Fill and Sign the Campbell Soup Company Executive Severance Pay Plan Form

TERMINATION AND SEVERANCE PAY POLICY 1. Policy StatementThis policy defines the various types of separations from the employ of the Company and the effect of separation on benefits and continuous service. 2. Applicability This policy will apply to all full-time permanent employees. With the exception of the severance pay section, this policy will also apply to part-time temporary employees. 3. Types of Separations A. Voluntary termination occurs when the separation is initiated by the employee. The following are examples of voluntary terminations: 1. Written or oral resignation. 2. Absence from work for three consecutive working days without notifying the employee's supervisor. 3. Failure to report for work upon recall from furlough on the date designated. 4. Failure to return from an approved leave of absence at the expiration of the leave. 5. Retirement. B. Involuntary termination occurs when the separation is not initiated by the employee. The following are examples of involuntary terminations: 1. Lay off for lack of work -- when the Company reduces its work force for economic or other reasons. 2. Release without fault -- when an employee, through no fault of his/her own, is unsuited for or incapable of performing work assigned and no appropriate change of assignment is available. 3. Discharge -- when an employee who is suited for and capable of performing the work, is terminated for such reasons as inefficiency, absenteeism, and violation of rules of conduct set forth in the Employee Manual, including, but not limited to, habitual carelessness or recklessness, disorderly conduct, insubordination, theft, leaving work before quitting time without permission, falsification of records, sleeping on the job, and waste. C. Death of the employee. D. Disability -- when, on the basis of medical evidence, an employee is totally and permanently disabled from performing his usual work assignment and thus eligible for disability benefits. 4. Severance Pay The Company will make severance payments described below to eligible employees whose employment by the Company or any of its divisions or subsidiaries is involuntarily terminated and who is not reemployed by the Company or any of its divisions or its subsidiaries or successors within three months of termination. No severance pay will be granted for separations which are the result of voluntary termination, discharge, or disability. Caution: Your severance pay policy may be regulated by ERISA. A. Full-time Hourly and Weekly Employees In the event of lay off for lack of work, release without fault, or death of a full-time employee, the following severance pay schedule will be applicable: 1. Less than one year of continuous service -- no severance pay. 2. At least one year but less than five years of continuous service -- two weeks' severance pay. 3. At least five years but less than ten years of continuous service -- three weeks' severance pay. 4. Ten years or more of continuous service -- four weeks' severance pay. B. Full-time Salaried (Exempt) Employees Severance pay will be determined by the Company president in conjunction with the Corporate HR Director. In no event, however, will the severance pay be less than that specified in Section 4A for full-time hourly and weekly employees. C. Part-time and Temporary Employees No severance pay will be granted to part-time or temporary employees. 5. Accrued Vacation Pay The vacation policy sets forth the circumstances under which accrued vacation pay is granted. Caution: Vacation pay policies may be subject to ERISA or state law. 6. Group Insurance A. Life, accident, and short- and long-term disability insurance is canceled as of the last day worked. B. Dental insurance is canceled the first of the month following the last day worked or any subsequent date the Company lists as the employee's termination date. C. Medical insurance has rights of continuation which need to be explained to the employee. 7. Restoration of Length of Service A. Laid-off Employee A laid-off employee with more than ninety days but less than seven years of full-time continuous service at the time of layoff and who is rehired by the Company or one of its subsidiaries within one year from the date of layoff will have his original service date restored. An employee who at the time of layoff had seven years or more of full-time continuous service and who is rehired within two years from the date of layoff will have his original service date restored. B. Employee Released without Fault An employee released without fault with more than ninety days of full-time continuous service at the time of the release and who is rehired by the Company or one of its subsidiaries within one year from the date of release will have his original service date restored. C. Discharged Employee and Voluntarily Terminated Employee An employee who was discharged or voluntarily terminated his employment, and who is rehired, will not have any prior service restored. His date of rehire will become his service date. Computation of service, for pension purposes and the effect of breaks in service on pension rights, however, will be determined in accordance with the provisions of the Plan.