Document:

Fourth Supplemental Indenture

 Exhibit 4.1.4 

 
  

ALLY FINANCIAL INC. 
 as Issuer 
 and 

THE BANK OF NEW YORK MELLON 
 as Trustee 
  

 
 FOURTH
SUPPLEMENTAL INDENTURE 
 SERIES A ALLY FINANCIAL TERM NOTES 

dated as of August 24, 2012 
 to 
 THE INDENTURE 

dated as of September 24, 1996, 
 as amended by a First Supplemental Indenture dated as of January 1, 1998, 
 as
further amended by a Second Supplemental Indenture dated as of June 30, 2006, 
 as further amended by a Third Supplemental
Indenture dated as of August 24, 2012 
  

 

 FOURTH SUPPLEMENTAL INDENTURE (“Fourth Supplemental Indenture”), dated as of
August 24, 2012 between ALLY FINANCIAL INC., a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), and THE BANK OF NEW YORK MELLON, a banking corporation duly organized and existing
under the laws of the State of New York (successor to JP Morgan Chase Bank, N.A.), as Trustee (the “Trustee”), having its Corporate Trust Office at 101 Barclay Street, 4E, New York, New York 10286. 

WITNESSETH 

WHEREAS, the Company and the Trustee have executed and delivered an Indenture, dated as of September 24, 1996, as amended by a First
Supplemental Indenture dated as of January 1, 1998, a Second Supplemental Indenture dated as of June 30, 2006, and a Third Supplemental Indenture dated as of August 24, 2012 (the “Amended Indenture,” and together with
this Fourth Supplemental Indenture, the “Indenture”), providing for the issuance from time to time of one or more series of the Company’s Ally Financial Term Notes, including Series A Ally Financial Term Notes (as defined
herein); 
 WHEREAS, the parties hereto desire to establish a series of Ally Financial Term Notes which shall be a series of
Ally Financial Term Notes referred to as Series A Ally Financial Term Notes (the “Series A Ally Financial Term Notes”) and which may be issued from time to time in any number of tranches and any Series A Ally Financial Term Notes
issued as part of this series and any such tranches will constitute a single series of Ally Financial Term Notes under the Indenture; 
 WHEREAS, the parties hereto desire to establish the form of the Series A Ally Financial Term Notes to be endorsed thereon pursuant to Sections 2.01, 2.02 and 2.06 of the Amended Indenture and attached
hereto as Exhibit A; 
 WHEREAS, the Series A Ally Financial Term Notes shall have such terms as may be established from
time to time in respect of any tranche pursuant to Section 2.01 of the Amended Indenture; 
 WHEREAS, Section 10.01(g)
of the Amended Indenture permits the Company and the Trustee to enter into a supplemental indenture to establish the forms or terms of Notes of any series as permitted under Sections 2.01 and 2.06 of the Amended Indenture without the consent of
holders; 
 WHEREAS, Section 10.01(f) of the Amended Indenture permits the Company and the Trustee to change or eliminate
any provisions of the Amended Indenture, subject to certain conditions; 
 WHEREAS, there are no Series A Ally Financial Term
Notes outstanding created prior to the execution of this Fourth Supplemental Indenture; 

 WHEREAS, the entry into this Fourth Supplemental Indenture, as required by Section 9.01
of the Amended Indenture, has been authorized by a Board Resolution; and 
 WHEREAS, the Company has requested that the Trustee
execute and deliver this Fourth Supplemental Indenture and whereas all actions required by it to be taken in order to make this Fourth Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, have been taken
and performed, and the execution and delivery of this Fourth Supplemental Indenture has been duly authorized in all respects. 

NOW, THEREFORE, the Company and the Trustee mutually covenant and agree as follows: 

ARTICLE 1 

DEFINITIONS 

Section 1.01. Definition of Terms. For all purposes of this Fourth Supplemental Indenture: 

(a) a term defined anywhere in this Fourth Supplemental Indenture has the same meaning throughout; 

(b) capitalized terms used herein but not otherwise defined shall have the meanings assigned to them in the Amended Indenture;

 (c) the singular includes the plural and vice versa; 

(d) headings are for convenience of reference only and do not affect interpretation; and 

(e) for purposes of this Fourth Supplemental Indenture and the Amended Indenture, the term “series” shall mean the series of
Notes designated as Series A Ally Financial Term Notes and shall include any tranches of Series A Ally Financial Term Notes issued as part of such series. 
 ARTICLE 2 
 FORM OF SERIES A ALLY FINANCIAL TERM NOTES 

Section 2.01. Form of Series A Ally Financial Term Note. The form of any Note that is designated as a Series A Ally Financial
Term Note shall be substantially in the form of Exhibit A to this Fourth Supplemental Indenture or as may be determined from time to time pursuant to Sections 2.01 and 2.06 of the Amended Indenture. 

 ARTICLE 3 
 THE SERIES A ALLY FINANCIAL TERM NOTES 
 Section 3.01. Series A Ally
Financial Term Notes Issuable in Tranches. The Series A Ally Financial Term Notes will be issued as part of the same series and may be issued in any number of tranches. For purposes of this Fourth Supplemental Indenture references to
“series” in the Amended Indenture shall be deemed to refer to a tranche of the Series A Ally Financial Term Notes where the context so requires. 
 Section 3.02. Additional Securities; Additional Series A Ally Financial Term Notes. For purposes of the Series A Ally Financial Term Notes, including any tranche of Series A Ally Financial
Term Notes, issued under the Indenture, a new Section 2.10 is inserted into the Amended Indenture and shall read as follows: 
 “Section 2.10. Additional Securities; Additional Series A Ally Financial Term Notes. The Company may, from time to time, without the consent of the Holders of Notes of any series, issue
additional Notes in a new tranche of the series known as Series A Ally Financial Term Notes, and each such new tranche of Series A Ally Financial Term Notes shall have a separate CUSIP, ISIN and/or Common Code number, as applicable. The Company may
also, from time to time, issue additional Series A Ally Financial Term Notes in respect of an existing tranche of Series A Ally Financial Term Notes; provided, however, that such additional Series A Ally Financial Term Notes must be fungible
with any tranche of Series A Ally Financial Term Notes to which they are being added for U.S. federal income tax purposes or must be issued under a different CUSIP, ISIN and/or Common Code number, as applicable.” 

Section 3.04. Series A Ally Financial Term Notes Form a Single Series. Any Series A Ally Financial Term Notes issued as part
of the series of Notes designated as Series A Ally Financial Term Notes, in as many tranches as may be constituted thereunder, together with any other Series A Ally Financial Term Notes, will form a part of and constitute a single series of Notes
under the Indenture and shall be included in the definition of “Notes” in the Indenture where the context requires. 

ARTICLE 5 

MISCELLANEOUS 

Section 5.01. Effect of Supplemental Indenture. Upon the execution and delivery of this Fourth Supplemental Indenture by each
of the Company and the Trustee, the Amended Indenture shall be supplemented in accordance herewith, and this Fourth Supplemental Indenture shall form a part of the Amended Indenture for all purposes in respect of any Series A Ally Financial Term
Notes. 

 Section 5.02. Confirmation of Indenture. The Amended Indenture, as supplemented
and amended by this Fourth Supplemental Indenture, is in all respects ratified and confirmed, and the Amended Indenture, this Fourth Supplemental Indenture and all indentures supplemental thereto shall, in respect of any Series A Ally Financial Term
Notes, be read, taken and construed as one and the same instrument. This Fourth Supplemental Indenture constitutes an integral part of the Amended Indenture with respect to the Series A Ally Financial Term Notes. In the event of a conflict between
the terms and conditions of the Amended Indenture and the terms and conditions of this Fourth Supplemental Indenture, the terms and conditions of this Fourth Supplemental Indenture shall prevail with respect to the Series A Ally Financial Term
Notes. 
 Section 5.04. Concerning the Trustee. The Trustee does not make any representations as to the validity or
sufficiency of this Fourth Supplemental Indenture. The recitals and statements herein are deemed to be those of the Company and not the Trustee. In entering into this Fourth Supplemental Indenture, the Trustee shall be entitled to the benefit of
every provision of the Amended Indenture relating to the conduct of or affecting the liability of or affording protection to the Trustee. 
 Section 5.05. Governing Law. This Fourth Supplemental Indenture and the Series A Ally Financial Term Notes shall be governed by and construed in accordance with the laws of the State of New
York. 
 Section 5.06. Separability. In case any provision contained in this Fourth Supplemental Indenture shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 5.07. Counterparts. This Fourth Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument. 
 [Signature Pages Follow] 

 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be
duly executed as of the date first written above. 
  

					
	ALLY FINANCIAL INC.
		
	By:	 	 /s/ David J. DeBrunner

		 	Name:	 	David J. DeBrunner
		 	Title:	 	Vice President, Chief Accounting Officer and Controller
		
	By:	 	 /s/ Cathy L. Quenneville

		 	Name:	 	Cathy. L. Quenneville
		 	Title:	 	Secretary

 [Signature Page to Fourth Supplemental Indenture] 

			
	 THE BANK OF NEW YORK MELLON,
as Trustee

		
	By:	 	 /s/ Latoya S. Elvin

		 	Name: Latoya S. Elvin
		 	Title: Vice President

 [Signature Page to Fourth Supplemental Indenture] 

 EXHIBIT A 
 [FORM OF FACE OF SECURITY] 
 ALLY FINANCIAL INC. 

SERIES A ALLY FINANCIAL TERM NOTE 
 [Title of Tranche of Securities] 
  

					
	 REGISTERED NOTE
 No.
[FXR] / [FLR]
	 		  	 REGISTERED
 [Principal Amount]

CUSIP:                    

 Unless this certificate is presented by an authorized representative of The Depository Trust Company, a
New York corporation (“DTC”), to Issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
  

			
	ISSUE DATE:	 	PRINCIPAL AMOUNT:
	CUSIP NO:	 	MATURITY DATE:
	DENOMINATIONS:	 	
		
	FIXED RATE:	 	FLOATING RATE:
	 INTEREST RATE:
	 	 BASE INTEREST RATE:

	 INTEREST PAYMENT DATES:
	 	 INDEX MATURITY:

		 	 SPREAD:

	STOCK EXCHANGE LISTING:	 	 SPREAD MULTIPLIER:

	SURVIVOR’S OPTION:	 	 MAXIMUM INTEREST RATE:

	DEFEASANCE:	 	 MINIMUM INTEREST RATE:

	STRIPPING:	 	 INITIAL INTEREST RATE:

	REDEMPTION PROVISIONS:	 	 INTEREST RATE RESET PERIOD:

		 	 INTEREST RATE RESET DATES:

	REPAYMENT PROVISIONS:	 	 INTEREST CALCULATION DATES:

		 	 INTEREST PAYMENT DATES:

		 	 REGULAR RECORD DATES:

	INTEREST PAYMENT PERIOD:	 	 CALCULATION AGENT:

	INTEREST PAYMENT DAY-COUNT CONVENTION, IF OTHER THAN 360-DAY YEAR OF TWELVE 30-DAY MONTHS:	 	 BUSINESS DAY DEFINITION:

	OTHER PROVISIONS:	 	

 [Additional Provisions on Reverse Side of Note] 

  
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 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

 

									
		 		 		 	ALLY FINANCIAL INC.
					
	Dated:	 	  
	 		 	By:	 	  

		 		 		 		 	Name:
		 		 		 		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Series A Ally Financial Term Notes referred to in the within-mentioned Indenture. 

 

									
		 		 		 	 THE BANK OF NEW YORK MELLON,
 as Trustee

					
	Dated:	 	  
	 		 	By:	 	  

		 		 		 		 	Authorized Signatory:

  
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 [REVERSE SIDE OF NOTE] 

For value received, ALLY FINANCIAL INC., a corporation duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Issuer” or the “Company”), hereby promises to pay to Cede & Co., or registered assigns, the principal amount stated above as provided herein, on the Maturity Date stated above (except to the extent redeemed
or repaid prior to maturity, if applicable), in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest thereon, if provided for on the
face of this Note, at the Interest Rate per annum stated above, in like coin or currency, monthly, quarterly, semi-annually or annually as specified above as the Interest Payment Period on each Interest Payment Date specified above, commencing on
[DATE], and at the Maturity Date (or on the date of redemption or repayment by the Company prior to maturity pursuant to mandatory or optional redemption provisions or the Survivor’s Option, if provided herein). 

Each payment of interest on a Note shall include accrued interest from and including the last day in respect of which interest has been
paid (or duly provided for), or, if no interest has been paid or duly provided for, from and including the Issue Date, to, but excluding, the Interest Payment Date or Maturity Date, as the case may be. The interest so payable on any Interest Payment
Date will, subject to certain exceptions provided in the Indenture referred to below, be paid to the person in whose name this Note is registered at the close of business on the Regular Record Date next preceding each Interest Payment Date, except
that interest payable at Maturity, on a date of redemption, if applicable, or in connection with the exercise of the Survivor’s Option, if applicable, will be payable to the person to whom principal shall be payable. 

The Bank of New York Mellon, at its corporate trust office in The City of New York, acts as the paying agent (the “Paying
Agent,” which term includes any additional or successor Paying Agent appointed by the Issuer) with respect to the Note. 

Except to the extent otherwise specified on the face of this Note, this Note shall not be subject to redemption or repayment at the
Issuer’s option or the option of the holder. If so indicated on the face hereof, this Note may be redeemed in whole or in part at the option of the Issuer or subject to repayment at the option of the holder, as applicable, as provided for on
the face hereof and in accordance with the terms of the Indenture, as applicable. 
 This Note (the “Note”) is one of
a duly authorized issue of Series A Ally Financial Term Notes (the “Series A Ally Financial Term Notes”) of the Company. The Notes are issuable under and pursuant to an indenture dated as of September 26, 1996 among the Company and
The Bank of New York Mellon, as trustee (the “Trustee”), as supplemented by a First Supplemental Indenture dated 

  
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as of January 1, 1998, a Second Supplemental Indenture dated as of June 30, 2006, a Third Supplemental Indenture dated as of August 24, 2012, and a Fourth Supplemental Indenture
dated as of August 24, 2012 (such indenture, as supplemented and as may be supplemented and amended from time to time, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a
description of the rights, duties and immunities thereunder of the Company, the Trustee and the holders of the Notes. 
 The
Company may, from time to time, without the consent of the holders of the Notes or other notes of any series issued under the Indenture, issue additional notes in a new tranche of the series known as Series A Ally Financial Term Notes, and each such
new tranche of Series A Ally Financial Term Notes will be issued under a separate CUSIP, ISIN and/or Common Code number, as applicable. The Company may also, from time to time, issue additional Series A Ally Financial Term Notes in respect of an
existing tranche of Series A Ally Financial Term Notes; provided, however, that such additional Series A Ally Financial Term Notes must be fungible with any tranche of Series A Ally Financial Term Notes to which they are being added for U.S.
federal income tax purposes or must be issued under a different CUSIP, ISIN and/or Common Code number, as applicable. Any Series A Ally Financial Term Notes, together with this Note, issued under the Indenture as part of the series designated as
Series A Ally Financial Term Notes, in as many tranches as may be constituted under the Indenture, together with any other Series A Ally Financial Term Notes, will form a part of and constitute a single series of notes under the Indenture. The Notes
will initially be issued in the form of one or more global Notes (each, a “Global Senior Note”). Except as provided in the Indenture, a Global Senior Note shall not be exchangeable for one or more certificated Series A Ally
Financial Term Notes. 
 The Series A Ally Financial Term Notes will constitute unsecured and unsubordinated obligations of the
Company, as described herein, and will rank pari passu without any preference among themselves. 
 In case an Event of
Default, as defined in the Indenture, shall have occurred and be continuing, the principal hereof may be declared, and upon such declaration shall become, due and payable in the manner, with the effect and subject to the conditions provided in the
Indenture. 
 The Indenture contains provisions permitting the Company and the Trustee, with the consent of
the holders of not less than 66 2/3% in aggregate principal amount of all notes of all series at the time outstanding affected by such supplemental indenture (voting as one class), evidenced as in the Indenture provided, to execute
supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or any supplemental indenture or modifying in any manner the rights of the holders of the notes of each series;
provided, that no such supplemental indenture shall (i) extend the fixed maturity of any note, or reduce the principal amount thereof, or 

  
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reduce the rate or extend the time of payment of interest thereon, without the consent of the holder of each note so affected or (ii) reduce the aforesaid percentage of notes, the consent of
the holders of which is required for any supplemental indenture, without the consent of the holders of all notes then outstanding. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and
interest on this Note at the places, at the respective times, at the rate, and in the coin or currency, herein prescribed. 

Upon due presentment for registration of transfer of this Note at the office or agency of the Company in the Borough of Manhattan, the
City of New York, a new global note for an equal aggregate principal amount will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without charge except for any tax or other governmental charge
imposed in connection therewith. 
 The Company and the Trustee may deem and treat the registered holder hereof as the absolute
owner hereof (whether or not this Note shall be overdue), for the purpose of receiving payment of or on account of the principal hereof and interest hereon and for all other purposes, and neither the Company nor the Trustee shall be affected by any
notice to the contrary. 
 No recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or
any indenture supplemental thereto or in any note, or because of any indebtedness evidenced thereby, shall be had against any incorporator, or against any past, present or future stockholder, officer or director, as such, of the Company or of any
successor corporation, either directly or through the Company or any successor corporation, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all
such personal liability of every incorporator, stockholder, officer and director, as such, being expressly waived and released by the acceptance hereof and as a condition of and as part of the consideration for the issuance of this Note. 

This Note is governed by and construed in accordance with the laws of the State of New York. 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. 

Terms used herein which as defined in the Indenture shall have the respective meanings assigned thereto in the Indenture. 

  
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 This Global Note shall not be valid or become obligatory for any purpose until the
Certificate of Authentication hereon shall have been signed by the Trustee under the Indenture. 

  
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 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

  

							
	TEN COM	 	-	 		 	as tenants in common
	TEN ENT	 	-	 		 	as tenants by the entireties
	JT TEN	 	-	 		 	as joint tenants with right of survivorship and not as tenants in common

  

									
	UNIF GIFT MIN ACT -	 	  
	 	Custodian	 	  
	 	
		 	(Minor)	 		 	(Cust)	 	

  

					
	Under Uniform Gifts to Minors Act	 	  
	 	
		 	(State)	 	

 Additional abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

 

			
	  
	 	
	 [PLEASE INSERT SOCIAL SECURITY OR OTHER
 IDENTIFYING NUMBER OF ASSIGNEE]

	
	  

	  

	  

 [PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE] 

the within Note and all rights thereunder, hereby irrevocably constituting and appointing such person attorney to transfer such note on the books of the
Company, with full power of substitution in the premises. 
 Dated:
                     
  

			
	Signature:	 	  

  

			
	NOTICE:	  	The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular without alteration or enlargement or any change
whatsoever.

 OPTION TO ELECT REPAYMENT 
 The undersigned hereby irrevocably requests and instructs the Company to repay the within Note (or portion thereof specified below) pursuant to its terms at a price equal to the principal amount thereof,
together with interest to the Repayment Date (or at a price equal to the Amortized Face Amount for Original Issue Discount Notes and Zero-Coupon Notes on the date of repayment), to the undersigned at 

	
	  

	  

	  

	(Please print or typewrite name and address of the undersigned)

 If less than the entire principal amount of the within Note is to be repaid, specify the portion thereof
which the holder elects to have repaid:                     ; and specify the denomination or denominations (which shall not be less than the minimum
authorized denomination) of the Notes to be issued to the holder for the portion of the within Note not being repaid (in the absence of any such specification, one such Note will be issued for the portion not being repaid):
            . 
 Dated:
                     
  

			
		 	  

		 	NOTICE: The signature on this Option to Elect Repayment must correspond with the name as written upon the face of the within instrument in every particular without alteration or
enlargement. If exercised in connection with the Survivor’s Option, signature of legal representative of estate of deceased beneficial owner required. Legal representative must also provide copy of death certificate and proof of appointment as
legal representative of estate of deceased beneficial owner.Employment Agreement dated as of June 13, 2012

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 DATED AS OF JUNE 13, 2012 

BETWEEN BERNARD CAMMARATA AND THE TJX COMPANIES, INC. 

 INDEX 
  

							
	 	  	 	  	PAGE	 
	1.	  	EFFECTIVE DATE; TERM OF AGREEMENT	  	 	1	  
			
	2.	  	SCOPE OF EMPLOYMENT	  	 	1	  
			
	3.	  	COMPENSATION AND BENEFITS	  	 	2	  
			
	4.	  	TERMINATION OF EMPLOYMENT; IN GENERAL	  	 	3	  
		
	5.	  	BENEFITS UPON NON-VOLUNTARY TERMINATION OF EMPLOYMENT OR UPON EXPIRATION OF THE AGREEMENT	   
			
	6.	  	OTHER TERMINATION	  	 	5	  
			
	7.	  	CHANGE OF CONTROL	  	 	5	  
			
	8.	  	AGREEMENT NOT TO SOLICIT OR COMPETE	  	 	6	  
			
	9.	  	ASSIGNMENT	  	 	9	  
			
	10.	  	NOTICES	  	 	9	  
			
	11.	  	WITHHOLDING; CERTAIN TAX MATTERS	  	 	9	  
			
	12.	  	RELEASE	  	 	10	  
			
	13.	  	GOVERNING LAW	  	 	10	  
			
	14.	  	ARBITRATION	  	 	10	  
			
	15.	  	TERMINATION OF EMPLOYMENT AND SEPARATION FROM SERVICE	  	 	10	  
			
	16.	  	ENTIRE AGREEMENT	  	 	11	  
		
	 EXHIBIT A
	  			
		  	CERTAIN DEFINITIONS	  	 	A-1	  
		
	 EXHIBIT B
	  			
		  	DEFINITION OF “CHANGE OF CONTROL”	  	 	B-1	  
		
	 EXHIBIT C
	  			
		  	CHANGE OF CONTROL BENEFITS	  	 	C-1	  

  
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 BERNARD CAMMARATA 
 EMPLOYMENT AGREEMENT 
 AGREEMENT dated as of June 13, 2012 between BERNARD
CAMMARATA (“Executive”) and The TJX Companies, Inc., a Delaware corporation whose principal office is in Framingham, Massachusetts 01701 (the “Company”). 
 RECITALS 
 Executive has been employed by the Company as Chairman of the
Board and in other executive capacities, most recently pursuant to an employment agreement dated as of June 2, 2009 (the “Prior Agreement”). The Company and Executive intend that Executive shall be employed by the Company on the terms
set forth below and, to that end, deem it desirable and appropriate to enter into this Agreement. 
 AGREEMENT 

The parties hereto, in consideration of the mutual agreements hereinafter contained, agree as follows: 

1. EFFECTIVE DATE; TERM OF AGREEMENT. This Agreement shall become effective as of June 13, 2012 (the “Effective Date”). Upon
effectiveness of this Agreement on the Effective Date, the Prior Agreement shall terminate and be of no further force and effect. Subject to earlier termination as provided herein, Executive’s employment hereunder shall continue on the terms
provided herein until the date of the annual meeting of stockholders of the Company occurring in 2015 (the “2015 meeting date”). The period of Executive’s employment by the Company from and after the Effective Date, whether under this
Agreement or otherwise, is referred to in this Agreement as the “Employment Period”. This Agreement is intended to comply with the applicable requirements of Section 409A and shall be construed accordingly. 

2. SCOPE OF EMPLOYMENT. 

(a) Nature of Services. During the term hereof, Executive shall diligently perform the duties and responsibilities of Chairman of
the Board upon election or reelection to such position by the Board, and such additional executive duties and responsibilities as shall from time to time be assigned to him by the Board. In any matter in which the Board or Committee deliberates or
takes action with respect to this Agreement, Executive, if then a member of the body so deliberating or taking action, shall recuse himself. 
 (b) Extent of Services. Executive shall devote such time and efforts as are reasonably necessary to the proper performance of his duties hereunder, it being understood that such duties are not
expected to require Executive’s full-time attention and that Executive may, during the 

 
Employment Period, participate in other activities (including, without limitation, charitable or community activities, activities in trade or professional organizations, service on other boards
or similar bodies, and investments in other enterprises), provided that such other activities (i) would be permitted under Section 8, and (ii) are not otherwise inconsistent with Executive’s position, duties and
responsibilities hereunder. 
 3. COMPENSATION AND BENEFITS. 
 (a) Base Salary. Executive shall be paid a base salary at the rate hereinafter specified, such Base Salary to be paid in the same manner and at the same times as the Company shall pay base salary
to other executive employees. The rate at which Executive’s Base Salary shall be paid shall be $500,000 per year or such other rate (not less than $500,000 per year) as the Committee may determine after Committee review. Executive’s Base
Salary shall be reviewed periodically by the Committee. 
 (b) Certain Benefits. During the Employment Period, Executive
shall be entitled to participate in the Company’s tax-qualified retirement and profit-sharing plans (the “Qualified Plans”), and in the ESP (subject to clause (iii) below)), in each case in accordance with the terms of such plans
or programs as in effect from time to time. In addition: 
 (i) Executive shall not be entitled to participate in
any awards under the Company’s Long Range Performance Incentive Plan or under the Company’s Management Incentive Plan. 
 (ii) Executive shall be eligible for an award of performance-based restricted stock under the Company’s Stock Incentive Plan (including any successor, the “Stock Incentive Plan”) in
connection with the execution of this Agreement (the “new PBRS award”), the terms and conditions of which are set forth in the award certificate evidencing such award. The Committee shall periodically consider, and may from time to time
grant, awards to Executive under the Stock Incentive Plan in addition to the new PBRS award, such additional awards, if any, to be granted in such form and with such terms as the Committee in its discretion may determine. With respect to respect to
Stock Incentive Awards held by Executive (including but not limited to the new PBRS award), Executive will be entitled to tender shares of Company common stock not then subject to restrictions under any Company plan, or to have shares of stock
deliverable under the awards held back, in satisfaction of minimum withholding taxes required in respect of income realized in connection with the awards. 
 (iii) Executive shall not be entitled to any employer credits under ESP. 
 (iv) Executive shall have no rights to benefits under the Company’s Supplemental Executive Retirement Plan (“SERP”). 
 Except as provided in Section 3(b)(iii) above, Executive’s entitlement to benefits, if any, under those Company employee and fringe benefit plans and programs in which he participates will be
determined in accordance with the terms of the applicable plan or program (including, for the avoidance of doubt and without limitation, the amendment and termination provisions thereof). 

  
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 (c) Policies and Fringe Benefits. Executive shall be subject to Company policies
applicable to its executives generally and shall be entitled to receive all such fringe benefits as the Company shall from time to time make available to other executives generally (subject to the terms of any applicable fringe benefit plan).

 (d) Other. The Company is entitled to terminate Executive’s employment notwithstanding the fact that Executive may
lose entitlement to benefits under the arrangements described above. Upon termination of his employment, Executive shall have no claim against the Company for loss in relation to any stock-based awards granted to Executive, and the rights of
Executive shall be determined solely by the rules of the relevant award document and plan. 
 4. TERMINATION OF EMPLOYMENT; IN GENERAL.

 (a) The Company shall have the right to end Executive’s employment at any time and for any reason, with or without Cause.

 (b) Executive’s employment shall terminate upon written notice by the Company to Executive (or, if earlier, to the extent
consistent with the requirements of Section 409A, upon the expiration of the twenty-nine (29)-month period commencing upon Executive’s absence from work) if Executive is unable to perform his duties by reason of Disability. Any termination
pursuant to this Section 4(b) shall be treated for purposes of Section 5 and the definition of “Change of Control Termination” at subsection (f) of Exhibit A as a termination by reason of Disability. 

(c) Whenever his employment shall terminate, Executive shall resign all offices or other positions he shall hold with the Company and any
affiliated corporations, including all positions on the Board. For the avoidance of doubt, the Employment Period shall terminate upon termination of Executive’s employment for any reason. 
 5. BENEFITS UPON NON-VOLUNTARY TERMINATION OF EMPLOYMENT OR UPON EXPIRATION OF THE AGREEMENT. 
 (a) Certain Terminations Prior to the 2015 meeting date. If the Employment Period shall have terminated prior to the 2015 meeting date by reason of (I) death or Disability of Executive, (II)
termination by the Company for any reason other than Cause, or (III) a Constructive Termination, then all compensation and benefits for Executive shall be as follows: 

(i) For a period of twelve (12) months after the Date of Termination (the “termination period”), the
Company will pay to Executive or his legal representative, without reduction for compensation earned from other employment or self employment, continued Base Salary at the rate in effect at termination of employment, in accordance with its regular
payroll practices for executive employees of the Company (but not less frequently than monthly); provided, that if Executive is a Specified Employee at the relevant time, the Base Salary that would otherwise be payable during the six-month
period beginning on the Date of Termination shall instead be accumulated and paid, without interest, in a lump sum on the date that is six (6) months and one day after such date (or, if earlier, the date of Executive’s death); and
further provided, that if Executive is eligible for long-term disability compensation benefits under the Company’s long-term 

  
 -3-

 
disability plan, the amount payable under this clause shall be paid at a rate equal to the excess of (a) the rate of Base Salary in effect at termination of employment, over (b) the
long-term disability compensation benefits for which Executive is approved under such plan. 
 (ii) If Executive
elects so-called “COBRA” continuation of group health plan coverage provided pursuant to Part 6 of Subtitle B of Title I of the Employee Retirement Income Security Act of 1974, as amended, there shall be added to the amounts otherwise
payable under Section 5(a)(i) above, during the continuation of such coverage but not beyond the end of the termination period, an amount (grossed up for federal and state income taxes) equal to the participant cost of such coverage during such
period, except to the extent that Executive shall obtain no less favorable coverage from another employer or from self-employment in which case such additional payments shall cease immediately. For the avoidance of doubt, Executive shall not be
eligible for continuation of group health plan coverage from and after the Date of Termination except for any “COBRA” continuation as described in this Section 5(a)(ii). 

(iii) In addition, the Company will pay to Executive or his legal representative such vested amounts as shall then remain
credited to Executive’s account (but not received) under the Company’s frozen GDCP and ESP in accordance with the terms of those programs. 
 (iv) Executive or his legal representative shall be entitled to the benefits under the new PBRS award and any other awards under the Stock Incentive Plan, in each case in accordance with and subject to
the terms of the applicable award, and to payment of his vested benefits, if any, under the Qualified Plans. 

(v) If termination occurs by reason of Disability, Executive shall also be entitled to such compensation, if any, as is
payable pursuant to the Company’s long-term disability plan. If for any period Executive receives long-term disability compensation payments under a long-term disability plan of the Company as well as payments under Section 5(a)(i) above,
and if the sum of such payments (the “combined salary/disability benefit”) exceeds the payment for such period to which Executive is entitled under Section 5(a)(i) above (determined without regard to the second proviso set forth
therein), he shall promptly pay such excess in reimbursement to the Company; provided, that in no event shall application of this sentence result in reduction of Executive’s combined salary/disability benefit below the level of long-term
disability compensation payments to which Executive is entitled under the long-term disability plan or plans of the Company. 
 (vi) Except as expressly set forth above or as required by law, Executive shall not be entitled to continue participation during the termination period in any employee benefit or fringe benefit plans,
except for continuation of any automobile allowance which shall be added to the amounts otherwise payable under Section 5(a)(i) above during the continuation of such coverage but not beyond the end of the termination period. 

  
 -4-

 (b) Termination on the 2015 meeting date. Unless earlier terminated or except as
otherwise mutually agreed by Executive and the Company, Executive’s employment with the Company shall terminate on the 2015 meeting date. Unless the Company in connection with such termination shall offer to Executive continued service in a
position acceptable to Executive and upon mutually and reasonably agreeable terms, Executive shall be treated as having been terminated under Section 5(a)(II) on the day immediately preceding the 2015 meeting date and shall be entitled to the
compensation and benefits described in Section 5(a) in respect of such a termination, subject, for the avoidance of doubt, to the other provisions of this Agreement including, without limitation, Section 8. If the Company in connection
with such termination offers to Executive continued service in a position acceptable to Executive and upon mutually and reasonably agreeable terms, and Executive declines such service, he shall be treated for all purposes of this Agreement as having
terminated his employment voluntarily on the 2015 meeting date and he shall be entitled only to those benefits to which he would be entitled under Section 6(a) (Retirement or other voluntary termination of employment). For purposes of the two
preceding sentences, “service in a position acceptable to Executive” shall mean service in a position comparable to the position in which Executive was serving immediately prior to the 2015 meeting date, as reasonably determined by the
Board, or service in such other position, if any, as may be acceptable to Executive. 
 6. OTHER TERMINATION. 

(a) Retirement or other voluntary termination of employment. If Executive retires or otherwise terminates his employment
voluntarily and other than as provided in Section 5(a)(III), Executive or his legal representative shall be entitled (in each case in accordance with and subject to the terms of the applicable arrangement) to the following: (i) such vested
amounts, if any, as are credited to Executive’s account (but not received) under GDCP and ESP in accordance with the terms of those programs; (ii) any vested benefits under the new PBRS award or under any other Stock Incentive Plan awards,
in each case in accordance with and subject to the terms of the applicable award; and (iii) any vested benefits under the Qualified Plans. No other benefits shall be paid under this Agreement upon any termination of employment under this
Section 6(a). 
 (b) Termination for Cause. If the Company should end Executive’s employment for Cause, all
compensation and benefits otherwise payable pursuant to this Agreement shall cease, other than vested benefits described at Section 6(a) above in accordance with and subject to the terms of the applicable plan or arrangement. The Company does
not waive any rights it may have for damages or for injunctive relief. 
 7. CHANGE OF CONTROL. Upon and following a Change of Control,
(i) Executive’s employment under this Agreement shall continue indefinitely without regard to the 2015 meeting date or Section 5(b), subject, however, to termination by either party or by reason of Executive’s death or Disability
in accordance with the other provisions of this Agreement; and (ii) the provisions of Section 5 shall cease to apply in respect of any termination of employment described therein that occurs during the Standstill Period (but the provisions
of Section C.1 of Exhibit C (including any reference to Section 5 therein) shall apply in respect of any such termination that qualifies as a Change of Control Termination). Additional provisions relevant upon and following a Change of Control
are found in Exhibit C. 

  
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 8. AGREEMENT NOT TO SOLICIT OR COMPETE. 

(a) During the Employment Period and for a period of twenty-four (24) months thereafter (the “Nonsolicitation Period”),
Executive shall not, and shall not direct any other individual or entity to, directly or indirectly (including as a partner, shareholder, joint venturer or other investor) (i) hire, offer to hire, attempt to hire or assist in the hiring of, any
protected person as an employee, director, consultant, advisor or other service provider, (ii) recommend any protected person for employment or other engagement with any person or entity other than the Company and its Subsidiaries,
(iii) solicit for employment or other engagement any protected person, or seek to persuade, induce or encourage any protected person to discontinue employment or engagement with the Company or its Subsidiaries, or recommend to any protected
person any employment or engagement other than with the Company or its Subsidiaries, (iv) accept services of any sort (whether for compensation or otherwise) from any protected person, or (v) participate with any other person or entity in
any of the foregoing activities. Any individual or entity to which Executive provides services (as an employee, director, consultant, advisor or otherwise) or in which Executive is a shareholder, member, partner, joint venturer or investor,
excluding interests in the common stock of any publicly traded corporation of one percent (1%) or less), and any individual or entity that is affiliated with any such individual or entity, shall, for purposes of the preceding sentence, be
irrebuttably presumed to have acted at the direction of Executive with respect to any “protected person” who worked with Executive at any time during the six (6) months prior to termination of the Employment Period. A “protected
person” is a person who at the time of termination of the Employment Period, or within six (6) months prior thereto, is or was employed by the Company or any of its Subsidiaries either in a position of Assistant Vice President or higher,
or in a salaried position in any merchandising group. As to (I) each “protected person” to whom the foregoing applies, (II) each subcategory of “protected person,” as defined above, (III) each limitation on
(A) employment or other engagement, (B) solicitation and (C) unsolicited acceptance of services, of each “protected person” and (IV) each month of the period during which the provisions of this subsection (a) apply to
each of the foregoing, the provisions set forth in this subsection (a) shall be deemed to be separate and independent agreements. In the event of unenforceability of any one or more such agreement(s), such unenforceable agreement(s) shall be
deemed automatically reformed in order to allow for the greatest degree of enforceability authorized by law or, if no such reformation is possible, deleted from the provisions hereof entirely, and such reformation or deletion shall not affect the
enforceability of any other provision of this subsection (a) or any other term of this Agreement. 
 (b) During the course
of his employment, Executive will have learned vital trade secrets of the Company and its Subsidiaries and will have access to confidential and proprietary information and business plans of the Company and its Subsidiaries. Therefore, during the
Employment Period and for a period of twenty-four (24) months thereafter (the “Noncompetition Period”), Executive will not, directly or indirectly, be a shareholder, member, partner, joint venturer or investor (disregarding in this
connection passive ownership for investment purposes of common stock representing one percent (1%) or less of the voting power or value of any publicly traded corporation) in, serve as a director or manager of, be engaged in any employment,
consulting, or fees-for-services relationship or arrangement with, or advise with respect to the organization or conduct of, or any investment in, any “competitive business” as hereinafter defined or any Person that engages in any
“competitive business” as hereinafter 

  
 -6-

 
defined, nor shall Executive undertake any planning to engage in any such activities. The term “competitive business” (i) shall mean any business (however organized or conducted,
including, without limitation, an on-line, “ecommerce” or other internet-based business) that competes with a business in which the Company or any of its Subsidiaries was engaged, or in which the Company or any Subsidiary was planning to
engage, at any time during the 12-month period immediately preceding the date on which the Employment Period ends, and (ii) shall conclusively be presumed to include, but shall not be limited to, (A) any business designated as a
competitive business in the Committee Resolution, including, without limitation, an on-line, “ecommerce” or other internet-based business of any such business, and (B) any other off-price, promotional, or warehouse-club-type retail
business, however organized or conducted (including, without limitation, an on-line, “ecommerce” or other internet-based business), that sells apparel, footwear, home fashions, home furnishings, jewelry, accessories, or any other category
of merchandise sold by the Company or any of its Subsidiaries at the termination of the Employment Period. For purposes of this subsection (b), (i) a “Person” means an individual, a corporation, a limited liability company, an
association, a partnership, an estate, a trust and any other entity or organization, other than the Company or its Subsidiaries, and reference to any Person (the “first Person”) shall be deemed to include any other Person that controls, is
controlled by or is under common control with the first Person, and (ii) Executive’s investment and participation in Klas Shoe LLC on the terms presented to the Board and its committees is expressly approved. If, at any time, pursuant to
action of any court, administrative, arbitral or governmental body or other tribunal, the operation of any part of this subsection shall be determined to be unlawful or otherwise unenforceable, then the coverage of this subsection shall be deemed to
be reformed and restricted as to substantive reach, duration, geographic scope or otherwise, as the case may be, to the extent, and only to the extent, necessary to make this paragraph lawful and enforceable to the greatest extent possible in the
particular jurisdiction in which such determination is made. 
 (c) Executive shall never use or disclose any confidential or
proprietary information of the Company or its Subsidiaries other than as required by applicable law or during the Employment Period for the proper performance of Executive’s duties and responsibilities to the Company and its Subsidiaries. This
restriction shall continue to apply after Executive’s employment terminates, regardless of the reason for such termination. All documents, records and files, in any media, relating to the business, present or otherwise, of the Company and its
Subsidiaries and any copies (“Documents”), whether or not prepared by Executive, are the exclusive property of the Company and its Subsidiaries. Executive must diligently safeguard all Documents, and must surrender to the Company at such
time or times as the Company may specify all Documents then in Executive’s possession or control. In addition, upon termination of employment for any reason other than the death of Executive, Executive shall immediately return all Documents,
and shall execute a certificate representing and warranting that he has returned all such Documents in Executive’s possession or under his control. 
 (d) If, during the Employment Period or at any time following termination of the Employment Period, regardless of the reason for such termination, Executive breaches any provision of this Section 8,
the Company’s obligation, if any, to pay benefits under Section 5 hereof shall forthwith cease and Executive shall immediately forfeit and disgorge to the Company, with interest at the prime rate in effect at Bank of America, or its
successor, all of the following: (i) any benefits theretofore paid to Executive under Section 5; (ii) any unexercised 

  
 -7-

 
stock options and stock appreciation rights held by Executive; (iii) if any other stock-based award vested in connection with or following termination of the Employment Period, or at any
time subsequent to such breach, the value of such stock-based award at time of vesting plus any additional gain realized on a subsequent sale or disposition of the award or the underlying stock; and (iv) in respect of each stock option or stock
appreciation right exercised by Executive within six (6) months prior to any such breach or subsequent thereto and prior to the forfeiture and disgorgement required by this Section 8(d), the excess over the exercise price (or base value,
in the case of a stock appreciation right) of the greater of (A) the fair market value at time of exercise of the shares of stock subject to the award, or (B) the number of shares of stock subject to such award multiplied by the per-share
proceeds of any sale of such stock by Executive. 
 (e) Executive shall notify the Company immediately upon securing employment
or becoming self-employed at any time within the Noncompetition Period or the Nonsolicitation Period, and shall provide to the Company such details concerning such employment or self-employment as it may reasonably request in order to ensure
compliance with the terms hereof. 
 (f) Executive hereby advises the Company that Executive has carefully read and considered
all the terms and conditions of this Agreement, including the restraints imposed on Executive under this Section 8, and agrees without reservation that each of the restraints contained herein is necessary for the reasonable and proper
protection of the good will, confidential information and other legitimate business interests of the Company and its Subsidiaries, that each and every one of those restraints is reasonable in respect to subject matter, length of time and geographic
area; and that these restraints will not prevent Executive from obtaining other suitable employment during the period in which Executive is bound by them. Executive agrees that Executive will never assert, or permit to be asserted on his behalf, in
any forum, any position contrary to the foregoing. Executive also acknowledges and agrees that, were Executive to breach any of the provisions of this Section 8, the harm to the Company and its Subsidiaries would be irreparable. Executive
therefore agrees that, in the event of such a breach or threatened breach, the Company shall, in addition to any other remedies available to it and notwithstanding Section 14, have the right to obtain preliminary and permanent injunctive relief
against any such breach or threatened breach without having to post bond, and will additionally be entitled to an award of attorney’s fees incurred in connection with enforcing its rights hereunder. Executive further agrees that, in the event
that any provision of this Agreement shall be determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of activities, such provision
shall be deemed to be modified to permit its enforcement to the maximum extent permitted by law. Finally, Executive agrees that the Noncompetition Period and the Nonsolicitation Period shall be tolled, and shall not run, during any period of time in
which Executive is in violation of any of the terms of this Section 8, in order that the Company shall have the agreed-upon temporal protection recited herein. 
 (g) Executive agrees that if any of the restrictions in this Section 8 is held to be void or ineffective for any reason but would be held to be valid and effective if part of its wording were
deleted, that restriction shall apply with such deletions as may be necessary to make it valid and effective. Executive further agrees that the restrictions contained in each subsection of this Section 8 shall be construed as separate and
individual restrictions and shall each be capable of being severed without prejudice to the other restrictions or to the remaining provisions. 

  
 -8-

 (h) Executive expressly consents to be bound by the provisions of this Agreement for the
benefit of the Company and its Subsidiaries, and any successor or permitted assign to whose employ Executive may be transferred, without the necessity that this Agreement be re-signed at the time of such transfer. Executive further agrees that no
changes in the nature or scope of his employment with the Company will operate to extinguish the terms and conditions set forth in Section 8, or otherwise require the parties to re-sign this Agreement. 

(i) The provisions of this Section 8 shall survive the termination of the Employment Period and the termination of this Agreement,
regardless of the reason or reasons therefor, and shall be binding on Executive regardless of any breach by the Company of any other provision of this Agreement. 
 9. ASSIGNMENT. The rights and obligations of the Company shall inure to the benefit of and shall be binding upon the successors and assigns of the Company. The rights and obligations of Executive
are not assignable except only that stock issuable, awards and payments payable to him after his death shall be made to his estate except as otherwise provided by the applicable plan or award documentation, if any. 

10. NOTICES. All notices and other communications required hereunder shall be in writing and shall be given by mailing the same by certified or
registered mail, return receipt requested, postage prepaid. If sent to the Company the same shall be mailed to the Company at 770 Cochituate Road, Framingham, Massachusetts 01701, Attention: Chairman of the Executive Compensation Committee, or other
such address as the Company may hereafter designate by notice to Executive; and if sent to Executive, the same shall be mailed to Executive at his address as set forth in the records of the Company or at such other address as Executive may hereafter
designate by notice to the Company. 
 11. WITHHOLDING; CERTAIN TAX MATTERS. Anything to the contrary notwithstanding, (a) all
payments required to be made by the Company hereunder to Executive shall be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the Company may reasonably determine it should withhold pursuant to any
applicable law or regulation, and (b) to the extent any payment hereunder that is payable by reason of termination of Executive’s employment constitutes “nonqualified deferred compensation” subject to Section 409A and would
otherwise have been required to be paid during the six (6)-month period following such termination of employment, it shall instead (unless at the relevant time Executive is no longer a Specified Employee) be delayed and paid, without interest, in a
lump sum on the date that is six (6) months and one day after Executive’s termination (or, if earlier, the date of Executive’s death). The parties hereto acknowledge that in addition to any delay required under Section 11, it may
be desirable, in view of regulations or other guidance issued under Section 409A, to amend provisions of the Agreement to avoid the acceleration of tax or the imposition of additional tax under Section 409A and that the Company will not
unreasonably withhold its consent to any such amendments which in its determination are (i) feasible and necessary to avoid adverse tax consequences under Section 409A for Executive, and (ii) not adverse to the interests of the
Company. Executive acknowledges that he has reviewed the provisions of this Agreement with his advisors and agrees that except for the payments described in Section 5(a)(ii) of this Agreement, the Company shall not be liable to make Executive
whole for any taxes that may become due or payable by reason of this Agreement or any payment, benefit or entitlement hereunder. 

  
 -9-

 12. RELEASE. Except for payment of any accrued and unpaid Base Salary and subject to such exceptions
as the Company in its discretion may determine for the payment of other amounts accrued and vested prior to the Date of Termination, any obligation of the Company to provide compensation or benefits under Section 5 or Section C.1 of Exhibit C
of this Agreement, and (to the extent permitted by law) any vesting of unvested compensation or benefits in connection with or following Executive’s termination of employment, are expressly conditioned on Executive’s execution and delivery
to the Company of an effective release of claims (in the form of release approved by the Committee) as to which all applicable rights of revocation, as determined by the Company, shall have expired prior to the sixtieth (60th) calendar day
following the Date of Termination (any such timely and irrevocable release, the “Release of Claims”). Any compensation and benefits that are conditioned on the delivery of the Release of Claims under this Section 12 and that otherwise
would have been payable prior to such sixtieth (60th) calendar day (determined, for the avoidance of doubt, after taking into account any other required delays in payment, including any six (6)-month delay under Section 11) shall, if the
Release of Claims is delivered, instead be paid on such sixtieth (60th) day, notwithstanding any provision of this Agreement regarding the time of such payments. 
 13. GOVERNING LAW. This Agreement and the rights and obligations of the parties hereunder shall be governed by the laws of the Commonwealth of Massachusetts. 

14. ARBITRATION. In the event that there is any claim or dispute arising out of or relating to this Agreement, or the breach thereof, and the
parties hereto shall not have resolved such claim or dispute within sixty (60) days after written notice from one party to the other setting forth the nature of such claim or dispute, then such claim or dispute shall be settled exclusively by
binding arbitration in Boston, Massachusetts in accordance with the Rules Governing Resolutions of Employment Disputes of the American Arbitration Association by an arbitrator mutually agreed upon by the parties hereto or, in the absence of such
agreement, by an arbitrator selected according to such Rules. Notwithstanding the foregoing, if either the Company or Executive shall request, such arbitration shall be conducted by a panel of three arbitrators, one selected by the Company, one
selected by Executive and the third selected by agreement of the first two, or, in the absence of such agreement, in accordance with such Rules. Judgment upon the award rendered by such arbitrator(s) shall be entered in any Court having jurisdiction
thereof upon the application of either party. 
 15. TERMINATION OF EMPLOYMENT AND SEPARATION FROM SERVICE. All references in the
Agreement to termination of employment, a termination of the Employment Period, or separation from service, and correlative terms, that result in the payment or vesting of any amounts or benefits that constitute “nonqualified deferred
compensation” within the meaning of Section 409A shall be construed to require a Separation from Service, and the Date of Termination in any such case shall be construed to mean the date of the Separation from Service. 

  
 -10-

 16. ENTIRE AGREEMENT. This Agreement, including Exhibits (which are hereby incorporated by
reference), represents the entire agreement between the parties relating to the terms of Executive’s employment by the Company and supersedes all prior written or oral agreements, including, without limitation, the Prior Agreement, between
them. 
  

			
		 	/s/ Bernard Cammarata
		 	Executive

 
			
	
	THE TJX COMPANIES, INC.
		
	By	 	/s/ Carol Meyrowitz
	Chief Executive Officer

  
 -11-

 EXHIBIT A 
 Certain Definitions 
 (a) “Base Salary” means, for any period,
the amount described in Section 3(a). 
 (b) “Board” means the Board of Directors of the Company. 

(c) “Cause” means dishonesty by Executive in the performance of his duties, conviction of a felony (other than a conviction
arising solely under a statutory provision imposing criminal liability upon Executive on a per se basis due to the Company offices held by Executive, so long as any act or omission of Executive with respect to such matter was not taken or omitted in
contravention of any applicable policy or directive of the Board), gross neglect of duties (other than as a result of Disability or death), or conflict of interest which conflict shall continue for thirty (30) days after the Company gives
written notice to Executive requesting the cessation of such conflict. 
 In respect of any termination during a Standstill
Period, Executive shall not be deemed to have been terminated for Cause until the later to occur of (i) the 30th day after notice of termination is given and (ii) the delivery to Executive of a copy of a resolution duly adopted by the
affirmative vote of not less than a majority of the Company’s directors at a meeting called and held for that purpose (after reasonable notice to Executive), and at which Executive together with his counsel was given an opportunity to be heard,
finding that Executive was guilty of conduct described in the definition of “Cause” above, and specifying the particulars thereof in detail; provided, however, that the Company may suspend Executive and withhold payment of his Base
Salary from the date that notice of termination is given until the earliest to occur of (A) termination of Executive for Cause effected in accordance with the foregoing procedures (in which case Executive shall not be entitled to his Base
Salary for such period), (B) a determination by a majority of the Company’s directors that Executive was not guilty of the conduct described in the definition of “Cause” effected in accordance with the foregoing procedures (in
which case Executive shall be reinstated and paid any of his previously unpaid Base Salary for such period), or (C) ninety (90) days after notice of termination is given (in which case Executive shall then be reinstated and paid any of his
previously unpaid Base Salary for such period). If Base Salary is withheld and then paid pursuant to clause (B) or (C) of the preceding sentence, the amount thereof shall be accompanied by simple interest, calculated on a daily basis, at a
rate per annum equal to the prime or base lending rate, as in effect at the time, of the Company’s principal commercial bank. The Company shall exercise its discretion under this paragraph consistent with the requirements of Section 409A
or the requirements for exemption from Section 409A. 
 (d) “Change in Control Event” means a “change in
control event” (as that term is defined in section 1.409A-3(i)(5) of the Treasury Regulations under Section 409A) with respect to the Company. 
 (e) “Change of Control” has the meaning given it in Exhibit B. 

  
 A-1

 (f) “Change of Control Termination” means the termination of Executive’s
employment during a Standstill Period (1) by the Company other than for Cause, or (2) by Executive for good reason, or (3) by reason of death or Disability. 
 For purposes of this definition, termination for “good reason” shall mean the voluntary termination by Executive of his employment within one hundred and twenty (120) days after the
occurrence without Executive’s express written consent of any one of the events described below, provided, that Executive gives notice to the Company within sixty (60) days of the first occurrence of any such event or condition,
requesting that the pertinent event or condition described therein be remedied, and the situation remains unremedied upon expiration of the thirty (30)-day period commencing upon receipt by the Company of such notice: 

 

	 	(I)	the assignment to him of any duties inconsistent with his positions, duties, responsibilities, and status with the Company immediately prior to the Change of Control,
or any removal of Executive from or any failure to reelect him to such positions, except in connection with the termination of Executive’s employment by the Company for Cause or by Executive other than for good reason, or any other action by
the Company which results in a diminishment in such position, authority, duties or responsibilities; or 

  

	 	(II)	if Executive’s rate of Base Salary for any fiscal year is less than 100% of the rate of Base Salary paid to Executive in the completed fiscal year immediately
preceding the Change of Control or if Executive’s total cash compensation opportunities, including salary and incentives, for any fiscal year are less than 100% of the total cash compensation opportunities made available to Executive in the
completed fiscal year immediately preceding the Change of Control; or 

  

	 	(III)	the failure of the Company to continue in effect any benefits or perquisites, or any pension, life insurance, medical insurance or disability plan in which Executive
was participating immediately prior to the Change of Control unless the Company provides Executive with a plan or plans that provide substantially similar benefits, or the taking of any action by the Company that would adversely affect
Executive’s participation in or materially reduce Executive’s benefits under any of such plans or deprive Executive of any material fringe benefit enjoyed by Executive immediately prior to the Change of Control; or

  

	 	(IV)	any purported termination of Executive’s employment by the Company for Cause during a Standstill Period which is not effected in compliance with paragraph
(c) above; or 

  

	 	(V)	any relocation of Executive of more than forty (40) miles from the place where Executive was located at the time of the Change of Control; or

  

	 	(VI)	any other breach by the Company of any provision of this Agreement; or 

  

	 	(VII)	 the Company sells or otherwise disposes of, in one transaction or a series of related transactions, assets or earning power aggregating more than 30%
of the assets (taken at asset value as stated on the books of the Company determined in 

  
 A-2

	 	
accordance with generally accepted accounting principles consistently applied) or earning power of the Company (on an individual basis) or the Company and its Subsidiaries (on a consolidated
basis) to any other Person or Persons (as those terms are defined in Exhibit B). 

 (g) “Code” means the
Internal Revenue Code of 1986, as amended. 
 (h) “Committee” means the Executive Compensation Committee of the Board.

 (i) “Committee Resolution” means the designation of competitive businesses most recently adopted by the Committee
at or prior to the date of execution of this Agreement for purposes of the restrictive covenants applicable to Executive, whether or not such designation also applies to other employees of the Company generally. 

(j) “Constructive Termination” means a termination of employment by Executive (I) occurring within one hundred twenty
(120) days of a requirement by the Company that Executive relocate, without his prior written consent, more than forty (40) miles from the current corporate headquarters of the Company, but only if (i) Executive shall have given to
the Company notice of intent to terminate within sixty (60) days following notice to Executive of such required relocation and (ii) the Company shall have failed, within thirty (30) days thereafter, to withdraw its notice requiring
Executive to relocate, or (II) in the event that, with respect to Executive’s service as a Director until the annual meeting of the Company’s stockholders occurring in 2015, Executive (A) is removed or fails to be nominated to serve
as a Director without his prior written consent, (B) fails to be reelected and ceases to serve as a Director, or (C) is removed or fails to be appointed as Chairman without his prior written consent. For purposes of clause (I) above,
the one hundred twenty (120) day period shall commence upon the end of the thirty (30)-day cure period, if the Company fails to cure within such period. 
 (k) “Date of Termination” means the date on which Executive’s employment terminates. 
 (l) “Disabled”/”Disability” means a medically determinable physical or mental impairment that (i) can be expected either to result in death or to last for a continuous period of
not less than six months and (ii) causes Executive to be unable to perform the duties of his position of employment or any substantially similar position of employment to the reasonable satisfaction of the Committee. 

(m) “Effective Date” has the meaning set forth in Section 1. 

(n) “Employment Period” has the meaning set forth in Section 1. 

(o) “ESP” means the Company’s Executive Savings Plan. 

(p) “GDCP” means the Company’s General Deferred Compensation Plan. 

(q) “Qualified Plans” has the meaning set forth in Section 3(b). 

  
 A-3

 (r) “Section 409A” means Section 409A of the Code. 

(s) “Separation from Service” shall mean a “separation from service” (as that term is defined at
Section 1.409A-1(h) of the Treasury Regulations under Section 409A) from the Company and from all other corporations and trades or businesses, if any, that would be treated as a single “service recipient” with the Company under
Section 1.409A-1(h)(3) of such Treasury Regulations. The Committee may, but need not, elect in writing, subject to the applicable limitations under Section 409A, any of the special elective rules prescribed in Section 1.409A-1(h) of
the Treasury Regulations for purposes of determining whether a “separation from service” has occurred. Any such written election shall be deemed part of the Agreement. 

(t) “SERP” has the meaning set forth in Section 3(b)(iv). 

(u) “Specified Employee” shall mean an individual determined by the Committee or its delegate to be a specified employee as
defined in subsection (a)(2)(B)(i) of Section 409A. The Committee may, but need not, elect in writing, subject to the applicable limitations under Section 409A, any of the special elective rules prescribed in Section 1.409A-1(i) of
the Treasury Regulations for purposes of determining “specified employee” status. Any such written election shall be deemed part of the Agreement. 
 (v) “Standstill Period” means the period commencing on the date of a Change of Control and continuing until the close of business on the last business day of the 24th calendar month following
such Change of Control. 
 (w) “Stock” means the common stock, $1.00 par value, of the Company. 

(x) “Stock Incentive Plan” has the meaning set forth in Section 3(b)(ii). 

(y) “Subsidiary” means any corporation in which the Company owns, directly or indirectly, 50% or more of the total combined
voting power of all classes of stock. 
 (z) “2015 meeting date” has the meaning set forth in Section 1.

  
 A-4

 EXHIBIT B 
 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 5.01 of the Current Report on Form 8-K (as amended in 2004) 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 no transaction shall be deemed to be a Change of Control (i) if the person or each member of a group of persons acquiring control is excluded from the definition of the term
“Person” hereunder or (ii) unless the Committee shall otherwise determine prior to such occurrence, if Executive or an Executive Related Party is the Person or a member of a group constituting the Person acquiring control; 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 a majority 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 if Executive or an Executive 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 a majority of the Company’s Board of Directors; or 

(d) the Company executes an agreement of acquisition, merger or consolidation which contemplates that (i) after the effective date
provided for in the 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 if, immediately after such transaction, Executive or any Executive 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 Executive and any Executive 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

  
 B-1

 
the same manner as ownership of Common Stock); and provided further, that, for purposes of this paragraph (d), a Change of Control shall not be deemed to have taken place unless and until
the acquisition, merger or consolidation contemplated by such agreement is consummated (but immediately prior to the consummation of such acquisition, merger or consolidation, 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 B 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 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. 

An “Executive Related Party” shall mean any affiliate or associate of Executive other than the Company or a majority-owned
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). 

  
 B-2

 EXHIBIT C 
 Change Of Control Benefits 
 C.1. Benefits Upon a Change of Control
Termination. Executive shall be entitled to the payments and benefits described in this Section C.1 in the event of a Change of Control Termination. 
 (a) The Company shall pay to Executive (A) as hereinafter provided an amount equal to two times his Base Salary for one year at the rate in effect immediately prior to the Date of Termination or the
Change of Control, whichever is higher plus (B) within thirty (30) days following the Change of Control Termination, the accrued and unpaid portion of his Base Salary through the Date of Termination, subject to the following. If Executive
is eligible for long-term disability compensation benefits under the Company’s long-term disability plan, the amount payable under (A) shall be reduced by the annual long-term disability compensation benefit for which Executive is eligible
under such plan for the two-year period over which the amount payable under (A) is measured. If for any period Executive receives long-term disability compensation payments under a long-term disability plan of the Company as well as payments
under the first sentence of this paragraph (a), and if the sum of such payments (the “combined Change of Control/disability benefit”) exceeds the payment for such period to which Executive is entitled under the first sentence of this
paragraph (a) (determined without regard to the second sentence of this paragraph (a)), he shall promptly pay such excess in reimbursement to the Company; provided, that in no event shall application of this sentence result in reduction
of Executive’s combined Change of Control/disability benefit below the level of long-term disability compensation payments to which Executive is entitled under the long-term disability plan or plans of the Company. If the Change of Control
Termination occurs in connection with a Change of Control that is also a Change in Control Event, the amount described under (A) above shall be paid in a lump sum on the date that is six (6) months and one day following the date of the
Change of Control Termination (or, if earlier, the date of Executive’s death), unless Executive is not a Specified Employee on the relevant date, in which case the amount described in this subsection (a) shall instead be paid thirty
(30) days following the date of the Change of Control Termination. If the Change of Control Termination occurs more than two years after a Change in Control Event or in connection with a Change of Control that is not a Change in Control Event,
the amount described under (A) above shall be paid, except as otherwise required by Section 11 of the Agreement, in the same manner as Base Salary continuation would have been paid in the case of a termination by the Company other than for
Cause under Section 5(a). 
 (b) Until the second anniversary of the Date of Termination, the Company shall maintain in
full force and effect for the continued benefit of Executive and his family all life insurance and medical insurance plans and programs in which Executive was entitled to participate immediately prior to the Change of Control provided that
Executive’s continued participation is possible under the general terms and provisions of such plans and programs. In the event that Executive is ineligible to participate in such plans or programs, or if the Company in its discretion
determines that continued participation could give rise to a tax or penalty, the Company shall provide for an alternative arrangement (such as a cash payment) in lieu of continued coverage. Notwithstanding the foregoing, the Company’s
obligations hereunder with respect to life or medical coverage or benefits shall be deemed satisfied to the extent (but only to the extent) of any such coverage or benefits provided by another employer. 

  
 C-1

 (c) On the date that is six (6) months and one day following the date of the Change of
Control Termination (or, if earlier, the date of Executive’s death), the Company shall pay to Executive or his estate, in lieu of any automobile allowance, the present value of the automobile allowance (at the rate in effect prior to the Change
of Control) it would have paid for the two years following the Change of Control Termination (or until the earlier date of Executive’s death, if Executive dies prior to the date of the payment under this Section C.1(c)); provided, that
if the Change of Control is not a Change of Control Event, such amount shall instead be paid in the same manner as Executive’s automobile allowance would have been paid in the case of a termination by the Company other than for Cause under
Section 5(a); and further provided, that if Executive is not a Specified Employee on the relevant date, any lump sum payable under this Section C.1(c) shall instead by paid within thirty (30) days following the Change of Control
Termination. 
 C.2. Payment Adjustment. Payments under Section C.1. of this Exhibit shall be made without regard to
whether the deductibility of such payments (or any other payments or benefits to or for the benefit of Executive) would be limited or precluded by Section 280G of the Code (“Section 280G”) and without regard to whether such
payments (or any other payments or benefits) would subject Executive to the federal excise tax levied on certain “excess parachute payments” under Section 4999 of the Code (the “Excise Tax”); provided, that if the
total of all payments to or for the benefit of Executive, after reduction for all federal taxes (including the excise tax under Section 4999 of the Code) with respect to such payments (“Executive’s total after-tax payments”),
would be increased by the limitation or elimination of any payment under Section C.1. of this Exhibit, or by an adjustment to the vesting of any equity-based awards that would otherwise vest on an accelerated basis in connection with the Change of
Control, amounts payable under Section C.1. of this Exhibit shall be reduced and the vesting of equity-based awards shall be adjusted to the extent, and only to the extent, necessary to maximize Executive’s total after-tax payments. Any
reduction in payments or adjustment of vesting required by the preceding sentence shall be applied, first, against any benefits payable under Section C.1(a)(A) of this Exhibit, then against the vesting of any new PBRS award that would otherwise have
vested in connection with the Change of Control, then against the vesting of any other equity-based awards, if any, that would otherwise have vested in connection with the Change of Control, and finally against all other payments, if any. The
determination as to whether Executive’s payments and benefits include “excess parachute payments” and, if so, the amount and ordering of any reductions in payment required by the provisions of this Section C.2. shall be made at the
Company’s expense by PricewaterhouseCoopers LLP or by such other certified public accounting firm as the Committee may designate prior to a Change of Control (the “accounting firm”). In the event of any underpayment or overpayment
hereunder, as determined by the accounting firm, the amount of such underpayment or overpayment shall forthwith and in all events within thirty (30) days of such determination be paid to Executive or refunded to the Company, as the case may be,
with interest at the applicable Federal rate provided for in Section 7872(f)(2) of the Code.  
 C.3. Other
Benefits. In addition to the amounts that may be payable under Section C.1. (but without duplication of any payments or benefits to which Executive may be entitled 

  
 C-2

 
under any provision of this Agreement, and subject to Section C.2), upon and following a Change of Control Executive or his legal representative shall be entitled to the benefits, if any, under
the new PBRS award and any other awards under the Stock Incentive Plan, and to payment of any vested benefits under the Company’s frozen GDCP, the ESP, and the Qualified Plans. 

C.4. Noncompetition; No Mitigation of Damages; etc. 
 (a) Noncompetition. Upon a Change of Control, any agreement by Executive not to engage in competition with the Company subsequent to the termination of his employment, whether contained in an
employment agreement or other agreement, shall no longer be effective. 
 (b) No Duty to Mitigate Damages.
Executive’s benefits under this Exhibit C shall be considered severance pay in consideration of his past service and his continued service from the date of this Agreement, and his entitlement thereto shall neither be governed by any duty to
mitigate his damages by seeking further employment nor offset by any compensation which he may receive from future employment. 

(c) Legal Fees and Expenses. The Company shall pay all legal fees and expenses, including but not limited to counsel fees,
stenographer fees, printing costs, etc. reasonably incurred by Executive in contesting or disputing that the termination of his employment during a Standstill Period is for Cause or other than for good reason (as defined in the definition of Change
of Control Termination) or obtaining any right or benefit to which Executive is entitled under this Agreement following a Change of Control. Any amount payable under this Agreement that is not paid when due shall accrue interest at the prime rate as
from time to time in effect at Bank of America, or its successor, until paid in full. All payments and reimbursements under this Section shall be made consistent with the applicable requirements of Section 409A. 

(d) Notice of Termination. During a Standstill Period, Executive’s employment may be terminated by the Company only upon
thirty (30) days’ written notice to Executive. 

  
 C-3

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