Document:

<PAGE>   1
                                                                   EXHIBIT 10.16

                                    AGREEMENT

     This Agreement dated this 1st day of March 2000 by and between The TJX
Companies, Inc. (the "Corporation") and Richard G. Lesser ("Executive").

     WHEREAS Executive and the Corporation have agreed to enter into a so-called
"Split dollar" insurance arrangement more particularly described below under
which the Corporation will pay premiums to fund a life insurance policy or
policies to be owned by an insurance trust designated by Executive (the
"Trust"); and

     WHEREAS Executive participates in the Corporation's Supplemental Executive
Retirement Plan ("SERP") and

     WHEREAS Executive has agreed to relinquish a portion of certain rights to
benefits accrued under SERP as described below, subject to the terms of this
Agreement;

     NOW, THEREFORE, the parties hereto, intending to be bound hereby, agree as
follows:

     1.   Executive agrees to relinquish such rights as he has (whether under
the terms of SERP or under the terms of Executive's employment agreement with
the Corporation or otherwise) to all benefits heretofore or hereafter accrued
under SERP, excepting only (i) such periodic benefits as has received as of the
date of this agreement or is scheduled to receive prior to December 1, 2000
pursuant to Section 4(e) of his employment agreement dated as of January 31,
1998 (the "Employment Agreement") plus (ii) a monthly benefit of $105,075
payable either to Executive or (in the event of Executive's death) to
Executive's beneficiary under SERP for sixty (60) months commencing December
2000. The parties hereto agree that Executive's residual benefits under SERP, as
described in the preceding sentence, shall be paid in the manner therein
described notwithstanding the generally applicable terms of SERP of the
Employment Agreement. Nothing in this Agreement shall affect Executive's rights
to other retirement benefits.

     2.   The Corporation will assist the Trust in the purchase of split-dollar
life insurance under the terms of separate split-dollar life insurance
agreements in the forms attached hereto as Exhibit A.

     3.   This Agreement shall be binding on Executive, the Corporation, and
their respective heirs and assigns, including any successor to the Corporation
or the Corporation's business by merger or otherwise.

<PAGE>   2

     4.   Executive acknowledges that he has been separately advised with
respect to the arrangements that are the subject matter of this Agreement and
has not relied upon any advice from the Corporation with respect to the tax
treatment of such arrangements or other matters pertaining thereto. Executive
agrees to indemnify the Corporation for, and hold it harmless against, any and
all taxes (including, without limitation, withholding taxes) and related
interest and penalties that may be asserted against the Corporation with respect
to the arrangements contemplated by this Agreement.

     5.   This Agreement shall be construed and applied in accordance with the
laws of the Commonwealth of Massachusetts and shall be binding in accordance
with its terms as an agreement under seal.

                                            THE TJX COMPANIES, INC.

                                            By: /s/ Donald G. Campbell
                                                --------------------------------
                                                Donald G. Campbell
                                                Executive Vice President/Chief
                                                Financial Officer

ACCEPTED:

/s/ Richard G. Lesser
-------------------------------
Richard G. Lesser

                                       -2-
<PAGE>   3

                             SPLIT-DOLLAR AGREEMENT

     THIS AGREEMENT made and entered into as of this 1st day of March, 2000, by
and among The TJX Companies, Inc., (the "Corporation"), Richard G. Lesser, (the
"Employee"), and, Gerald Wolin, Trustee of THE Richard & Clare Lesser 1998
Irrevocable Insurance Trust dated August 11, 1998 (the "Owner"),

     WITNESSETH THAT:

     WHEREAS the Employee is employed by the Corporation; and

     WHEREAS the Employee and the Corporation have agreed that the Owner will
purchase life insurance policies (together, the "Policies") on the life of the
Employee and the life of his spouse as described in EXHIBIT A attached hereto
and by this reference made a part of hereof, and which were issued by John
Hancock and Security Life of Denver (the "Insurers"), on the terms described
herein; and

     WHEREAS the Corporation has agreed to pay a portion of the premiums due on
the Policies pursuant to the Plan on the terms and conditions hereinafter set
forth; and

     WHEREAS, except as provided herein, Owner is the owner of the Policies and,
as such, possesses all incidents of ownership in and to the Policies, subject
however to the terms of this Agreement and

     WHEREAS the parties hereto have agreed that the Policies shall be
collaterally assigned to the Corporation by the Owner to secure the repayment of
the amounts to which the Corporation is entitled under this Agreement.

     NOW, THEREFORE, in consideration of the mutual promises contained herein,
the parties hereto agree as follows:

     1.   PURCHASE OF POLICIES. The Owner shall purchase the Policies described
in Exhibit A from the Insurer. The parties have taken all necessary action to
cause the Insurers to issue the Policies and shall take any further action which
may be necessary to cause the Policies to conform to the provision of this
Agreement. The parties agree that the Policies shall be subject to the terms and
conditions of this Agreement and of the collateral assignments (the "Collateral
Assignments") filed with the Insurers relating to the Policies.

     2.   OWNERSHIP OF POLICIES.

          a.   The Owner shall be owner of the Policies and may exercise all
ownership rights granted to the owner thereof by the terms of the Policies,
subject in the case of each Policy to the Collateral Assignment relating to that
Policy and to the rights of the Corporation under this Agreement.

<PAGE>   4

     3.   PAYMENT OF PREMIUMS WHILE THE SPLIT DOLLAR AGREEMENT REMAINS IN
          EFFECT.

          a.   A portion of the premiums shall be payable by the Corporation
commencing with the premium due for the first "Policy Year", as hereinafter
defined, and for each of the next four (4) Policy Years thereafter, unless this
Agreement sooner terminates with respect to the Employee. The amount of the
premium for the Corporation for each Policy Year (hereinafter referred to as the
"Corporation's Premiums") shall be as set forth in Exhibit B which is attached
hereto and by this reference made a part hereof. For purposes of this Agreement,
"Policy Year" shall mean the one year period beginning March 1, 2000 and ending
February 28, 2001, and each succeeding twelve month period that the Policy is in
force.

          b.   The Owner shall pay that portion of the premium specified as
"Owner's Premium" in Exhibit B.

          c.   The Corporation shall be responsible only for the payment of the
Corporation's Premium, and is not responsible for ensuring that such payments
are sufficient to maintain the Policy in force.

          d.   Upon payment of each of the premiums as outlined on Exhibit B,
the Owner shall direct the Insurer(s) to allocate the premiums as outlined by
the Investment Guidelines as set forth in Exhibit C which is attached hereto and
by this reference made a part hereof.

     4.   COLLATERAL ASSIGNMENT. To secure the repayment to the Corporation of
the aggregate premiums paid by the Corporation, the Owner has, by Collateral
Assignment of the date herewith, assigned each Policy to the Corporation as
collateral. Such repayment shall be made from the cash surrender value of the
Policy (as defined therein) if this Agreement is terminated or if the Owner
surrenders or cancels the Policy, or from the death proceeds of the Policy if
both the Employee and his spouse die while the Policy and this Agreement remain
in force. The Collateral Assignments shall not be terminated, altered or amended
by the Owner while this Agreement is in effect without the Corporation's written
consent. The parties hereto agree to take all action necessary to cause the
Collateral Assignments to conform to the provisions of this Agreement.

     5.   LIMITATIONS ON OWNER'S RIGHTS IN POLICY.

          a.   The Owner shall take no action with respect to the Policies that
would in any way compromise, jeopardize or otherwise adversely affect the
Corporation's rights under this Agreement.

<PAGE>   5

     6.   COLLECTION OF DEATH PROCEEDS.

          a.   Upon the death of the second to die of the Employee and his
spouse, the Corporation and the Owner shall cooperate to take all action
necessary to obtain the death benefits provided under the Policies.

          b.   The Corporation shall have the unqualified right to receive the
portion of such death benefits equal to the Corporation's Interest in the
Policies. The Corporation's Interest in the Policies is equal to the total
amount of the premiums paid by the Corporation plus, if such Interest is not
fully paid to the Corporation prior to March 1, 2015, 4% interest thereon
compounded annually from and after March 1, 2015 until the earlier of (i) the
date on which the Corporation receives full repayment of its Interest from the
death benefit under the Policies, or (ii) the date on which the Corporation
otherwise receives full repayment of its Interest. The balance, if any, of the
death benefits provided under the Policies, shall be paid directly to the
beneficiary or beneficiaries designated by the Owner, in the manner and in the
amount or amounts provided in the beneficiary designation provision of the
Policies. No amount shall be paid from such death benefits to the beneficiary or
beneficiaries designated by the Owner until the full amount due the Corporation
has been paid. The parties hereto agree that the beneficiary designation
provision of the Policies shall conform to the provisions of this Agreement.

          c.   Notwithstanding any provision to the contrary, in the event that,
for any reason whatsoever, no death benefit is payable under a Policy upon the
death of the survivor of the Insureds and in lieu thereof the Insurer refunds
all or any part of the premiums paid for the Policies, the Corporation shall
have the unqualified right to receive such refunded premiums up to the amount of
the total Corporation's Interest in the Policies and the balance, if any, shall
belong to the Owner.

     7.   TERMINATION OF AGREEMENT.

          a.   Subject to b. below, the owner shall have the sole right to
surrender or cancel the Policies, but only if the aggregate net cash surrender
value of the Policies at least equals the Corporation's Interest in the
Policies. Upon surrender or cancellation of the Policies, the Corporation shall
have the unqualified right to receive a portion of the aggregate net cash
surrender value of the Policies equal to the total amount of the Corporation's
Interest in the Policies. The balance, if any, shall be paid to the Owner. Upon
payment to the Corporation of its total Interest in the Policies, this Agreement
shall terminate.

<PAGE>   6

          b.   If either of the Insureds is living at February 28, 2015, the
Owner shall pay, or shall cause the Insurers to pay from the net cash surrender
value under the Policies, to the Corporation an amount equal to the
Corporation's total Interest in the Policies. Notwithstanding the foregoing, if
the net cash surrender value under the Policies is then less than the
Corporation's total Interest in the Policies, the Corporation may elect to defer
receipt of some or all of its Interest in the Policies. If the Corporation
elects to defer receipt of some or all of its Interest in the Policies pursuant
to the preceding sentence, it shall continue to be entitled to receive the
balance of such Interest pursuant to Section 6 of this Agreement or, at any time
or times prior to the death of the survivor of the Insureds, at the
Corporation's election, by requiring the Owner to pay, or to cause the insurers
to pay from the net cash surrender value under the Policies, to the Corporation
such balance or any portion thereof (and if upon any such payment any balance
remains to be paid to the Corporation, the provisions of this paragraph shall
continue to apply to such remaining balance). Upon payment to the Corporation of
its total Interest in the Policies, this Agreement shall terminate.

          c.   Upon termination of this Agreement, the Corporation shall release
the Collateral Assignments by the execution and delivery of appropriate
instruments of release. After the Corporation releases to the Owner all of the
Owner's rights and interest in the Policies, the Owner may exercise all options
permitted by the Insurers with respect to the Policies.

     8.   NAMED FIDUCIARY, DETERMINATION OF BENEFITS, CLAIMS PROCEDURE AND
          ADMINISTRATION.

          a.   The parties hereto acknowledge and intend that this Agreement
shall constitute a welfare benefit plan for purposes of the Employee Retirement
Income Security Act of 1974 as amended. The Corporation is hereby designated as
the named fiduciary under this Agreement. The named fiduciary shall have
authority to control and manage the administration of this Agreement.

          b.   (1)  Claim.
                    A person who believes that he is being denied a benefit to
which he is entitled under this Agreement (hereinafter referred to as a
"Claimant") may file a written request for such benefit with the Corporation,
setting forth his or her claim. The request must be addressed to the President
of the Corporation at its then principal place of business.

<PAGE>   7

               (2)  Claim Decision.
                    Upon receipt of a claim, the Corporation shall advise the
Claimant in writing of its response within ninety (90) days; provided that the
Corporation may, extend the response period for an additional ninety (90) days
for reasonable cause.
                    If the claim is denied in whole or in part, the Corporation
shall state its reasons therefore in writing, using language calculated to be
understood by the Claimant and setting forth: (a) the specific reason or reasons
for such denial; (b) the specific reference to pertinent provisions of this
Agreement on which such denial is based; (c) a description of any additional
material or information necessary for the Claimant to perfect his claim and an
explanation why such material or such information is necessary; (d) appropriate
information as to the steps to be taken if the Claimant wishes to submit the
claim for review; and (e) the time limits for requesting a review under
subsection (3) and for review under subsection (4) hereof. However, if the
Corporation fails to issue a written decision within this time period described
above, the claim shall be deemed denied at the end of such period.

               (3)  Request for Review
                    Within sixty (60) days after the receipt by the Claimant of
the written opinion described above, (or within sixty (60) days of any deemed
denial), the Claimant may request in writing that the Secretary of the
Corporation review the determination of the Corporation. Such request must be
addressed to the Secretary of the Corporation at its then principal place of
business. The Claimant or his or her duly authorized representative may, but
need not, review the pertinent documents and submit issues and comments in
writing for consideration by the Corporation. If the Claimant does not request a
review of the Corporation's determination by the Secretary of the Corporation
within such sixty (60) day period, he shall be barred and estopped from
challenging the Corporation's determination.

               (4)  Review of Decision.
                    Within sixty (60) days after the Secretary's receipt of a
request for review, he or she will review the Corporation's determination. After
considering all materials presented by the Claimant, the Secretary will render a
written opinion, written in a manner calculated to be understood by the
Claimant, setting forth the specific reasons for the decision and containing
specific references to the pertinent provisions of this Agreement on which the
decision is based. If special circumstances require that the sixty (60) day time
period be extended, the Secretary will so notify the Claimant and will render
the decision as soon as possible, but no later than one hundred twenty (120)
days after receipt of the request for review.

<PAGE>   8

If the Secretary fails to issue a written opinion within the time period
described above, the Claimant's appeal will be deemed denied at the end of such
period.

     9.   AMENDMENT. This Agreement may not be amended, altered or modified,
except by a written instrument signed by the parties hereto, or their respective
successors or assigns, and may not be otherwise terminated except as provided
herein.

     10.  BINDING EFFECT. This Agreement shall be binding upon and inure to the
benefit of the Corporation and its successors and assigns, and the Employee, the
Owner, and their respective successors, assigns, heirs, executors,
administrators and beneficiaries.

     11.  INSURER NOT A PARTY. The Insurer is not a part of this Agreement.

     12.  NOTICE. Any notice, consent or demand required or permitted to be
given under the provisions of this Agreement shall be in writing and shall be
signed by the party giving or making the same. If such notice, consent or demand
is mailed to a party hereto, it shall be sent by United States certified mail,
postage prepaid, addressed to such party's last known address (as shown on the
records of the Corporation, in the case of a notice given by the Corporation).
The date of such mailing shall be deemed the date of notice, consent or demand.

     13.  GOVERNING LAW. This Agreement, and the rights of the parties
hereunder, shall be governed by and construed in accordance with the laws of the
Commonwealth of Massachusetts

IN WITNESS WHEREOF, the parties hereto have executed this Agreement, in
triplicate, as of the day and year first above written.

                                       The TJX Companies, Inc.

                                       By: /s/ Donald G. Campbell
                                          ------------------------------------
                                           Donald G. Campbell
                                           Executive Vice President/Chief
                                           Financial Officer

                                       Richard & Clare Lesser 1998 Irrevocable
                                         Insurance Trust

                                       By: /s/ Gerald Wolin
                                          ------------------------------------
                                       Gerald Wolin, Trustee

                                       /s/ Richard G. Lesser
                                       ---------------------------------------
                                       Richard G. Lesser<PAGE>   1
                                                                   EXHIBIT 10.21

                             THE TJX COMPANIES, INC.
                   TRUST AGREEMENT FOR EXECUTIVE SAVINGS PLAN

     This Agreement made as of this 6th day of October, 1998 by and between The
TJX Companies, Inc. (the "Company") with its principal offices at 770 Cochituate
Road, Framingham, MA 02110 and Fleet National Bank (the "Trustee"), of
Providence, Rhode Island.

                                   WITNESSETH

     WHEREAS the Company has adopted the Executive Savings Plan (the "Plan") to
provide deferred compensation and supplemental credits for certain management or
highly compensated employees and their beneficiaries; and

     WHEREAS the Company wishes to establish a trust (the "Trust") to assist the
Company in the payment of benefits under the Plan;

     NOW, THEREFORE, the parties hereby establish the Trust and agree that the
Trust shall be comprised, held and disposed of as follows:

     SECTION 1. TRUST FUND

     (a) Subject to the claims of its creditors as set forth in Section 5, the
Company hereby deposits with the Trustee in trust one hundred dollars ($100)
which shall become the principal of the Trust to be held, administered and
disposed of by the Trustee as provided in this Trust Agreement.

     (b) The purpose of the Trust is to pay as they come due benefits under the
Plan to persons who are entitled to such benefits under the Plan ("Trust
Beneficiaries").

     (c) The Trust hereby established shall become irrevocable upon a Change of
Control, as hereinafter defined, as to all amounts held in Trust as of the
Change of Control and all amounts contributed in Trust thereafter, and earnings
on such amounts. Prior to a Change of Control the Trust may be revoked by the
Company at any time by a writing delivered to the Trustee. Upon such revocation,
all amounts held in the Trust shall be paid to, or upon the direction of, the
Company.

<PAGE>   2

     (d) The Trust is intended to be a trust of which the Company is treated as
the owner under Subpart E of Subchapter J, Chapter 1 of the Internal Revenue
Code of 1986, as from time to time amended, and shall be construed accordingly.

     (e) The principal of the Trust and any earnings thereon which are not
returned to the Company in accordance with the specific provisions of this
Agreement or used to defray the expenses of the Trust shall be used exclusively
for the benefit of Trust Beneficiaries, subject in every case to the provisions
of Section 5 (relating to Insolvency of the Company). The Trust Beneficiaries
shall not have any preferred claim on, or any beneficial ownership interest in,
any assets of the Trust prior to the time such assets are distributed hereunder,
and all rights of Trust Beneficiaries created under the Plan or under this Trust
Agreement shall be mere unsecured contractual rights against the Company.

     SECTION 2. CHANGE OF CONTROL

     For all purposes of this Agreement, "Change of Control" means a Change of
Control, as defined in Schedule A hereto, of the Company.

     SECTION 3. CONTRIBUTIONS TO THE TRUST

     (a) The Company may at any time and from time to time make additional
deposits of cash or other property in Trust with the Trustee to augment the
principal to be held, administered and disposed of by the Trustee as provided in
this Trust Agreement.

     (b) Amounts transferred to the Trust in respect of the Plan above, shall be
held in Trust until distributed in accordance with this Agreement and the
provisions of the Plan.

     SECTION 4. PAYMENTS TO TRUST BENEFICIARIES

     (a) The Trustee shall make payments of benefits to Trust Beneficiaries from
the assets of the Trust in accordance with the directions of the persons
identified on Schedule B, or either of them, or such other person or persons who
may from time to time be designated by the persons identified on Schedule B, or
either of them, as authorized to direct the Trustee hereunder (any of the
foregoing, the "Administrator").

     (b) Upon receipt of evidence satisfactory to the Trustee that a benefit
otherwise payable hereunder has been paid by the Company directly to a Trust
Beneficiary, the Trustee shall reimburse the Company for such payment if there
are sufficient assets in the Trust fund to provide for such reimbursement.

                                      -2-
<PAGE>   3

     SECTION 5. TRUSTEE RESPONSIBILITY REGARDING PAYMENTS TO TRUST BENEFICIARIES
                WHEN COMPANY INSOLVENT

     (a) The Company shall be considered "Insolvent" for purposes of this Trust
Agreement if (i) the Company is unable to pay its debts as they mature, or (ii)
the Company is subject to a pending proceeding as a debtor under the U.S.
Bankruptcy Code.

     (b) At all times during the continuance of this Trust, the principal and
income of the Trust shall be subject to claims of general creditors of the
Company, but only to the extent hereinafter set forth. If at any time the
Trustee has actual knowledge, or has determined, that the Company is Insolvent,
the Trustee shall deliver any undistributed principal and income in the Trust to
satisfy such claims as a court of competent jurisdiction may direct. The Board
of Directors and the Chief Executive Officer, or if he shall have delegated the
responsibility to the Chief Financial Officer, the Chief Financial Officer of
the Company shall have the duty to inform the Trustee of the Company's
Insolvency. If the Company or a person claiming to be a creditor of the Company
alleges in writing to the Trustee that the Company has become Insolvent, the
Trustee shall independently determine, within thirty (30) days after receipt of
such notice, whether the Company is Insolvent and, pending such determination,
shall discontinue payments of benefits to Trust Beneficiaries, shall hold the
Trust assets for the benefit of the Company's general creditors, and shall
resume payments of benefits to Trust Beneficiaries in accordance with Section 4
of this Trust Agreement only after the Trustee has determined that the Company
is not Insolvent (or is no longer Insolvent, if the Trustee initially determined
the Company to be Insolvent). Unless the Trustee has actual knowledge of the
Company's Insolvency or has received an allegation of Insolvency as provided in
the preceding sentence, the Trustee shall have no duty to inquire whether the
Company is Insolvent. The Trustee may in all events rely on such evidence
concerning the Company's solvency as may be furnished to the Trustee which will
give the Trustee a reasonable basis for making a determination concerning the
Company's solvency. Nothing in this Trust Agreement shall in any way diminish
any rights of any Trust Beneficiary to pursue his or her rights as a general
creditor of the Company with respect to his or her benefits hereunder or
otherwise.

     (c) Provided there are sufficient assets, if the Trustee discontinues
payments of benefits from the Trust and subsequently resumes such payments, the
first payment following such discontinuance shall include the aggregate amount
of all payments which would have been made to Trust Beneficiaries during the
period of such discontinuance, less the aggregate amount of payments made to
Trust Beneficiaries by the Company in lieu of the payments provided for
hereunder during any such period of discontinuance (together with interest on
the amount delayed at the prime rate then in effect at the Trustee on the date
of said payment).

     SECTION 6. INVESTMENT OF PRINCIPAL AND INCOME

         The Trustee shall invest the principal of the Trust and any earnings
thereon in accordance

                                      -3-
<PAGE>   4

with such investment directions as the Company shall provide (or, if the Company
has appointed an investment manager to manage or direct the investment of some
or all of the assets of the Trust, in accordance with the directions of such
investment manager) or in accordance with such objectives, policies and
restrictions as the Company or such investment manager may from time to time
prescribe. The Trustee shall have no duty to inquire into or review the
aforesaid investment directions, objectives, policies, or restrictions, or the
investments made pursuant to the directions of an investment manager. In no
event, however, shall assets held in the Trust be invested in securities or
obligations issued by the Company or any affiliate of the Company.

     Without limiting the foregoing, the parties hereto acknowledge that in
order to provide for an accumulation of assets comparable to the contractual
liabilities of the Company under the Plan, the Company may direct the Trustee to
invest the assets held in the Trust to correspond to the notional investments
made for Trust Beneficiaries under the Plan, and that to the extent specified by
the Company, and subject to a change by the Company in or revocation by the
Company of such specifications and directions at any time, the Trustee shall
accomplish such conforming investments by following investment elections
communicated to the Trustee by Trust Beneficiaries as hereinafter provided.
Trust Beneficiaries may communicate their elections by use of the telephone
exchange or similar system maintained for such purpose by the Trustee or its
affiliates. Any election so communicated by a Trust Beneficiary to the Trustee
with respect to the notional investment or reinvestment of all or a portion of
his or her interest in the Plan shall be treated as a corresponding investment
direction by the Company with respect to assets held in the Trust.

     SECTION 7. DISPOSITION OF PRINCIPAL AND INCOME

     During the term of this Trust, all principal amounts contributed to the
Trust and all interest thereon, net of expenses, shall be accumulated and
reinvested for the purposes herein provided. Subject to the provisions of
Sections 1(c), 4 and 12, the Company shall have no right or power to direct the
Trustee to return to the Company or to direct to others any of the Trust assets
before all payments of benefits payable under the Trust have been made to Trust
Beneficiaries. Upon payment of all such benefits and legal expenses, the Trustee
shall return to the Company all amounts, if any, then remaining in the Trust.

     SECTION 8. ACCOUNTING BY THE TRUSTEE

     The Trustee shall keep accurate and detailed records of all investments,
receipts, disbursements, and all other transactions required to be done,
including such specific records as shall be agreed upon in writing between the
Company and the Trustee. All such accounts, books and records shall be open to
inspection and audit at all reasonable times by the Company. Within sixty (60)
days following the close of each calendar year and within sixty (60) days after
the removal or resignation of the Trustee, the Trustee shall deliver to the
Company a written account of its administration of the Trust during such year or
during the period from the close of the last

                                      -4-
<PAGE>   5

preceding year to the date of such removal or resignation, setting forth all
investments, receipts, disbursements and other transactions effected by it,
including a description of all securities and investments purchased and sold
with the cost or net proceeds of such purchases or sales (accrued interest paid
or receivable being shown separately), and showing all cash, securities and
other property held in the Trust at the end of such year as the date of such
removal or resignation, as the case may be.

     SECTION 9. RESPONSIBILITY OF THE TRUSTEE

     (a) The Trustee shall act with the care, skill, prudence and diligence
under the circumstances then prevailing that a prudent person acting in a like
capacity and familiar with such matters would use in the conduct of an
enterprise of a like character and with like aims; PROVIDED, HOWEVER, that the
Trustee shall incur no liability to anyone for any action reasonably taken in
accordance with a written direction, request, or approval given by the Company
or by an investment manager appointed by the Company that is contemplated by and
complies with the terms of this Trust Agreement, including distributions made in
accordance with directions of the Plan Administrator, and to that extent shall
be relieved of the prudent person rule for investments.

     (b) The Company agrees to indemnify the Trustee against all loss or expense
incurred by the Trustee under this Agreement, except that in no event shall the
Company indemnify the Trustee against any loss or expense incurred by reason of
the Trustee's own negligence or misconduct. Without limiting the foregoing, the
Trustee shall not be required to undertake or to defend on behalf of any person
any litigation arising in connection with this Trust agreement, unless it be
first indemnified by the Company against its prospective costs, expenses and
liability.

     (c) The Trustee may consult with legal counsel (who may also be counsel for
the Trustee generally) with respect to any of its duties or obligations
hereunder, including any determination as to whether a Change of Control has
occurred or as to whether the Company is Insolvent, and shall not be held
responsible for acting or refraining from acting in accordance with the advice
of any such counsel selected with reasonable care.

     (d) The Trustee may hire agents, legal counsel, accountants, actuaries,
investment managers and financial consultants.

     (e) The Trustee shall have, without exclusions, all powers conferred on
trustees by applicable law unless expressly provided otherwise herein.

     (f) Nothing in this Trust Agreement shall be construed as constituting the
Trustee plan "administrator," as that term is defined in Section 3(16) of ERISA,
of any plan or arrangement pursuant to which benefits are provided hereunder.

                                      -5-
<PAGE>   6

     SECTION 10. COMPENSATION AND EXPENSES OF THE TRUSTEE

     The Trustee shall be entitled to receive such reasonable compensation for
its services as shall be agreed upon by the Company and the Trustee. The Trustee
shall also be entitled to receive its reasonable expenses incurred with respect
to the administration of the Trust. All such compensation and expenses shall be
payable by the Company, but if not paid by the Company shall be a charge against
and may be paid from the assets of the Trust.

     SECTION 11. REPLACEMENT OF THE TRUSTEE

     The Trustee may be removed by the Company at any time prior to a Change of
Control, or may resign at any time, in either case by notice in writing. Upon
the removal or the resignation of the Trustee, a new trustee, which shall be a
bank or trust company having a combined capital and surplus of not less than
$50,000,000 shall be appointed by the Company. If the Company fails to appoint a
successor Trustee following the resignation or removal of the present Trustee,
then the present Trustee may apply to a court of competent jurisdiction for the
appointment of a successor Trustee.

     SECTION 12. AMENDMENT OR TERMINATION

     (a) This Trust Agreement may be amended at any time and to any extent by a
written instrument executed by the Committee or the Company; PROVIDED, that no
such amendment that would increase the duties or responsibilities of the Trustee
shall be effective unless the Trustee shall have consented thereto; AND FURTHER
PROVIDED, that following a Change of Control the provisions of this Section 12
may not be amended.

     (b) The Trust shall not terminate until the date on which the last Trust
Beneficiary ceases to be entitled to benefits payable under the Trust, unless
sooner revoked in writing in accordance with Section 1.

     (c) Upon termination of the Trust or upon revocation of the Trust under
Section 1, all assets remaining in the Trust shall be returned to the Company.

     SECTION 13. SEVERABILITY AND ALIENATION

     (a) Any provision of this Trust Agreement prohibited by law shall be
ineffective to the extent of any such prohibition without invalidating the
remaining provisions hereof.

     (b) Benefits payable to Trust Beneficiaries under this Agreement may not be
anticipated, assigned (either at law or in equity), alienated or subject to
attachment, garnishment, levy, execution or other legal or equitable process and
no benefit actually paid to Trust Beneficiaries by the Trustee shall be subject
to any claim for repayment by the Company or the Trustee.

                                      -6-
<PAGE>   7

     SECTION 14. GOVERNING LAW

     This Trust Agreement shall be governed by and construed in accordance with
the laws of Rhode Island.

     IN WITNESS WHEREOF, the Company and the Trustee have executed this
Agreement as of the date first above written.

                                       THE TJX COMPANIES, INC.

                                       By /s/ Donald G. Campbell
                                          --------------------------

                                       FLEET NATIONAL BANK

                                       By /s/ A. H. Mira
                                          --------------------------

                                      -7-
<PAGE>   8

                                   SCHEDULE A
                           To The Trust Agreement For
                 The TJX Companies, Inc. Executive Savings Plan

                        DEFINITION OF "CHANGE OF CONTROL"

     "Change of Control" shall mean the occurrence of any one of the following
     events:

          (a) there occurs a change of control of the Company of a nature that
     would be required to be reported in response to Item 1(a) of the Current
     Report on Form 8-K pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934 (the "Exchange Act") or in any other filing under the
     Exchange Act; PROVIDED, HOWEVER, that if the Participant or a Participant
     Related Party is the Person or a member of a group constituting the Person
     acquiring control, a transaction shall not be deemed to be a Change of
     Control as to a Participant unless the Committee shall otherwise determine
     prior to such occurrence; or

          (b) any Person other than the Company, any wholly-owned subsidiary of
     the Company, or any employee benefit plan of the Company or such a
     subsidiary becomes the owner of 20% or more of the Company's Common Stock
     and thereafter individuals who were not directors of the Company prior to
     the date such Person became a 20% owner are elected as directors pursuant
     to an arrangement or understanding with, or upon the request of or
     nomination by, such Person and constitute at least 1/4 of the Company's
     Board of Directors; PROVIDED, HOWEVER, that unless the Committee shall
     otherwise determine prior to the acquisition of such 20% ownership, such
     acquisition of ownership shall not constitute a Change of Control as to a
     Participant if the Participant or a Participant Related Party is the Person
     or a member of a group constituting the Person acquiring such ownership; or

          (c) there occurs any solicitation or series of solicitations of
     proxies by or on behalf of any Person other than the Company's Board of
     Directors and thereafter individuals who were not directors of the Company
     prior to the commencement of such solicitation or series of solicitations
     are elected as directors pursuant to an arrangement or understanding with,
     or upon the request of or nomination by, such Person and constitute at
     least 1/4 of the Company's Board of Directors; or

                                      -8-
<PAGE>   9

          (d) the Company executes an agreement of acquisition, merger or
     consolidation which contemplates that (i) after the effective date provided
     for in such agreement, all or substantially all of the business and/or
     assets of the Company shall be owned, leased or otherwise controlled by
     another Person and (ii) individuals who are directors of the Company when
     such agreement is executed shall not constitute a majority of the board of
     directors of the survivor or successor entity immediately after the
     effective date provided for in such agreement; PROVIDED, HOWEVER, that
     unless otherwise determined by the Committee, no transaction shall
     constitute a Change of Control as to a Participant if, immediately after
     such transaction, the Participant or any Participant Related Party shall
     own equity securities of any surviving corporation ("Surviving Entity")
     having a fair value as a percentage of the fair value of the equity
     securities of such Surviving Entity greater than 125% of the fair value of
     the equity securities of the Company owned by the Participant and any
     Participant Related Party immediately prior to such transaction, expressed
     as a percentage of the fair value of all equity securities of the Company
     immediately prior to such transaction (for purposes of this paragraph
     ownership of equity securities shall be determined in the same manner as
     ownership of Common Stock); and PROVIDED, FURTHER, that, for purposes of
     this paragraph (d), if such agreement requires as a condition precedent
     approval by the Company's shareholders of the agreement or transaction, a
     Change of Control shall not be deemed to have taken place unless and until
     such approval is secured (but upon any such approval, a Change of Control
     shall be deemed to have occurred on the date of execution of such
     agreement).

     In addition, for purposes of this Exhibit A the following terms have the
meanings set forth below:

     "Common Stock" shall mean the then outstanding Common Stock of the Company
plus, for purposes of determining the stock ownership of any Person, the number
of unissued shares of Common Stock which such Person has the right to acquire
(whether such right is exercisable immediately or only after the passage of
time) upon the exercise of conversion rights, exchange rights, warrants or
options or otherwise. Notwithstanding the foregoing, the term Common Stock shall
not include shares of Preferred Stock or convertible debt or options or warrants
to acquire shares of Common Stock (including any shares of Common Stock issued
or issuable upon the conversion or exercise thereof) to the extent that the
Board of Directors of the Company shall expressly so determine in any future
transaction or transactions.

     A Person shall be deemed to be the "owner" of any Common Stock:

          (i) of which such Person would be the "beneficial owner," as such term
     is defined in Rule 13d-3 promulgated by the Securities and Exchange
     Commission (the "Commission") under the Exchange Act, as in effect on March
     1, 1989; or

          (ii) of which such Person would be the "beneficial owner" for purposes
     of

                                      -9-
<PAGE>   10

     Section 16 of the Exchange Act and the rules of the Commission promulgated
     thereunder, as in effect on March 1, 1989; or

          (iii) which such Person or any of its affiliates or associates (as
     such terms are defined in Rule 12b-2 promulgated by the Commission under
     the Exchange Act, as in effect on March 1, 1989) has the right to acquire
     (whether such right is exercisable immediately or only after the passage of
     time) pursuant to any agreement, arrangement or understanding or upon the
     exercise of conversion rights, exchange rights, warrants or options or
     otherwise.

     "Person" shall have the meaning used in Section 13(d) of the Exchange Act,
as in effect on March 1, 1989.

     A "Participant Related Party" shall mean, with respect to a Participant,
any affiliate or associate of the Participant other than the Company or a
Subsidiary of the Company. The terms "affiliate" and "associate" shall have the
meanings ascribed thereto in Rule 12b-2 under the Exchange Act (the term
"registrant" in the definition of "associate" meaning, in this case, the
Company).

     "Subsidiary" shall mean any corporation or other entity (other than the
Company) in an unbroken chain beginning with the Company if each of the entities
(other than the last entity in the unbroken chain) owns stock or other interests
possessing 50% or more of the total combined voting power of all classes of
stock or other interests in one of the other corporations or other entities in
the chain.

     "Committee" shall mean the Executive Compensation Committee of the Board of
Directors of the Company.

     "Company" shall mean The TJX Companies, Inc.

     Initially capitalized terms not defined above shall have the meanings
assigned to those terms in Article I of the Executive Savings Plan.

                                      -10-
<PAGE>   11

                                   SCHEDULE B
                           To The Trust Agreement For
                 The TJX Companies, Inc. Executive Savings Plan

PERSONS AUTHORIZED TO PROVIDE DIRECTION TO THE TRUSTEE (SUBJECT TO CHANGE BY THE
COMPANY)

     1.   Donald G. Campbell, Executive Vice President, Chief Financial Officer

     2.   Mark Jacobson, Vice President, Corporate Human Services Director

                                      -11-

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