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Exhibit 4.3    
    

EXECUTION
COPY 

$1,000,000,000  

 The Home Depot, Inc.  

 3.75% Senior Notes due September 15, 2009  

  
 

    REGISTRATION RIGHTS AGREEMENT    
    

September 13,
2004 

Credit
Suisse First Boston LLC

J.P. Morgan Securities Inc.

Citigroup Global Markets Inc.

Wachovia Capital Markets LLC 

	c/o
	Credit
Suisse First Boston LLC

Eleven Madison Avenue

New York, New York 10010-3629

	

	J.P.
Morgan Securities Inc.

270 Park Avenue

New York, New York 10017 

Ladies
and Gentlemen: 

        The Home Depot, Inc., a Delaware corporation (the "Company"), proposes to issue and
sell to Credit Suisse First Boston LLC, J.P. Morgan Securities Inc., Citigroup Global Markets Inc. and Wachovia Capital Markets LLC (together, the "Initial
Purchasers"), upon the terms set forth in a purchase agreement of even date herewith (the "Purchase Agreement"), $1,000,000,000
aggregate principal amount of its 3.75% Senior Notes due September 15, 2009 (the "Initial Securities"). The Initial Securities will be issued
pursuant to an indenture, to be dated as of September 16, 2004, (the "Indenture"), between the Company and The Bank of New York, a New York
banking corporation, as trustee (the "Trustee"). As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Company agrees
with the Initial Purchasers, for the benefit of the holders of the Initial Securities (including, without limitation, the Initial Purchasers), the Exchange Securities (as defined below) and any
Private Exchange Securities (as defined below) (collectively the "Holders"), as follows: 

        1.     Registered Exchange Offer.  Unless not permitted by applicable law (after the Company has complied with the
ultimate paragraph of this Section 1), the Company shall prepare and, not later than 90 days (such 90th day being a "Filing Deadline")
after the date on which the Initial Purchasers purchase the Initial Securities pursuant to the Purchase Agreement (the "Closing Date"), file with the
Securities and Exchange Commission (the "Commission") a registration statement (the "Exchange Offer Registration
Statement") on an appropriate form under the Securities Act of 1933, as amended (the "Securities Act"), with respect to a
proposed offer (the "Registered Exchange Offer") to the Holders of Transfer Restricted Securities (as defined in Section 6 hereof), who are not
prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer, to issue and deliver to such Holders, in exchange for the Initial Securities, a like aggregate
principal amount of debt securities of the Company issued under the Indenture, identical in all material respects to the Initial Securities (except for the transfer restrictions relating to the
Initial Securities) and registered under the Securities Act (the "Exchange Securities"). The Company shall use its commercially reasonable efforts to
(i) cause such Exchange Offer Registration Statement to become effective under the Securities Act within 180 days after the Closing Date (such 180th day being an
"Effectiveness Deadline") and (ii) keep the Exchange Offer Registration Statement effective for not less than 20 business days (or longer, if
required by applicable law) after the date notice of the Registered Exchange Offer is mailed to the Holders (such period being called the "Exchange Offer Registration
Period"). 

 

        If
the Company commences the Registered Exchange Offer, the Company (i) will be entitled to consummate the Registered Exchange Offer 30 days after such commencement
(provided that the Company has accepted all the Initial Securities theretofore validly tendered in accordance with the terms of the Registered Exchange Offer) and (ii) will be required to
consummate the Registered Exchanged Offer no later than 40 days after the date on which the Exchange Offer Registration Statement is declared effective (such 40th day being the
"Consummation Deadline"). 

        Following
the declaration of the effectiveness of the Exchange Offer Registration Statement, the Company shall promptly commence the Registered Exchange Offer, it being the objective of
such Registered Exchange Offer to enable each Holder of Transfer Restricted Securities (as defined in Section 6 hereof) electing to exchange Initial Securities for Exchange Securities (assuming
that such Holder is not an affiliate of the Company within the meaning of the Securities Act, acquires the Exchange Securities in the ordinary course of such Holder's business, has no arrangements
with any person to participate in the distribution of the Exchange Securities and is not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer) to trade
such Exchange Securities from and after their receipt without any limitations or restrictions under the Securities Act (other than the prospectus delivery requirements referred to in clause (i)
of the next paragraph, if and to the extent applicable) and without material restrictions under the securities laws of the several states of the United States. 

        The
Company acknowledges that, pursuant to current interpretations by the Commission's staff of Section 5 of the Securities Act, in the absence of an applicable exemption
therefrom, (i) each Holder that is a broker-dealer electing to exchange Initial Securities, acquired for its own account as a result of market making activities or other trading activities, for
Exchange Securities (an "Exchanging Dealer"), is required to deliver a prospectus containing the information set forth in (a) Annex A hereto on
the cover, (b) Annex B hereto in the "Exchange Offer Procedures" section and the "Purpose of the Exchange
Offer" section, and (c) Annex C hereto in the "Plan of Distribution" section of such prospectus in connection with a sale
of any such Exchange Securities received by such Exchanging Dealer pursuant to the Registered Exchange Offer and (ii) an Initial Purchaser that elects to sell Private Exchange Securities (as
defined below) acquired in exchange for Initial Securities constituting any portion of an unsold allotment is required to deliver a prospectus containing the information required by Items 507 or 508
of Regulation S-K under the Securities Act, as applicable, in connection with such sale. 

        The
Company shall use its commercially reasonable efforts to keep the Exchange Offer Registration Statement effective and to amend and supplement the prospectus contained therein, in
order to permit such prospectus to be lawfully delivered by all persons subject to the prospectus delivery requirements of the Securities Act for such period of time as such persons must comply with
such requirements in order to resell the Exchange Securities; provided, however, that (i) in the
case where such prospectus and any amendment or supplement thereto must be delivered by an Exchanging Dealer or an Initial Purchaser, such period shall be the lesser of 135 days and the date on
which all Exchanging Dealers and the Initial Purchasers have sold all Exchange Securities held by them (unless such period is extended pursuant to Section 3(j) below) and (ii) the
Company shall make such prospectus and any amendment or
supplement thereto available to any broker-dealer for use in connection with any resale of any Exchange Securities for a period of not less than 135 days after the consummation of the
Registered Exchange Offer. 

        If,
upon consummation of the Registered Exchange Offer, any Initial Purchaser holds Initial Securities acquired by it as part of its initial distribution, the Company, simultaneously
with the delivery of the Exchange Securities pursuant to the Registered Exchange Offer, shall issue and deliver to such Initial Purchaser upon the written request of such Initial Purchaser, in
exchange (the "Private Exchange") for (a) the Initial Securities held by such Initial Purchaser, a like principal amount of debt securities of
the Company issued under the Indenture and identical in all material respects (including 

2

 

the
existence of restrictions on transfer under the Securities Act and the securities laws of the several states of the United States) to the Initial Securities (the "Private
Exchange Securities"). The Initial Securities, the Exchange Securities and the Private Exchange Securities are herein collectively called the
"Securities". 

        In
connection with the Registered Exchange Offer, the Company shall: 

        (a)   mail
to each Holder a copy of the definitive prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and
related documents; 

        (b)   keep
the Registered Exchange Offer open for not less than 20 business days (or longer, if required by applicable law) after the date notice thereof is mailed to the
Holders; 

        (c)   utilize
the services of a depositary for the Registered Exchange Offer with an address in the Borough of Manhattan, The City of New York, which may be the Trustee or an
affiliate of the Trustee; 

        (d)   permit
Holders to withdraw tendered Securities at any time prior to the close of business, New York time, on the last business day on which the Registered Exchange Offer
shall remain open; and 

        (e)   otherwise
comply with all applicable laws. 

        As
soon as practicable after the close of the Registered Exchange Offer or the Private Exchange, as the case may be, the Company shall: 

        (x)   accept
for exchange all the Securities validly tendered and not withdrawn pursuant to the Registered Exchange Offer and the Private Exchange; 

        (y)   deliver
to the Trustee for cancellation all the Initial Securities so accepted for exchange; and 

        (z)   cause
the Trustee to authenticate and deliver promptly to each Holder of the Initial Securities, Exchange Securities or Private Exchange Securities, as the case may be,
equal in principal amount to the Initial Securities of such Holder so accepted for exchange. 

        The
Indenture will provide that the Exchange Securities will not be subject to the transfer restrictions set forth in the Indenture and that all the Securities will vote and consent
together on all matters as one class and that none of the Securities will have the right to vote or consent as a class separate from one another on any matter. 

        Interest
on each Exchange Security and Private Exchange Security issued pursuant to the Registered Exchange Offer and in the Private Exchange will accrue from the last interest payment
date on which interest was paid on the Initial Securities surrendered in exchange therefor or, if no interest has been paid on the Initial Securities, from the date of original issue of the Initial
Securities. 

        Each
Holder participating in the Registered Exchange Offer shall be required to represent to the Company in writing that at the time of the consummation of the Registered Exchange Offer
(i) any Exchange Securities received by such Holder will be acquired in the ordinary course of business, (ii) such Holder will have no arrangements or understanding with any person to
participate in the distribution of the Initial Securities or the Exchange Securities within the meaning of the Securities Act, (iii) such Holder is not an "affiliate," as defined in
Rule 405 of the Securities Act, of the Company or if it is an affiliate, such Holder will comply with the registration and prospectus delivery requirements of the Securities Act to the extent
applicable, (iv) such Holder is not engaged in, and does not intend to engage in, the distribution of the Exchange Securities and (v) if such Holder is a broker-dealer, that it will
receive Exchange Securities for its own account in exchange for Initial 

3

 

Securities
that were acquired as a result of market-making activities or other trading activities and that it will deliver a prospectus in connection with any resale of such Exchange Securities. 

        Notwithstanding
any other provisions hereof, the Company will ensure that (i) any Exchange Offer Registration Statement and any amendment thereto and any prospectus forming part
thereof and any supplement thereto complies as to form in all material respects with the Securities Act and the rules and regulations thereunder, (ii) any Exchange Offer Registration Statement
and any amendment thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading and (iii) any prospectus forming part of any Exchange Offer Registration Statement, and any supplement to such prospectus, does not as of its date include an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading. 

        2.     Shelf Registration.  If, (i) because of any change in law or in applicable interpretations thereof by
the staff of the Commission, the Company is not permitted to effect a Registered Exchange Offer, as contemplated by Section 1 hereof, (ii) the Registered Exchange Offer is not
consummated within 220 days of the Closing Date, (iii) any Initial Purchaser so requests within 10 business days following consummation of the Registration Exchange Offer with respect to
the Initial Securities not eligible to be exchanged for Exchange Securities in the Registered Exchange Offer (or the Private Exchange Securities) and held by it following consummation of the
Registered Exchange Offer or (iv) any Holder of Transfer Restricted Securities (other than an Exchanging Dealer) shall notify the Company within 10 business days following consummation of the
Registered Exchange Offer that it is not eligible to participate in the Registered Exchange Offer or, in the case of any Holder (other than an Exchanging Dealer) that participates in the Registered
Exchange Offer, such Holder does not receive freely tradeable Exchange Securities on the date of the exchange, the Company shall take the following actions (the date on which any of the conditions
described in the foregoing clauses (i) through (iv) occur, including in the case of clauses (iii) or (iv) the receipt of the required notice, being a
"Trigger Date"): 

        (a)   The
Company shall, at its cost, as promptly as practicable (but in no event more than 90 days after the Trigger Date (such 90th day being a
"Filing Deadline")) file with the Commission and thereafter shall use its commercially reasonable efforts to cause to be declared effective no later
than 180 days after the Trigger Date (such 180th day being an "Effective Deadline") a registration statement (the "Shelf
Registration Statement" and, together with the Exchange Offer Registration Statement, a "Registration Statement") on an
appropriate form under the Securities Act relating to the offer and sale of the Transfer Restricted Securities (as defined in Section 6 hereof) by the Holders thereof from time to time in
accordance with the methods of distribution set forth in the Shelf Registration Statement and Rule 415 under the Securities Act (hereinafter, the "Shelf
Registration"); provided, however, that no Holder (other than an Initial
Purchaser) shall be entitled to have the Transfer Restricted Securities held by it covered by such Shelf Registration Statement unless such Holder (i) agrees in writing to be bound by all the
provisions of this Agreement applicable to such Holder and (ii) provides the Company in writing with the information required by Section 3(n). 

        (b)   The
Company shall use its commercially reasonable efforts to keep the Shelf Registration Statement continuously effective in order to permit the prospectus included
therein to be lawfully delivered by the Holders of the relevant Transfer Restricted Securities for a period of two years (or for such longer period if extended pursuant to Section 3(j) below)
from the date of its effectiveness or such shorter period that will terminate when all the Securities covered by the Shelf Registration Statement (i) have been sold pursuant thereto or
(ii) are no longer restricted securities (as defined in Rule 144 under the Securities Act, or any successor rule thereof); provided, however, that the Company shall not be obligated to
keep the Shelf Registration 

4

 

Statement
continuously effective to the extent set forth above, or to keep the prospectus included therein usable for offers and sales of Securities, if (i) the Company determines, in its
reasonable judgment, upon the advice of counsel, that the continued effectiveness of the Shelf Registration Statement or usability of any prospectus included therein would (x) require the
disclosure of material information, which the Company has a bona fide business reason for preserving as confidential, or (y) interfere with any financing, acquisition, corporate reorganization
or other material transaction or development involving the Company or any of its subsidiaries or the contemplated timing thereof, and (ii) the Company promptly thereafter complies with the
requirements of Section 3(j) hereof, if applicable. The number of days of any actual Suspension Period (as defined below) shall be added on to the end of the two-year period specified
above. Any such period during which the Company is excused from keeping the Shelf Registration Statement effective and the prospectus included therein usable for offers and sales of Securities is
referred to herein as a "Suspension Period." A Suspension Period shall commence on and include the date that the Company gives notice that the Shelf
Registration Statement is no longer effective or the prospectus included therein is no longer usable for offers and sales of Securities and shall end on the earlier to occur of (1) the date on
which each seller of Securities covered by the Shelf Registration Statement either receives the copies of the supplemented or amended prospectus contemplated by Section 3(j) hereof or is advised in
writing by the Company that the use of the prospectus may be resumed, and (2) the occurrence of a Suspension Period Limit (as defined below). There shall be no more than three Suspension
Periods in any 12-month period, the aggregate number of days of such Suspension Periods shall not exceed 90 days in such 12 month period (collectively, the
"Suspension Period Limits") and no Suspension Period shall exceed 60 days. The Company shall be deemed not to have used its commercially
reasonable efforts to keep the Shelf Registration Statement effective during the requisite period if it voluntarily takes any action that would result in Holders of Securities covered thereby not
being able to offer and sell such Securities during that period, unless such action is required by applicable law. 

        (c)   Notwithstanding
any other provisions of this Agreement to the contrary, the Company shall cause the Shelf Registration Statement and the related prospectus and any
amendment or supplement thereto, as of the effective date of the Shelf Registration Statement, amendment or supplement, (i) to comply as to form in all material respects with the applicable
requirements of the Securities Act and the rules and regulations of the Commission and (ii) not to contain any untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

        3.     Registration Procedures.  In connection with any Shelf Registration contemplated by Section 2 hereof
and, to the extent applicable, any Registered Exchange Offer contemplated by Section 1 hereof, the following provisions shall apply: 

        (a)   The
Company shall (i) furnish to each Initial Purchaser, prior to the filing thereof with the Commission, a copy of the Registration Statement and each amendment
thereof and each supplement, if any, to the prospectus included therein and, in the event that an Initial Purchaser (with respect to any portion of an unsold allotment of Initial Securities) is
participating in the Registered Exchange Offer or the Shelf Registration Statement, the Company shall use its reasonable best efforts to reflect in each such document, when so filed with the
Commission, such comments as such Initial Purchaser reasonably may propose; (ii) include the information set forth in Annex A hereto on the cover, in Annex B hereto in the
"Exchange Offer Procedures" section and the "Purpose of the Exchange Offer" section and in Annex C
hereto in the "Plan of Distribution" section of the prospectus forming a part of the Exchange Offer Registration Statement and include the information
set forth in Annex D hereto in the Letter of Transmittal delivered pursuant to the Registered Exchange Offer, (iii) if requested by an Initial Purchaser, 

5

 

include
the information required by Items 507 or 508 of Regulation S-K under the Securities Act, as applicable, in the prospectus forming a part of the Exchange Offer Registration
Statement; (iv) include within the prospectus contained in the Exchange Offer Registration Statement a section entitled "Plan of Distribution",
reasonably acceptable to the Initial Purchasers, which shall contain a summary statement of the positions taken or policies made by the staff of the Commission with respect to the potential
"underwriter" status of any broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under the Securities Exchange Act of
1934, as amended (the "Exchange Act")) of Exchange Securities received by such broker-dealer in the Registered Exchange Offer (a
"Participating Broker-Dealer"), whether such positions or policies have been publicly disseminated by the staff of the Commission or such positions or
policies, in the reasonable judgment of the Initial Purchasers based upon advice of counsel (which may be in-house counsel), represent the prevailing views of the staff of the Commission;
and (v) in the case of a Shelf Registration Statement, include the names of the Holders who propose to sell Securities pursuant to the Shelf Registration Statement as selling securityholders. 

        (b)   The
Company shall give written notice to the Initial Purchasers when the Registration Statement or any amendment thereto has been filed with the Commission and shall
give written notice to the Initial Purchasers and (i) in the case of a Shelf Registration Statement, the Holders of the Securities covered thereby, or (ii) in the case of an Exchange
Offer Registration Statement, the Holders of the Initial Securities and any Participating Broker-Dealer from whom the Company has received prior written notice that it will be a Participating
Broker-Dealer in the Registered Exchange Offer (which notice pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the prospectus until the requisite
changes have been made): 

          (i)  when
the Registration Statement or any post-effective amendment thereto has been declared effective by the Commission; 

         (ii)  of
any request by the Commission for amendments or supplements to the Registration Statement or the prospectus included therein or for additional information; 

        (iii)  of
the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; 

        (iv)  of
the receipt by the Company or its legal counsel of any notification with respect to the suspension of the qualification of the Securities for sale in any
jurisdiction or the initiation or, threatening of any proceeding for such purpose; and 

         (v)  of
the occurrence of any event, including, without limitation, any event resulting in a Suspension Period, that requires the Company to make changes in the Registration
Statement or the prospectus in order that the Registration Statement or the prospectus do not contain an untrue statement of a material fact nor omit to state a material fact required to be stated
therein or necessary to make the statements therein (in the case of the prospectus, in light of the circumstances under which they were made) not misleading. 

        (c)   The
Company shall make every reasonable effort to obtain the withdrawal at the earliest possible time, of any order suspending the effectiveness of the Registration
Statement. 

        (d)   The
Company shall furnish to each Holder of Securities included within the coverage of the Shelf Registration, without charge, at least one copy of the Shelf
Registration Statement and any post-effective amendment thereto, including financial statements and schedules, and, if the Holder so requests in writing, all exhibits thereto (including
those, if any, incorporated by reference). 

        (e)   The
Company shall deliver to each Exchanging Dealer and each Initial Purchaser, and to any other Holder who so requests, without charge, at least one copy of the
Exchange Offer 

6

 

Registration
Statement and any post-effective amendment thereto, including financial statements and schedules, and, if any Initial Purchaser or any such Holder requests, all exhibits
thereto (including those incorporated by reference). 

        (f)    The
Company shall, during the Shelf Registration Period, deliver to each Holder of Securities included within the coverage of the Shelf Registration, without charge, as
many copies of the
prospectus (including each preliminary prospectus) included in the Shelf Registration Statement and any amendment or supplement thereto as such person may reasonably request. The Company consents,
subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by each of the selling Holders of the Securities in connection with the offering and
sale of the Securities covered by the prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 

        (g)   The
Company shall deliver to each Initial Purchaser, any Exchanging Dealer, any Participating Broker-Dealer and such other persons required to deliver a prospectus
following the Registered Exchange Offer, without charge, as many copies of the final prospectus included in the Exchange Offer Registration Statement and any amendment or supplement thereto as such
persons may reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by any Initial Purchaser, if
necessary, any Participating Broker-Dealer and such other persons required to deliver a prospectus following the Registered Exchange Offer in connection with the offering and sale of the Exchange
Securities covered by the prospectus, or any amendment or supplement thereto, included in such Exchange Offer Registration Statement. 

        (h)   Prior
to any public offering of the Securities pursuant to any Registration Statement the Company shall register or qualify or cooperate with the Holders of the
Securities included therein and their respective counsel in connection with the registration or qualification of such Securities for offer and sale under the securities or "blue sky" laws of such
states of the United States as any Holder of such Securities reasonably requests in writing and do any and all other acts or things reasonably necessary or advisable to enable the offer and sale in
such jurisdictions of the Securities covered by such Registration Statement; provided, however, that the
Company shall not be required to (i) qualify generally to do business in any jurisdiction where it is not then so qualified or (ii) take any action which would subject it to general
service of process or to taxation in any jurisdiction where it is not then so subject. 

        (i)    The
Company shall cooperate with the Holders of the Securities to facilitate the timely transfer of the Securities to be sold pursuant to any Registration Statement free
of any restrictive legends and, to the extent consistent with the terms of the Indenture, facilitate the timely preparation and delivery of certificates representing the Securities in such
denominations and registered in such names as the Holders may request a reasonable period of time prior to sales of the Securities pursuant to such Registration Statement. 

        (j)    Upon
the occurrence of any event (other than an event resulting in a Suspension Period, in which case the Company must comply with this Section 3(j) within
90 days of the termination of such Suspension Period) contemplated by paragraphs (ii) through (v) of Section 3(b) above during the period for which the Company is required
to maintain an effective Registration Statement, the Company shall promptly prepare and file a post-effective amendment to the Registration Statement or a supplement to the related
prospectus and any other required document so that, as thereafter delivered to Holders of Securities or purchasers of Securities, the prospectus will not contain an untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company
notifies the Initial Purchasers, the Holders of the Securities and any known Participating Broker-Dealer in accordance with paragraphs 

7

 

(ii) through
(v) of Section 3(b) above to suspend the use of the prospectus until the requisite changes to the prospectus have been made, then the Initial Purchasers, the Holders
of the Securities and any such Participating Broker-Dealers shall suspend use of such prospectus, and the period of effectiveness of the Shelf Registration Statement provided for in
Section 2(b) above and the Exchange Offer Registration Statement provided for in Section 1 above shall each be extended by the number of days, without duplication of any extension under
Section 2(b), from and including the date of the giving of such notice to and including the date when the Initial Purchasers, the Holders of the Securities and any known Participating
Broker-Dealer, as applicable, shall have received such amended or supplemented prospectus pursuant to this Section 3(j) or the date when none of the Securities represent Transfer Restricted
Securities. 

        (k)   Not
later than the effective date of the applicable Registration Statement, the Company will provide a CUSIP number for the Initial Securities, the Exchange Securities
or the Private Exchange Securities, as the case may be, and provide the applicable trustee with certificates for the Initial Securities, the Exchange Securities or the Private Exchange Securities, as
the case may be, in a form eligible for deposit with The Depository Trust Company. 

        (l)    The
Company will comply with all rules and regulations of the Commission to the extent and so long as they are applicable to the Registered Exchange Offer or the Shelf
Registration and will make generally available to its security holders (or otherwise provide in accordance with Section 11(a) of the Securities Act) an earnings statement satisfying the
provisions of Section 11(a) of the Securities Act, no later than 45 days after the end of a 12-month period (or 90 days, if such period is a fiscal year) beginning
with the first month of the Company's first fiscal quarter commencing after the effective date of the Registration Statement, which statement shall cover such 12-month period. 

        (m)  The
Company shall cause the Indenture to be qualified under the Trust Indenture Act of 1939, as amended, in a timely manner and containing such changes, if any, as shall
be necessary for such qualification. In the event that such qualification would require the appointment of a new trustee under the Indenture, the Company shall appoint a new trustee thereunder
pursuant to the applicable provisions of the Indenture. 

        (n)   The
Company may require each Holder of Securities to be sold pursuant to the Shelf Registration Statement to furnish to the Company such information, including the
information specified in Item 507 or Item 508 of Regulation S-K, as applicable, under the Securities Act, regarding the Holder and the distribution of the Securities as the Company
may from time to time reasonably require for inclusion in the Shelf Registration Statement, and the Company may exclude from such registration the Securities of any Holder that fails to furnish such
information within a reasonable time after receiving such request. The failure to include in the Shelf Registration Statement any Holder who shall have not provided all such information shall not
constitute a Registration Default (as defined in Section 6(a) hereof). The Company may require each Holder as to which a Shelf Registration Statement is effected to furnish, update or confirm
promptly to the Company information regarding the Holder and the distribution of Securities required to be disclosed in order to make the information previously furnished to the Company by such Holder
not materially misleading. 

        (o)   The
Company shall enter into such customary agreements (including, if requested, an underwriting agreement in customary form) and take such other action, if any, as any
Holder of the Securities shall reasonably request in order to facilitate the disposition of the Securities pursuant to any Shelf Registration. 

8

  

        (p)   In
the case of any Shelf Registration, the Company shall (i) upon reasonable notice and during normal business hours, make reasonably available for inspection by
any underwriter participating in any disposition pursuant to the Shelf Registration Statement and any attorney, accountant or other agent retained by such Holders of the Securities or any such
underwriter all relevant financial and other records, pertinent corporate documents and properties of the Company and (ii) use its reasonable best efforts to cause the Company's officers,
directors, employees, accountants and auditors to supply all relevant information reasonably requested by any such underwriter, attorney, accountant or agent in connection with the Shelf Registration
Statement, in each case, as shall be reasonably necessary to enable such persons, to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act;  provided,
however, that any information that is designated in writing by the Company in good faith as
confidential at the time of delivery of such information shall be kept confidential by such Holder or any such underwriter, attorney, accountant or agent, unless such disclosure is made in the public
generally or through a third party without an accompanying obligation of confidentiality; and provided,  further, that the foregoing inspection and
information gathering shall be coordinated on behalf of the Initial Purchasers by you and on behalf of the
other parties, by one counsel designated by and on behalf of such other parties as described in Section 4 hereof. 

        (q)   In
the case of any Shelf Registration, the Company, if requested by any Holder of Securities covered thereby, shall cause (i) its counsel to deliver an opinion
and updates thereof relating to the Securities in customary form and substance substantially similar to that customarily delivered in public offerings of Securities addressed to such Holders and the
managing underwriters, if any, thereof and dated, in the case of the initial opinion, the effective date of such Shelf Registration Statement; (ii) its officers to execute and deliver all
customary documents and certificates and updates thereof requested by any underwriters of the applicable Securities and (iii) its independent public accountants to provide to the selling
Holders of the applicable Securities and any underwriter therefor a comfort letter in customary form and covering matters of the type customarily covered in comfort letters in connection with primary
underwritten offerings, subject to receipt of appropriate documentation as contemplated, and only if permitted, by Statement of Auditing Standards No. 72. 

        (r)   In
the case of the Registered Exchange Offer, if requested by any Initial Purchaser or any known Participating Broker-Dealer, the Company shall cause (i) its
counsel to deliver to such Initial Purchaser or such Participating Broker-Dealer a signed opinion in the form set forth in Section 6(c) of the Purchase Agreement with such changes as are
customary in connection with the preparation of a Registration Statement and (ii) its independent public accountants to deliver to such Initial Purchaser or such Participating Broker-Dealer a
comfort letter, in customary form, meeting the requirements as to the substance thereof as set forth in Section 6(a) of the Purchase Agreement, with appropriate date changes. 

        (s)   If
a Registered Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Initial Securities by Holders to the Company (or to such other Person as
directed by the Company) in
exchange for the Exchange Securities or the Private Exchange Securities, as the case may be, the Company shall mark, or cause to be marked, on the Initial Securities so exchanged that such Initial
Securities are being canceled in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be; in no event shall the Initial Securities be marked as paid or otherwise
satisfied. 

        (t)    The
Company will use its reasonable best efforts to (i) if the Initial Securities have been rated prior to the initial sale of such Initial Securities, confirm
such ratings will apply to the Securities covered by a Registration Statement, or (ii) if the Initial Securities were not previously rated, cause the Securities covered by a Registration
Statement to be rated with the appropriate 

9

 

rating
agencies, if so requested by Holders of a majority in aggregate principal amount of Securities covered by such Registration Statement, or by the managing underwriters, if any. 

        (u)   In
the event that any broker-dealer registered under the Exchange Act shall underwrite any Securities to be sold pursuant to the Shelf Registration Statement or
participate as a member of an underwriting syndicate or selling group or "assist in the distribution" (within the meaning of the Conduct Rules (the
"Rules") of the National Association of Securities Dealers, Inc. ("NASD")) thereof, whether as a
Holder of such Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, the Company will assist such broker-dealer in complying with the
requirements of such Rules, including, without limitation, by (i) if such Rules, including Rule 2720, shall so require, engaging a "qualified independent underwriter" (as defined in
Rule 2720) to participate in the preparation of the Registration Statement relating to such Securities, to exercise usual standards of due diligence in respect thereto and, if any portion of
the offering contemplated by such Registration Statement is an underwritten offering or is made through a placement or sales agent, to recommend the yield of such Securities, (ii) indemnifying
any such qualified independent underwriter to the extent of the indemnification of underwriters provided in Section 5 hereof and (iii) providing such information to such broker-dealer as
may be required in order for such broker-dealer to comply with the requirements of the Rules. 

        (v)   The
Company shall use its best efforts to take all other steps necessary to effect the registration of the Securities covered by a Registration Statement contemplated
hereby. 

        4.     Registration Expenses.  (a) All expenses incident to the Company's performance of and compliance with
this Agreement will be borne by the Company, regardless of whether a Registration Statement is ever filed or becomes effective, including without limitation: 

          (i)  all
registration and filing fees and expenses; 

         (ii)  all
fees and expenses of compliance with federal securities and state "blue sky" or securities laws; 

        (iii)  all
expenses of printing (including printing certificates for the Securities to be issued in the Registered Exchange Offer and the Private Exchange and printing of
prospectuses), messenger and delivery services and telephone; 

        (iv)  all
fees and disbursements of counsel for the Company; 

         (v)  all
application and filing fees in connection with listing the Exchange Securities on a national securities exchange or automated quotation system pursuant to the
requirements hereof; and 

        (vi)  all
fees and disbursements of independent certified public accountants of the Company (including the expenses of any special audit and comfort letters required by or
incident to such performance). 

        The
Company will bear its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses
of any annual audit and the fees and expenses of any person, including special experts, retained by the Company. 

        (b)   In
connection with any Registration Statement required by this Agreement, the Company will reimburse the Initial Purchasers and the Holders of Transfer Restricted
Securities who are tendering Initial Securities in the Registered Exchange Offer and/or selling or reselling Securities pursuant to the "Plan of Distribution" contained in the Exchange Offer
Registration Statement or the Shelf Registration Statement, as applicable, for the reasonable fees and disbursements (which fees and disbursements shall be limited to $10,000) of not more than one
counsel, who shall be 

10

 

Davis
Polk & Wardwell unless another firm shall be chosen by the Holders of a majority in principal amount of the Transfer Restricted Securities for whose benefit such Registration Statement is
being prepared. 

        5.     Indemnification.  (a) The Company will indemnify and hold harmless each Holder of the Securities and
any Participating Broker-Dealer and each person, and their respective officers, members, directors and, in the case of transactions pursuant to Section 3(o) hereof, underwriters and each person
who controls such Holder or such Participating Broker-Dealer within the meaning of the Securities Act or the Exchange Act (each Holder, any Participating Broker-Dealer and such controlling persons are
referred to collectively as the "Indemnified Parties") from and against any losses, claims, damages or liabilities, joint or several, or any actions in
respect thereof (including, but not limited to, any losses, claims, damages, liabilities or actions relating to purchases and sales of the Securities) to which each Indemnified Party may become
subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus relating to a Shelf Registration, or arise
out of, or are based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, and shall reimburse, as incurred, the Indemnified Parties for any legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action in respect thereof, provided,  however, that (i) the Company shall not be
liable in any such case to the extent that such loss, claim, damage, liability or action arises out of
or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in a Registration Statement or prospectus or in any amendment or supplement thereto or in any
preliminary prospectus relating to a Shelf Registration in reliance upon and in conformity with written information pertaining to such Holder and furnished to the Company by or on behalf of such
Indemnified Party or any affiliate thereof specifically for inclusion therein and (ii) with respect to any untrue statement or omission or alleged untrue statement or omission made in any
preliminary prospectus relating to a Shelf Registration Statement, the indemnity agreement contained in this subsection (a) shall not inure to the benefit of any Holder or Participating
Broker-Dealer from whom the person asserting any such losses, claims, damages or liabilities purchased the Securities concerned (or any affiliate of such Holder or Participating Broker-Dealer), to the
extent that a prospectus relating to such Securities was required to be delivered by such Holder or Participating Broker-Dealer under the Securities Act in connection with such purchase and any such
loss, claim, damage or liability of such Holder or Participating Broker-Dealer or any affiliate thereof results from the fact that there was not sent or given to such person, at or prior to the
written confirmation of the sale of such Securities to such person, a copy of the final prospectus if the Company had previously furnished copies thereof to such Holder or Participating Broker-Dealer;  provided
further, however, that this indemnity agreement will be in addition to any liability which the
Company may otherwise have to such Indemnified Party. The Company shall also indemnify underwriters, their officers, members and directors and each person who controls such underwriters within the
meaning of the Securities Act or the Exchange Act to the same extent as provided above with respect to the indemnification of the Holders of the Securities if requested by such Holders. 

        (b)   Each
Holder of the Securities, severally and not jointly, will indemnify and hold harmless the Company and each person, if any, who controls the Company within the
meaning of the Securities Act or the Exchange Act from and against any losses, claims, damages or liabilities or any actions in respect thereof, to which the Company or any such controlling person may
become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged
untrue statement of a material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus relating to a Shelf 

11

 

Registration,
or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading, but in each case only to the extent that the untrue statement or omission or alleged untrue statement or alleged omission was
made in reliance upon and in conformity with written information pertaining to such Holder and furnished to the Company by or on behalf of such Holder specifically for inclusion therein; and, subject
to the limitation set forth immediately preceding this clause, shall reimburse, as incurred, the Company for any legal or other expenses reasonably incurred by the Company or any such controlling
person in connection with investigating or defending any loss, claim, damage, liability or action in respect thereof. This indemnity agreement will be in addition to any liability which such Holder
may otherwise have to the Company or any of its controlling persons. 

        (c)   Promptly
after receipt by an indemnified party under this Section 5 of notice of the commencement of any action or proceeding (including a governmental
investigation), such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 5, notify the indemnifying party in writing of the
commencement thereof; but the omission so to notify the indemnifying party will not relieve it from any liability that it may have under subsection (a) or (b) above except to the extent
that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that its failure to notify the indemnifying party shall not
relieve it from any liability that it may have to an indemnified party otherwise than under subsection (a) or (b) above or this subsection. In case any such action is brought against any
indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with
any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the
indemnified party (which consent shall not be unreasonably withheld), be counsel to the indemnifying party), and after notice from the indemnifying party to such indemnified party of its election so
to assume the defense thereof the indemnifying party will not be liable to such indemnified party under this Section 5 for any legal or other expenses, other than reasonable costs of
investigation, subsequently incurred by such indemnified party in connection with the defense thereof. No indemnifying party shall, without the prior written consent of the indemnified party, effect
any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party
unless such settlement includes an unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action, and does not include a statement as to
or an admission of fault, culpability or failure to act by or on behalf of any indemnified party. 

        (d)   If
the indemnification provided for in this Section 5 is unavailable or insufficient to hold harmless an indemnified party under subsection (a) or
(b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect
thereof) referred to in subsection (a) or (b) above (i) in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party or parties on the
one hand and the indemnified party on the other from the exchange of the Securities, pursuant to the transactions contemplated by the applicable Registration Statement or prospectus, or (ii) if
the allocation provided by the foregoing clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in
clause (i) above but also the relative fault of the indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements or omissions that
resulted in such losses, claims, damages or liabilities (or actions in respect thereof) as well as any other relevant equitable considerations. The relative fault of the parties shall be determined by
reference to, among other things, whether the untrue or alleged 

12

 

untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or such Holder or such other indemnified
party, as the case may be, on the other, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The amount paid by
an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or defending any action or claim which is the subject of this subsection (d). Notwithstanding any other provision of this
Section 5(d), the Holders of the Securities shall not be required to contribute any amount in excess of the amount by which the net proceeds received by such Holders from the sale of the
Securities pursuant to a Registration Statement exceeds the amount of damages which such Holders have otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or
alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. For purposes of this paragraph (d), each person, if any, who controls such indemnified party within the meaning of the Securities Act or the
Exchange Act shall have the same rights to contribution as such indemnified party and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act shall
have the same rights to contribution as the Company. 

        (e)   The
agreements contained in this Section 5 shall survive the sale of the Securities pursuant to a Registration Statement and shall remain in full force and
effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party. 

        6.     Additional Interest Under Certain Circumstances.  (a) Additional interest (the
"Additional Interest") with respect to the Initial Securities and the Private Exchange Securities shall be assessed as follows if any of the following
events occur (each such event in clauses (i) through (iv) below a "Registration Default"): 

          (i)  any
Registration Statement required by this Agreement is not filed with the Commission on or prior to the applicable Filing Deadline; 

         (ii)  any
Registration Statement required by this Agreement is not declared effective by the Commission on or prior to the applicable Effectiveness Deadline; 

        (iii)  the
Registered Exchange Offer has not been consummated on or prior to the Consummation Deadline; or 

        (iv)  any
Registration Statement required by this Agreement has been declared effective by the Commission but (A) such Registration Statement thereafter ceases to be
effective or (B) such Registration Statement or the related prospectus ceases to be usable in connection with resales of Transfer Restricted Securities during the periods specified herein
because either (1) any event occurs as a result of which the related prospectus forming part of such Registration Statement would include any untrue statement of a material fact or omit to
state any material fact necessary to make the statements therein in the light of the circumstances under which they were made not misleading, or (2) it shall be necessary to amend such
Registration Statement or supplement the related prospectus, to comply with the Securities Act or the Exchange Act or the respective rules thereunder. 

        Each
of the foregoing will constitute a Registration Default whatever the reason for any such event and whether it is voluntary or involuntary or is beyond the control of the Company or
pursuant to operation of law or as a result of any action or inaction by the Commission. 

13

 

        Additional
Interest shall accrue on the Securities over and above the interest set forth in the title of the Securities from and including the date on which any such Registration Default
shall occur to but excluding the date on which all such Registration Defaults have been cured, at a rate of 0.25% per annum (the "Additional Interest
Rate") (regardless of the number of Registration Defaults). 

        (b)   A
Registration Default referred to in Section 6(a)(iii) hereof shall be deemed not to have occurred and be continuing in relation to a Shelf Registration
Statement or the related prospectus during any Suspension Period if (i) such Registration Default has occurred solely as a result of (x) the filing of a post-effective
amendment to such Shelf Registration Statement to incorporate annual audited financial information with respect to the Company where such post-effective amendment is not yet effective and
needs to be declared effective to permit Holders to use the related prospectus or (y) other material events, with respect to the Company that would need to be described in such Shelf
Registration Statement or the related prospectus and (ii) in the case of clause (y), the Company is proceeding promptly and in good faith to amend or supplement such Shelf Registration
Statement and related prospectus to describe such events; provided, however, that in any case if such
Registration Default occurs for a continuous period in excess of 30 days, Additional Interest shall be payable in accordance with the above paragraph from the day such Registration Default
occurs until such Registration Default is cured. 

        (c)   Any
amounts of Additional Interest due pursuant to Section 6(a) above will be payable in cash on the regular interest payment dates with respect to the
Securities. The amount of Additional Interest will be determined by multiplying the applicable Additional Interest rate by the principal amount of the Initial Securities or Private Exchange Notes, as
the case may be, multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a
360-day year comprised of twelve 30-day months), and the denominator of which is 360. 

        (d)   "Transfer Restricted Securities" means each Security until (i) the date on which such Security has been exchanged
by a person other than a broker-dealer for a freely transferable Exchange Security in the Registered Exchange Offer, (ii) following the exchange by a broker-dealer in the Registered Exchange
Offer of an Initial Security for an Exchange Security, the date on which such Exchange Security is sold to a purchaser who receives from such broker-dealer on or prior to the date of such sale a copy
of the prospectus contained in the Exchange Offer Registration Statement, (iii) the date on which such Security has been effectively registered under the Securities Act and disposed of in
accordance with the Shelf Registration Statement or (iv) the date on which such Security is distributed to the public pursuant to Rule 144 under the Securities Act or is saleable
pursuant to Rule 144(k) under the Securities Act. 

        7.     Rules 144 and 144A.  The Company shall use its reasonable best efforts to file the reports required to
be filed by it under the Securities Act and the Exchange Act in a timely manner and, if at any time the Company is not required to file such reports, it will, upon the request of any Holder of
Transfer Restricted Securities, make publicly available other information so long as necessary to permit sales of their Transfer Restricted Securities pursuant to Rules 144 and 144A. The
Company covenants that it will take such further action as any Holder of Transfer Restricted Securities may reasonably request, all to the extent required from time to time to enable such Holder to
sell Transfer Restricted Securities without registration under the Securities Act within the limitation of the exemptions provided by Rules 144 and 144A (including the requirements of
Rule 144A(d)(4)). The Company will provide a copy of this Agreement to prospective purchasers of Initial Securities identified to the Company by the Initial Purchasers upon request. Upon the
request of any Holder of Initial Securities, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements. Notwithstanding the foregoing, nothing
in this Section 7 shall be deemed to require the Company to register any of its securities pursuant to the Exchange Act. 

14

 

        8.     Underwritten Registrations.  If any of the Transfer Restricted Securities covered by any Shelf Registration
are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will administer the offering ("Managing
Underwriters") will be selected by the Holders of a majority in aggregate principal amount of such Transfer Restricted Securities to be included in such offering (subject to
the approval (which approval shall not be unreasonably withheld) of the Company). 

        No
person may participate in any underwritten registration hereunder unless such person (i) agrees to sell such person's Transfer Restricted Securities on the basis reasonably
provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 

        9.     Miscellaneous. 

        (a)   Amendments and Waivers.  The provisions of this Agreement may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given, except by the Company and the written consent of the Holders of a majority in principal amount of the Securities affected
by such amendment, modification, supplement, waiver or consents. 

        (b)   Notices.  All notices and other communications provided for or permitted hereunder shall be made in writing
by hand delivery, first-class mail, facsimile transmission, or air courier which guarantees overnight delivery: 

        (1)   if
to a Holder of the Securities, at the most current address given by such Holder to the Company. 

        (2)   if
to the Initial Purchasers; 

Credit
Suisse First Boston LLC

Eleven Madison Avenue

New York, NY 10010-3629

Fax No.: (212) 325-4296

Attention: Transactions Advisory Group 

and

J.P.
Morgan Securities Inc.

270 Park Avenue

New York, NY 10017

Fax No.: (212) 834-6081

Attention: High Grade Syndicate Group, 8th Floor 

with
a copy to: 

Davis
Polk & Wardwell

450 Lexington Avenue

New York, NY 10017

Fax No.: (212) 450-4800

Attention: Sarah Beshar 

        (3)   if
to the Company, at its address as follows: 

The
Home Depot, Inc.

2455 Paces Ferry Road, NW

Atlanta, GA 30339

15

 

Fax
No.: (770) 384-2199

Attention: Treasurer 

with
a copies to: 

The
Home Depot, Inc.

Legal Department

2455 Paces Ferry Road, NW

Atlanta, GA 30339

Fax No.: (770) 384-2739

Attention: Corporate Counsel—Business Law 

King &
Spalding LLP

191 Peachtree Street, N.E.

Atlanta, GA 30303-1763

Fax No.: (404) 572-5100

Attention: John J. Kelley III 

        All
such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; three business days after being deposited in the
mail, postage prepaid, if mailed; when receipt is acknowledged by recipient's facsimile machine operator, if sent by facsimile transmission; and on the day delivered, if sent by overnight air courier
guaranteeing next day delivery. 

        (c)   No Inconsistent Agreements. The Company has not, as of the date hereof, entered into, nor shall it, on or after the date
hereof, enter into, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or otherwise conflicts with the provisions hereof. 

        (d)   Third Party Beneficiaries. The Holders shall be third party beneficiaries to the agreements made hereunder between the
Company, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent they may deem such enforcement necessary or
advisable to protect their rights or the rights of Holders hereunder. 

        (e)   Successors and Assigns. This Agreement shall be binding upon the Company and its successors and assigns. 

        (f)    Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

        (g)   Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof. 

        (h)   Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. 

        (i)    Severability. If any one or more of the provisions contained herein, or the application thereof in any circumstance, is
held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or
impaired thereby. 

        (j)    Securities Held by the Company. Whenever the consent or approval of Holders of a specified percentage of principal amount
of Securities is required hereunder, Securities held by the Company or its affiliates (other than subsequent Holders of Securities if such subsequent Holders are deemed to be 

16

 

affiliates
solely by reason of their holdings of such Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 

        If
the foregoing is in accordance with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along with all
counterparts, will become a binding agreement among the several Initial Purchasers and the Company in accordance with its terms. 

	 	 	Very truly yours,
	

 	
 	
THE HOME DEPOT, INC.
	

 	
 	

By:	
 	

/s/  CAROL B. TOMÉ      

	 	 	 	 	Name:	 	Carol B. Tomé
	 	 	 	 	Title:	 	Executive Vice President—Chief Financial Officer

The
foregoing Registration Rights Agreement

    is hereby confirmed and accepted

    as of the date first above written. 

CREDIT SUISSE FIRST BOSTON LLC

J.P. MORGAN SECURITIES INC.

CITIGROUP GLOBAL MARKETS INC.

WACHOVIA CAPITAL MARKETS LLC 

Acting
on behalf of themselves

and as the Representatives

of the several Purchasers 

	By:	 	CREDIT SUISSE FIRST BOSTON LLC	 	 
	

By:	
 	

/s/  HELENA M. WILLNER      
 Name: Helena M. Willner

Title: Director	
 	

 
	

By:	
 	
J.P. MORGAN SECURITIES INC.	
 	

 
	

By:	
 	

/s/  ROBERT BOTTAMEDI      
 Name: Robert Bottamedi

Title: Vice President	
 	

 

17

 
ANNEX
A 

        Each
broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale
of such Exchange Securities. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an "underwriter" within
the meaning
of the Securities Act. This Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in exchange
for Initial Securities where such Initial Securities were acquired by such broker-dealer as a result of market-making activities or other trading activities. The Company has agreed that, for a period
of 135 days after the Expiration Date (as defined herein), it will make this Prospectus available to any broker-dealer for use in connection with any such resale. See "Plan of Distribution." 

18

 
ANNEX
B 

        Each
broker-dealer that receives Exchange Securities for its own account in exchange for Initial Securities, where such Initial Securities were acquired by such broker-dealer as a result
of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. See "Plan of Distribution." 

19

 
ANNEX
C 

PLAN OF DISTRIBUTION 

        Each
broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale
of such Exchange Securities. This Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in
exchange for Initial Securities where such Initial Securities were acquired as a result of market-making activities or other trading activities. The Company has agreed that, for a period of
135 days after the Expiration Date, it will make this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such resale. In addition, until
[                 ], 2004, all dealers effecting transactions in the Exchange Securities may be required to deliver a prospectus.1 

        The
Company will not receive any proceeds from any sale of Exchange Securities by broker-dealers. Exchange Securities received by broker-dealers for their own account pursuant to the
Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on the
Exchange Securities or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such
resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer or the purchasers of
any such Exchange Securities. Any broker-dealer that resells Exchange Securities that were received by it for its own account pursuant to the Exchange Offer and any broker or dealer that participates
in a distribution of such Exchange Securities may be deemed to be an "underwriter" within the meaning of the Securities Act and any profit on any such resale of Exchange Securities and any commission
or concessions received by any such persons may be deemed to be underwriting compensation under the Securities Act. The Letter of Transmittal states that, by acknowledging that it will deliver and by
delivering a prospectus, a broker-dealer will not be deemed to admit that it is an "underwriter" within the meaning of the Securities Act. 

	(1)
	In
addition, the legend required by Item 502(e) of Regulation S-K will appear on the back cover page of the Exchange Offer prospectus. 

20

 

        For
a period of 135 days after the Expiration Date the Company will promptly send additional copies of this Prospectus and any amendment or supplement to this Prospectus to any
broker-dealer that requests such documents in the Letter of Transmittal. The Company has agreed to pay all expenses incident to the Exchange Offer (including the expenses of one counsel for the
Holders of the Securities) other than commissions or concessions of any brokers or dealers and will indemnify the Holders of the Securities (including any broker-dealer) against certain liabilities,
including liabilities under the Securities Act. 

21

 
ANNEX
D 

        o
CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR
SUPPLEMENTS THERETO. 

	Name:	 	 
	 	 	

	

Address:	
 	

 
	 	 	

       

If
the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in, and does not intend to engage in, a distribution of Exchange Securities. If the undersigned is a
broker-dealer that will receive Exchange Securities for its own account in exchange for Initial Securities, it represents that such Initial Securities were acquired by it as a result of market-making
activities or other trading activities, and acknowledges that it will deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of such Exchange Securities;
however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an "underwriter" within the meaning of the Securities Act. 

22

QuickLinks

Exhibit 4.3

REGISTRATION RIGHTS AGREEMENTFiled by Automated Filing Services Inc. (604) 609-0244 - EYI Industries, Inc. - Exhibit 10.32

 EXHIBIT 10.32 

Mr. Dori O'Neill

  EYI Industries, Inc. 

  3960 Howard Hughes Parkway, Suite 500 

  Las Vegas, Nevada 89109 

May 25, 2004 

Dear Mr. O'Neill: 

 The purpose of this letter is to confirm the understanding
  and agreement (the "Agreement") between Source Capital Group, Inc., ("SCG")
  and EYI Industries, Inc. (or the "Company"), regarding the retention of SCG
  by the Company as its financial advisor for the purposes set forth herein. 

 Under this Agreement, SCG will provide financial advisory
  services to the Company as follows: 

	 	 A)      	 Raising of Capital.
        SCG shall use its best efforts to provide up to $5 million in equity/debt
        financing for the Company. 

	 
	 	 B)      	 Fees, Commissions
        & Expenses. The Company agrees to pay the following fees to SCG
        for its services. 

	 
	 	 	 	 1.      	 SCG will be compensated 6% cash and 6% ("warrant")
        coverage on any funds introduced by SCG during this engagement. The exercise
        price of the warrants shall be equal to the issue price, conversion price
        or strike price of the stock, convertible security or warrant at the time
        of the sale and will be subject to adjustment in accordance with the terms
        of any adjustment in accordance with the terms of any adjustment provided
        for in the Financing document. Said warrants shall be exercisable for
        five (5) years from date of issuance. The terms of said warrants shall
        include such piggyback registration rights, anti-dilution rights, and
        "cashless" exercise provisions in the event of exercise by SCG. Such fees
        shall be paid at the closing from an escrow account at the same time any
        new investment is dispensed by the company. 

	 
	 	 	 	 2.      	 SCG will receive $-0- as a non-refundable retainer
        upon signing of this agreement. 

	 
	 	 	 	 3.      	 Expenses. In addition to any fees that may
        be payable to SCG under this Agreement, the Company agrees to reimburse
        SCG for its reasonable out- of-pocket expenses incurred in connection
        with the services rendered by SCG hereunder (including, without limitation,
        travel and lodging data and word processing, graphics and communication
        charges, research costs, and courier services and fees) provided expenses
        in excess of $200 shall require prior approval of the Company. 

	 
	 	 	 	 4.      	 All cash payments under this Agreement shall be
        made in U.S. dollars and without withholding or deduction of any tax,
        assessment or other governmental charges unless required by law. Fees
        and retainers should be made payable and wired to: 

	 
	 	 	 	 	 Source Capital Group, Inc. 

        Fleet Bank 

        ABA #011900571 

        Acct.# 9361882644 

 

	 	 	 	 5.      	 Mergers, Acquisitions & Joint Ventures ("MA&JV")
        . The Company may at its discretion and on a case by case basis engage
        SCG to assist in its discussions with potential Merger, Acquisition and
        or Joint Venture candidates, which may include directly negotiating on
        the Company's behalf and the rendering independent opinions as to valuation
        and formulae, among other things. Upon SCG's acceptance of any such assignment,
        The Company will pay SCG flat closing fee equal to 3.00% of the amount
        paid or received (in kind) in any transaction by and/or between the Company,
        the MA&JV candidate and/or the surviving company (the "M&A Fee").
      

	 	 C)      	 Information. The Company will furnish or
        cause to be furnished to SCG, such information, as SCG believes appropriate
        to its assignment (all such information so furnished being the "Information").
        The Company recognizes and confirms that SCG (a) will use and rely primarily
        on the Information and on information available from generally recognized
        public sources in performing the services contemplated by this Agreement
        without having independently verified the same, (b) does not assume responsibility
        for the accuracy or completeness of the Information and such other information,
        (c) is entitled to rely upon the Information without independent verification
        and (d) will not make an appraisal of any assets or valuation of the Company
        in connection with its assignment. 

	 
	 	 D)      	 Confidentiality. Except as contemplated by
        the terms hereof or as required by applicable law or legal process, SCG
        shall keep confidential all non-public information provided to it by or
        at the request of the Company, and shall not disclose such information
        to any third party or to any of its employees or advisors except to those
        persons who have a need to know such information in connection with SCG's
        performance of its responsibilities hereunder. The Company understands
        that any documents, presentations or analyses prepared by SCG are proprietary
        and SCG is under no obligation to provide (by e-mail, floppy disk or otherwise)
        either the Company or its assigns with the computer files of such work
        product. Except as required by applicable law, any advice to be provided
        by SCG under this Agreement shall not be disclosed publicly or made available
        to third parties without the prior written consent of SCG. In addition,
        SCG may not be otherwise publicly referred to without its prior written
        consent. All services, advice and information and reports provided by
        SCG to the Company in connection with this assignment shall be for the
        sole benefit of the Company and shall not be relied upon by any other
        person. 

	 
	 	 E)      	 Indemnity. The Company acknowledges and agrees
        that SCG has been retained to act solely as financial advisor to the Company.
        In such capacity, SCG shall act as an independent contractor, and any
        duties of SCG arising out of its engagement pursuant to this Agreement
        shall be owed solely to the Company. The Company agrees to indemnify SCG
        in accordance with the indemnification agreement attached as Exhibit
        A. 

	 
	 	 F)      	 Arbitration. Any and all disputes, demands,
        claims or controversies hereto arising out of or relating to this agreement
        or the breach thereof, shall be settled by binding arbitration in accordance
        with the rules of the American Arbitration Association ("AAA"). The arbitration
        shall be conducted in New York City under the rules of the AAA. Any judgment
        upon the award rendered by the arbitrator may be entered into any court
        or administrative tribunal having jurisdiction thereof. Costs associated
        with the arbitration, including reasonable attorney's fees, shall be borne
        by whichever parties the arbitrators shall deem just and fair. 

	 
	 	 G)      	 Term & Termination. The term of SCG's
        engagement hereunder (the "Term") shall commence on the date hereof and
        shall end on the earlier of June 30, 2005, upon 90 days written notice
        after a closing of an equity financing by SCG, or upon 10 days written
        notice prior to the closing of any equity financing pursuant to this Agreement
        (the "Expiration Date") without cause by either the Company or SCG. Notwithstanding
        the foregoing, the provisions relating to the payment of fees and expenses
        accrued through the Expiration Date, the status of SCG as an independent
        contractor and the limitations on to whom SCG shall owe any duties will
        survive any such termination, and any such termination shall not affect
        the Company's obligations under the indemnification agreement. 

 

	 	 	 SCG will be entitled to the fees set forth above
        in the event that within 18 months following the Expiration Date, a Financing
        is consummated with an investor who was introduced to the Company by SCG
        prior to the Expiration Date and which investor is included on a schedule
        of investors delivered by SCG to the Company within 10 calendar days following
        the Expiration Date. 

	 
	 	 H)      	 Right of First Refusal. Upon successful completion
        of a financing SCG shall retain the right of first refusal on any additional
        financing. 

	 
	 	 I)      	 Exclusivity. During the Term of this agreement
        The Company's relationship with SCG will be non- exclusive. Except in
        the normal course of business operations, during the Term of this agreement
        the Company will not engage any other financial advisor for the purpose
        of performing an equity financing or receive or agree to receive any equity
        based financing from an individual or entity without notifying SCG. 

	 
	 	 J)      	 Advertisements. The Company acknowledges
        that SCG may, at its option and expense, place an announcement in such
        newspapers and periodicals as it may choose, stating that SCG has acted
        as the financial advisor to the Company. SCG agrees that the Company will
        have the right to approve the form of such announcement, which approval
        shall not be unreasonably withheld or delayed. 

 This Agreement (including the attached indemnification) embodies
  the entire agreement and understanding between the parties hereto and supersedes
  all prior agreements and understandings relating to the subject matter hereof.
  If any provision of this Agreement is determined to be invalid or unenforceable
  in any respect, such determination will not affect such provision in any other
  respect, which will remain in full force and effect. No waiver, amendment or
  other modification of this Agreement shall be effective unless in writing and
  singed by each party to be bound thereby. This Agreement shall be governed by,
  and construed in accordance with, the laws of the State of New York applicable
  to contracts executed in and to be performed in that state. 

 Please confirm that the foregoing correctly sets forth our
  agreement by signing and returning to SCG the duplicate copy of this Agreement,
  the indemnification agreement attached hereto as Exhibit A. 

	 	  	 	By 	 /s/ Todd Coffin 
    	 
	 	  	 	 W. Todd Coffin, Managing Director  	 
	 	  	 	 Source Capital Group, Inc.  	   
	 	  	 	 	 	 
	 	  	 	 	 	 
	By: 	 /s/
      Dori O'Neill  	 	  	  	 
	 Dori O Neill  	 	  	  	 
	 EYI Industries, Inc.

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