Document:

Ex. 10.6 CDP SERP Amendment

SECOND AMENDMENT

TO THE

DOLLAR GENERAL CORPORATION

CDP/SERP PLAN

(As Amended and Restated Effective December 31, 2007)

WHEREAS, effective as of December 31, 2007, Dollar General Corporation (“Company”) adopted the latest amendment and restatement of the Dollar General Corporation CDP/SERP Plan (“Plan”);

WHEREAS, pursuant to Section 11.3 of the Plan, the Plan may be amended by due action of the Board of Directors or the Plan Committee (which is the Benefits Administration Committee of the Company); and

WHEREAS, the Benefits Administration Committee of the Company desires to amend the Plan to clarify and conform the Plan’s provisions relating to CDP Company Matching Credits.

NOW, THEREFORE, the Benefits Administration Committee of the Company hereby amends the Plan as follows, effective December 31, 2007 or as otherwise expressly provided herein, provided, however, that if this amendment does not comply with Code Section 409A (including the Income Tax Regulations thereunder) in any manner, the provisions(s) not so complying shall not be effective until amended to so comply (which amendment may be retroactive to the extent permitted under Code Section 409A (including the Income Tax Regulations thereunder)):

1.

Section 4.4(d) is amended to read as follows:

(d)

It is intended that all Deferral Elections (including form of distribution elections) and modifications thereto will comply with the requirements of Code Section 409A. The Plan Committee is authorized to adopt rules or regulations deemed necessary or appropriate in connection therewith to anticipate and/or comply with the requirements of Code Section 409A (including any transition or grandfather rules thereunder) and to utilize different rules for different Participants or groups of Participants.  

2.

The following new Section 4.4(e) is added to the Plan:

(e)

Except as expressly limited in this Plan, a SERP Participant may make a Deferral Election regarding the form of distribution of his/her SERP Account on the same basis as is available to a CDP Participant (including, without limitation, on a Plan Year by Plan Year basis with the election being made prior to the Plan Year for which the contribution is earned). Notwithstanding the foregoing, if a SERP Participant does not timely make a form of distribution 

1734865.2

election, this Plan’s default form of distribution rules shall apply to such portion of his/her SERP Account; provided, however, that where permitted by the Plan Committee, a SERP Participant may make a form of distribution election on or before December 31, 2008 under the transition election rules under Code Section 409A so long as the election does not actually accelerate payment into the Plan Year, or delay payment beyond the Plan Year, in which the transition election is made when compared to the payment which otherwise would have been made under this Plan’s default payment rules.

3.

All references in Section 5.2(a) to Code Section “410(a)(17)” are changed to “401(a)(17)”. 

4.

Except as amended by this Second Amendment, the Plan shall remain in full force and effect.

IN WITNESS WHEREOF, this Second Amendment to the Plan has been executed on the 3rd day of June, 2008, but effective as hereinabove provided.

			
	 
	

DOLLAR GENERAL CORPORATION

	 
	

By:

	

/s/ Jeffery R. Rice

	 
	

Its:

	

VP, Human Resources

Chairman, BAC

2exhibit101.htm

     

    Exhibit
10.1

    

    (Tier
1 Form of Agreement)

    

    MANAGEMENT
CONTINUITY AGREEMENT

    

    THIS
MANAGEMENT CONTINUITY AGREEMENT (this “Agreement”) is made
and entered into as of the ____ day of
__________­­­­­­________, ____, by and between LOWE’S
COMPANIES, INC., a North Carolina corporation (the “Company”), and
_________________ (“Executive”).

    

    WHEREAS,
the Company desires to enter into this Agreement to (i) assure that the Company
will have the continued dedication of Executive, notwithstanding the
possibility, threat or occurrence of a Change in Control (as defined below) of
the Company, (ii) diminish the inevitable distraction of Executive by virtue of
the personal uncertainties and risks created by a pending or threatened Change
in Control, (iii) encourage Executive’s full attention and dedication to the
Company currently and in the event of any threatened or pending Change in
Control, and (iv) provide Executive with compensation and benefits arrangements
upon a Change in Control which ensure that the compensation and benefits
expectations of Executive will be satisfied and which are competitive with those
of other corporations,

    

    NOW
THEREFORE, in order to accomplish these objectives, the Company and Executive
agree as follows:

    

    1.           Certain
Definitions.

    

    (a)           The
“Effective
Date” shall mean the first date during the Change in Control Period (as
defined in Section 1(b)) on which a Change in Control (as defined in
Section 2) occurs.  Anything in this Agreement to the contrary
notwithstanding, if a Change in Control occurs and if Executive’s employment
with the Company is terminated prior to the date on which the Change in Control
occurs, and if it is reasonably demonstrated by Executive that such termination
of employment (i) was at the request of a third party who has taken steps
reasonably calculated to effect a Change in Control or (ii) otherwise arose in
connection with or anticipation of a Change in Control, then for all purposes of
this Agreement the “Effective Date” shall mean the date immediately prior to the
date of such termination of employment.

    

    (b)           The
“Change in Control
Period” shall mean the period commencing on the date hereof and ending on
the first anniversary of the date hereof; provided, however, that
commencing on the date one year after the date hereof, and on each annual
anniversary of such date (such date and each annual anniversary thereof shall be
hereinafter referred to as a “Renewal Date”),
unless previously terminated, the Change in Control Period shall be
automatically extended so as to terminate one year from the Renewal Date, unless
at least 60 days prior to a Renewal Date the Company shall give notice to
Executive that the Change in Control Period shall not be so
extended.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    2.           Change in
Control.  For the purposes of this Agreement, a “Change in
Control” shall mean:

    

    (a)           individuals
who, at the Effective Date, constitute the Board (the “Incumbent Directors”)
cease for any reason to constitute at least a majority of the Board, provided
that any person becoming a director after the Effective Date and whose election
or nomination for election was approved by a vote of at least a majority of the
Incumbent Directors then on the Board (either by a specific vote or by approval
of the proxy statement of the Company in which such person is named as a nominee
for director, without written objection to such nomination) shall be an
Incumbent Director; provided, however, that no
individual initially elected or nominated as a director of the Company as a
result of an actual or threatened election contest (as described in
Rule 14a-11 under the Exchange Act (“Election Contest”) or
other actual or threatened solicitation of proxies or consents by or on behalf
of any “person” (as such term is defined in Section 3(a)(9) of the Exchange
Act and as used in Section 13(d)(3) and 14(d)(2) of the Exchange Act) other
than the Board (“Proxy
Contest”), including by reason of any agreement intended to avoid or
settle any Election Contest or Proxy Contest, shall be deemed an Incumbent
Director;

    

    (b)           any
person becomes a “beneficial owner” (as defined in Rule 13d- 3 under the
Exchange Act), directly or indirectly, of securities of the Company representing
25% or more of the combined voting power of the Company’s then outstanding
securities eligible to vote for the election of the Board (the “Company Voting
Securities”); provided, however, that the
event described in this subparagraph (b) shall not be deemed to be a Change
in Control of the Company by virtue of any of the following
acquisitions:  (i) an acquisition directly by or from the Company or
any affiliated companies; (ii) an acquisition by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any affiliated
companies, (iii) an acquisition by an underwriter temporarily holding securities
pursuant to an offering of such securities, or (iv) an acquisition pursuant to a
Non-Qualifying Transaction (as defined in subparagraph (c) below);
or

    

    (c)           the
consummation of a reorganization, merger, consolidation, statutory share
exchange or similar form of corporate transaction involving the Company that
requires the approval of the Company’s shareholders, whether for such
transaction or the issuance of securities in the transaction (a “Reorganization”), or
the sale or other disposition of all or substantially all of the Company’s
assets to an entity that is not an affiliate of the Company (a “Sale”), unless
immediately following such Reorganization or Sale:  (i) more than 60%
of the total voting power of (A) the corporation resulting from such
Reorganization or the corporation which has acquired all or substantially all of
the assets of the Company (in either case, the “Surviving
Corporation”), or (B) if applicable, the ultimate parent corporation that
directly or indirectly has beneficial ownership of 100% of the voting securities
eligible to elect directors of the Surviving Corporation (the “Parent Corporation”),
is represented by the Company Voting Securities that were outstanding
immediately prior to such Reorganization or Sale (or, if applicable, is
represented by shares into which such Company Voting Securities were converted
pursuant to such Reorganization or Sale), and such voting power among the
holders thereof is in substantially the same proportion as the voting power of
such Company Voting Securities among the holders thereof immediately prior to
the Reorganization or Sale, (ii) no person (other than (A) 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    the
Company, (B) any employee benefit plan (or related trust) sponsored or
maintained by the Surviving Corporation or the Parent Corporation, or (C) a
person who immediately prior to the Reorganization or Sale was the beneficial
owner of 25% or more of the outstanding Company Voting Securities) is the
beneficial owner, directly or indirectly, of 25% or more of the total voting
power of the outstanding voting securities eligible to elect directors of the
Parent Corporation (or, if there is no Parent Corporation, the Surviving
Corporation), and (iii) at least a majority of the members of the board of
directors of the Parent Corporation (or, if there is no Parent Corporation, the
Surviving Corporation) following the consummation of the Reorganization or Sale
were Incumbent Directors at the time of the Board’s approval of the execution of
the initial agreement providing for such Reorganization or Sale (any
Reorganization or Sale which satisfies all of the criteria specified in (i),
(ii) and (iii) above shall be deemed to be a “Non-Qualifying
Transaction”).

    

    3.           Employment
Period.  The Company hereby agrees to continue Executive in its
employ, and Executive hereby agrees to remain in the employ of the Company
subject to the terms and conditions of this Agreement, for the period commencing
on the Effective Date and ending on the second anniversary of such date (the
“Employment
Period”).

    

    4.           Terms of
Employment.

    

    (a)           Position and
Duties.

    

    (i)           During
the Employment Period, (A) Executive’s position (including status, offices,
titles and reporting requirements), authority, duties and responsibilities shall
be at least commensurate in all material respects with the most significant of
those held, exercised and assigned at any time during the 120-day period
immediately preceding the Effective Date and (B) Executive’s services shall be
performed at the location where Executive was employed immediately preceding the
Effective Date or any office or location less than 35 miles from such
location.

    

    (ii)           During
the Employment Period, and excluding any periods of vacation and sick leave to
which Executive is entitled, Executive agrees to devote reasonable attention and
time during normal business hours to the business and affairs of the Company
and, to the extent necessary to discharge the responsibilities assigned to
Executive hereunder, to use Executive’s reasonable best efforts to perform
faithfully and efficiently such responsibilities.  During the
Employment Period it shall not be a violation of this Agreement for Executive to
(A) serve on corporate, civic or charitable boards or committees, (B) deliver
lectures, fulfill speaking engagements or teach at educational institutions and
(C) manage personal investments, so long as such activities do not significantly
interfere with the performance of Executive’s responsibilities as an employee of
the Company in accordance with this Agreement.  It is expressly
understood and agreed that to the extent that any such activities have been
conducted by Executive prior to the Effective Date, the continued conduct of
such activities (or the conduct of activities similar in nature and scope
thereto) subsequent to the Effective Date shall not thereafter be deemed to
interfere with the performance of Executive’s responsibilities to the
Company.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    (b)           Compensation.

    

    (i)           Base
Salary.  During the Employment Period, Executive shall receive
an annual base salary (“Annual Base Salary”),
which shall be paid at a monthly rate, at least equal to 12 times the highest
monthly base salary paid or payable, including any base salary which has been
earned but deferred, to Executive by the Company and its affiliated companies in
respect of the 12-month period immediately preceding the month in which the
Effective Date occurs.  During the Employment Period, the Annual Base
Salary shall be reviewed no more than 12 months after the last salary increase
awarded to Executive prior to the Effective Date and thereafter at least
annually.  Any increase in Annual Base Salary shall not serve to limit
or reduce any other obligation to Executive under this
Agreement.  Annual Base Salary shall not be reduced after any such
increase and the term Annual Base Salary as utilized in this Agreement shall
refer to Annual Base Salary as so increased.  As used in this
Agreement, the term “affiliated companies”
shall include any company controlled by, controlling or under common control
with the Company.

    

    (ii)           Annual
Bonus.  In addition to Annual Base Salary, Executive shall be
awarded, for each fiscal year ending during the Employment Period, an annual
bonus opportunity (the “Annual Bonus”) at
least as favorable as that to which he would have been entitled under the annual
bonus plan of the Company in effect for the last year prior to the Effective
Date (annualized in the event that Executive was not employed by the Company for
the whole of such fiscal year) (the “Recent Annual
Bonus”).  Each such Annual Bonus shall be paid in a single lump
sum in cash at a time determined by the Company but in no event later than 2-1⁄2
months after the end of the fiscal year for which the Annual Bonus is awarded,
unless Executive shall elect to defer the receipt of such Annual
Bonus.

    

    (iii)           Incentive, Savings and
Retirement Plans.  During the Employment Period, Executive
shall be entitled to participate in all incentive, savings and retirement plans,
practices, policies and programs applicable generally to other peer executives
of the Company and its affiliated companies (“Peer
Executives”).

    

    (iv)           Welfare Benefit
Plans.  During the Employment Period, Executive and/or
Executive’s family, as the case may be, shall be eligible for participation in
and shall receive all benefits under the welfare benefit plans, practices,
policies and programs provided by the Company and its affiliated companies
(including, without limitation, medical, prescription drug, dental, disability,
employee life, group life, accidental death and travel accident insurance plans
and programs) (“Welfare Plans”) to
the extent applicable generally to Peer Executives.

    

    (v)           Expenses.  During
the Employment Period, Executive shall be entitled to receive prompt
reimbursement for all reasonable expenses incurred by Executive in accordance
with the policies, practices and procedures of the Company and its affiliated
companies to the extent applicable generally to Peer Executives.

    

    (vi)           Fringe
Benefits.  During the Employment Period, Executive shall be
entitled to fringe benefits in accordance with the plans, practices, programs
and policies of the Company and its affiliated companies with respect to Peer
Executives.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    5.           Separation from
Service.

    

    (a)           Death, Retirement or
Disability.  Executive’s employment shall terminate
automatically upon Executive’s death or Retirement (pursuant to the definition
of Retirement set forth below) during the Employment Period.  For
purposes of this Agreement, “Retirement” shall
mean Executive’s voluntary separation from service on or after the later of (i)
90 days after Executive has provided written notice to the Company’s corporate
secretary of his decision to retire, or (ii) Executive’s attainment of age 60
(but shall not include Executive’s voluntary termination after he has been given
notice that he may be terminated for Cause).  If the Company
determines in good faith that the Disability of Executive has occurred during
the Employment Period (pursuant to the definition of Disability set forth
below), it may give to Executive written notice in accordance with
Section 13(b) of this Agreement of its intention to terminate Executive’s
employment.  In such event, Executive shall separate from service with
the Company effective on the 30th day
after receipt of such notice by Executive (the “Disability Effective
Date”), provided that, within the 30 days after such receipt, Executive
shall not have returned to full-time performance of Executive’s
duties.  For purposes of this Agreement, “Disability” shall
mean mental or physical disability as determined by the Board in accordance with
standards and procedures similar to those under the Company’s employee long-term
disability plan, if any.  At any time that the Company does not
maintain such a long-term disability plan, Disability shall mean any illness or
other physical or mental condition of Executive that renders Executive incapable
of performing his customary and usual duties for the Company, or any medically
determinable illness or other physical or mental condition resulting from a
bodily injury, disease or mental disorder which, in either case, has lasted or
can reasonably be expected to last for at least 180 days out of a period of 365
consecutive days.  The Board may require such medical or other
evidence as it deems necessary to judge the nature and permanency of Executive’s
condition.

    

    (b)           Cause.  The
Company may terminate Executive’s employment during the Employment Period for
Cause.  For purposes of this Agreement, “Cause” shall
mean:

    

    (i)           the
willful and continued failure of Executive to perform substantially Executive’s
duties with the Company (other than any such failure resulting from incapacity
due to physical or mental illness and specifically excluding any failure by
Executive, after reasonable efforts, to meet performance expectations), after a
written demand for substantial performance is delivered to Executive by the
Board or the Chief Executive Officer of the Company which specifically
identifies the manner in which the Board or Chief Executive Officer believes
that Executive has not substantially performed Executive’s duties,
or

    

    (ii)          the
willful engaging by Executive in illegal conduct or gross misconduct which is
materially and demonstrably injurious to the Company.

    

    For
purposes of the definition of Cause, no act or failure to act, on the part of
Executive, shall be considered “willful” unless it is done, or omitted to be
done, by Executive in bad faith or without reasonable belief that Executive’s
action or omission was in the best interests of the Company.  Any act,
or failure to act, based upon authority given pursuant to a resolution duly
adopted by the 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    Board or
upon the instructions of the Chief Executive Officer or a senior officer of the
Company or based upon the advice of counsel for the Company shall be
conclusively presumed to be done, or omitted to be done, by Executive in good
faith and in the best interests of the Company.  The cessation of
employment of Executive shall not be deemed to be for Cause unless and until
there shall have been delivered to Executive a copy of a resolution duly adopted
by the affirmative vote of not less than a majority of the entire membership of
the Board at a meeting of the Board called and held for such purpose (after
reasonable notice is provided to Executive and Executive is given an
opportunity, together with counsel, to be heard before the Board), finding that,
in the good faith opinion of the Board, Executive is guilty of the conduct
described in subparagraph (i) or (ii) above, and specifying the particulars
thereof in detail.

    

    (c)           Good
Reason.  Executive’s employment may be terminated by Executive
for Good Reason.  For purposes of this Agreement, “Good Reason” shall
mean:

    

    (i)           the
assignment to Executive of any duties inconsistent in any material respect with
Executive’s position (including status, offices, titles and reporting
requirements), authority, duties or responsibilities as contemplated by
Section 4(a) of this Agreement, or any other action by the Company which
results in a material diminution in such position, authority, duties or
responsibilities, excluding for this purpose an isolated, insubstantial and
inadvertent action not taken in bad faith and which is remedied by the Company
promptly after receipt of notice thereof given by Executive;

    

    (ii)           any
failure by the Company to comply with any of the provisions of Section 4(b)
of this Agreement, other than an isolated, insubstantial and inadvertent failure
not occurring in bad faith and which is remedied by the Company promptly after
receipt of notice thereof given by Executive;

    

    (iii)           the
failure by the Company (A) to continue in effect any compensation plan in which
Executive participates as of the Effective Date that is material to Executive’s
total compensation, unless an equitable arrangement (embodied in an ongoing
substitute or alternative plan) has been made with respect to such plan, or (B)
to continue Executive’s participation therein (or in such substitute or
alternative plan) on a basis not materially less favorable, both in terms of the
amount of benefits provided and the level of Executive’s participation relative
to Peer Executives;

    

    (iv)           the
Company’s requiring Executive, without his consent, to be based at any office or
location more than 35 miles from the office or location at which Executive was
based on the date immediately prior to the Effective Date, or to travel on
Company business to a substantially greater extent than required immediately
prior to the Effective Date;

    

    (v)           any
purported termination by the Company of Executive’s employment otherwise than as
expressly permitted by this Agreement; or

    

    (vi)           any
failure by the Company to comply with and satisfy Section 12(c) of this
Agreement.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    Anything
in this Agreement to the contrary notwithstanding, a termination by Executive
for any reason during the 30-day period immediately following the first
anniversary of the Effective Date shall be deemed to be a termination for Good
Reason for all purposes of this Agreement.

     

    (d)           Notice of
Termination.  Any termination by the Company for Cause, or by
Executive for Good Reason, shall be communicated by Notice of Termination to the
other party hereto given in accordance with Section 13(b) of this
Agreement.  For purposes of this Agreement, a “Notice of
Termination” means a written notice which (i) indicates the specific
termination provision in this Agreement relied upon, (ii) to the extent
applicable, sets forth in reasonable detail the facts and circumstances claimed
to provide a basis for termination of Executive’s employment under the provision
so indicated, and (iii) if the Date of Separation from Service (as defined
below) is other than the date of receipt of such notice, specifies the
termination date (which date shall be not more than 30 days after the giving of
such notice).  If a dispute exists concerning the provisions of this
Agreement that apply to Executive’s termination of employment (other than a
determination of “Cause” which shall be made as provided in Section 5(b)),
the parties shall pursue the resolution of such dispute with reasonable
diligence.  Within 5 days of such a resolution, any party owing any
payments pursuant to the provisions of this Agreement shall make all such
payments together with interest accrued thereon at the rate provided in
Section 1274(b)(2)(B) of the Code.  The failure by either party
to set forth in the Notice of Termination any fact or circumstance which
contributes to a showing of Good Reason or Cause shall not waive any right of
such party hereunder or preclude such party from asserting such fact or
circumstance in enforcing such party’s rights hereunder.

    

    (e)           Date of Separation from
Service.  “Date of Separation from
Service” means (i) if Executive’s employment is terminated for any reason
other than death, Retirement or Disability, the date specified in the Notice of
Termination, and (ii) if Executive’s employment is terminated by reason of
death, Retirement or Disability, the Date of Separation from Service shall be
the date of death or Retirement of Executive or the Disability Effective Date,
as the case may be, provided in each such case, Executive’s termination of
employment also constitutes a separation from service under Section 409A of the
Code.

    

    6.           Obligations of the Company
upon Separation from Service.

    

    (a)           Good Reason; Other Than for
Cause, Death or Disability.  If, during the Employment Period,
the Company shall terminate Executive’s employment other than for Cause or
Executive’s death or Disability or Executive shall separate from service for
Good Reason, then in consideration for services rendered by Executive prior to
the Date of Separation from Service:

    

    (i)           the
Company shall pay to Executive in a lump sum in cash within 30 days after the
Date of Separation from Service the aggregate of the following
amounts:

    

    (A)          the
sum of (1) Executive’s Annual Base Salary through the Date of Separation from
Service to the extent not theretofore paid, and (2) any accrued vacation

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    pay to
the extent not theretofore paid (the sum of the amounts described in
clauses (1) and (2) shall be hereinafter referred to as the “Accrued
Obligations”); and

    

    (B)          the
amount equal to the present value of the continuation of Executive’s Base Salary
for a period of 2.99 years after the Date of Separation from Service; such
present value to be determined by applying a discount rate equal to 120 percent
of the applicable federal rate provided in Section 1274(d) of the Code,
compounded semi-annually (the “Discount Rate”);
and

    (C)          the
amount equal to the present value of 2.99 times the greater of (1) Executive’s
annual bonus for the year prior to the year in which the Change in Control
occurred (the “Prior
Year”), or (2) Executive’s target annual bonus for the year in which the
Change in Control occurred (the “Current Year”); such
present value to be determined by applying the Discount Rate and assuming two
equal annual payments on each of the first and second anniversaries of the Date
of Separation from Service; and

    

    (D)          the
amount equal to the present value of 2.99 times the annual cost to
the Company and Executive of participation in the Welfare Plans described in
Section 4(b)(iv) of this Agreement with respect to either the Prior Year or
the Current Year, whichever year in which such annual cost was higher; such
present value to be determined by applying the Discount Rate and assuming 36
monthly payments beginning on the Date of Separation from Service;
and

    

    (ii)           to
the extent not theretofore paid or provided, the Company shall timely pay or
provide to Executive any other amounts or benefits required to be paid or
provided or which Executive is eligible to receive under any plan, program,
policy or practice or contract or agreement of the Company and its affiliated
companies (such other amounts and benefits shall be hereinafter referred to as
the “Other
Benefits”) at the time and in the manner provided in the documentation
establishing or describing such Other Benefits.

    

    (b)           Death, Retirement or
Disability.  If Executive’s employment is terminated by reason
of Executive’s death, Retirement or Disability during the Employment Period,
this Agreement shall terminate without further obligations to Executive’s legal
representatives under this Agreement, other than for payment of Accrued
Obligations and the timely payment or provision of Other
Benefits.  Accrued Obligations shall be paid to Executive’s estate or
beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of
Separation from Service.  Other Benefits shall be paid at the time and
in the manner provided in the documentation establishing or describing such
Other Benefits.  With respect to the provision of Other Benefits, the
term Other Benefits as utilized in this Section 6(b) shall include without
limitation, and Executive’s estate and/or beneficiaries shall be entitled to
receive, death, retirement or disability benefits then applicable to
Executive.

    

    (c)           Cause; Other than for Good
Reason.  If Executive’s employment shall be terminated for
Cause, or if Executive voluntarily separates from service during the Employment
Period, excluding a separation from service for Good Reason, this Agreement
shall terminate without further obligations to Executive, other than for Accrued
Obligations and the timely payment or provision of Other Benefits.  In
such case, all Accrued Obligations shall be paid to 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    Executive
in a lump sum in cash within 30 days of the Date of Separation from
Service.  Other Benefits shall be paid at the time and in the manner
provided in the documentation establishing or describing such Other
Benefits.

    

    (d)           Special Rule for Specified
Employees.  Notwithstanding anything in this Agreement to the
contrary, if Executive is a specified employee as of the Date of Separation from
Service, then to the extent, and only to the extent, necessary to comply with
Code Section 409A:  (i) if any payment or distribution is payable
hereunder in a lump sum, Executive’s right to receive payment or distribution
will be delayed until the earlier of Executive’s death or the 7th month
following the Date of Separation from Service, and (ii) if any payment,
distribution or benefit is payable or provided hereunder over time, the amount
of such payment, distribution or benefit that would otherwise be payable or
provided during the 6 month period immediately following the Date of Separation
from Service will be accumulated, and Executive’s right to receive such
accumulated payment, distribution or benefit will be delayed until the earlier
of Executive’s death or the seventh month following the Date of Separation from
Service and paid or provided on the earlier of such dates, without interest, and
the normal payment or distribution schedule for any remaining payments,
distributions or benefits will commence.  For purposes of this
Agreement, Executive shall be a “specified executive”
during the 12 month period beginning April 1 each year if the Executive met the
requirements of Section 416(i)(1)(A)(i), (ii) or (iii) of the Code (applied in
accordance with the regulations thereunder and disregarding Section 416(i)(5) of
the Code) at any time during the 12 month period ending on the December 31
immediately preceding the Date of Separation from Service.

    

    7.           Non-exclusivity of
Rights.  Nothing in this Agreement shall prevent or limit
Executive’s continuing or future participation in any plan, program, policy or
practice provided by the Company or any of its affiliated companies and for
which Executive may qualify, nor, subject to Section 13(f), shall anything
herein limit or otherwise affect such rights as Executive may have under any
contract or agreement with the Company or any of its affiliated
companies.  Amounts which are vested benefits or which Executive is
otherwise entitled to receive under any plan, policy, practice or program of or
any contract or agreement with the Company or any of its affiliated companies at
or subsequent to the Date of Separation from Service shall be payable in
accordance with such plan, policy, practice or program or contract or agreement
except as explicitly modified by this Agreement.

    

    8.           Full Settlement; Cost of
Enforcement.  The Company’s obligation to make the payments
provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any set-off, counterclaim, recoupment,
defense or other claim, right or action which the Company may have against
Executive or others.  In no event shall Executive be obligated to seek
other employment or take any other action by way of mitigation of the amounts
payable to Executive under any of the provisions of this Agreement and such
amounts shall not be reduced whether or not Executive obtains other
employment.  The Company agrees to pay as incurred, to the full extent
permitted by law, all legal fees and expenses which Executive may reasonably
incur as a result of any contest (regardless of the outcome thereof) by the
Company, Executive or others of the validity or enforceability of, or liability
under, any provision of this Agreement or any guarantee of performance thereof
(including as a result of any contest by Executive about the amount of any
payment pursuant to this Agreement).

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    9.           Certain Additional Payments
by the Company.

    

    (a)           Anything
in this Agreement to the contrary notwithstanding and except as set forth below,
in the event it shall be determined that any payment or distribution by the
Company to or for the benefit of Executive (whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or
otherwise, but determined without regard to any additional payments required
under this Section 9) (a “Payment”) would be
subject to the excise tax imposed by Section 4999 of the Code or any
interest or penalties are incurred by Executive with respect to such excise tax
(such excise tax, together with any such interest and penalties, are hereinafter
collectively referred to as the “Excise Tax”), then
Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) in
an amount such that after payment by Executive of all taxes (including any
interest or penalties imposed with respect to such taxes), including, without
limitation, any income taxes (and any interest and penalties imposed with
respect thereto) and Excise Tax imposed upon the Gross-Up Payment, Executive
retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon
the Payments.

    

    (b)           Subject
to the provisions of Section 9(c), all determinations required to be made
under this Section 9, including whether and when a Gross- Up Payment is
required and the amount of such Gross-Up Payment and the assumptions to be
utilized in arriving at such determination, shall be made by Deloitte &
Touche LLP or such other certified public accounting firm reasonably acceptable
to the Company as may be designated by Executive (the “Accounting Firm”)
which shall provide detailed supporting calculations both to the Company and
Executive within 15 business days of the receipt of notice from Executive that
there has been a Payment, or such earlier time as is requested by the
Company.  All fees and expenses of the Accounting Firm shall be borne
solely by the Company.  Any Gross-Up Payment, as determined pursuant
to this Section 9, shall be paid by the Company in a single lump sum in
cash to Executive no later than the later of (i) the due date for the payment of
the Excise Tax or (ii) 5 days after the receipt of the Accounting Firm’s
delivery of the supporting calculations.  Any determination by the
Accounting Firm shall be binding upon the Company and Executive.  As a
result of the uncertainty in the application of Section 4999 of the Code at
the time of the initial determination by the Accounting Firm hereunder, it is
possible that Gross-Up Payments which will not have been made by the Company
should have been made (“Underpayment”),
consistent with the calculations required to be made hereunder.  In
the event that the Company exhausts its remedies pursuant to Section 9(c)
and Executive thereafter is required to make a payment of any Excise Tax, the
Accounting Firm shall determine the amount of the Underpayment that has occurred
and any such Underpayment shall be paid by the Company to or for the benefit of
Executive in a single lump sum in cash within 10 days of the Accounting Firm’s
determination and disclosure to the Company of the Underpayment.

    

    (c)           The
Executive shall notify the Company in writing of any claim by the Internal
Revenue Service that, if successful, would require the payment by the Company of
a Gross-Up Payment (or an additional Gross-Up Payment).  Such
notification shall be given as soon as practicable but no later than ten
business days after Executive is informed in writing of such claim and shall
apprise the Company of the nature of such claim and the date on which such claim
is requested to be paid.  The Executive shall not pay such claim prior
to the expiration of 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    the
30-day period following the date on which it gives such notice to the Company
(or such shorter period ending on the date that any payment of taxes with
respect to such claim is due).  If the Company notifies Executive in
writing prior to the expiration of such period that it desires to contest such
claim, Executive shall:

    

    (i)           give
the Company any information reasonably requested by the Company relating to such
claim,

    

    (ii)           take
such action in connection with contesting such claim as the Company shall
reasonably request in writing from time to time, including, without limitation,
accepting legal representation with respect to such claim by an attorney
reasonably selected by the Company,

    

    (iii)          cooperate
with the Company in good faith in order effectively to contest such claim,
and

    

    (iv)          permit
the Company to participate in any proceedings relating to such claim; provided, however, that the
Company shall bear and pay directly all costs and expenses (including additional
interest and penalties) incurred in connection with such contest and shall
indemnify and hold Executive harmless, on an after-tax basis, for any Excise Tax
or income tax (including interest and penalties with respect thereto) imposed as
a result of such representation and payment of costs and
expenses.  Without limitation of the foregoing provisions of this
Section 9(c), the Company shall control all proceedings taken in connection
with such contest (to the extent applicable to the Excise Tax and the Gross-Up
Payment) and, at its sole option, may pursue or forgo any and all administrative
appeals, proceedings, hearings and conferences with the taxing authority in
respect of such claim and may, at its sole option, either direct Executive to
pay the tax claimed and sue for a refund or contest the claim in any permissible
manner, and Executive agrees to prosecute such contest to a determination before
any administrative tribunal, in a court of initial jurisdiction and in one or
more appellate courts, as the Company shall determine; provided, however, that
if the Company directs Executive to pay such claim and sue for a refund, the
Company shall advance the amount of such payment to Executive, on an
interest-free basis and shall indemnify and hold Executive harmless, on an
after-tax basis, from any Excise Tax or income tax (including interest or
penalties with respect thereto) imposed with respect to such advance or with
respect to any imputed income with respect to such advance; and further provided
that any extension of the statute of limitations relating to payment of taxes
for the taxable year of Executive with respect to which such contested amount is
claimed to be due is limited solely to such contested
amount.  Furthermore, the Company’s control of the contest shall be
limited to issues with respect to which a Gross-Up Payment would be payable
hereunder and Executive shall be entitled to settle or contest, as the case may
be, any other issue raised by the Internal Revenue Service or any other taxing
authority.

    

    (d)           If,
after the receipt by Executive of an amount advanced by the Company pursuant to
Section 9(c), Executive becomes entitled to receive any refund with respect
to such claim, Executive shall (subject to the Company’s complying with the
requirements of Section 9(c)) promptly pay to the Company the amount of
such refund (together with any interest 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    paid or
credited thereon after taxes applicable thereto).  If, after the
receipt by Executive of an amount advanced by the Company pursuant to
Section 9(c), a determination is made that Executive shall not be entitled
to any refund with respect to such claim and the Company does not notify
Executive in writing of its intent to contest such denial of refund prior to the
expiration of 30 days after such determination, then such advance shall be
forgiven and shall not be required to be repaid and the amount of such advance
shall offset, to the extent thereof, the amount of Gross-Up Payment required to
be paid.

    

    10.           Obligations of the
Executive.

     

    (a)           Non-Competition.  For
the one (1) year period beginning on the Date of Separation from Service, the
Executive shall not directly or indirectly engage in Competition (as defined
below) with the Company; provided, that it shall not be a violation of this
Section 10(a) for the Executive to become the registered or beneficial owner of
up to 5% of any class of the capital stock of a competing corporation registered
under the Securities Exchange Act of 1934, as amended, provided that the
Executive does not actively participate in the business of such corporation
until such time as this covenant expires.  For purposes of this
Agreement, “Competition” by the Executive shall mean the Executive’s engaging
in, or otherwise directly or indirectly being employed by or acting as a
consultant or lender to, or being a director, officer, employee, principal,
agent, stockholder (other than as specifically provided for herein), member,
owner or partner of, or permitting his name to be used in connection with the
activities of any other business or organization that owns, operates, controls
or maintains retail or warehouse hardware or home improvement stores in the
United States, Puerto Rico, Canada or Mexico with total annual sales of at least
$500 million.  Such businesses or organizations include, but are not
limited to, the following entities and each of their subsidiaries, affiliates,
assigns, or successors in interest, in whole or in part:  The Home
Depot, Inc., Sears Holdings Corporation, Wal-Mart Stores, Inc. and Menard,
Inc.

    

    (b)           Non-Interference.  For
the one (1) year period beginning on the Date of Separation from Service, the
Executive shall not directly or indirectly (i) solicit or induce any officer,
director, regional vice president, district manager, co-manager, store manager,
regional human resource manager or regional loss prevention manager of the
Company to terminate his or her employment with the Company or (ii) solicit,
contact or attempt to influence any vendor or supplier of the Company to limit,
curtail, cancel or terminate any business it transacts with the
Company.

     

    (c)           Confidential
Information.  The Executive shall hold in a fiduciary capacity
for the benefit of the Company all trade secrets, confidential information, and
knowledge or data relating to the Company and its businesses, which were
obtained by the Executive during the Executive’s employment by the
Company.  The Executive shall not, without the prior written consent
of the Company or as may otherwise be required by law or legal process,
communicate or divulge any such trade secrets, information, knowledge or data to
anyone other than the Company and those designated by the Company.

     

    

    11.           Enforcement.  The Executive understands
and agrees that any breach or threatened breach by the Executive of any of the
provisions of Section
10 shall be considered a
material breach of this Agreement, and in the event of such a breach or
threatened breach, the 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    Company shall be entitled to pursue any
and all of its remedies under law or in equity arising out of such
breach.  The Executive further agrees that in the event of his breach
of any of the provisions of Section
10, unless otherwise
prohibited by law, (i) the Company shall be released from
any obligation to make any payments or further payments to the Executive
under Section
6 or Section
9 and no payments shall be
due or payable to the Executive thereunder, and (ii) the Executive shall remit to the
Company, upon demand by the Company, any payments previously paid by the Company
to the Executive pursuant to Section
6 and Section
9.  The
Executive further agrees
that the remedies in the immediately preceding sentence will not preclude
injunctive relief, and if the Company pursues either a temporary restraining
order or temporary injunctive relief, then the Executive waives any requirement
that the Company post a bond.

    

    12.           Successors.

    

    (a)           This
Agreement is personal to Executive and without the prior written consent of the
Company shall not be assignable by Executive otherwise than by will or the laws
of descent and distribution.  This Agreement shall inure to the
benefit of and be enforceable by Executive’s legal representatives.

    

    (b)           This
Agreement shall inure to the benefit of and be binding upon the Company and its
successors and assigns.

    

    (c)           The
Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company to assume expressly and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place.  As used
in this Agreement, “Company” shall mean
the Company as hereinbefore defined and any successor to its business and/or
assets as aforesaid which assumes and agrees to perform this Agreement by
operation of law, or otherwise.

    

    13.           Miscellaneous.

    

    (a)           This
Agreement shall be governed by and construed in accordance with the laws of the
State of North Carolina, without reference to principles of conflict of
laws.  The captions of this Agreement are not part of the provisions
hereof and shall have no force or effect.  This Agreement may not be
amended or modified otherwise than by a written agreement executed by the
parties hereto or their respective successors and legal
representatives.

    

    (b)           All
notices and other communications hereunder shall be in writing and shall be
given by hand delivery to the other party or by registered or certified mail,
return receipt requested, postage prepaid, addressed as follows:

    

    If to
Executive:

    

    At the
Executive’s address of record on file with the Company

    

    If to the
Company:

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    Lowe’s
Companies, Inc.

    1000
Lowes Boulevard

    Mooresville,
North Carolina 28117

    Attention:  General
Counsel

    

    or to
such other address as either party shall have furnished to the other in writing
in accordance herewith.  Notice and communications shall be effective
when actually received by the addressee.

    

    (c)           The
invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this
Agreement.

    

    (d)           The
Company may withhold from any amounts payable under this Agreement such Federal,
state, local or foreign taxes as shall be required to be withheld pursuant to
any applicable law or regulation.

    

    (e)           Executive’s
or the Company’s failure to insist upon strict compliance with any provision of
this Agreement or the failure to assert any right Executive or the Company may
have hereunder, including, without limitation, the right of Executive to
terminate employment for Good Reason pursuant to Section 5(c) of this
Agreement, shall not be deemed to be a waiver of such provision or right or any
other provision or right of this Agreement.

    

    (f)           Executive
and the Company acknowledge that, except as may otherwise be provided under any
other written agreement between Executive and the Company, the employment of
Executive by the Company is “at will” and, subject to Section 1(a) hereof,
prior to the Effective Date, Executive’s employment and/or this Agreement may be
terminated by either Executive or the Company at any time prior to the Effective
Date, in which case Executive shall have no further rights under this
Agreement.  From and after the Effective Date this Agreement shall
supersede any other agreement between the parties with respect to the subject
matter hereof.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    IN
WITNESS WHEREOF, Executive has hereunto set Executive’s hand and, pursuant to
the authorization from its Board of Directors, the Company has caused these
presents to be executed in its name on its behalf, all as of the day and year
first above written.

    

    

    EXECUTIVE

    

    _________________________________

    _________________________________

    

    

    

    

    

    LOWE’S
COMPANIES, INC.

    

    

    By:   ________________________________                                                             

    Name:  ______________________________                                                              

    Title:    ______________________________

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