These excerpts taken from the SWY 10-K filed Feb 26, 2008.
The Board may at any time amend this Plan; provided, however, that such amendment shall be prospective only and shall not adversely affect the rights of any Participant or Beneficiary to any benefit previously earned under this Plan.
The Board, in its discretion, may terminate the Plan in accordance with Treasury Regulation § 1.409(A) 3(j)(4)(ix).
Nothing contained herein will confer upon any Participant the right to be retained in the service of the Company, nor will it interfere with the right of the Company to deal with Participants without regard to the existence of this Plan or to terminate a Participants employment at any time with or without cause.
This Plan is unfunded, and the Company will make Plan benefit payments solely on a current disbursement basis. Nothing in the establishment of this Plan is to be construed as requiring or authorizing the Company to create or maintain any separate fund, account or reserve to provide for the payment of the Companys liability to a Participant under the Plan.
All payments hereunder shall be made from the general assets of the Company and no Participant shall have any right hereunder to any specific asset of the Company.
A Participant may not, either voluntarily or involuntarily, assign, anticipate, alienate, commute, pledge, discount, borrow against or encumber any benefits to which he is or may become entitled to under the Plan, nor may the same be subject to attachment or garnishment by any creditor of a Participant.
Notwithstanding the immediately preceding paragraph, if a court of competent jurisdiction determines pursuant to a judgment, order or approval of a marital settlement agreement that all or any portion of the benefits payable hereunder to a Participant constitute community property of the Participant and his or her spouse or former spouse (hereafter, the Alternate Payee) or property which is otherwise subject to division by the Participant and the Alternate Payee, a division of such property shall not constitute a violation of the first subparagraph of this paragraph 6.05, and any portion of such property may be paid or set aside
for payment to the Alternate Payee. The preceding sentence of this subparagraph, however, shall not create any additional rights and privileges for the Alternate Payee (or the Participant) not already provided under the Plan; in this regard, the Committee shall have the right to refuse to recognize any judgment, order or approval of a martial settlement agreement that provides for any additional rights and privileges not already provided under the Plan, including without limitation, with respect to form and time of payment.
This Plan is intended to qualify for exemption from Parts 2, 3 and 4 of Title I of ERISA, as a plan maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees under Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, and shall be so interpreted. Subject to that restriction, the Committee shall have the sole discretion to interpret this Plan and to adopt rules and interpretations for the application and implementation of this Plan. The decisions and interpretations by the Committee shall be final and binding on all Participants.
The masculine gender, where appearing in the Plan will be deemed to include the feminine gender, and the singular may include the plural, unless the context clearly indicates the contrary.
This Plan shall be construed, administered and governed in all respects under and by the laws of the State of California, except to the extent preempted by federal law.
IN WITNESS WHEREOF, Safeway Inc. has adopted this amended and restated Plan, effective as of January 1, 2005.