Albertsons 2012 Annual Report Download - page 88

Download and view the complete annual report

Please find page 88 of the 2012 Albertsons annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 116

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116

The effectiveness of the Company’s internal control over financial reporting as of February 25, 2012 has been
audited by KPMG LLP, the Company’s independent registered public accounting firm. Their report, which is set
forth in Part II, Item 8 of this Annual Report on Form 10-K, expresses an unqualified opinion on the
effectiveness of the Company’s internal control over financial reporting as of February 25, 2012.
Changes in Internal Control Over Financial Reporting
During the fiscal quarter ended February 25, 2012, there has been no change in the Company’s internal control
over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or is
reasonably likely to materially affect, the Company’s internal control over financial reporting.
ITEM 9B. OTHER INFORMATION
As previously disclosed on the Company’s Current Report on Form 8-K filed with the SEC on February 10,
2012, Julie Dexter Berg, former Executive Vice President and Chief Marketing Officer of SUPERVALU INC.,
left the company to pursue other career opportunities, effective as of February 7, 2012.
On April 4, 2012, the Company entered into a Severance Agreement and General Release with Ms. Dexter Berg
(the “Severance Agreement”). Pursuant to the terms of the Severance Agreement, Ms. Dexter Berg will be
entitled to receive the following (i) a lump sum severance payment of $690,000 (in dollars); (ii) an amount to be
determined representing payment of a prorated award potential under the Company’s long-term incentive plan
for the three-year period ending February 25, 2012, if any, to be based on actual results after the end of fiscal
year 2011; (iii) an amount to be determined representing payment of a prorated award potential under the
Company’s multi-year performance award for the three-year period ending February 22, 2014, if any, to be based
on actual results after the end of fiscal year 2014; (iv) an amount to be determined representing payment of a
prorated portion of the Company’s annual bonus plan for fiscal year 2012, if any, to be paid at the same time that
other bonuses for fiscal 2012 are paid; (v) a lump sum payment of $41,200 (in dollars) (less required
withholdings) representing the cash equivalent of the prorated amount of Ms. Dexter Berg’s restricted stock
awards that were cancelled on her separation date; (vi) reimbursement for the cost of COBRA coverage for
medical and/or dental insurance if elected until the earlier of 18 months following Ms. Dexter Berg’s separation
date or the date on which she becomes eligible to participate in the health and welfare plans of another employer
or her spouse; and (vii) outplacement services not to exceed $25,000 (in dollars). The Severance Agreement also
includes a general release of the Company from any and all claims related to Ms. Dexter Berg’s employment and
separation from the Company and standard confidentiality, non-solicitation, non-competition and non-
disparagement provisions.
The foregoing description of the Severance Agreement is qualified in its entirety be reference to the full text of
such agreement, a copy of which is attached as Exhibit 10.139 to this Annual Report on Form 10-K and
incorporated herein by reference.
84