 2003, which is the Effective Date. Unless earlier terminated by the Board pursuant to
Section 11.3, the Plan shall terminate on the tenth anniversary of its Effective Date. No Award
shall be made pursuant to the Plan after its termination date, but Awards made prior to the
termination date may extend beyond that date.

ARTICLE II

DEFINITIONS

     The following words and phrases, as used in the Plan, shall have these meanings:

     § 2.1 “Administrator” means the individual or individuals to whom the Committee delegates
authority under the Plan in accordance with Section 3.3.

     § 2.2 “Award” means, individually or collectively, any Option, SAR, Restricted Stock,
Restricted Performance Stock, unrestricted Campbell Stock or Performance Unit Award.

     § 2.3 “Award Statement” means a written confirmation of an Award under the Plan furnished to
the Participant.

     § 2.4 “Board” means the Board of Directors of the Company.

     § 2.5 “Campbell Group” means the Company and all of its Subsidiaries on and after the
Effective Date.

     § 2.6 “Campbell Stock” means Capital Stock of the Company.

     § 2.7 “Cause” except for purposes of Article XII, with respect to any Participant, means (i)
the definition of “Cause” as set forth in any individual employment agreement applicable to such
Participant, or (ii) in the case of a Participant who does not have an individual employment
agreement that defines Cause, then “Cause” means the termination of a Participant’s employment by
reason of his or her (1) engaging in gross misconduct that is injurious to the Campbell Group,
monetarily or otherwise, (2) misappropriation of funds, (3) willful misrepresentation to the
directors or officers of the Campbell Group, (4) gross negligence in the performance of the
Participant’s duties having an adverse effect on the business, operations, assets, properties or
financial condition of the Campbell Group, (5) conviction of a crime involving moral turpitude, or
(6) entering into competition with the Campbell Group. The determination of whether a Participant’s
employment was terminated for Cause shall be made by the Company in its sole discretion.

     § 2.8 “Code” means the Internal Revenue Code of 1986, as amended.

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     § 2.9 “Committee” means the Compensation and Organization Committee of the Board or a
subcommittee thereof.

     § 2.10 “Company” means Campbell Soup Company and its successors and assigns.

     § 2.11 “Deferred Account” means an account established for a Participant under Section 10.1.

     § 2.12 “Deferred Compensation Plan” means any Campbell Soup Company Deferred Compensation
Plan.

     § 2.13 “Director” means a member of the Board of Directors of the Company.

     § 2.14 “Effective Date” means November 21, 2003.

     § 2.15 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     § 2.16 “Fair Market Value” means, as of any specified date, an amount equal to the mean
between the reported high and low prices of Campbell Stock on the New York Stock Exchange composite
tape on the specified date or, if no shares of Campbell Stock have been traded on any such dates,
the mean between the reported high and low prices of Campbell Stock on the New York Stock Exchange
composite tape as reported on the first day prior thereto on which shares of Campbell Stock were so
traded. If shares of Campbell Stock are no longer traded on the New York Stock Exchange, “Fair
Market Value” shall be determined in good faith by the Committee using other reasonable means.

     § 2.17 “Fiscal Year” means the fiscal year of the Company, which is the 52- or 53-week period
ending on the Sunday closest to July 31.

     § 2.18 “Incentive Stock Option” means an option within the meaning of Section 422 of the Code
or any successor provision thereof.

     § 2.19 “Key Employee” means a salaried employee of the Campbell Group who is in a management
position.

     § 2.20 “Nonqualified Stock Option” means an option granted under the Plan other than an
Incentive Stock Option.

     § 2.21 “Option” means either a Nonqualified Stock Option or an Incentive Stock Option to
purchase Campbell Stock.

     § 2.22 “Option Price” means the price at which Campbell Stock may be purchased under an Option
as provided in Section 5.4, or in the case of a SAR granted under Section 5.8, the Fair Market
Value of Campbell Stock on the date the SAR is awarded.

     § 2.23 “Participant” means a Key Employee or a non-employee Director to whom an Award has been
made under the Plan or a Transferee.

     § 2.24 “Performance Goals” means goals established by the Committee pursuant to Section 4.5.

     § 2.25 “Performance Period” means a period of time over which performance is measured.

     § 2.26 “Performance Unit” means the unit of measure determined under Article IX by which is
expressed the value of a Performance Unit Award.

     § 2.27 “Performance Unit Award” means an Award granted under Article IX.

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     § 2.28 “Personal Representative” means the person or persons who, upon the death, disability,
or incompetency of a Participant, shall have acquired, by will or by the laws of descent and
distribution or by other legal proceedings, the right to exercise an Option or SAR or the right to
any Restricted Stock Award or Performance Unit Award theretofore granted or made to such
Participant.

     § 2.29 “Plan” means Campbell Soup Company 2003 Long-Term Incentive Plan.

     § 2.30 “Predecessor Plan” means The Campbell Soup Company 1994 Long-Term Incentive Plan, as
amended.

     § 2.31 “Restricted Performance Stock” means Campbell Stock subject to Performance Goals.

     § 2.32 “Restricted Stock” means Campbell Stock subject to the terms and conditions provided in
Article VI and including Restricted Performance Stock.

     § 2.33 “Restricted Stock Award” means an Award granted under Article VI.

     § 2.34 “Restriction Period” means a period of time determined under Section 6.2 during which
Restricted Stock is subject to the terms and conditions provided in Section 6.3.

     § 2.35 “SAR” means a stock appreciation right granted under Section 5.8.

     § 2.36 “Shareowners” means the Shareowners of the Company.

     § 2.37 “Subsidiary” means a corporation or other entity the majority of the voting stock of
which is owned directly or indirectly by the Company.

     § 2.38 “Transferee” means a person to whom a Participant has transferred his or her rights to
an Award under the Plan in accordance with Section 11.1 and procedures and guidelines adopted by
the Company.

ARTICLE III

ADMINISTRATION

     § 3.1 Committee to Administer. The Plan shall be administered by the Committee. A majority of
the members of the Committee shall constitute a quorum for the conduct of business at any meeting.
The Committee shall act by majority vote of the members present at a duly convened meeting, which
may include a meeting by conference telephone call held in accordance with applicable law. Action
may be taken without a meeting if written consent thereto is given in accordance with applicable
law.

     § 3.2 Powers of Committee.

     (a) The Committee shall have full power and authority to interpret and administer the Plan and
to establish and amend rules and regulations for its administration. The Committee’s decisions
shall be final and conclusive with respect to the interpretation of the Plan and any Award made
under it.

     (b) Subject to the provisions of the Plan, the Committee shall have authority, in its
discretion, to determine those Key Employees who shall receive an Award, the time or times when
such Award shall be made, the vesting schedule, if any, for the Award and the type of Award to be
granted, the number of shares to be subject to each Option and Restricted Stock Award, and the
value of each Performance Unit.

     (c) The Committee shall determine and set forth in an Award Statement the terms of each Award,
including such terms, restrictions, and provisions as shall be necessary to cause certain Options
to qualify

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as Incentive Stock Options. The Committee may correct any defect or supply any omission or
reconcile any inconsistency in the Plan or in any Award Statement, in such manner and to the extent
the Committee shall determine in order to carry out the purposes of the Plan. The Committee may, in
its discretion, accelerate (i) the date on which any Option or SAR may be exercised, (ii) the date
of termination of the restrictions applicable to a Restricted Stock Award, or (iii) the end of a
Performance Period under a Performance Unit Award, if the Committee determines that to do so will
be in the best interests of the Company and the Participants in the Plan; provided, however, that
with respect to Awards that are subject to Section 409A of the Code, the Committee shall not have
the authority to accelerate or postpone the timing of payment or settlement of an Award in a manner
that would cause such Award to become subject to the interest and penalty provisions under Section
409A of the Code.

     §3.3 Delegation by Committee. The Committee may, but need not, from time to time delegate
some or all of its authority under the Plan to an Administrator consisting of one or more members
of the Committee or of the Board or of one or more officers of the Company; provided, however, that
the Committee may not delegate its authority (i) to make Awards to Key Employees (A) who are
subject on the date of the Award to the reporting rules under Section 16(a) of the Exchange Act,
(B) whose compensation for such fiscal year may be subject to the limit on deductible compensation
pursuant to Section 162(m) of the Code, or (C) who are officers of the Company who are delegated
authority by the Committee hereunder, unless in the cases of (A) through (C) above the delegation
consists of at least two directors that satisfy the requirements of an “outside director” for
purposes of Section 162(m) of the Code and a “non-employee director” for purposes of Rule 16b-3
under the Exchange Act, or (ii) to interpret the Plan or any Award, or (iii) under Section 11.3 of
the Plan. Any delegation hereunder shall be subject to the restrictions and limits that the
Committee specifies at the time of such delegation or thereafter. Nothing in the Plan shall be
construed as obligating the Committee to delegate authority to an Administrator, and the Committee
may at any time rescind the authority delegated to an Administrator appointed hereunder or appoint
a new Administrator. At all times the Administrator appointed under this Section 3.3 shall serve in
such capacity at the pleasure of the Committee. Any action undertaken by the Administrator in
accordance with the Committee’s delegation of authority shall have the same force and effect as if
undertaken directly by the Committee, and any reference in the Plan to the Committee shall, to the
extent consistent with the terms and limitations of such delegation, be deemed to include a
reference to the Administrator.

ARTICLE IV

AWARDS

     §4.1 Awards. Awards under the Plan shall consist of Incentive Stock Options, Nonqualified
Stock Options, SARs, Restricted Stock, Restricted Performance Stock, unrestricted Campbell Stock
and Performance Units. All Awards shall be subject to the terms and conditions of the Plan and to
such other terms and conditions consistent with the Plan as the Committee deems appropriate. Awards
under a particular section of the Plan need not be uniform and Awards under two or more sections
may be combined in one Award Statement. Any combination of Awards may be granted at one time and on
more than one occasion to the same Key Employee. Awards of Performance Units and Restricted
Performance Stock shall be earned solely upon attainment of Performance Goals and the Committee
shall have no discretion to increase such Awards.

     §4.2 Eligibility for Awards. An Award may be made to any Key Employee selected by the
Committee. In making this selection and in determining the form and amount of the Award, the
Committee may give consideration to the functions and responsibilities of the respective Key
Employee, his or her present and potential contributions to the success of the Campbell Group, the
value of his or her services to the Campbell Group, and such other factors deemed relevant by the
Committee. Non-employee Directors are eligible to receive Awards pursuant to Article VII.

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     §4.3 Shares Available Under the Plan.

     (a) The Campbell Stock to be offered under the Plan pursuant to Options, SARs, Performance
Unit Awards, and Restricted Stock and unrestricted Campbell Stock Awards must be Campbell Stock
previously issued and outstanding and reacquired by the Company. Subject to adjustment under
Section 11.2, the number of shares of Campbell Stock that may be issued pursuant to Awards under
the Plan (the “Section 4.3 Limit") shall not exceed, in the aggregate:

	 	(i)	 	28,000,000 shares; plus
	 
	 	(ii)	 	the number of shares of Campbell Stock that remain available for issuance under the
Predecessor Plan as of the date this Plan is approved by Shareowners (increased by any shares of Campbell Stock subject to any award (or portion thereof) outstanding under the
Predecessor Plan on such date which lapses, expires or is otherwise terminated without the
issuance of such Campbell Stock or is settled by delivery of consideration other than
Campbell Stock).

     (b) Any shares of Campbell Stock subject to Options and SARs shall be counted against the
Section 4.3 Limit as one share for every one share subject thereto. Any shares of Campbell Stock
subject to Performance Unit Awards, Restricted Stock and unrestricted Campbell Stock Awards shall
be counted against the Section 4.3 Limit as four shares for every one share subject thereto.

     (c) The Section 4.3 Limit shall be increased by shares of Campbell Stock that are subject to
an Award which for any reason is cancelled (excluding shares subject to an Option cancelled upon
the exercise of a related SAR) or terminated without having been exercised or paid. Anything to the
contrary in this Section 4.3(c) notwithstanding, if a SAR is settled in whole or in part in shares
of Campbell Stock, the Section 4.3 Limit shall be increased by the excess, if any, of the number of
shares of Campbell Stock subject to the SAR over the number of shares of Campbell Stock delivered
to the Participant upon exercise of the SAR.

     (d) The following shares of Campbell Stock may not again be made available for issuance as
Awards under the Plan: (i) shares not issued or delivered as a result of the net settlement of an
outstanding SAR or Option, (ii) shares used to pay the exercise price or withholding taxes related
to an Award, or (iii) shares repurchased on the open market with the proceeds of the Option
exercise price.

     §4.4 Limitation on Awards. The maximum aggregate dollar value of Restricted Stock and
Performance Units awarded to any Key Employee with respect to a Performance Period or Restriction
Period may not exceed $5 million for each fiscal year included in such Performance Period or
Restriction Period. The maximum number of shares for which Options may be granted to any
Participant in any one fiscal year shall not exceed five million.

     §4.5 General Performance Goals. Prior to or during the beginning of a Performance Period (but
in any event no later than 90 days into a Performance Period) the Committee will establish in
writing one or more Performance Goals for the Company. Performance Goals will be comprised of
specified levels of one or more of the following performance criteria as the Committee may deem
appropriate: earnings per share, net earnings, operating earnings, unit volume, net sales, market
share, balance sheet measurements, revenue, economic profit, cash flow, cash return on assets,
shareowner return, return on equity, return on capital or other value-based performance measures.
In addition, for any Awards not intended to meet the requirements of Section 162(m) of the Code,
the Committee may establish Performance Goals based on other performance criteria as it deems
appropriate. The Performance Goals may be described in terms of objectives that are related to the
individual Participant or objectives that are Company-wide or related to a Subsidiary, division,
department, region, function or business unit and may be measured on an absolute or cumulative
basis or on the basis of percentage of improvement over time, and may be measured in terms of
Company performance (or performance of the applicable Subsidiary, division, department, region,
function or business unit) or measured relative to selected peer companies or a market index. The
Committee may disregard or offset the effect of any special charges or gains or

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cumulative effect of a change in accounting in determining the attainment of Performance
Goals. Awards may also be payable when Company performance, as measured by one or more of the above
criteria, as compared to peer companies meets or exceeds an objective criterion established by the
Committee.

     §4.6 Awards in Lieu of Salary or Bonus. The Committee may, in its sole discretion, and on
such terms and conditions as the Committee may prescribe, give Participants the opportunity to
receive Awards in lieu of future salary, bonus or other compensation.

ARTICLE V

STOCK OPTIONS AND STOCK APPRECIATION RIGHTS

     §5.1 Award of Stock Options. The Committee may, from time to time, and on such terms and
conditions as the Committee may prescribe, award Incentive Stock Options and Nonqualified Stock
Options to any Key Employee.

     §5.2 Period of Option.

     (a) An Option granted under the Plan shall be exercisable only in accordance with the vesting
schedule approved by the Committee. The Committee may in its discretion prescribe additional
conditions, restrictions or terms on the vesting of an Option, including the full or partial
attainment of Performance Goals pursuant to Section 4.5. After the Option vests, the Option may be
exercised at any time during the term of the Option, in whole or in installments, as specified in
the related Award Statement. Subject to Section 5.6, the duration of each Option shall not be more
than ten years from the date of grant.

     (b) Except as provided in Section 5.6, a Participant may not exercise an Option unless such
Participant is then, and continually (except for sick leave, military service, or other approved
leave of absence) after the grant of the Option has been, an employee or Director of the Campbell
Group.

     §5.3 Award Statement or Agreement. Each Option shall be evidenced by an Award Statement or an
option agreement.

     §5.4 Option Price, Exercise and Payment. The Option Price of Campbell Stock under each Option
shall be determined by the Committee but shall be a price not less than 100 percent of the Fair
Market Value of Campbell Stock at the date such Option is granted, as determined by the Committee.

     Subject to Section 11.2, the Committee may not (i) amend an Option to reduce its Option Price,
(ii) cancel an Option and regrant an Option with a lower Option Price than the original Option
Price of the cancelled Option, or (iii) take any other action (whether in the form of an amendment,
cancellation or replacement grant) that has the effect of repricing an Option.

     Vested Options may be exercised from time to time by giving written notice to the Treasurer of
the Company, or his or her designee, specifying the number of shares to be purchased. The notice of
exercise shall be accompanied by payment in full of the Option Price in cash or the Option Price
may be paid in whole or in part through the transfer to the Company of shares of Campbell Stock in
accordance with procedures established by the Committee from time to time. In addition, in
accordance with the rules and procedures established by the Committee for this purpose, an Option
may also be exercised through a “cashless exercise” procedure involving a broker or dealer, that
affords Participants the opportunity to sell immediately some or all of the shares underlying the
exercised portion of the Option in order to generate sufficient cash to pay the Option Price and/or
to satisfy withholding tax obligations related to the Option.

     In the event such Option Price is paid in whole or in part, with shares of Campbell Stock, the
portion of the Option Price so paid shall be equal to the value, as of the date of exercise of the
Option, of such

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shares. The value of such shares shall be equal to the number of such shares multiplied by the
Fair Market Value of such shares on the trading day coincident with the date of exercise of such
Option (or the immediately preceding trading day if the date of exercise is not a trading day). The
Company shall not issue or transfer Campbell Stock upon exercise of an Option until the Option
Price is fully paid. The Participant may satisfy any minimum amounts required to be withheld by the
Company under applicable federal, state and local tax laws in effect from time to time, by electing
to have the Company withhold a portion of the shares of Campbell Stock to be delivered for the
payment of such taxes.

     §5.5 Limitations on Incentive Stock Options. Each provision of the Plan and each Award
Statement relating to an Incentive Stock Option shall be construed so that each Incentive Stock
Option shall be an “incentive stock option” as defined in Section 422 of the Code, and any
provisions of the Award Statement thereof that cannot be so construed shall be disregarded.

     §5.6 Termination of Employment. Subject to Article XII, the following provisions will govern
the ability of a Participant to exercise any outstanding Options or SARs following the
Participant’s termination of employment with the Campbell Group unless the Committee determines
otherwise with respect to any individual Option or SAR.

     (a) If the employment of a Participant with the Campbell Group is terminated for reasons
other than (i) death, (ii) discharge for Cause, (iii) retirement, or (iv) resignation, such
Participant’s outstanding SARs or Options may be exercised at any time within three years after
such termination, to the extent of the number of shares covered by such Options or SARs which
were exercisable at the date of such termination; except that an Option or SAR shall not be
exercisable on any date beyond the expiration date of such Option or SAR.

     (b) If the employment of a Participant with the Campbell Group is terminated for Cause, any
Options or SARs of such Participant (whether or not then exercisable) shall expire and any
rights thereunder shall terminate immediately.

     (c) If the employment of a Participant is terminated due to resignation, such Participant’s
outstanding Options or SARs may be exercised at any time within three months of such resignation
to the extent that the number of shares covered by such Options or SARS were exercisable at the
date of such resignation, except that an Option or SAR shall not be exercisable on any date
beyond the expiration date of such Option or SAR.

     (d) Should a Participant, who is not eligible to retire under the Company’s pension plan or
a pension plan of any affiliated company, die either while in the employ of the Campbell Group
or after termination of such employment (other than discharge for Cause), the SARs or Options of
such deceased Participant may be exercised by his or her Personal Representative at any time
within three years after the Participant’s death to the extent of the number of shares covered
by such Options or SARs which were exercisable at the date of such death, except that an Option
or SARs shall not be exercisable on any date beyond the expiration date of such Option or SAR.

     (e) Should a Participant who is eligible to retire under the Company’s pension plan or a
pension plan of any affiliated company die prior to the vesting of his or her outstanding
Options or SARs, any installment or installments not then exercisable shall become fully
exercisable as of the date of the Participant’s death and the SARs or Options may be exercised
by the Participant’s Personal Representative at any time prior to the expiration date of such
Options or SARs.

     (f) Should a Participant who has retired die prior to exercising all of his or her
outstanding Options or SARs, then such SARs and Options may be exercised by the Participant’s
Personal Representative at any time prior to the expiration date of such Options or SARs.

     (g) If a Participant who was granted an Option or SAR dies within 180 days of the
expiration date of such Option or SAR, and if on the date of death the Participant was entitled
to exercise such Option or

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SAR, including Options and SARs vested pursuant to Section 5.6(e), and if the Option or SAR
expired without being exercised, the Personal Representative of the Participant shall receive in
settlement a cash payment from the Company of a sum equal to the amount, if any, by which the
Fair Market Value (determined on the expiration date of the Option or SAR) of Campbell Stock
subject to the Option or SAR exceeds the Option Price.

     (h) In the event the Participant’s employment with the Campbell Group terminates (except
for a termination for Cause which is governed by Section 5.6(b)) prior to the vesting of all
Options and SARs, and if the Participant is eligible to retire under the Company’s pension plan
or a pension plan of any affiliated company at the date of such termination, any installment or
installments not then exercisable shall become fully exercisable as of the effective date of
such termination and may be exercised at any time prior to the expiration date of such Options
or SARs. If the Participant receives severance payments from the Company or any affiliated
company and becomes eligible to retire during the severance payment period, all of the
Participant’s Options and SARs shall become fully exercisable as of the date of such
Participant’s retirement eligibility date and may be exercised at any time prior to the
expiration date of such Options or SARs.

     §5.7 Shareowner Rights and Privileges. A Participant shall have no rights as a Shareowner
with respect to any shares of Campbell Stock covered by an Option until the issuance of such shares
to the Participant.

     §5.8 Award of SARs.

     (a) The Committee may award to the Participant a SAR related to the Option. The Committee may
also award SARs that are unrelated to any Option.

     (b) The SAR shall represent the right to receive payment of an amount equal to the amount by
which the Fair Market Value of one share of Campbell Stock on the trading day immediately preceding
the date of exercise of the SAR exceeds the Option Price multiplied by the number of shares covered
by the SAR.

     (c) SARs awarded under the Plan shall be evidenced by an Award Statement or agreement between
the Company and the Participant.

     (d) The Committee may prescribe conditions and limitations on the exercise or transferability
of any SAR. SARs may be exercised only when the value of a share of Campbell Stock exceeds the
Option Price. Such value shall be determined in the manner specified in Section 5.8(b).

     (e) A SAR shall be exercisable only by written notice to the Treasurer of the Company or his
or her designee.

     (f) To the extent not previously exercised, all SARs shall automatically be exercised on the
last trading day prior to their expiration, so long as the value of a share of Campbell Stock
exceeds the Option Price, unless prior to such day the holder instructs the Treasurer otherwise in
writing. Such value shall be determined in the manner specified in Section 5.8(b).

     (g) Payment of the amount to which a Participant is entitled upon the exercise of a SAR shall
be made in cash, Campbell Stock, or partly in cash and partly in Campbell Stock at the discretion
of the Committee. The shares shall be valued in the manner specified in Section 5.8(b).

     (h) Each SAR shall expire on a date determined by the Committee at the time of grant.

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ARTICLE VI

RESTRICTED STOCK

     §6.1 Award of Restricted Stock. The Committee may make a Restricted Stock Award to any Key
Employee, subject to this Article VI and to such other terms and conditions as the Committee may
prescribe.

     §6.2 Restriction Period. At the time of making a Restricted Stock Award, the Committee shall
establish the Restriction Period applicable to such Award. The Committee may establish different
Restriction Periods from time to time and each Restricted Stock Award may have a different
Restriction Period, in the discretion of the Committee. Restriction Periods, when established for a
Restricted Stock Award, shall not be changed except as permitted by Section 6.3.

     §6.3 Other Terms and Conditions. Campbell Stock, when awarded pursuant to a Restricted Stock
Award, will be represented in a book entry account in the name of the Participant who receives the
Restricted Stock Award, unless the Participant has elected to defer pursuant to Section 10.1. The
Participant shall be entitled to receive dividends during the Restriction Period and shall have the
right to vote such Restricted Stock and shall have all other Shareowner’s rights, with the
exception that (i) the Participant will not be entitled to delivery of the stock certificate during
the Restriction Period, (ii) the Company will retain custody of the Restricted Stock during the
Restriction Period, and (iii) a breach of a restriction or a breach of the terms and conditions
established by the Committee pursuant to the Restricted Stock Award will cause a forfeiture of the
Restricted Stock Award. The Participant may satisfy any amounts required to be withheld by the
Company under applicable federal, state and local tax laws in effect from time to time, by electing
to have the Company withhold a portion of the Restricted Stock Award to be delivered for the
payment of such taxes. The Committee may, in addition, prescribe additional restrictions, terms, or
conditions upon or to the Restricted Stock Award including the attainment of Performance Goals in
accordance with Section 4.5.

     §6.4 Restricted Stock Award Statement or Agreement. Each Restricted Stock Award shall be
evidenced by an Award Statement or an agreement.

     §6.5 Termination of Employment. Subject to Article XII, the Committee may, in its sole
discretion, establish rules pertaining to the Restricted Stock Award in the event of termination of
employment (by retirement, disability, death, or otherwise) of a Participant prior to the
expiration of the Restriction Period. If the employment of a Participant with the Campbell Group is
terminated for Cause, any non-vested Restricted Stock Awards of such Participant shall immediately
be forfeited and any rights thereunder shall terminate.

     §6.6 Payment for Restricted Stock. Restricted Stock Awards may be made by the Committee under
which the Participant shall not be required to make any payment for the Campbell Stock or, in the
alternative, under which the Participant, as a condition to the Restricted Stock Award, shall pay
all (or any lesser amount than all) of the Fair Market Value of the Campbell Stock, determined as
of the date the Restricted Stock Award is made. If the latter, such purchase price shall be paid in
cash as provided in the Award Statement.

ARTICLE VII

AWARDS FOR NON-EMPLOYEE DIRECTORS

     §7.1 Award to Non-Employee Directors. The Board will approve the compensation of non-employee
Directors and such compensation may consist of Awards under the Plan. The Board retains the
discretionary authority to make Awards to non-employee Directors. All such Awards shall be subject
to the terms and conditions of the Plan and to such other terms and conditions consistent with the
Plan as the Board deems appropriate. The Board may, in its sole discretion, subject to such terms
and conditions

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as the Board may prescribe, give non-employee Directors the opportunity to receive an Option
Award in lieu of future cash compensation or other types of Awards.

     §7.2 Election by Non-employee Directors to Receive Campbell Stock. Each non-employee Director
may elect to receive all or a portion (in 10% increments) of any cash compensation in shares of
Campbell Stock, which will be issued quarterly. Only whole numbers of shares will be issued. For
purposes of computing the number of shares earned and their taxable value each quarter, the value
of each share shall be equal to the Fair Market Value of a share of Campbell Stock on the last
business day of the quarter. If a Participant dies prior to payment of all shares earned, the
balance due shall be payable in full to the Participant’s designated beneficiary under the Deferred
Compensation Plan, or, if none, to the Participant’s estate, in cash.

     §7.3 No Right to Continuance as a Director. None of the actions of the Company in
establishing the Plan, the actions taken by the Company, the Board, the Committee or the
Administrator under the Plan, or the granting of any Award under the Plan shall be deemed (i) to
create any obligation on the part of the Board to nominate any Director for reelection by the
Company’s Shareowners or (ii) to be evidence of any agreement or understanding, express or implied,
that the Director has a right to continue as a Director for any period of time or at any particular
rate of compensation.

ARTICLE VIII

UNRESTRICTED CAMPBELL STOCK AWARDS FOR KEY EMPLOYEES

     §8.1 The Committee may make awards of unrestricted Campbell Stock to Key Employees in
recognition of outstanding achievements or as an additional award for Key Employees who receive
Restricted Stock Awards when Performance Goals are exceeded.

ARTICLE IX

AWARD OF PERFORMANCE UNITS

     §9.1 Award of Performance Units. The Committee may award Performance Units to any Key
Employee. Each Performance Unit shall represent the right of a Participant to receive an amount
equal to the value of the Performance Unit, determined in the manner established by the Committee
at the time of Award.

     §9.2 Performance Period. At the time of each Performance Unit Award, the Committee shall
establish, with respect to each such Award, a Performance Period during which performance shall be
measured. There may be more than one Performance Unit Award in existence at any one time, and
Performance Periods may differ.

     §9.3 Performance Measures. Performance Units shall be awarded to a Participant and earned
contingent upon the attainment of Performance Goals in accordance with Section 4.5.

     §9.4 Performance Unit Value. Each Performance Unit shall have a maximum dollar value
established by the Committee at the time of the Award. Performance Units earned will be determined
by the Committee in respect of a Performance Period in relation to the degree of attainment of
Performance Goals. The measure of a Performance Unit may, in the discretion of the Committee, be
equal to the Fair Market Value of one share of Campbell Stock.

     §9.5 Award Criteria. In determining the number of Performance Units to be granted to any
Participant, the Committee shall take into account the Participant’s responsibility level,
performance, potential, cash compensation level, other incentive awards, and such other
considerations as it deems appropriate.

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     §9.6 Payment. (a) Following the end of the Performance Period, a Participant holding
Performance Units will be entitled to receive payment of an amount, not exceeding the maximum value
of the Performance Units, based on the achievement of the Performance Goals for such Performance
Period, as determined by the Committee.

     (b) Payment of Performance Units shall be made in cash, whether payment is made at the end of
the Performance Period or is deferred pursuant to Section 10.1, except that Performance Units which
are measured using Campbell Stock shall be paid in Campbell Stock. Payment shall be made in a lump
sum or in installments and shall be subject to such other terms and conditions as shall be
determined by the Committee.

     §9.7 Termination of Employment. (a) Subject to Article XII, a Performance Unit Award shall
terminate for all purposes if the Participant does not remain continuously in the employ of the
Campbell Group at all times during the applicable Performance Period, except as may otherwise be
determined by the Committee.

     (b) In the event that a Participant holding a Performance Unit ceases to be an employee of the
Campbell Group following the end of the applicable Performance Period but prior to full payment
according to the terms of the Performance Unit Award, payment shall be made in accordance with
terms established by the Committee for the payment of such Performance Unit.

     §9.8 Performance Unit Award Statements or Agreements. Each Performance Unit Award shall be
evidenced by an Award Statement or agreement.

ARTICLE X

DEFERRAL OF PAYMENTS

     §10.1 Election to Defer. Subject to the terms and conditions of the Performance Unit Award
Statement or Agreement, a Participant may elect to defer all or a portion of any related earned
Performance Units, Restricted Stock, unrestricted Campbell Stock or gain on any exercised Option or
SAR pursuant to the terms of any Deferred Compensation Plan; provided, however, that the terms of
any deferrals under this Section 10.1 shall comply with all applicable laws, rules and regulations,
including, without limitation, Section 409A of the Code. The value of the Performance Units,
Restricted Stock, unrestricted Campbell Stock or Option or SAR gain so deferred shall be allocated
to a Deferred Account established for the Participant under any Deferred Compensation Plan.

ARTICLE XI

MISCELLANEOUS PROVISIONS

     §11.1 Limits as to Transferability.

     (a) The Committee, may, in its discretion, permit a Nonqualified Stock Option to be
transferred by the Participant, subject to such terms and conditions as the Committee shall
specify. Any Nonqualified Stock Option so transferred may not be subsequently transferred by the
Transferee except by will or the laws of descent and distribution. Such transferred Nonqualified
Stock Option shall continue to be governed by and subject to the terms and conditions of the Plan
and the corresponding Award Statement.

     (b) Incentive Stock Options shall not be transferable by the Participant other than by will or
the laws of descent and distribution, and shall be exercisable during the Participant’s lifetime
only by the Participant. Notwithstanding the previous sentence, the Committee may in its discretion
permit the transfer of an Incentive Stock Option by the Participant to a trust if, under Section
671 of the Code and applicable state law, the Participant is the sole beneficial owner of such
Incentive Stock Option while it is held in trust.

 - 13 - 

 

     (c) Unless otherwise provided by the Committee, no SAR (except for any SAR issued in tandem
with an Option), share of Restricted Stock, or Performance Unit under the Plan shall be
transferable by the Participant other than by will or the laws of descent and distribution.

     (b) Any transfer contrary to this Section 11.1 will nullify the Option, SAR, Performance Unit,
or share of Restricted Stock.

     §11.2 Adjustments Upon Changes in Stock. In case of any reorganization, recapitalization,
reclassification, stock split, reverse stock split, stock dividend, extraordinary one-time
dividend, distribution, combination of shares, merger, consolidation, spin-off, split-up, rights
offering, or any other changes in the corporate structure or shares of the Company, appropriate
adjustments may be made by the Committee (or if the Company is not the surviving corporation in any
such transaction, the board of directors of the surviving corporation) in the aggregate number and
kind of shares subject to the Plan, and the number and kind of shares and the price per share
subject to outstanding Options or which may be issued under outstanding Restricted Stock Awards or
pursuant to unrestricted Campbell Stock Awards. Appropriate adjustments may also be made by the
Committee in the terms of any Awards under the Plan, subject to Article XII, to reflect such
changes and to modify any other terms of outstanding Awards on an equitable basis, including
modifications of Performance Goals and changes in the length of Performance Periods. Any such
adjustments made by the Committee pursuant to this Section 11.2 shall be conclusive and binding for
all purposes under the Plan.

     §11.3 Amendment, Suspension, and Termination of Plan.

     (a) The Board may suspend or terminate the Plan or any portion thereof at any time, and may
amend the Plan from time to time in such respects as the Board may deem advisable in order that any
Awards thereunder shall conform to any change in applicable laws or regulations or in any other
respect the Board may deem to be in the best interests of the Company; provided, however, that no
such amendment shall, without Shareowner approval, (i) except as provided in Section 11.2, increase
the number of shares of Campbell Stock which may be issued under the Plan, (ii) expand the types of
awards available to Participants under the Plan, (iii) materially expand the class of employees
eligible to participate in the Plan, (iv) materially change the method of determining the exercise
price of Options; (v) delete or limit the provision in Section 5.4 prohibiting the repricing of
Options; or (vi) extend the termination date of the Plan. No such amendment, suspension, or
termination shall materially adversely alter or impair any outstanding Options, SARs, shares of
Restricted Stock, or Performance Units without the consent of the Participant affected thereby.

     (b) The Committee may amend or modify any outstanding Options, SARs, Restricted Stock Awards,
or Performance Unit Awards in any manner to the extent that the Committee would have had the
authority under the Plan initially to award such Options, SARs, Restricted Stock Awards, or
Performance Unit Awards as so modified or amended, including without limitation, to change the date
or dates as of which such Options or SARs may be exercised, to remove the restrictions on shares of
Restricted Stock, or to modify the manner in which Performance Units are determined and paid.

     (c) Anything to the contrary in the foregoing notwithstanding, the Board shall have broad
authority to amend the Plan without the consent of a Participant to the extent the Board deems
necessary or advisable (i) to comply with, or take into account changes in applicable tax laws,
securities laws, accounting rules or other applicable laws, rules and regulations or (ii) to ensure
that an Award is not subject to interest or penalties under Section 409A of the Code.

     §11.4 Nonuniform Determinations. The Committee’s determinations under the Plan, including
without limitation, (i) the determination of the Key Employees to receive Awards, (ii) the form,
amount, and timing of such Awards, (iii) the terms and provisions of such Awards and (iv) the Award
Statements evidencing the same, need not be uniform and may be made by it selectively among Key
Employees who receive, or who are eligible to receive, Awards under the Plan, whether or not such
Key Employees are similarly situated.

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     §11.5 General Restriction. Each Award under the Plan shall be subject to the condition that,
if at any time the Committee shall determine that (i) the listing, registration, or qualification
of the shares of Campbell Stock subject or related thereto upon any securities exchange or under
any state or federal law (ii) the consent or approval of any government or regulatory body, or
(iii) an agreement by the Participant with respect thereto, is necessary or desirable, then such
Award shall not become exercisable in whole or in part unless such listing, registration,
qualification, consent, approval, or agreement shall have been effected or obtained free of any
conditions not acceptable to the Committee.

     §11.6 No Right To Employment. None of the actions of the Company in establishing the Plan,
the action taken by the Company, the Board, the Committee or the Administrator under the Plan, or
the granting of any Award under the Plan shall be deemed (i) to create any obligation on the part
of the Company to retain any person in the employ of the Campbell Group, or (ii) to be evidence of
any agreement or understanding, express or implied, that the person has a right to continue as an
employee for any period of time or at any particular rate of compensation.

     §11.7 Governing Law. The provisions of the Plan shall take precedence over any conflicting
provision contained in an Award Statement. All matters relating to the Plan or to Awards granted
hereunder shall be governed by and construed in accordance with the laws of the State of New Jersey
without regard to the principles of conflict of laws.

     §11.8 Trust Arrangement. All benefits under the Plan represent an unsecured promise to pay by
the Company. The Plan shall be unfunded and the benefits hereunder shall be paid only from the
general assets of the Company resulting in the Participants having no greater rights than the
Company’s general creditors; provided, however, nothing herein shall prevent or prohibit the
Company from establishing a trust or other arrangement for the purpose of providing for the payment
of the benefits payable under the Plan.

     §11.9 Taxes. The Company or any Subsidiary, as appropriate, shall have the right to require
any Participant entitled to receive a payment in respect of an Award to remit to the Company or any
Subsidiary, prior to such payment, an amount sufficient to satisfy any applicable tax withholding
requirements. In case of an Award payable in shares of Campbell Stock, the Company or the
Subsidiary, as appropriate, may permit such individual to satisfy, in whole or in part, such
obligation to remit any minimum taxes by directing the Company to withhold shares of Campbell Stock
that would otherwise be received by such Participant to satisfy the minimum statutory withholding
rates for any applicable tax withholding purposes, in accordance with applicable laws and pursuant
to such rules as the Committee may establish from time to time. The Company or a Subsidiary, as
appropriate, also shall have the right to deduct from all cash payment made to a Participant
(whether or not such payment is made in connection with an Award) any applicable taxes required to
be withheld in connection with an Award.

     §11.10 Section 409A of the Code. If any provision of the Plan or an Award Statement
contravenes any regulations or Treasury guidance promulgated under Section 409A of the Code or
could cause an Award to be subject to the interest and penalties under Section 409A of the Code,
such provision of the Plan or any Award Statement shall be modified to maintain, to the maximum
extent practicable, the original intent of the applicable provision without violating the
provisions of Section 409A of the Code. Moreover, any discretionary authority that the Committee
may have pursuant to the Plan shall not be applicable to an Award that is subject to Section 409A
of the Code to the extent such discretionary authority will contravene Section 409A or the
regulations or guidance promulgated thereunder. In addition, to the extent required to avoid a
violation of the applicable rules under Section 409A by reason of Section 409A(a)(2)(B)(i), any
payment under an Award shall be delayed until the earliest date of payment that will result in
compliance with the rules of Section 409A(a)(2)(B)(i).

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ARTICLE XII

CHANGE IN CONTROL OF THE COMPANY

     §12.1 Contrary Provisions. Notwithstanding anything contained in the Plan to the contrary,
the provisions of this Article XII shall govern and supersede any inconsistent terms or provisions
of the Plan.

     §12.2 Definitions.

     (a) Change in Control. For purposes of the Plan, “Change in Control” shall mean any of the
following events:

     (i) The acquisition in one or more transactions by any “Person” (as the term person is used
for purposes of Section 13(d) or 14(d) of the Exchange Act) of “Beneficial Ownership” (within
the meaning of Rule 13d-3 promulgated under the Exchange Act) of twenty-five percent (25%) or
more of the combined voting power of the Company’s then outstanding voting securities (the
“Voting Securities”), provided, however, that for purposes of this Section 12.2(a), the Voting
Securities acquired directly from the Company by any Person shall be excluded from the
determination of such Person’s Beneficial Ownership of Voting Securities (but such Voting
Securities shall be included in the calculation of the total number of Voting Securities then
outstanding); or

     (ii) The individuals who, as of November 21, 2003, are members of the Board (the “Incumbent
Board”), cease for any reason to constitute more than fifty percent of the Board; provided,
however, that if the election, or nomination for election by the Company’s Shareowners, of any
new director was approved by a vote of at least two-thirds of the Incumbent Board, such new
director shall, for purposes of the Plan, be considered as a member of the Incumbent Board, but
excluding for this purpose, any such individual whose initial assumption of office occurs as a
result of an actual or threatened election contest with respect to the election or removal of
directors or other actual or threatened solicitation of proxies or consents by or on behalf of a
person other than the Board; or

     (iii) The consummation of a merger or consolidation involving the Company if the
Shareowners of the Company, immediately before such merger or consolidation, do not own,
directly or indirectly immediately following such merger or consolidation, more than fifty
percent (50%) of the combined voting power of the outstanding Voting Securities of the
corporation resulting from such merger or consolidation in substantially the same proportion as
their ownership of the Voting Securities immediately before such merger or consolidation; or

     (iv) Approval by Shareowners of the Company of a complete liquidation or dissolution of the
Company or an agreement for the sale or other disposition of all or substantially all of the
assets of the Company; or

     (v) Acceptance of Shareowners of the Company of shares in a share exchange if the
Shareowners of the Company, immediately before such share exchange, do not own, directly or
indirectly immediately following such share exchange, more than fifty percent (50%) of the
combined voting power of the outstanding Voting Securities of the corporation resulting from
such share exchange in substantially the same proportion as their ownership of the Voting
Securities outstanding immediately before such share exchange.

     Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because
twenty-five percent (25%) or more of the then outstanding Voting Securities is acquired by (i) a
trustee or other fiduciary holding securities under one or more employee benefit plans maintained
by the Company or any of its Subsidiaries, (ii) any corporation which, immediately prior to such
acquisition, is owned directly or indirectly by the Shareowners of the Company in the same
proportion as their ownership of stock in the Company immediately prior to such acquisition, (iii)
any “Grandfathered Dorrance Family Shareowner” (as hereinafter defined) or (iv) any Person who has
acquired such Voting Securities directly

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from any Grandfathered Dorrance Family Shareowner but only if such Person has executed an
agreement which is approved by two-thirds of the Board and pursuant to which such Person has agreed
that he (or they) will not increase his (or their) Beneficial Ownership (directly or indirectly) to
30% or more of the outstanding Voting Securities (the “Standstill Agreement”) and only for the
period during which the Standstill Agreement is effective and fully honored by such Person. For
purposes of this Section, “Grandfathered Dorrance Family Shareowner” shall mean at any time a
“Dorrance Family Shareowner” (as hereinafter defined) who or which is at the time in question the
Beneficial Owner solely of (v) Voting Securities Beneficially Owned by such individual on January
25, 1990, (w) Voting Securities acquired directly from the Company, (x) Voting Securities acquired
directly from another Grandfathered Dorrance Family Shareowner, (y) Voting Securities which are
also Beneficially Owned by other Grandfathered Dorrance Family Shareowners at the time in question,
and (z) Voting Securities acquired after January 25, 1990 other than directly from the Company or
from another Grandfathered Dorrance Family Shareowner by any “Dorrance Grandchild” (as hereinafter
defined) provided that the aggregate amount of Voting Securities so acquired by each such Dorrance
Grandchild shall not exceed five percent (5%) of the Voting Securities outstanding at the time of
such acquisition. A “Dorrance Family Shareowner” who or which is at the time in question the
Beneficial Owner of Voting Securities which are not specified in clauses (v), (w), (x), (y) and (z)
of the immediately preceding sentence shall not be a Grandfathered Dorrance Family Shareowner at
the time in question. For purposes of this Section, “Dorrance Family Shareowners” shall mean
individuals who are descendants of the late Dr. John T. Dorrance, Sr. and/or the spouses,
fiduciaries and foundations of such descendants. A “Dorrance Grandchild” means as to each
particular grandchild of the late Dr. John T. Dorrance, Sr., all of the following taken
collectively: such grandchild, such grandchild’s descendants and/or the spouses, fiduciaries and
foundations of such grandchild and such grandchild’s descendants.

     Moreover, notwithstanding the foregoing, a Change in Control shall not be deemed to occur
solely because any Person (the “Subject Person”) acquired Beneficial Ownership of more than the
permitted amount of the outstanding Voting Securities as a result of the acquisition of Voting
Securities by the Company which, by reducing the number of Voting Securities outstanding, increases
the proportional number of shares Beneficially Owned by the Subject Person, provided that if a
Change in Control would occur (but for the operation of this sentence) as a result of the
acquisition of Voting Securities by the Company, and after such share acquisition by the Company,
the Subject Person becomes the Beneficial Owner of any additional Voting Securities which increases
the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject Person,
then a Change in Control shall occur.

     Notwithstanding anything contained in this Plan to the contrary, with respect to an Award that
is subject to Section 409A of the Code and payment or settlement of the Award will accelerate upon
a Change in Control, no event set forth in an Award Statement or other agreement applicable to a
Participant or in clauses (a)(i) — (v) of this Section 12.2 shall constitute a Change in Control
for purposes of the Plan and any Award unless such event also constitutes a “change in ownership”,
“change in effective control” or “change in the ownership of a substantial portion of the company’s
assets” as defined under Section 409A of the Code and the regulations and guidance promulgated
thereunder.

     Notwithstanding anything contained in this Plan to the contrary, if a Participant’s employment
is terminated by the Company without Cause within one year prior to a Change in Control and such
termination (i) was at the request of a third party who effectuates a Change in Control or (ii)
otherwise occurred in connection with or in anticipation of, a Change in Control, then for purposes
of this Article XII only, the date of a Change in Control shall mean the date immediately prior to
the date of such Participant’s termination of employment.

     (b) Cause. For purposes of this Article XII only, with respect to any Participant, (i)
“Cause” shall be defined as set forth in any individual agreement applicable to a Participant, or
(ii) in the case of a Participant who does not have an individual agreement that defines Cause,
then Cause shall mean the termination of a Participant’s employment by reason of his or her (A)
conviction of a felony or (B) engaging in conduct which constitutes willful gross misconduct which
is demonstrably and materially injurious to the Campbell Group, monetarily or otherwise. No act,
nor failure to act, on the Participant’s

 - 17 - 

 

part, shall be considered “willful” unless he or she has acted, or failed to act, with an
absence of good faith and without a reasonable belief that his or her action or failure to act was
in the best interest of the Campbell Group.

     (c) Good Reason. For purposes of this Article XII, with respect to any Participant, (i) “Good
Reason” shall be defined as set forth in any individual agreement applicable to a Participant, or
(ii) in the case of a Participant who does not have an individual agreement that defines Good
Reason, then Good Reason shall mean any of the following events or conditions:

     (A) a reduction in the Participant’s base salary or any failure to pay the Participant any
compensation or benefits to which he or she is entitled within thirty (30) days of the date due;

     (B) the Campbell Group’s requiring the Participant to be based at any place outside a
50-mile radius from his or her site of employment prior to the Change in Control, except for
reasonably required travel on the Campbell Group’s business which is not greater than such
travel requirements prior to the Change in Control;

     (C) the failure by the Campbell Group to provide the Participant with compensation and
benefits, in the aggregate, substantially equivalent (in terms of benefit levels and/or reward
opportunities) to those provided for under compensation or employee benefit plans, programs and
practices as in effect immediately prior to the Change in Control (or as in effect following the
Change in Control, if greater);

     (D) any purported termination of the Participant’s employment for Cause which does not
comply with the requirements of the definition of “Cause” as set forth in Section 12.2(b); or

     (E) the failure of the Company to obtain an agreement from any successor or assign of the
Company to assume and agree to perform the Plan.

     §12.3 Effect of Change in Control on Certain Awards.

     (a) If the Company is not the surviving corporation following a Change in Control, and the
surviving corporation following such Change in Control or the acquiring corporation (such surviving
corporation or acquiring corporation is hereinafter referred to as the “Acquiror”) does not assume
the outstanding Options, SARs or Restricted Stock (other than Restricted Performance Stock) or does
not substitute equivalent equity awards relating to the securities of such Acquiror or its
affiliates for such Awards, then all such Awards shall become immediately and fully exercisable (or
in the case of Restricted Stock, fully vested and all restrictions will immediately lapse). In
addition, the Board or its designee may, in its sole discretion, provide for a cash payment to be
made to each Participant for the outstanding Options, SARs or Restricted Stock (other than
Restricted Performance Stock) upon the consummation of the Change in Control, determined on the
basis of the fair market value that would be received in such Change in Control by the holders of
the Company’s securities relating to such Awards. Notwithstanding the foregoing, any Option
intended to be an Incentive Stock Option under Section 422 of the Code shall be adjusted in a
manner to preserve such status.

     (b) If the Company is the surviving corporation following a Change in Control, or the Acquiror
assumes the outstanding Options, SARs or Restricted Stock (other than Restricted Performance Stock)
or substitutes equivalent equity awards relating to the securities of such Acquiror or its
affiliates for such Awards, then all such Awards or such substitutes therefore shall remain
outstanding and be governed by their respective terms and the provisions of the Plan.

     (c) If (i) the employment of a Participant with the Campbell Group is terminated (A) without
Cause (as defined in Section 12.2(b)) or (B) by the Participant for Good Reason, in either case
within twenty-four (24) months following a Change in Control, and (ii) the Company is the surviving
corporation following such Change in Control, or the Acquiror assumes the outstanding Options, SARs
or Restricted Stock (other than Restricted Performance Stock) or substitutes equivalent equity
awards relating to the

 - 18 - 

 

securities of such Acquiror or its affiliates for such Awards, then all outstanding Options,
SARs or Restricted Stock (other than Restricted Performance Stock) shall become immediately and
fully exercisable (or in the case of Restricted Stock, fully vested and all restrictions will
immediately lapse).

     (d) If (i) the employment of a Participant with the Campbell Group is terminated for Cause
within twenty-four (24) months following a Change in Control and (ii) the Company is the surviving
corporation following such Change in Control, or the Acquiror assumes the outstanding Options, SARs
or Restricted Stock (other than Restricted Performance Stock) or substitutes equivalent equity
awards relating to the securities of such Acquiror or its affiliates for such Awards, then any
Options or SARs of such Participant shall expire, and any non-vested Restricted Stock shall be
forfeited, and any rights under such Awards shall terminate immediately.

     (e) Outstanding Options or SARs which vest in accordance with Section 12.3, may be exercised
by the Participant in accordance with Section 5.6; provided, however, that a Participant whose
Options or SARs become exercisable in accordance with Section 12.3(c) may exercise a SAR or an
Option at any time within three years after such termination, except that an Option or SAR shall
not be exercisable on any date beyond the expiration date of such Option or SAR, provided, further
that any Participant who is eligible to retire at the date of such termination (or during any
period during which such Participant receives severance payments) may exercise his or her Options
or SARs in accordance with Section 5.6(h)), and provided, further, that in the event of a
Participant’s death after such termination the exercise of Options and SARs shall be governed by
Sections 5.6(d)(f) or (g), as the case may be.

     §12.4 Effect of Change in Control on Restricted Performance Stock and Performance Units. (a)
If the Company is not the surviving corporation following a Change in Control, and the Acquiror
does not assume the Restricted Performance Stock or the Performance Units or does not substitute
equivalent awards (including, in the case of equity or equity-related Awards, equivalent equity
awards) for such Awards, then the Participant shall (i) become vested in, and restrictions shall
lapse on, the greater of (A) fifty percent (50%) of the Restricted Performance Stock or Performance
Units or (B) a pro rata portion of such Restricted Performance Stock or Performance Units based on
the portion of the Performance Period that has elapsed to the date of the Change in Control and the
aggregate vesting percentage determined pursuant to this clause (B) shall be applied to vesting
first such Awards granted the farthest in time preceding the Change in Control and (ii) be entitled
to receive (A) in respect of all Performance Units which become vested and with respect to which
the restrictions lapse as a result of such Change in Control, a cash payment within thirty (30)
days after such Change in Control equal to the product of the then current value of a Performance
Unit multiplied by the number of Performance Units which become vested and with respect to which
restrictions lapse in accordance with this subparagraph (a) and (B) in respect of all shares of
Performance Restricted Stock which become vested and with respect to which restrictions lapse as a
result of such Change in Control, the prompt delivery of such shares; provided, however, that the
Board or its designee may, in its sole discretion, provide for a cash payment to be made to each
Participant for the vested Restricted Performance Stock upon the consummation of the Change in
Control, determined on the basis of the fair market value that would be received in such Change in
Control by the holders of the Company’s securities relating to such Award.

     (b) If the Company is the surviving corporation following a Change in Control, or the Acquiror
assumes the Restricted Performance Stock or the Performance Units or substitutes equivalent awards
(including, in the case of equity or equity-related Awards, equivalent equity awards), then all
such Awards or such substitutes therefor shall remain outstanding and be governed by their
respective terms and the provisions of the Plan.

     (c) If (i) the employment of a Participant with the Campbell Group is terminated (A) without
Cause or (B) by the Participant for Good Reason, in either case within twenty-four (24) months
following a Change in Control, and (ii) the Company is the surviving corporation following such
Change in Control, or the Acquiror assumes the Restricted Performance Stock or the Performance
Units or substitutes equivalent awards (including, in the case of equity or equity-related Awards,
equivalent equity awards), then the Participant shall (i) become vested in, and restrictions shall
lapse on, the greater of (A) fifty percent (50%)

 - 19 - 

 

of the Restricted Performance Stock or Performance Units or (B) a pro rata portion of such
Restricted Performance Stock or Performance Units based on the portion of the Performance Period
that has elapsed to the date of the termination of employment and the aggregate vesting percentage
determined pursuant to this clause (B) shall be applied to vesting first such Awards granted the
farthest in time preceding the termination of employment and (ii) be entitled to receive (A) in
respect of all Performance Units which become vested and with respect to which the restrictions
lapse as a result of such termination of employment, a cash payment within thirty (30) days after
such termination of employment equal to the product of the then current value of a Performance Unit
multiplied by the number of Performance Units which become vested and with respect to which
restrictions lapse in accordance with this subparagraph (c) and (B) in respect of all shares of
Performance Restricted Stock which become vested and with respect to which restrictions lapse as a
result of such termination of employment, the prompt delivery of such shares.

     (d) If (i) the employment of a Participant with the Campbell Group is terminated for Cause
within twenty-four (24) months following a Change in Control and (ii) the Company is the surviving
corporation following such Change in Control, or the Acquiror assumes the Restricted Performance
Stock or the Performance Units or substitutes equivalent awards (including, in the case of equity
or equity-related Awards, equivalent equity awards), then any non-vested Performance Restricted
Stock or non-vested Performance Units of such Participant shall immediately be forfeited and any
rights thereunder shall terminate.

     (e) With respect to any shares of Performance Restricted Stock or Performance Units which do
not become vested under Section 12.4(a) (the “Continuing Awards”), such shares or units (or the
proceeds thereof) shall continue to be outstanding for the remainder of the applicable Performance
Period (as if such shares or units were the only shares or units granted in respect of each such
Performance Period) and subject to the applicable Performance Goals as modified in accordance with
the provisions hereof.

     §12.5 Amendment or Termination. (a) This Article XII shall not be amended or terminated at
any time if any such amendment or termination would adversely affect the rights of any Participant
under the Plan.

     (b) For a period of twenty-four (24) months following a Change in Control, the Plan shall not
be terminated (unless replaced by a comparable long-term incentive plan) and during such period the
Plan (or such replacement plan) shall be administered in a manner such that Participants will be
provided with long-term incentive awards producing reward opportunities generally comparable to
those provided prior to the Change in Control. Any amendment or termination of the Plan prior to a
Change in Control which (i) was at the request of a third party who has indicated an intention or
taken steps reasonably calculated to effect a Change in Control or (ii) otherwise arose in
connection with or in anticipation of a Change in Control, shall be null and void and shall have no
effect whatsoever.

     (c) Following a Change in Control, the Plan shall be amended as necessary to make appropriate
adjustments to the Performance Goals for the Continuing Awards for (i) any negative effect that the
costs and expenses incurred by the Campbell Group in connection with the Change in Control may have
on the achievement of Performance Goals under the Plan and (ii) any changes to the Company and/or
its Subsidiaries (including, but not limited to, changes in corporate structure, capitalization and
increased interest expense as a result of the incurrence or assumption by the Company of
acquisition indebtedness) following the Change in Control so as to preserve the reward
opportunities and Performance Goals for comparable performance under the Plan as in effect on the
date immediately prior to the Change in Control.

 - 20 -exv10w1

Exhibit 10.1

2005 LONG-TERM INCENTIVE PLAN

SPECIALTIME-LAPSE RESTRICTED STOCK UNIT AGREEMENT

     TIME-LAPSE RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”), dated as of the 1ST
day of October 2008 (the “Grant Date”) between Campbell Soup Company (the “Company”) and Larry S.
McWilliams (the “Participant”), an employee of the Company.

     WHEREAS, the Company desires to award the Participant restricted stock units, which each
represent a right to receive one share of Capital Stock of the Company (the “Restricted Stock
Units”) as hereinafter provided, under the Campbell Soup Company 2005 Long-Term Incentive Plan (the
“Plan”). Except as otherwise provided, the terms used herein shall have the same meaning as in the
Plan.

     NOW, THEREFORE, in consideration of valuable considerations the legal sufficiency of which is
hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

     1. Award of Restricted Stock Units. The Company hereby confirms the award to the
Participant on the Grant Date by the Compensation and Organization Committee of the Board of
Directors (the “Committee”) of 13,500 Restricted Stock Units. The Restricted Stock Units are in all
respects limited and conditioned as hereinafter provided, and are subject in all respects to the
Plan’s terms and conditions, as amended.

     2. Restriction Period; Payment. Subject to the terms of this Agreement and the Plan
and provided that the Participant remains continuously employed until September 30, 2011 (the
“Vesting Date”) all 13,500 Restricted Stock Units will vest on that date. Except as otherwise
provided below, the Company shall deliver to the Participant one share of the Company’s Capital
Stock for a vested Restricted Stock Unit during the month following the Vesting Date. Unless
terminated earlier under Section 4 below, a Participant’s rights under this Agreement shall
terminate with respect to each Restricted Stock Unit at the time such Restricted Stock Unit is
converted into the Company’s Capital Stock.

     3. Dividend Equivalent Payment. Prior to the Vesting Date, Participant shall be paid
in cash the amounts equivalent to the dividends which would be paid on the Company’s Capital Stock
underlying the Restricted Stock Units. Such dividend equivalent amounts shall be paid as soon as
practicable after the Company’s Board of Directors approves and declares a dividend on its Capital
Stock, but no later than March 15 of the year following the year such dividend is declared.
Notwithstanding the foregoing and subject to Section 4 below, the dividend equivalent payments
shall be discontinued for any Restricted Stock Units terminated under Section 4 if the Participant
is no longer employed by the Company or its subsidiaries and an exception does not apply.

1

 

     4. Early Termination of Restricted Stock Unit; Termination of Employment. The
Restricted Stock Units shall terminate and become null and void if and when the Participant ceases
for any reason to be an employee of the Company or its subsidiaries, including but not limited to
termination for Cause, voluntary resignation or retirement, except as provided in below:

	 	(a)	 	Retirement Eligible upon Total Disability or Death.

	 	(i)	 	If the Participant’s employment is terminated at least six (6)
months following the Grant Date as the result of Total Disability or death
(provided the Participant is Retirement Eligible at the time of any such
termination), the Participant shall be treated as continuously employed through
the Vesting Date, and the Company will deliver to the Participant, or his or
her legal representative, one share of the Company’s Capital Stock for each
Restricted Stock Unit vested on the Vesting Date in accordance with Section 2.
	 
	 	(ii)	 	For purposes of this Agreement, the following terms shall have
the meanings set forth below:

	 	A.	 	“Retirement” or “Retirement Eligible” means the
Participant terminates, or is eligible to terminate, employment with
the Company or its subsidiaries after attaining 55 years of age with at
least 5 years of continuous service on or prior to the date of
termination.
	 
	 	B.	 	“Total Disability” means “Total Disability” or
“Totally Disabled” as that term is defined under a Company-sponsored
long-term disability plan from which the Participant is receiving
disability benefits and which is in effect from time to time on and
after the Grant Date.

	 	(b)	 	Not Retirement Eligible upon Total Disability or Death; Involuntary
Termination. If the Participant’s employment is terminated at least six (6) months
following the Grant Date: (i) as the result of the Participant’s Total Disability or
death and the Participant is not Retirement Eligible; or (ii) by the Company for
reasons other than Cause, the Participant shall vest on the Vesting Date in a prorated
portion of his or her Restricted Stock Units under this Agreement according to the
following formula: the number of months worked from the Grant Date to termination date
divided by 36; multiplied by 13,500 Restricted Stock Units.
	 
	 	 	 	The Company will deliver to the Participant, or his or her legal representative, one
share of the Company’s Capital Stock for each Restricted Stock Unit that vests on
the Vesting Date in accordance with Section 2.
	 
	 	(c)	 	Any Termination Prior to Six-Month Anniversary of Grant Date. If a
Participant retires, resigns or is terminated for any reason before six (6) months have
elapsed from the Grant Date, the Restricted Stock Unit award shall be cancelled by the
Company and the Participant shall forfeit the entire award.

     5. Withholding of Taxes. The Company or the subsidiary which employs the Participant
shall be entitled to require, as a condition of making any payments or issuing any shares upon
vesting of the Restricted Stock Units, that the Participant or other person entitled to such shares
or other payment pay any sums required to be withheld by federal, state, local, or other applicable tax law with
respect to

2

 

such vesting or payment. Alternatively, the Company or such subsidiary, in its
discretion, may make such provisions for the withholding of taxes as it deems appropriate
(including, without limitation, withholding the taxes due from compensation otherwise payable to
the Participant or reducing the number of shares otherwise deliverable with respect to the award
(with the value based on the closing price on the NYSE composite tape on the tax date) by the
amount necessary to satisfy such withholding obligations).

     6. Non-Transferability of Restricted Stock Units. Participant’s right in the
Restricted Stock Units awarded under this Agreement and any interest therein may not be sold,
pledged, assigned, hypothecated, transferred, or disposed of in any manner, other than by will or
by the laws of descent or distribution. Restricted Stock Units shall not be subject to execution,
attachment or other process.

     7. Severability. If one or more of the provisions of this Award Agreement shall be
held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby and the invalid,
illegal or unenforceable provisions shall be deemed null and void; however, to the extent
permissible by law, any provisions which could be deemed null and void shall first be construed,
interpreted or revised retroactively to permit this Agreement to be construed so as to foster the
intent of this Agreement and the Plan.

     8. Internal Revenue Code Section 409A. This Agreement shall be interpreted, operated,
and administered in a manner so as not to subject Participant to the assessment of additional taxes
or interest under Code section 409A to the extent such Participant or any payment under this
Agreement is subject to U.S. tax laws, and this Agreement shall be amended as the Company, in its
sole discretion, determines is necessary and appropriate to avoid the application of any such taxes
or interest.

     9. Entire Agreement. The terms of the Plan and this Agreement when signed by
Participant will constitute the entire agreement with respect to the subject matter hereof. This
Agreement supersedes any prior agreements, representations or promises of the parties relating to
the subject matter hereof.

     10. Governing Law. This Agreement shall be construed in accordance with, and its
interpretation shall otherwise be governed by, New Jersey law.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by a duly authorized
executive, and the Participant has hereunto set his or her hand and seal, all as of the day and
year first above written.

	 	 	 	 	 
	 	CAMPBELL SOUP COMPANY

 	 
	 	By:  	/s/
John J. Furey
 	 
	 	 	John J. Furey 	 
	 	 	Vice President & Corporate
Secretary 	 
	 

	 	 	 
	/s/ Larry S. McWilliams
 

	 	  
	Participant
	 	 

3

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