EXHIBIT 10(b) CAMPBELL SOUP COMPANY SUPPLEMENTAL SEVERANCE PAY PLAN FOR EXEMPT SALARIED EMPLOYEES (as amended and restated effective January 1, 2006) Campbell Soup Company established the Campbell Soup Company Supplemental Severance Pay Policy for Exempt Salaried Employees in 1995 primarily to assist former U.S. Exempt Salaried Employees while seeking other employment. The Supplemental Severance Plan is intended to be and will be administered in coordination with the Campbell Soup Company Severance Pay Plan for Salaried Employees, as amended and restated effective January 1, 2006 (the “Severance Plan”). I. PURPOSE 1.1 The purpose of the Campbell Soup Company Supplemental Severance Pay Policy for Exempt Salaried Employees (the “Supplemental Severance Plan”) is: (a) to set forth the terms and circumstances under which U. S. Salaried Employees of the Company whose employment is terminated may be eligible for severance benefits; and (b) to set forth the terms under which eligible Exempt Salaried Employees will be provided with severance benefits. This Supplemental Severance Plan, along with the Severance Plan, supersedes and replaces all prior policies or plans regarding severance benefits, except for severance policies, plans or agreements that are effective in the event of a change in control of the Company. II. DEFINITIONS 2.1 “Company” means Campbell Soup Company and all wholly-owned U.S. subsidiaries and affiliates, unless the Chief Executive Officer of Campbell Soup Company has excluded such subsidiary or affiliate from participating in the Supplemental Severance Plan. 2.2 “Compensation Limit” means the indexed compensation limit set forth in section 401(a)(17) of the Internal Revenue Code, which for calendar year 2006 is $220,000. 2.3 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 2.4 “Exempt Salaried Employee” means an individual (a) who is employed by the Company, (b) in a regular exempt salaried full-time or part-time position regularly scheduled to work 20 hours or more per week, and (c) who receives a regular and stated compensation other than a pension, retainer or fees for consulting services rendered.
Exempt Salaried Employee shall not include an employee who is classified as a temporary employee, or who is classified as a non-exempt salaried employee, or who is paid on an hourly basis, or who is a member of a bargaining unit, or whose employment by the Company is covered by a written employment contract. In addition, Exempt Salaried Employee shall not include individuals who are contract employees or who have represented themselves to be independent contractors, or persons who the Company does not consider to be employees or other similarly situated individuals regardless of whether the individual is a common law employee of the Company. Notwithstanding anything herein to the contrary, the term “Exempt Salaried Employee” shall not include any person who is not so recorded on the payroll records of the Company, including any such person who is subsequently reclassified by a court of law or a regulatory body as a common law employee of such Company. 2.5 “Key Employee” means those Exempt Salaried Employees who satisfy the definition of “specified employee” as set forth in section 409A of the Internal Revenue Code and who are determined to be such, from time to time, by the Plan Administrator. 2.6 “Plan Administrator” means the chief Human Resources executive of Campbell Soup Company. 2.7 “Severance Plan” means the Campbell Soup Company Severance Pay Plan for Salaried Employees, as amended and restated, effective January 1, 2006. 2.8 “Supplemental Severance Plan” means the Campbell Soup Company Supplemental Severance Pay Plan for Exempt Salaried Employees, as amended and restated, effective January 1, 2006. 2.9 “Weekly Salary Rate” means the Exempt Salaried Employee’s annual base salary at the time of termination, excluding overtime pay, bonus or incentive payments, or other allowances, divided by 52 weeks. 2.10 “Years of Service” means the total number of years of continuous employment rendered as a regular employee of the Company and all its wholly-owned subsidiaries and affiliates since the employee’s most recent date of hire. Years of Service shall be full years; in the final year of employment, service of six full months or more will be counted as one year. In addition to service with the Company, continuous years of employment with an enterprise, the assets or stock of which is acquired by the Company, shall be counted as years of service with the Company, unless Campbell Soup Company excludes such prior service with the acquired enterprise. 2
III. ELIGIBILITY FOR SEVERANCE PAY 3.1 Eligible Terminations. (a) General. An Exempt Salaried Employee whose separation from employment by the Company due to one of the following events shall be eligible for severanc