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MINNEAPOLIS -- Supervalu Inc. said in a securities filing that it has agreed to grant its c.e.o., Jeffrey Noddle, 305,157 in restricted stock options as "an incentive to retain his services with the company."
The stock does not pay dividends and can be vested over a five-year period, according to Supervalu. Up to 25 percent can be vested on Oct. 12, 2009, and up to 50 percent can be awarded on the same date up in 2010, and up to 100 percent in 2011.
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Restrictions on the payment include Noddle's meeting "certain performance conditions," and also that he remain employed with Supervalu.
Noddle has been at the helm of Supervalu since being elected as its c.e.o. in 2001. Today, as chairman and c.e.o., Noddle oversees a company that is not only one of the leading U.S. food distributors but also the nation's second-largest traditional grocery operators, with stores such as Acme and Jewel-Osco, due to a momentous acquisition of Albertson's supermarkets over which he presided.