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Exhibit 10.47    
    

April 25,
2007            

Mr. Craig
A. Menear

2455 Paces Ferry Road

Atlanta, GA 30339 

Dear
Craig: 

        I
am pleased to confirm The Home Depot, Inc.'s ("Home Depot" or the "Company") offer and your acceptance of a promotion to Executive Vice President—Merchandising,
effective April 30, 2007, reporting directly to me. Your new base annual salary will be $625,000, payable in equal bi-weekly installments. Your next salary review will be held in
April of 2008. 

        In
addition to your base salary, you will continue to participate in the Management Incentive Program (MIP) for officers, which provides an incentive target of up to 100% of your based
salary, based upon achieving established goals. The incentive, if any, will be prorated based on the number of full months in your previous and new position as well as respective bonus targets for
each position. You will also continue to participate in the Company's Long-Term Incentive Plan (LTIP) in accordance with its terms, which provides an incentive target of 75% of your base
salary. To be eligible for payment of any MIP or LTIP incentive, you must be employed on the day on which the incentive is paid. 

        At
the next meeting of the Leadership Development and Compensation Committee of The Home Depot, Inc. Board of Directors following the effective date of your promotion, you will
receive a grant under the 2005 Omnibus Stock Incentive Plan of the greatest number of whole shares of restricted Home Depot common stock resulting from dividing $125,000 by the closing stock price on
the grant date with five year cliff vesting. Once these provisions lapse, the shares will be yours, free and clear of
restrictions, subject to the applicable provisions of the plan and award document. You will also receive a grant of nonqualified stock options under the 2005 Omnibus Stock Incentive Plan equal to the
greatest number of whole shares of the Company's common stock resulting from dividing $125,000 by the product of the closing stock price on the grant date and 27.25%, with an exercise price equal to
the closing stock price on the grant date. Twenty-five percent of the stock options will become exercisable on the second, third, fourth and fifth anniversaries of the grant date.
Expiration of all stock options will be the earlier of ten years from the grant date or termination of employment, or any earlier time provided by your award document. 

        In
addition to the standard benefits package for salaried associates, as an officer of the Company, you will continue to receive a death benefit only insurance policy and will continue
to be eligible for participation in the Company's executive life insurance and leased car programs. You are also eligible to continue participation in the Supplemental Executive Choice Program, which
provides you with an annual supplemental benefit allowance. Under this program you will receive an annual supplemental benefit allowance of $35,000. You can use this annual allowance to purchase
additional disability or life insurance benefits, personal excess liability insurance, or you can use it to reimburse yourself for financial services or health care expenses not covered under our
standard health plans. 

        You
agree that you shall not, without the prior express written consent of the Executive Vice President—Human Resources of the Company, engage in or have any financial or
other interests in, or render any service in any capacity to any competitor or supplier of the Company or its parents, subsidiaries, affiliates, or related entities during the course of your
employment with the Company. Notwithstanding the foregoing, you shall not be restricted from owning securities of corporations listed on a national securities exchange or regularly traded by national
securities dealers, provided that such investment does not exceed 1% of the market value of the outstanding securities of such corporation. 

        In
the event your employment with Home Depot is terminated for any reason, you agree not to disclose any proprietary or confidential information of Home Depot, its parents, subsidiaries,
affiliates or related entities to any future employer or third party or to take any such information, regardless of whether the information is in printed, written, or electronic form. 

 

        By
accepting this offer you acknowledge that you will be exposed to Company materials which are proprietary and confidential in nature and/or which constitute trade secrets, and,
further, that you will receive training in the Company's various merchandising, operations, financial, and/or other business
processes. You further acknowledge that such proprietary and confidential information, including trade secrets and other business processes, are utilized by the Company throughout the entire United
States and in other locations in which it conducts business. Consequently, you agree that you will not, for a period of twenty-four (24) months subsequent to your termination from
the Company, regardless of the reason for the termination, enter into or maintain an employment or contractual relationship, either directly or indirectly, to provide executive or managerial services
in the same or similar manner as you did for the Company to any company or entity engaged in any way in a business that competes with Home Depot, its parents, subsidiaries, affiliates or related
entities (collectively referred to as the "Company"), in the United States, Canada, Puerto Rico, Mexico, China, or any other location in which the Company conducts business prior to your termination
date, without the prior written consent of the Executive Vice President—Human Resources of the Company. Businesses that compete with the Company specifically include, but are not limited
to, the following entities and each of their subsidiaries, affiliates, assigns, or successors in interest: Lowe's Companies, Inc. (including, but not limited to, Eagle Hardware and Garden);
Sears Holding Corp. (including, but not limited to, Orchard Supply and Hardware Company); RONA Inc.; B&Q; OBI; Homemart; Orient Home; Menard, Inc.; Ace Hardware; True Value Company; and
Wal-Mart. 

        You
agree that you will not, for a period of thirty-six (36) months subsequent to your termination from Home Depot, regardless of the reason for the termination,
directly or indirectly solicit or encourage any person who is an employee of the Company to terminate his or her relationship with the Company, or refer any such employee to anyone, without prior
written approval from the Executive Vice President—Human Resources of the Company. 

        This
letter should not be construed, nor is it intended to be a contract of employment for a specified period of time, and the Company reserves the right to terminate this agreement with
or without cause at any time. This letter supersedes any prior employment agreement or understandings, written or oral between you and the Company and contains the entire understanding of the Company
and you with respect to the subject matter hereof. 

        As
a condition to your promotion, you must take and pass a drug test and pass the background check. A positive test result or failure to pass the background check will result in the
termination of your employment. Drug testing must be done within 48 hours from receipt of this letter. Enclosed is information regarding your drug test. 

        This
letter shall be construed, interpreted and applied in accordance with the law of the State of Delaware, without giving effect to the choice of law provisions thereof. You agree to
irrevocably submit any dispute arising out of or relating to this letter to the exclusive concurrent jurisdiction of the state and federal courts located in Delaware. You also irrevocably waive, to
the fullest extent permitted by applicable law, any objection you may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum for
the maintenance of such dispute, and you agree to accept service of legal process from the courts of Delaware. 

2

 

        We
are excited about the opportunities that your leadership will bring to this role. Enclosed are duplicate originals of this letter. Please countersign one original and return it to us.
The other original is for you. 

	Sincerely,	 	 
	

/s/ Frank Blake
 Frank Blake

Chairman & Chief Executive Officer	
 	

 

	pc:
	Tim
Crow

Tim Hourigan 

I
accept this promotion to Executive Vice President—Merchandising 

	/s/ Craig A. Menear
 Craig A. Menear	 	 
	

Date Signed: 5-1-07	
 	

 

3

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Exhibit 10.47QuickLinks
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Exhibit 10.48    
    

	

 	 	

3096 Hamilton Blvd    •    S. Plainfield, New Jersey 07080    •    908 424-2653
	Larry Mercer

President

Northeastern Division	 	 

February 15,
1996 

Ms. Annette
M. Verschuren

71 Front Street East, Suite 615

Toronto, Ontario M5E1T9 

Dear
Annette: 

        Home
Depot Canada, a Canadian Partnership, ("the Company") is please to submit you the following offer: 

        The
Company agrees to employ you commencing on March 11, 1996, in the position of President—The Home Depot Canada, reporting directly to me. Your base annual salary,
during the first year of your employment, shall be $220,000 (CD$) payable in equal bi-weekly instalments. Your first salary review will be held during April of 1997. Salary reviews will be
held annually thereafter. 

        In
addition to your base salary, you will participate in the incentive plans of the Company applicable to executives at your level. You are eligible to participate in the "Home Office
Management Bonus Program", which provides a bonus of up to 50% of your base salary, half of which (25%) is based on the annual attainment of planned sales and return on assets for the Canadian
operations, one quarter of which (12.5%) is based on the annual attainment of planned sales and return on assets for The Home Depot, Inc. and the last quarter (12.5%) is based on a subjective
evaluation of your performance. For 1996 only, we will guarantee the discretionary portion (12.5%). 

        At
the next meeting of The Home Depot, Inc. Stock Option Committee following the commencement of your employment, you will receive a grant of 50,000 non-qualified
stock options to purchase shares, such options are exercisable in accordance with the 1991 Omnibus Stock Options Plan, a copy of which is enclosed for your information. It has been our practice to
grant non-qualified stock options with 25% of the total number of shares subject to a grant becoming exercisable on the second, third, fourth and fifth anniversaries of the grant date.
Expiration of all stock options will be the earlier of 10 years from the grant date or termination of employment. 

        In
addition to the above stock option grants, you will be eligible to participate in The Home Depot Employee Stock Purchase Plan. This plan affords you the opportunity to purchase Home
Depot stock at a 15% discount through payroll deductions. See the enclosed brochure for a detailed explanation of the plan. 

        The
Home Depot offers an extensive benefits program for our associates and their dependents. The insurance coverages begin when you start to work for the Company. After one year of
service, you are also eligible to participate in The Home Depot (Canada) Retirement Plan. For full details on your various benefits, you should review our benefits summary which is enclosed. In
addition to the standard package for associates, as an officer of the Company you will receive an additional $250,000 (US$) of death benefit only life insurance. Also, you will be included in the
Executive Medical Reimbursement Bonus Plan. Under this plan you will receive 100% reimbursement for eligible charges not covered under the standard medical and dental plans. The annual maximum of this
plan is $10,000 (US$). 

 

        You
agree that you shall not, without the prior express written consent of an executive officer of the Company, engage in or have any financial or other interest in, or render any
service in any capacity to any competitor or supplier of the Company, it being understood that you shall not be restricted from owning securities of corporations listed on a national securities
exchange or regularly traded by national securities dealers, provided that such investment does not exceed 1% of the market value of the outstanding securities of such corporation. The provisions of
this paragraph shall apply to you and your immediate family. In addition, you have stated that you have not agreed to or are subject to any covenant not to compete with any prior employer. 

        You
agree not to disclose, either during the period of your employment with Home Depot or, anytime thereafter, any secret or confidential information of which you may become aware in the
course of your employment, relating to Home Depot. This paragraph shall survive the termination of this Agreement and your employment hereunder. 

        This
agreement and your employment may be terminated at any time for cause. Upon termination for cause, Home Depot shall have no further obligations to you. Your employment may be
terminated at any time without cause by Home Depot providing you pay in lieu of notice of six months plus one month's pay for each year of service, with a cap of one year's pay. You agree and
understand that if Home Depot terminated your employment without cause, you shall have no entitlement other than the payment set out above. 

        If
any provision of this Agreement is invalid or unenforceable, the invalidity or unenforceability of such provision shall not affect the enforceability of the remaining provisions of
this Agreement. This Agreement shall be construed and interpreted in accordance with the laws of the Province of Ontario. 

        If
you accept this offer of employment and the terms and conditions described above, please sign the form of acknowledgement below and return it to me on or before February 26,
1996. 

        We
are pleased to welcome you to The Home Depot family. 

	Yours very truly,	 	 
	

/s/ Larry Mercer
 Larry Mercer

Executive Vice President	
 	

 

	pc:
	Arthur
Blank

Steve Messana

Irv Becker 

        I
have been give a copy of this letter and brochures and benefit plans referenced herein. I have read and understood them and hereby accept the terms and conditions of employment and
agree that they are fair and reasonable. I have been offered an opportunity to seek independent legal advise and have done so or have not done so of my own volition. I acknowledge that this
constitutes my entire agreement with Home Depot. 

	/s/ Annette M. Verschuren
 Name	 	April 26/96
 Date

2

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Exhibit 10.48

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