Document:

<PAGE>

                                                                     EXHIBIT 4.4

                   (FORM OF FACE OF TREASURY UNIT CERTIFICATE)

                  [For inclusion in Global Certificate only - THIS CERTIFICATE
IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE PURCHASE CONTRACT AGREEMENT
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF CEDE & CO., AS NOMINEE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (THE "DEPOSITARY"), THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY. THIS CERTIFICATE IS
EXCHANGEABLE FOR CERTIFICATES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
PURCHASE CONTRACT AGREEMENT AND NO TRANSFER OF THIS CERTIFICATE (OTHER THAN A
TRANSFER OF THIS CERTIFICATE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

                  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY
(AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

No. _______                                                            CUSIP No.
Number of Treasury Units: ______

                                ALBERTSON'S, INC.
                                 Treasury Units

                  This Treasury Units Certificate certifies that [Cede & Co.] [
] is the registered Holder of the number of Treasury Units set forth above [for
inclusion in Global Certificates only - or such other number of Treasury Units
reflected in the Schedule of Increases or Decreases in the Global Certificate
attached hereto]. Each Treasury Unit consists of (i) a 1/40 undivided beneficial
ownership interest of a Treasury Security having a principal amount at maturity
equal to $1,000, subject to the Pledge of such Treasury Security by such Holder
pursuant to the Pledge Agreement, and (ii) the rights and obligations of the
Holder under one Purchase Contract with Albertson's, Inc., a Delaware
corporation (the "COMPANY"). All capitalized terms used herein which are defined
in the Purchase Contract Agreement (as defined on the reverse hereof) have the
meaning set forth therein.

                                      1
<PAGE>
                  Pursuant to the Pledge Agreement, the Treasury Securities
constituting part of each Treasury Unit evidenced hereby have been pledged to
the Collateral Agent, for the benefit of the Company, to secure the obligations
of the Holder under the Purchase Contract comprising part of such Treasury Unit.

                  Each Purchase Contract evidenced hereby obligates the Holder
of this Treasury Units Certificate to purchase, and the Company, to sell, on May
16, 2007 (the "PURCHASE CONTRACT SETTLEMENT DATE"), at a price equal to $25 (the
"PURCHASE PRICE"), a number of newly issued shares of common stock, par value
$1.00 per share ("COMMON STOCK"), of the Company, equal to the Settlement Rate,
unless prior to or on the Purchase Contract Settlement Date there shall have
occurred a Termination Event, an Early Settlement or a Cash Merger Early
Settlement with respect to such Purchase Contract, all as provided in the
Purchase Contract Agreement and more fully described on the reverse hereof. The
purchase price (the "PURCHASE PRICE") for the shares of Common Stock purchased
pursuant to each Purchase Contract evidenced hereby, if not paid earlier, shall
be paid on the Purchase Contract Settlement Date by application of the proceeds
from the Treasury Securities at maturity pledged to secure the obligations of
the Holder under such Purchase Contract of the Treasury Units of which such
Purchase Contract is a part.

                  Each Purchase Contract evidenced hereby obligates the holder
to agree, for United States federal, state and local income and franchise tax
purposes, to (i) treat an acquisition of the Treasury Units as an acquisition of
the Treasury Securities and Purchase Contracts constituting the Treasury Units
and (ii) treat itself as owner of the applicable interest in the Collateral
Account, including the Treasury Securities.

                  The Company shall pay, on each Payment Date, in respect of
each Purchase Contract forming part of a Treasury Unit evidenced hereby, an
amount (the "CONTRACT ADJUSTMENT PAYMENTS") equal to [ ]% per year of the Stated
Amount. Such Contract Adjustment Payments shall be payable to the Person in
whose name this Treasury Units Certificate is registered at the close of
business on the Record Date for such Payment Date.

                  Contract Adjustment Payments will be payable at the office of
the Purchase Contract Agent in New York City. If the book-entry system for the

                  Treasury Units has been terminated, the Contract Adjustment
Payments will be payable, at the option of the Company, by check mailed to the
address of the Person entitled thereto at such Person's address as it appears on
the Security Register, or by wire transfer to the account designated by such
Person by a prior written notice to the Purchase Contract Agent.

                  Reference is hereby made to the further provisions set forth
on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

                  Unless the certificate of authentication hereon has been
executed by the Purchase Contract Agent by manual signature, this Treasury Units
Certificate shall not be entitled to any benefit under the Pledge Agreement or
the Purchase Contract Agreement or be valid or obligatory for any purpose.

                                      2
<PAGE>
                  IN WITNESS WHEREOF, the Company and the Holder specified above
have caused this instrument to be duly executed.

                              ALBERTSON'S, INC.

                              By:
                                    -----------------------------------
                                    Name:
                                    Title:

                              HOLDER SPECIFIED ABOVE (as to obligations
                              of such Holder under the Purchase Contracts)

                              By:   U.S. BANK TRUST NATIONAL ASSOCIATION, not
                                    individually but solely as attorney-in-fact
                                    or such Holder

                              By:
                                    -----------------------------------
                                    Name:
                                    Title:

Dated:
        -------------------

                                      3
<PAGE>
                        CERTIFICATE OF AUTHENTICATION OF
                             PURCHASE CONTRACT AGENT

                  This is one of the Treasury Units referred to in the
within-mentioned Purchase Contract Agreement.

                                                  U.S. BANK TRUST NATIONAL
                                                    ASSOCIATION,
                                                    as Purchase Contract Agent

                                                  By:
                                                        ------------------------
                                                        Name:
                                                             -------------------
                                                        Title:
                                                               -----------------

                                                  Dated:
                                                        ------------------------

                                      4
<PAGE>

                     (REVERSE OF TREASURY UNIT CERTIFICATE)

                  Each Purchase Contract evidenced hereby is governed by a
Purchase Contract Agreement, dated as of [ ], 2004 (as may be supplemented from
time to time, the "PURCHASE CONTRACT AGREEMENT") between the Company and U.S.
Bank Trust National Association, , as Purchase Contract Agent (including its
successors thereunder, herein called the "PURCHASE CONTRACT AGENT"), to which
the Purchase Contract Agreement and supplemental agreements thereto reference,
is hereby made for a description of the respective rights, limitations of
rights, obligations, duties and immunities thereunder of the Purchase Contract
Agent, the Company and the Holders and of the terms upon which the Treasury
Units Certificates are, and are to be, executed and delivered.

                  Each Purchase Contract evidenced hereby obligates the Holder
of this Treasury Units Certificate to purchase, and the Company to sell, on the
Purchase Contract Settlement Date at a price equal to $25 (the "PURCHASE PRICE")
a number of newly issued shares of Common Stock equal to the Settlement Rate,
unless an Early Settlement, a Cash Merger Early Settlement or a Termination
Event with respect to the Units of which such Purchase Contract is a part shall
have occurred. The "SETTLEMENT RATE" is equal to:

                  (1) if the Adjusted Applicable Market Value (as defined below)
         is greater than or equal to $[ ] (the "THRESHOLD APPRECIATION PRICE"),
         shares of Common Stock per Purchase Contract (such number of shares, as
         adjusted from time to time pursuant to Section 5.04, the "MINIMUM SHARE
         NUMBER");

                  (2) if the Adjusted Applicable Market Value is less than the
         Threshold Appreciation Price but greater than $[ ] (the "REFERENCE
         PRICE"), the number of shares of Common Stock per Purchase Contract
         having a value equal to the Stated Amount divided by the Adjusted
         Applicable Market Value; and

                  (3) if the Adjusted Applicable Market Value is less than or
         equal to the Reference Price, [ ] shares of Common Stock per Purchase
         Contract (such number of shares, as adjusted from time to time pursuant
         to Section 5.04, the "MAXIMUM SHARE NUMBER"),

in each case subject to adjustment as provided in the Purchase Contract
Agreement (and in each case rounded upward or downward to the nearest 1/10,000th
of a share).

                  No fractional shares of Common Stock will be issued upon
settlement of Purchase Contracts, as provided in Section 5.09 of the Purchase
Contract Agreement.

                  Each Purchase Contract evidenced hereby, which is settled
through Early Settlement or Cash Merger Early Settlement shall obligate the
Holder of the related Treasury Units to purchase at the Purchase Price, and the
Company to sell, a number of newly issued shares of Common Stock equal to the
Early Settlement Rate (in the case of an Early Settlement) or applicable
Settlement Rate (in the case of a Cash Merger Early Settlement).

                  The "ADJUSTED APPLICABLE MARKET VALUE" means (i) prior to any
adjustment pursuant to paragraph (i), (ii), (iii), (iv), (v), (vi), (vii) or (x)
of Section 5.04(a) of the Purchase

                                      5
<PAGE>
Contract Agreement, the Applicable Market Value, and (ii) at the time of and
after any adjustment of the Fixed Settlement Rate pursuant to paragraph (i),
(ii), (iii), (iv), (v), (vi), (vii) or (x) of Section 5.04(a) of the Purchase
Contract Agreement, the Applicable Market Value multiplied by a fraction, the
numerator of which shall be the Fixed Settlement Rate immediately after such
adjustment pursuant to paragraph (i), (ii), (iii), (iv), (v), (vi), (vii) or (x)
of Section 5.04(a) of the Purchase Contract Agreement and the denominator of
which shall be the Fixed Settlement Rate immediately prior to such adjustment;
provided, however, that if such adjustment to the Fixed Settlement Rate is
required to be made pursuant to the occurrence of any of the events contemplated
by paragraph (i), (ii), (iii), (iv), (v), (vi), (vii) or (x) of Section 5.04(a)
of the Purchase Contract Agreement during the period taken into consideration
for determining the Applicable Market Value, appropriate and customary
adjustments shall be made to the Fixed Settlement Rate.

                  The "APPLICABLE MARKET VALUE" means the average of the Closing
Price per share of Common Stock on each of the 20 consecutive Trading Days
ending on the third Trading Day immediately preceding the Purchase Contract
Settlement Date.

                  The "CLOSING PRICE" per share of Common Stock on any date of
determination means:

                  (1) the closing sale price as of the close of the principal
         trading session (or, if no closing price is reported, the last reported
         sale price) per share on the New York Stock Exchange, Inc. (the "NYSE")
         on such date;

                  (2) if Common Stock is not listed for trading on the NYSE on
         any such date, the closing sale price (or, if no closing price is
         reported, the last reported sale price) per share as reported in the
         composite transactions for the principal United States national or
         regional securities exchange on which Common Stock is so listed;

                  (3) if Common Stock is not so listed on a United States
         national or regional securities exchange, the last closing sale price
         per share as reported by the Nasdaq National Market, Inc.;

                  (4) if Common Stock is not so reported by the Nasdaq National
         Market, Inc., the last quoted bid price for the Common Stock in the
         over-the-counter market as reported by the National Quotation Bureau or
         similar organization; or

                  (5) if the bid price referred to above is not available, the
         market value of Common Stock on such date as determined by a nationally
         recognized independent investment banking firm retained by the Company
         for purposes of determining the Closing Price.

                  A "TRADING DAY" means a day on which Common Stock (1) is not
suspended from trading on any national or regional securities exchange or
association or over-the-counter market at the close of business and (2) has
traded at least once on the national or regional securities exchange or
association or over-the-counter market that is the primary market for the
trading of Common Stock.

                                      6
<PAGE>
                  In accordance with the terms of the Purchase Contract
Agreement, the Holder of this Treasury Unit shall pay the Purchase Price for the
shares of the Common Stock purchased pursuant to each Purchase Contract
evidenced hereby either by effecting an Early Settlement or, if applicable, a
Cash Merger Early Settlement of each such Purchase Contract or by applying a
principal amount of the Pledged Treasury Securities underlying such Holder's
Treasury Unit equal to the Stated Amount of such Purchase Contract to the
purchase of the Common Stock. A Holder of Treasury Units who (1) on or prior to
5:00 p.m. (New York City time) on the fifth Business Day prior to the Purchase
Contract Settlement Date, does not make an effective Early Settlement or (2) on
or prior to 5:00 p.m. (New York City time) on the fifth Business Day prior to
the Purchase Contract Settlement Date, does not make an effective Cash Merger
Early Settlement, shall pay the Purchase Price for the shares of Common Stock to
be issued under the related Purchase Contract from the proceeds of the Pledged
Treasury Securities.

                  The Company shall not be obligated to issue any shares of
Common Stock in respect of a Purchase Contract or deliver any certificates
therefor to the Holder unless it shall have received payment of the aggregate
purchase price for the shares of Common Stock to be purchased thereunder in the
manner set forth in the Purchase Contract Agreement.

                  The Treasury Units Certificates are issuable only in
registered form and only in denominations of a single Treasury Unit and any
integral multiple thereof. The transfer of any Treasury Units Certificate will
be registered and Treasury Units Certificates may be exchanged as provided in
the Purchase Contract Agreement. The Security Registrar may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents
permitted by the Purchase Contract Agreement. No service charge shall be
required for any such registration of transfer or exchange, but the Company and
the Purchase Contract Agent may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith. A Holder who
elects to substitute Senior Notes or Applicable Ownership Interests in the
Treasury Portfolio, for Treasury Securities, thereby recreating Corporate Units,
shall be responsible for any fees or expenses associated therewith. Except as
provided in the Purchase Contract Agreement, for so long as the Purchase
Contract underlying a Treasury Unit remains in effect, such Treasury Unit shall
not be separable into its constituent parts, and the rights and obligations of
the Holder of such Treasury Unit in respect of the Treasury Security and the
Purchase Contract constituting such Treasury Unit may be transferred and
exchanged only as a Treasury Unit.

                  Unless the Treasury Portfolio has replaced the Senior Notes as
a component of the Corporate Units and subject to the conditions set forth in
the Purchase Contract Agreement, a Holder of Treasury Units may recreate, at any
time on or prior to 5:00 p.m. (New York City time) on the fifth Business Day
immediately preceding the Purchase Contract Settlement Date, Corporate Units by
delivering to the Securities Intermediary Senior Notes with an aggregate
principal amount, equal to the aggregate principal amount at maturity of the
Pledged Treasury Securities in exchange for the release of such Pledged Treasury
Securities in accordance with the terms of the Purchase Contract Agreement and
the Pledge Agreement. From and after such substitution, the Holder's Units shall
be referred to as a "CORPORATE UNIT". Any such creation of Corporate Units may
be effected only in multiples of 40 Treasury Units for 40 Corporate Units.

                                      7
<PAGE>
                  If the Treasury Portfolio has replaced the Senior Notes as a
component of the Corporate Units, a Holder may, at any time on or prior to the
second Business Day immediately preceding the Purchase Contract Settlement Date,
substitute Treasury Securities for the Applicable Ownership Interests in the
Treasury Portfolio, but only in integral multiples of [ ] Treasury Units. In
such an event, the Holder shall transfer Treasury Securities to the Collateral
Agent, and the Purchase Contract Agent shall instruct the Collateral Agent to
release the Pledge of and transfer to the Holder the appropriate Applicable
Ownership Interests in the Treasury Portfolio.

                  The Company shall pay, on each Payment Date, the Contract
Adjustment Payments payable in respect of each Purchase Contract to the Person
in whose name the Treasury Units Certificate evidencing such Purchase Contract
is registered at the close of business on the Record Date for such Payment Date.
Contract Adjustment Payments will be payable at the office of the Purchase
Contract Agent in New York City. If the book-entry system for the Corporate
Units has been terminated, the Contract Adjustment Payments will be payable, at
the option of the Company, by check mailed to the address of the Person entitled
thereto at such Person's address as it appears on the Security Register, or by
wire transfer to the account designated by such Person by a prior written notice
to the Purchase Contract Agent.

                  The Purchase Contracts and all obligations and rights of the
Company and the Holders thereunder, including, without limitation, the rights of
the Holders to receive and the obligation of the Company to pay any Contract
Adjustment Payments, shall immediately and automatically terminate, without the
necessity of any notice or action by any Holder, the Purchase Contract Agent or
the Company, if, on or prior to the Purchase Contract Settlement Date, a
Termination Event shall have occurred. Upon the occurrence of a Termination
Event, the Company shall promptly but in no event later than two Business Days
thereafter give written notice to the Purchase Contract Agent, the Collateral
Agent and the Holders, at their addresses as they appear in the Security
Register. Upon and after the occurrence of a Termination Event, the Collateral
Agent shall release the Pledged Treasury Securities (as defined in the Pledge
Agreement) in accordance with the provisions of the Pledge Agreement. A Treasury
Unit shall thereafter represent the right to receive the interest in the
Treasury Security forming a part of such Treasury Unit, in accordance with the
terms of and except as set forth in, the Purchase Contract Agreement and the
Pledge Agreement.

                  Subject to and upon compliance with the provisions of the
Purchase Contract Agreement, at the option of the Holder thereof, Purchase
Contracts underlying Units may be settled early ("EARLY SETTLEMENT") as provided
in the Purchase Contract Agreement. In order to exercise the right to effect
Early Settlement with respect to any Purchase Contract evidenced by this
Certificate, the Holder of this Treasury Units Certificate shall deliver to the
Purchase Contract Agent at the Corporate Trust Office an Election to Settle
Early form set forth below duly completed and accompanied by payment in the form
of immediately available funds payable to the order of the Company in an amount
(the "EARLY SETTLEMENT AMOUNT") equal to the sum of:

                  (i) the product of (A) the Stated Amount times (B) the number
         of Purchase Contracts with respect to which the Holder has elected to
         effect Early Settlement, plus

                                      8
<PAGE>
                  (ii) if such delivery is made with respect to any Purchase
         Contracts during the period from the close of business on any Record
         Date next preceding any Payment Date to the opening of business on such
         Payment Date, an amount equal to the Contract Adjustment Payments
         payable on such Payment Date with respect to such Purchase Contracts.

                  Upon Early Settlement of Purchase Contracts by a Holder of the
related Units, the Pledged Treasury Securities underlying such Units shall be
released from the Pledge as provided in the Pledge Agreement and the Holder
shall be entitled to receive a number of newly issued shares of Common Stock
adjusted in the same manner and at the same time as the Settlement Rate is
adjusted (the "EARLY SETTLEMENT RATE").

                  Upon the occurrence of a Cash Merger, a Holder of Treasury
Units may effect Cash Merger Early Settlement of the Purchase Contract
underlying such Treasury Units pursuant to the terms of Section 5.04(b)(ii) of
the Purchase Contract Agreement. Upon Cash Merger Early Settlement of Purchase
Contracts by a Holder of the related Treasury Units, the Pledged Treasury
Securities underlying such Treasury Units shall be released from the Pledge as
provided in the Pledge Agreement.

                  Upon registration of transfer of this Treasury Units
Certificate, the transferee shall be bound (without the necessity of any other
action on the part of such transferee, except as may be required by the Purchase
Contract Agent pursuant to the Purchase Contract Agreement), under the terms of
the Purchase Contract Agreement and the Purchase Contracts evidenced hereby and
the transferor shall be released from the obligations under the Purchase
Contracts evidenced by this Treasury Units Certificate. The Company covenants
and agrees, and the Holder, by its acceptance hereof, likewise covenants and
agrees, to be bound by the provisions of this paragraph.

                  The Holder of this Treasury Units Certificate, by its
acceptance hereof, authorizes the Purchase Contract Agent to enter into and
perform the related Purchase Contracts forming part of the Treasury Units
evidenced hereby on its behalf as its attorney-in-fact, expressly withholds any
consent to the assumption (i.e., affirmance) of the Purchase Contracts by the
Company or its trustee in the event that the Company becomes the subject of a
case under the Bankruptcy Code, agrees to be bound by the terms and provisions
thereof, covenants and agrees to perform its obligations under such Purchase
Contracts, consents to the provisions of the Purchase Contract Agreement,
authorizes the Purchase Contract Agent to enter into and perform the Purchase
Contract Agreement and the Pledge Agreement on its behalf as its
attorney-in-fact, and consents to the Pledge of the Treasury Securities
underlying this Treasury Units Certificate pursuant to the Pledge Agreement. The
Holder further covenants and agrees, that, to the extent and in the manner
provided in the Purchase Contract Agreement and the Pledge Agreement, but
subject to the terms thereof, payments in respect to the aggregate principal
amount of the Pledged Treasury Securities on the Purchase Contract Settlement
Date shall be paid by the Collateral Agent to the Company in satisfaction of
such Holder's obligations under such Purchase Contract and such Holder shall
acquire no right, title or interest in such payments.

                  Subject to certain exceptions, the provisions of the Purchase
Contract Agreement may be amended with the consent of the Holders of a majority
of the Purchase Contracts.

                                      9
<PAGE>
                  The Purchase Contracts shall for all purposes be governed by,
and construed in accordance with, the laws of the State of New York.

                  Prior to due presentment of this Certificate for registration
or transfer, the Company, the Purchase Contract Agent and its Affiliates and any
agent of the Company or the Purchase Contract Agent may treat the Person in
whose name this Treasury Units Certificate is registered as the owner of the
Treasury Units evidenced hereby for the purpose of receiving payments of
interest on the Treasury Securities, receiving payments of Contract Adjustment
Payments (subject to any applicable record date), performance of the Purchase
Contracts and for all other purposes whatsoever, whether or not any payments in
respect thereof be overdue and notwithstanding any notice to the contrary, and
neither the Company, the Purchase Contract Agent nor any such agent shall be
affected by notice to the contrary.

                  The Purchase Contracts shall not, prior to the settlement
thereof, entitle the Holder to any of the rights of a holder of shares of Common
Stock.

                  A copy of the Purchase Contract Agreement is available for
inspection at the offices of the Purchase Contract Agent.

                                      10
<PAGE>
                                  ABBREVIATIONS

                  The following abbreviations, when used in the inscription on
the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations:

TEN COM:                                as tenants in common

                                                     Custodian
                                        ----------------------------------------
                                              (cust)             (minor)
UNIF GIFT MIN ACT:
                                        Under Uniform Gifts to Minors Act of

                                        ----------------------------------------
TENANT:                                 as tenants by the entireties

JT TEN:                                 as joint tenants with right of
                                        survivorship and not as tenants in
                                        common

Additional abbreviations may also be used though not in the above list.

                  FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s)
and transfer(s) unto

--------------------------------------------------------------------------------
(Please insert Social Security or Taxpayer I.D. or other Identifying Number of
Assignee)

the within Corporate Units Certificates and all rights thereunder, hereby
irrevocably constituting and appointing attorney --------------------- , to
transfer said Treasury Units Certificates on the books of Albertson's, Inc.,
with full power of substitution in the premises.

Dated:                                                  Signature:
         ------------------------------------------                -------------
                                                        NOTICE: The signature
                                                        to this assignment
                                                        must correspond with
                                                        the name as it
                                                        appears upon the face
                                                        of the within
                                                        Corporate Units
                                                        Certificates in every
                                                        particular, without
                                                        alteration or
                                                        enlargement or any
                                                        change whatsoever.

Signature Guarantee:
                    ------------------------------------------------------------

                                      11
<PAGE>
                             SETTLEMENT INSTRUCTIONS

                  The undersigned Holder directs that a certificate for shares
of Common Stock deliverable upon settlement on or after the Purchase Contract
Settlement Date of the Purchase Contracts underlying the number of Treasury
Units evidenced by this Treasury Units Certificate be registered in the name of,
and delivered, together with a check in payment for any fractional share, to the
undersigned at the address indicated below unless a different name and address
have been indicated below. If shares are to be registered in the name of a
Person other than the undersigned, the undersigned will pay any transfer tax
payable incident thereto.

Dated:
         --------------------------------------------

If shares are to be registered in the name of and
delivered to a Person other than the Holder, please (i)
print such Person's name and address and (ii) provide a
guarantee of your signature:

------------------------------------------------
Name

------------------------------------------------
Address

------------------------------------------------

------------------------------------------------

------------------------------------------------

Social Security or other
Taxpayer Identification
Number, if any

------------------------------------------------
Signature
Signature Guarantee:
                     --------------------------
(if assigned to another person)

REGISTERED HOLDER
Please print name and address of Registered Holder:

------------------------------------------------
Name

------------------------------------------------
Address

------------------------------------------------

------------------------------------------------

------------------------------------------------

                                      12
<PAGE>
              ELECTION TO SETTLE EARLY/CASH MERGER EARLY SETTLEMENT

                  The undersigned Holder of this Treasury Units Certificate
hereby irrevocably exercises the option to effect [Early Settlement] [Cash
Merger Early Settlement upon a Cash Merger] in accordance with the terms of the
Purchase Contract Agreement with respect to the Purchase Contracts underlying
the number of Treasury Units evidenced by this Treasury Units Certificate
specified below. The option to effect [Early Settlement] [Cash Merger Early
Settlement] may be exercised only with respect to Purchase Contracts underlying
Treasury Units with an aggregate Stated Amount equal to $[ ] or an integral
multiple thereof. The undersigned Holder directs that a certificate for shares
of Common Stock or other securities deliverable upon such [Early Settlement]
[Cash Merger Early Settlement] be registered in the name of, and delivered,
together with a check in payment for any fractional share and any Treasury Units
Certificate representing any Treasury Units evidenced hereby as to which Cash
Merger Early Settlement of the related Purchase Contracts is not effected, to
the undersigned at the address indicated below unless a different name and
address have been indicated below. Pledged Treasury Securities deliverable upon
such [Early Settlement] [Cash Merger Early Settlement] will be transferred in
accordance with the transfer instructions set forth below. If shares are to be
registered in the name of a Person other than the undersigned, the undersigned
will pay any transfer tax payable incident thereto.

Dated:                                         Signature:
        ------------------------------------               ---------------------

Signature Guarantee:
                      -------------------------------

                                      13
<PAGE>
                  Number of Units evidenced hereby as to which [Early
Settlement] [Cash Merger Early Settlement] of the related Purchase Contracts is
being elected:

If shares of Common Stock or REGISTERED HOLDER Corporate Units Certificates are
to be registered in the name of and Please print name and address of delivered
to and Pledged Senior Notes or the Applicable Ownership Interests in the
Treasury Portfolio, as the case may be, are to be transferred to a Person other
than the Holder, please print such Person's name and address:

                                                   REGISTERED HOLDER

                                                   Please print name and
                                                   address of Registered Holder:

--------------------------                         -----------------------------
Name                                               Name

--------------------------                         -----------------------------
Address                                            Address

--------------------------                         -----------------------------

--------------------------                         -----------------------------

--------------------------                         -----------------------------
Social Security or other
Taxpayer Identification
Number, if any

                                      14
<PAGE>

                  Transfer Instructions for Pledged Treasury Securities
Transferable upon [Early Settlement] [Cash Merger Early Settlement] or a
Termination Event:

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

                                      15
<PAGE>
                     [TO BE ATTACHED TO GLOBAL CERTIFICATES]

            SCHEDULE OF INCREASES OR DECREASES IN GLOBAL CERTIFICATE

The following increases or decreases in this Global Certificate have been made:

<TABLE>
<CAPTION>
                                                              Number of Corporate
             Amount of increase                               Units evidenced by
                in Number of        Amount of decrease in         this Global            Signature of
               Corporate Units       Number of Corporate          Certificate        authorized signatory
              evidenced by the        Units evidenced by        following such       of Purchase Contract
  Date       Global Certificate     the Global Certificate   decrease or increase            Agent
<S>          <C>                    <C>                      <C>                     <C>
---------    ------------------     ----------------------   --------------------    --------------------

---------    ------------------     ----------------------   --------------------    --------------------

---------    ------------------     ----------------------   --------------------    --------------------

---------    ------------------     ----------------------   --------------------    --------------------

---------    ------------------     ----------------------   --------------------    --------------------

---------    ------------------     ----------------------   --------------------    --------------------
</TABLE>

                                      16<PAGE>
                                                                   EXHIBIT 4.5

[IF THIS SENIOR NOTE IS TO BE A GLOBAL SECURITY, INSERT:]
THIS SENIOR NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY OR A NOMINEE OF THE DEPOSITORY TRUST COMPANY. THIS SENIOR NOTE IS
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITORY TRUST COMPANY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITORY TRUST COMPANY TO A NOMINEE OF THE DEPOSITORY TRUST COMPANY OR BY A
NOMINEE OF THE DEPOSITORY TRUST COMPANY TO THE DEPOSITORY TRUST COMPANY OR
ANOTHER NOMINEE OF THE DEPOSITORY TRUST COMPANY.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

ALBERTSON'S, INC.
[     ]% Senior Notes due 2009

                                                        CUSIP No.: [           ]

No.:                                                    $
ALBERTSON'S, INC., a corporation organized and existing under the laws of
Delaware (hereinafter called the "COMPANY", which term includes any successor
corporation under the Indenture hereinafter referred to), for value received,
hereby promises to pay to ___________, or registered assigns, the principal sum
of up to ONE BILLION Dollars ($1,000,000,000), as set forth in the Schedule of
Increases or Decreases In Senior Note attached hereto, on February 16, 2009
(such date is hereinafter referred to as the "MATURITY DATE"), and to pay
interest thereon from August 16, 2004 or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, quarterly in arrears
on February 16, May 16, August 16 and November 16 of each year, commencing
August 16, 2004, at the rate of [ ]% per annum through and including the day
immediately preceding the Reset Effective Date, if any, and thereafter at the
Reset Rate, if any, on the basis of a 360-day year consisting of twelve 30-day
months, until the principal hereof is paid or duly provided for or made
available for payment, and (to the extent that the payment of such interest
shall be legally enforceable) to pay interest, compounded quarterly, at the rate
of [ ]% per annum on any overdue principal and payment of interest

                                      1
<PAGE>
through and including the day immediately preceding the Reset Effective Date, if
any, and thereafter at the Reset Rate and on semi-annual Interest Payment Dates,
if any. The amount of interest payable for any period shorter than a full
quarterly period or, following a Successful Remarketing, semi- annual period as
applicable, for which interest is computed will be computed on the basis of a
30-day month and, for any period less than a month, on the basis of the actual
number of days elapsed per 30-day month. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Senior Note (or one or more
Predecessor Senior Notes) is registered at the close of business on the Record
Date for such Interest Payment Date.

Payment of the principal of and interest on this Senior Note will be made at the
office or agency of the Company maintained for that purpose in the Borough of
Manhattan, the City of New York, which shall initially be the Corporate Trust
Office of the Trustee, in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and private
debts; provided, however, that payment of interest may be made at the option of
the Company by check mailed to the Holder at such address as shall appear in the
Security Register or by wire transfer to an account appropriately designated by
the Holder entitled to payment.

Reference is hereby made to the further provisions of this Senior Note set forth
on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

Unless the certificate of authentication hereon has been executed by the Trustee
referred to on the reverse hereof by manual signature, this Senior Note shall
not be entitled to any benefit under the Indenture or be valid or obligatory for
any purpose.

                                      2
<PAGE>
IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

Dated:

                                 ALBERTSON'S, INC.

                                 By:_______________________________________
                                    Name:
                                    Title:

[SEAL]

-----------------------------
Name:
Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Senior Notes referred to in the within mentioned Indenture.

Dated: ______________________

U.S. BANK TRUST NATIONAL ASSOCIATION,
as Trustee

By: _________________________
         Authorized Signatory

                                      3
<PAGE>
                         FORM OF REVERSE OF SENIOR NOTE

         This Senior Note is one of a duly authorized issue of securities of the
Company (herein called the "SENIOR NOTES"), issued and to be issued in one or
more series under an Indenture, dated as of May 1, 1992, between the Company and
U.S. Bank Trust National Association, as successor trustee (herein called the
"TRUSTEE", which term includes any successor trustee)(the "BASE INDENTURE"), as
supplemented by the Supplemental Indenture No. 1 between the Company and the
Trustee (the "SUPPLEMENTAL INDENTURE" and together with the Base Indenture, the
"INDENTURE"), to which Indenture reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Senior Notes and of the terms
upon which the Senior Notes are, and are to be, authenticated and delivered.
This Senior Note is one of the series designated on the face hereof, limited in
aggregate principal amount to $1,000,000,000 (or up to $1,150,000,000 to the
extent that the over-allotment option granted to the Underwriters pursuant to
the Underwriting Agreement is exercised).

         If a Special Event shall occur and be continuing, the Company may, at
its option, redeem the Senior Notes of this series in whole, but not in part, on
any Interest Payment Date prior to the earlier of the date of a Successful
Remarketing and the Purchase Contract Settlement Date, at a price per Senior
Note equal to the Redemption Price as set forth in the Indenture.

         If there has not been a Successful Remarketing prior to the Purchase
Contract Settlement Date, the holders of Senior Notes will have the right to
require the Company to purchase their Senior Notes on the Purchase Contract
Settlement Date, all as more fully described in the Supplemental Indenture.

         The Senior Notes are not entitled to the benefit of any sinking fund
and will not be subject to defeasance.

         If an Event of Default with respect to Senior Notes of this series
shall occur and be continuing, the principal of the Senior Notes of this series
may be declared due and payable in the manner and with the effect provided in
the Indenture.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Senior Notes at any time by the
Company and the Trustee with the consent of the Holders of at least a majority
in principal amount of the Senior Notes at the time Outstanding. The Indenture
also contains provisions permitting the Holders of specified percentages in
principal amount of the Senior Notes at the time Outstanding, on behalf of the
Holders of all Senior Notes, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Senior Note
shall be conclusive and binding upon such Holder and upon all future Holders of
this Senior Note and of any Senior Note issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such
consent or waiver is made upon this Senior Note.

                                      4
<PAGE>
         No reference herein to the Indenture and no provision of this Senior
Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and interest on
this Senior Note at the times, place and rate, and in the coin or currency,
herein prescribed.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Senior Note is registrable in the Securities
Register, upon surrender of this Senior Note for registration of transfer at the
office or agency of the Company in any place where the principal of and interest
on this Senior Note are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Securities
Registrar duly executed by the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Senior Notes of this series, of
authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.

         The Senior Notes of this series are issuable only in registered form
without coupons in denominations of $1,000 and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Senior Notes of this series are exchangeable for a like aggregate principal
amount of Senior Notes of this series of a different authorized denomination, as
requested by the Holder surrendering the same.

         No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

         Prior to due presentment of this Senior Note for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Senior Note is registered as the owner
hereof for all purposes, whether or not this Senior Note be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

         All terms used in this Senior Note which are defined in the Indenture
shall have the meanings assigned to them in the Indenture.

         This Senior Note shall be governed by the laws of New York.

         The Company agrees, and by acceptance of a Corporate Unit, each holder
of a Corporate Unit will be deemed to have agreed (1) for United States federal,
state and local income and franchise tax purposes to treat the acquisition of a
Corporate Unit as the acquisition of the Senior Note and the Purchase Contract
constituting the Corporate Unit and (2) to treat the Senior Note as indebtedness
for United States federal, state and local income and franchise tax purposes. A
Holder of Senior Notes may obtain the comparable yield and projected payment
schedule for the Senior Notes, determined by the Company pursuant to Treas. Reg.
Sec. 1.1275-4, by submitting a written request for it to the Company at the
following address: Albertson's, Inc., 250 Parkcenter Boulevard, P.O. Box 20,
Boise, Idaho 83726; Attention: Treasurer.

                                      5
<PAGE>
                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned assigns and transfers this Senior Note to:

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

(Insert assignee's social security or taxpayer identification number)

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

(Insert address and zip code of assignee)

and irrevocably appoints

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

agent to transfer this Senior Note on the books of the Company. The agent may
substitute another to act for him or her.

Date: ________________

                               Signature:

                               ------------------------

                               Signature Guarantee:
                                                    --------------------------

(Sign exactly as your name appears on the other side of this Senior Note)

<PAGE>
                               SIGNATURE GUARANTEE

Signatures must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program ("STAMP") or such
other "signature guarantee program" as may be determined by the Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

By:__________________________________
   Name:
   Title:

<PAGE>
                SCHEDULE OF INCREASES OR DECREASES IN SENIOR NOTE

The following increases or decreases in a part of this Senior Note have been
made:

<TABLE>
<CAPTION>
                                                        PRINCIPAL
                                    AMOUNT OF        AMOUNT OF THIS
           AMOUNT OF DECREASE      INCREASE IN         SENIOR NOTE      SIGNATURE OF
              IN PRINCIPAL          PRINCIPAL        FOLLOWING SUCH      AUTHORIZED
             AMOUNT OF THIS       AMOUNT OF THIS      DECREASE (OR       OFFICER OF
 DATE          SENIOR NOTE         SENIOR NOTE          INCREASE)          TRUSTEE
 ----          -----------         -----------          ---------          -------
<S>        <C>                    <C>                <C>                <C>

</TABLE>

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