First Amendment to Levi Strauss & Co. Deferred Compensation Plan for Executives and Outside Directors

Summary

Levi Strauss & Co. has amended its Deferred Compensation Plan for Executives and Outside Directors, effective January 1, 2003. The amendment updates the definition of "Annual Bonus" to clarify and simplify which types of bonuses and incentive payments are eligible for deferral under the plan. This change applies to certain recurring and non-recurring bonuses for select executives and directors. The amendment was authorized and executed by the company's Senior Vice President of Worldwide Human Resources.

EX-10.69 8 dex1069.htm FIRST AMENDMENT TO DEFERRED COMPENSATION PLAN First Amendment to Deferred Compensation Plan

Exhibit 10.69

FIRST AMENDMENT

LEVI STRAUSS & CO. DEFERRED COMPENSATION PLAN FOR EXECUTIVES AND OUTSIDE DIRECTORS

WHEREAS, Levi Strauss & Co. (“LS&CO.”) maintains the Levi Strauss & Co. Deferred Compensation Plan for Executives and Outside Directors (the “Plan”) to provide a deferred compensation program for a select group of management, highly compensated employees or directors.

WHEREAS, pursuant to Section 11.1 of the Plan, the LS&CO. is authorized to amend the Plan at any time and for any reason; and

WHEREAS, LS&CO. desires to amend the definition of “Annual Bonus” to simplify references to reoccurring annual and long-term incentive plans sponsored by LS&CO.; and

WHEREAS, the amendment herein is within the delegated authority of Fred D. Paulenich; and

NOW THEREFORE, Effective January 1, 2003, Section 1.2 of the Plan is hereby amended, in the following manner:

“(a)

Payments under a reoccurring annual or long-term incentive plan;

(b)

Any sign-on bonus payable at a specified future date following an Employee’s commencement of employment;

(c)

Any retention bonus payable to an Employee; or

(d)

Any non-recurring special bonus that the Committee designates, in writing, as eligible for deferral under this Plan.”

* * *

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed this 17th day of November, 2003.


LEVI STRAUSS & CO.

By:		/s/ FRED D. PAULENICH

		Fred D. Paulenich Senior Vice President of Worldwide Human Resources