Document:

exv10w2

Exhibit 10.2

April 7, 2009

Donald G. Campbell

The TJX Companies, Inc.

770 Cochituate Road

Framingham, MA 01701

			
	     Re:	 	Employment Agreement

Dear Don:

     I refer to your employment agreement with The TJX Companies, Inc. (the “Company”) dated as of
June 6, 2008 (your “Employment Agreement”). In accordance with your Employment Agreement and as
approved by the Executive Compensation Committee (the “ECC”), you are currently providing services
to the Company on a reduced-time basis. You have today requested and received the consent of the
ECC to modify your employment relationship with the Company on the following terms:

     (a) Effective April 7, 2009 (the “Separation Date”) you hereby resign from all offices and
other positions, including as a member of fiduciary and other committees, with the Company, the
Company’s subsidiaries, the Company’s benefit plans and trusts and The TJX Foundation, except your
employment as an executive advisor to the Company pursuant to your Employment Agreement as amended
and supplemented by the terms of this letter.

     (b) You will be treated for purposes of each of the Company’s employee benefit plans as
having separated from the service (as defined for purposes of Section 409A of the Internal Revenue
Code) of the Company effective as of the Separation Date. You will nevertheless continue as an
employee of the Company following your separation from service until either you or the Company
notifies the other on 30 days’ advance notice that your employment with the Company is terminated,
at which point you will be deemed to have retired with the consent of the ECC.

     (c) During the term of your employment following the Separation Date (the “Limited Employment
Period”), you will provide only such limited non-officer services (which in no event shall be at a
level that is inconsistent with your having separated from service) as the Company may reasonably
request, will be paid for those services on a per diem basis at a rate that is mutually agreed
between you and the Company, and will receive no additional compensation and no fringe benefits,
including upon your ultimate retirement, except as specified in Exhibit A or except as the Company
and you may otherwise agree in writing.

     (d) Except as modified by the foregoing, the terms of your Employment Agreement will continue
in force.

 

 

     If the foregoing is acceptable to you, please so indicate by signing the enclosed copy of this
letter agreement in the space indicated below and returning the same to Greg Flores, whereupon this
letter agreement shall take effect as of the date hereof as an agreement under seal.

	 	 	 	 	 
	 	THE TJX COMPANIES, INC.

 	 
	 	By:  	/s/ Jeffrey G. Naylor
 	 
	 	 	 	 
	 	 	 	 
	 

	 	 	 

	Accepted and agreed:
	 	 
	 
	 	 
	/s/ Donald G. Campbell
	 	 
	 

Donald G. Campbell

	 	 

 

 

EXHIBIT A to Letter Agreement dated April 7, 2009 (the “Letter Agreement”)

Benefits to be provided following Separation Date (terms to have the same meaning as in your
Employment Agreement as supplemented by the Letter Agreement)

	•	 	Per diem (cash) payment for services requested, as contemplated in the Letter Agreement.
	 
	•	 	SERP benefits to be paid in accordance with the SERP, treating the Separation Date as the
date of the separation from service. The first of the five installments will be paid six
months and one day following the Separation Date, with subsequent installments paid on the
second, third, fourth and fifth anniversaries of the Separation Date. You will not accrue
additional benefits under the SERP.
	 
	•	 	ESP and GDCP balances to be paid in accordance with those plans, treating the Separation
Date as the date of the separation from service. The first of the five installments will be
paid six months and one day following the Separation Date, with subsequent installments paid
on the second, third, fourth and fifth anniversaries of the Separation Date. You will not be
entitled to additional deferrals under these plans.
	 
	•	 	Qualified plan benefits (pension/401(k)) to be paid in accordance with the terms of those
plans. You will not accrue additional pension benefits following the Separation Date. You
may continue to defer any ongoing eligible compensation under the 401(k) plan but will be
subject to the deferral limitations and rules under that plan.
	 
	•	 	No participation in MIP awards for FYE ‘10 or subsequent years.
	 
	•	 	No participation in LRPIP awards for FYE ‘10-’12 or other cycles beginning after January
31, 2009; no payouts for LRPIP award cycles ending after January 31, 2009.
	 
	•	 	No further awards will be made under the SIP. You have one outstanding PBRS award that
will vest in April 2009 upon certification by the ECC of performance results for FYE ‘09, to
the extent determined in accordance with such certified results and the terms of that award.
You hold outstanding stock options for an aggregate of 708,230 shares. Vested option awards
will remain exercisable and unvested options will continue to vest in accordance with the
terms of the applicable award documents, in each case until ultimate retirement or earlier
expiration in accordance with award terms.
	 
	•	 	Welfare benefits (group medical, dental, life insurance, LTD): no continued participation
following Separation Date, except as required by COBRA or pursuant to existing conversion
rights.exv10w3

Exhibit 10.3

Rules for UK Employees

As Amended April 7, 2009

THE TJX COMPANIES, INC.

THE TJX COMPANIES, INC. STOCK INCENTIVE PLAN

RULES FOR UK EMPLOYEES

Approved by HM Revenue & Customs on August 19, 2009

I hereby state and affirm that the Executive Compensation Committee (“the Committee”) of the Board
of Directors of The TJX Companies, Inc. (“TJX”), a company organised under the laws of the State of
Delaware, administers The TJX Companies, Inc. Stock Incentive Plan as amended through 7 April 2009
(“the Plan”) and that the following provisions are applicable in the administration of the Plan
with regard to such Options to which these rules are expressed to extend at the time when the
Option is granted. Unless the context requires otherwise, all expressions used in these rules have
the same meaning as in the Plan; provided that all words and terms not otherwise defined shall have
the meaning attributed by Schedule 4 which for the purposes hereof (but for no other purpose) shall
take precedence. References in these rules to “Schedule 4” mean Schedule 4 to the Income Tax
(Earnings and Pensions) Act 2003 (“ITEPA 2003”) and references to any statutory enactment shall be
construed as a reference to that enactment as for the time being amended or re-enacted. The Plan,
as supplemented by these rules, is referred to hereinafter as the “Sub-Plan”. References in these
rules to “Key Feature” shall mean a provision of the Sub-Plan which is necessary in order to meet
the requirements of Schedule 4.

	1	 	The Stock over which Options may be granted under the Sub-Plan form part of the ordinary
share capital (as defined in section 989 Income Taxes Act 2007 (“ITA 2007”) of TJX and will
at all times comply with the requirements of paragraphs 16-20 inclusive of Schedule 4.
	 
	2	 	The companies participating in the Sub-Plan are TJX and all companies controlled by TJX
within the meaning of section 995 ITA 2007 and which have been nominated by TJX to
participate for the time being in the Sub-Plan.
	 
	3	 	The Stock is quoted on a recognized stock exchange as defined in section 1005 ITA 2007.
	 
	4	 	The Stock to be acquired on exercise of the Options will:

	 	(a)	 	be fully paid up;
	 
	 	(b)	 	not be redeemable;
	 
	 	(c)	 	not be subject to any restrictions other than restrictions which attach to all shares or stock of the same class. For the purpose of this clause the term
restrictions includes restrictions which are deemed to attach to the shares under

 

 

	 	 	 	restrictions includes restrictions which are deemed to attach to the shares under
any contract, agreement, arrangement or condition as referred to in paragraph 19 of
Schedule 4.

	5	 	No Option will be granted to an employee or director under the Sub-Plan, or where an Option
has previously been granted no Option shall be exercised by the Optionee if at that time he
has, or at any time within the preceding 12 months has had, a material interest for the
purposes of Schedule 4 in either TJX being a close company (as defined in Chapter I of Part XI
of ICTA 1988) or in a company being a close company which has control (as defined in section
995 ITA 2007) of TJX, or in a company being a close company and a member of a consortium (as
defined in section 187(7) ICTA 1988) which owns TJX. In determining whether a company is a
close company for this purpose section 414(1)(a) ICTA 1988 (exclusion of companies not
resident in the United Kingdom) and section 415 ICTA 1988 (exclusion of certain companies with
listed shares) shall be disregarded.
	 
	6	 	For the purposes of this Sub-Plan “Fair Market Value” shall be as defined in Section 14(r)
of the Plan except that in the event that the Stock is not traded on the New York Stock
Exchange, the Fair Market Value shall be subject to agreement with HM Revenue & Customs.

	7	(a)	 	 No alteration or amendment to a Key Feature of the Sub-Plan shall take effect
until such alteration or amendment shall have been approved by HM Revenue &
Customs.
	 
	 	(b)	 	For the purposes of the Sub-Plan (notwithstanding anything contained in
Section 3(b) of the Plan) no adjustment pursuant to any of the provisions of the Plan
shall be made to any Option which has been granted under the Sub-Plan unless such
adjustment would be permitted under paragraph 22 of Schedule 4, and where so permitted
no such adjustment shall take effect unless the approval of HM Revenue & Customs shall
have been obtained thereto.
	 
	 	(c)	 	Terms and conditions imposed on Options shall be stated at the date of grant
of the Option and the powers of the Committee to impose terms and conditions as set
out in Section 2 of the Plan shall be construed accordingly. Terms and conditions in
connection with performance may be amended or waived if an event(s) occurs which
causes the Committee to consider that such terms and conditions cease to be
appropriate. Any amendment to the terms and conditions may be made by the Committee
acting fairly and reasonably and provided that the amended terms and conditions are
objective and are no more difficult to achieve.
	 
	 	(d)	 	For the purposes of the Sub-Plan, Section 13(e) of the Plan which refers to
participant deferrals of awards shall not form part of and shall therefore be
disregarded for the purposes of the Sub-Plan.

	8	 	For the avoidance of doubt it is stated that TJX is and will be the grantor; and TJX is and
will be the scheme organiser as defined in paragraph 2 (2) of Schedule 4.

2

 

	9	(a)	 	 No Option shall be granted to an employee or director under this Sub-Plan if
the grant of that Option would cause the aggregate market value of Stock
	 
	 	 	 	(determined at the time prescribed by paragraph 6 of Schedule 4 and calculated in
accordance with the provisions of Schedule 4) which he can acquire under this
Sub-Plan and any other scheme approved under Schedule 4
	 
	 	 	 	and established by the grantor or by any associated company (as defined in section
187(2) ICTA 1988) of the grantor (and not exercised) to exceed the limits
prescribed by paragraph 6 of Schedule 4. For the purposes of this Sub-Plan the
United Kingdom Sterling equivalent of the market value of a share of Stock on any
day shall be determined by taking the highest buying of the spread for that day as
shown in the Financial Times.
	 
	 	(b)	 	To the extent that any purported grant of an Option exceeds the limit
prescribed in this Rule 9 it shall be deemed to comprise such number of shares of
Stock as may be equal to, but not exceed, such limit.

	10	 	An Option will only be granted under the Sub-Plan to an employee (other than a director) of
the Company or a company participating in the Sub-Plan whose hours of work are at least 20
hours per week or a full-time director of TJX (or a company participating in the Sub-Plan)
whose hours of work exceed 25 hours per week, in both cases exclusive of meal breaks.
	 
	11	 	Upon exercise of an Option, TJX shall, as promptly as practicable but not later than 30 days
thereafter mail or deliver to the Optionee a stock certificate or certificates representing
the Stock then purchased subject to any delay necessary to complete (a) the listing of such
Stock on any stock exchange upon which Stock of the same class is then listed, (b) such
registration or other qualification of such Stock under any state or federal law, rule or
regulation as TJX may determine to be necessary or advisable, and (c) the making of provision for the payment or withholding of any taxes required to be
withheld pursuant to any applicable law, in respect of the exercise of such Option. Such
Stock shall be identical and shall carry the same rights and restrictions which attach to
all shares of Common Stock then in issue and the last sentence in Section 6(j) of the Plan
shall not form part of and shall therefore be disregarded for the purposes of the Sub-Plan.
	 
	12	 	The price of shares of Stock shall be paid for in cash or by cheque or by funds provided on
loan by a broker or bank or other person as the case may be and Section 6(c) of the Plan
shall for the purposes of the Sub-Plan be construed accordingly. For the avoidance of doubt
the price of shares of Stock shall not be paid for on the exercise of an Option granted under
this Sub-Plan by shares or other securities under the Plan.
	 
	13	 	For the avoidance of doubt no option granted under this Sub-Plan shall be exercisable later
than 10 years after the date of grant and for the purposes of the Sub-Plan Section 5(a) and
Section 5(b) of the Plan shall be construed accordingly.

3

 

	14	 	The following provisions of the Plan shall not form part of and shall therefore be
disregarded for the purposes of the Sub-Plan:

	 	(a)	 	save as provided in Section 12 of the Plan the facility to accelerate exercise
of the option wherever it appears in the Plan.
	 
	 	(b)	 	the transfer of options by will or laws of descent and distribution or
gratuitous transfers of options during the Optionee’s lifetime as permitted by the
Committee, but personal representatives of the deceased may exercise Options within 12
months of the date of death of the Optionee. Sections 6(d) and 6(e) shall be construed
accordingly.
	 
	 	(c)	 	Sections 3(c), 6(k), 6(1), 7 and 8 inclusive. For the avoidance of doubt the
Rules for UK Employees shall only apply to stock options.

	15	 	The Committee shall act fairly and reasonably in exercising their discretion wherever it so
provides in respect of Options to which the Rules for UK Employees apply.

	 	 	 	 	 
	 	 	 
	 	Signed:	 	                                             /s/ Jeffery Naylor
 	 
	 	 	 	Jeffery Naylor 	 
	 	 	 	Senior Executive Vice President,

Chief Financial and Administrative
Officer

THE TJX COMPANIES, INC. 	 
	 

Authorised Signatory

Date: August 19, 2009

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