Document:

EXHIBIT
10(xxii)

RETIREMENT AGREEMENT

This Retirement
Agreement (this "Agreement") by and between
The Stanley Works, a Connecticut corporation (the
"Company"), and John M. Trani (the
"Executive"), is entered into effective as of
December 8, 2003 (the "Execution Date").

WHEREAS, the Executive is currently employed by the Company as its
Chief Executive Officer and serves as Chairman of the Company's
Board of Directors; and

WHEREAS, the Executive and the Company
are parties to an Employment Agreement entered into as of January 1,
2000 (the "Employment Agreement"); and

WHEREAS, the Executive and the Company have agreed that effective as
of December 31, 2003 the Executive will retire from his employment and
cease to serve as a director of the Company;

WHEREAS, the
Company and the Executive wish to set forth their mutual agreement as
to the terms and conditions of such retirement;

NOW, THEREFORE,
the Company and the Executive hereby agree as follows:

1.    Retirement. Effective as of December 31, 2003 (the
"Retirement Date"), the Executive shall
retire from his employment with the Company and shall resign from his
position as a member and Chairman of the Board of Directors of the
Company and from all other positions the Executive then holds as an
officer or member of the board of directors of any of the
Company's subsidiaries or affiliates (the Company and all of its
subsidiaries and affiliates are hereinafter referred to as the
"Affiliated Entities"). The Executive hereby
agrees to execute any and all documentation of such resignations upon
request by the Company, but he shall be treated for all purposes as
having so resigned effective as of the Retirement Date, regardless of
when or whether he executes any such documentation.

2.    Employment and Equity Agreements. During the period
from the Execution Date to the Retirement Date, the Employment
Agreement shall continue in full force and effect. Without limiting the
generality of the foregoing, the Employment Agreement shall govern any
termination of Executive's employment which occurs prior to the
Retirement Date. Upon the Executive's retirement from the Company
on the Retirement Date, the Employment Agreement shall terminate and
shall thereafter be of no force and effect; provided, however, that (1)
Sections 3(b), 6(f)(ii), 7(a) and 8 of the Employment Agreement shall
survive such termination, (2) the Executive shall be entitled to unpaid
Base Salary (as defined in the Employment Agreement) and unpaid
expenses (in accordance with Section 5(h) of the Employment Agreement)
to the Retirement Date, and (3) the Executive shall be entitled to all
other unpaid amounts, entitlements and benefits (whether earned or due)
to which the Executive is entitled under the Company's
compensation and benefit plans (to the extent not otherwise addressed
in Section 3 hereof) in accordance with the terms and conditions of
such plans and any underlying agreements evidencing awards under such
plans, including, but not limited to, the incentive plan for the second
half of fiscal year 2003 and any long-term incentive plan (but
excluding any annual incentive plan). For the avoidance of doubt, the
Executive shall be treated as a retiree pursuant to the plans,
policies, programs, arrangements of, or other agreements with, the
Company and, as such, his outstanding stock options (all of which
options, to the extent not vested as of the Execution Date, will become
vested as of the Retirement Date) shall remain exercisable for the
remainder of their original terms.

3.    Retirement
Benefits. If the Executive (a) continues in the employment of the
Company until the Retirement Date, (b) executes the release
(substantially in the form attached hereto as Exhibit A) and (c) does
not revoke such release prior to the Revocation Date (as defined in
Exhibit A), then, subject to the Executive's compliance with
Sections 7(a) and 8 of the Employment Agreement, as set forth in
Section 7 of this Agreement:

(i) in accordance with
the Company's regular payroll practices, commencing immediately
following the Revocation Date (but in no event prior to January 1,
2004), the Executive shall receive 24 monthly payments from the Company
of $243,750;

(ii) commencing as of January 1,
2006, the Executive shall be entitled to receive the defined benefit
plan benefits referred to in Section 5(c) of the Employment Agreement
(taking into account the September 17, 1997 letter to the Executive
from the Company) as if he had continued to remain employed with the
Company until December 31, 2005 at an annualized rate of pay of
$2,925,000 and based on his actual age on December 31, 2005. In respect
of such defined benefit plan benefits, the parties agree that
$113,742.82 shall be payable by the Company monthly in the form of a
100% joint and survivor annuity, less the aggregate monthly
amount payable to the Executive pursuant to the Company's
tax-qualified pension plans. For the avoidance of doubt, payments under
this Section 3(ii) shall not be subject to offset or the
Executive's continued compliance with Sections 7(a) and 8 of the
Employment Agreement;

(iii) in accordance with Section
6(e)(iii) of the Employment Agreement, the Company shall pay to the
Executive, as soon as practicable following the Retirement Date, a
bonus for 2003 in an amount to be determined pursuant to the
Company's annual incentive plan, which shall in no event be less
than $1,200,000;

(iv) the Executive and his eligible
dependents shall be provided with medical, life insurance and other
welfare coverage until December 31, 2005 on the same basis and subject
to the same terms and conditions as would be provided to him under the
Employment Agreement if the Executive had terminated his employment
thereunder for Good Reason;

(v) from the Retirement
Date until December 31, 2005, the Company shall continue to pay the
premiums under the insurance policies attached as Exhibit B to the
Employment Agreement. When the Company's obligations to pay such
premiums cease the Company shall have the right to receive, for each
policy, (1) the lesser of (x) the sum of all premiums paid by the
Company for which the Company has not received reimbursement, and (y)
the cash surrender value of the policy, plus (2) the amount paid to the
Executive's prior employer pursuant to the first sentence of
Section 5(d) of the Employment Agreement; and

(vi)
until December 31, 2006, the Company shall provide, at its expense, the
Executive with (1) office space in New Britain, Connecticut suitable to
his position as the former Chief Executive Officer of the Company and
(2) executive secretarial services.

4.    Legal Fees.
The Company shall pay directly or reimburse the Executive for
reasonable legal fees and expenses incurred in connection with the
negotiation and preparation of this Agreement; provided, however, that
such payment or reimbursement obligation shall not exceed $25,000 in
the aggregate.

5.    The Executive's Covenants.
The Executive shall make himself available to the Company following the
Retirement Date to assist the Affiliated Entities, as may be requested
by the Company at mutually convenient times and places, with respect to
pending and future litigations, arbitrations, governmental
investigations or other dispute resolutions relating to matters that
arose during the Executive's employment with the Company. The
Company will reimburse the Executive for all reasonable expenses and
costs he may incur as a result of providing assistance under this
Section 5, upon receipt of proper documentation thereof. For the
avoidance of doubt, the benefits to be provided to the Executive
pursuant to Section 2 or 3 hereof shall not be subject to offset in the
event of a breach or alleged breach by the Executive of this Section
5.

6.    Section 7 of the Employment Agreement.
Nothing in Section 7 of the Employment Agreement shall be construed in
a manner that would prevent the Executive (1) from providing a personal
reference to any officer, employee or consultant upon the unsolicited
request of such individual or (2) from continuing as a member of the
board of directors of any entity on which the Executive is serving on
the Retirement Date.

7.    Mitigation. The Executive
shall be under no obligation to mitigate payments made hereunder by
seeking employment and there shall be no offset against amounts due the
Executive under this Agreement on account of (i) any remuneration
attributable to any subsequent employment that he may obtain or (ii)
except as otherwise provided in this Section 7, any claims the Company
may have against the Executive. In the event of a violation of Section
7(a) or Section 8 of the Employment 

2

Agreement, the Company's obligation to
continue to pay the Executive the payments in Section 3(i) or to
provide the benefits in Section 3(iv), Section 3(v) and Section 3(vi)
shall cease as of the date of such breach.

8.    Release. The Company and the Executive shall each
execute the release attached hereto as Exhibit A on or prior to the
Retirement Date.

9.    Entire Agreement; Other
Benefits. This Agreement shall be effective from the Execution
Date and sets forth the entire agreement of the Company and the
Executive with respect to the subject matter hereof. The Executive
expressly acknowledges and agrees that in the event of his retirement
on the Retirement Date, except as specifically set forth in this
Agreement, he will not be entitled to receive any severance pay,
severance benefits, compensation or employee benefits of any kind
whatsoever from any of the Affiliated Entities. If the Executive
employment terminates for any reason prior to the Retirement Date, this
Agreement shall be null and void and of no further effect and the
Employment Agreement shall remain in full force and effect, in which
event the Executive will have preserved all rights pursuant to such
agreement, including, but not limited to, any rights pursuant to
Section 6(a)(iv)(F).

10.    Miscellaneous. Sections
9(a) and 9(b) (Successors; Binding Agreement), Section 11
(Miscellaneous) and Section 13 (Validity) of the Employment Agreement
shall be deemed to be fully incorporated into this Agreement, provided
that any reference to "this Agreement" in
such sections shall be deemed to refer to this Retirement Agreement and
not the Employment Agreement.

11.    Arbitration. Any
dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration, conducted before
one arbitrator to be mutually agreed upon by the parties hereto. In the
event the parties are unable to agree upon an arbitrator, the Company
and the Executive shall each appoint an arbitrator, and these two
arbitrators shall select a third, who shall be the arbitrator.
Arbitration shall be held in Hartford, Connecticut in accordance with
the rules of the American Arbitration Association then in effect.
Judgment may be entered on the arbitrator's award in any court
having jurisdiction; provided however, that the Company shall be
entitled to seek a restraining order or injunction in any court of
competent jurisdiction to prevent any continuation of any violation of
the provisions of Section 7 or 8 of the Employment Agreement and the
Executive hereby consents that such restraining order or injunction may
be granted without the necessity of the Company's posting any
bond, it being acknowledged and agreed that any breach or threatened
breach of the provisions of Section 7(a),8(a)(i) or 8(a)(ii) of the
Employment Agreement will cause irreparable injury to the Company and
that money damages will not provide an adequate remedy to the Company.
Each party shall bear its own costs and expenses (including, without
limitation, legal fees) in connection with any arbitration proceeding
instituted hereunder; provided, however, that to the extent the
Executive prevails, his costs and expenses shall be promptly reimbursed
by the Company.

12.    Notices. All notices and other
communications hereunder shall be in writing; shall be delivered by
hand delivery to the other party or dispatched by private courier such
as Federal Express, provided that in each case confirmation of receipt
is obtained, or mailed by registered or certified mail, return receipt
requested, postage prepaid; shall be deemed delivered upon actual
receipt; and shall be addressed as follows:

If
to the Executive:

		John M. Trani
 At his address on
file with the Company

		With a copy to:

		The Law Offices of Joseph E. Bachelder
 780 Third
Avenue
 New York, New York 10017
 Attention: Joseph E.
Bachelder, Esq.

3

		If to the Company:

		The Stanley Works Company
 1000 Stanley Drive
 New
Britain, Connecticut 06053
 Attention: General Counsel

		With a copy to:

		Stuart N. Alperin,
Esq.
 Skadden, Arps, Slate, Meagher & Flom LLP
 Four Times
Square
 New York, New York 10036

or to such other
address as either party shall have furnished to the other in writing in
accordance herewith.

13.    Tax Withholding.
Notwithstanding any other provision of this Agreement, the Company may
withhold from any amounts payable under this Agreement, or any other
benefits received pursuant hereto, such minimum Federal, state and/or
local taxes as shall be required to be withheld under any applicable
law or regulation.

14.    Counterparts. This
Agreement may be executed in one or more counterparts, including by
facsimile, each of which shall be deemed to be an original but all of
which together will constitute one and the same instrument.

IN
WITNESS WHEREOF, each of the parties hereto has duly executed this
Agreement as of the date first set forth above.

		THE STANLEY
WORKS

		By:    

	
			
	

		Name:  Derek
V. Smith
 Title:    Director

		    

	
			
	

		                    John
M. Trani

4

EXHIBIT
A

MUTUAL RELEASE

(a) John M. Trani
("Releasor") for and in
consideration of benefits provided pursuant to a Retirement Agreement
with The Stanley Works entered into effective as of December
      ,2003 (the "Retirement
Agreement"), does for himself and his heirs,
executors, administrators, successors and assigns, hereby now and
forever, voluntarily, knowingly and willingly release and discharge The
Stanley Works and its parents, subsidiaries and affiliates
(collectively, the "Company Group"),
together with their respective present and former partners, officers,
directors, employees and agents, and each of their predecessors, heirs,
executors, administrators, successors and assigns (but as to any
partner, officer, director, employee or agent, only in connection with,
or in relationship to, his to its capacity as a partner, officer,
director, employee or agent of the Company and its subsidiaries or
affiliates and not in connection with, or in relationship to, his or
its personal capacity unrelated to the Company or its subsidiaries or
affiliates) (collectively, the "Company
Releasees") from any and all charges, complaints,
claims, promises, agreements, controversies, causes of action and
demands of any nature whatsoever, known or unknown, suspected or
unsuspected, which against the Company Releasees, jointly or severally,
Releasor or Releasor's heirs, executors, administrators,
successors or assigns ever had, now have or hereafter can, shall or may
have by reason of any matter, cause or thing whatsoever arising from
the beginning of time to the time Releasor executes this release
arising out of or relating in any way to Releasor's employment or
director relationship with the Company, or the termination thereof,
including but not limited to, any rights or claims arising under any
statute or regulation, including the Age Discrimination in Employment
Act of 1967, Title  VII of  the Civil Rights Act of 1964,
the Civil Rights Act of 1991, the Americans with Disabilities Act of
1990, or the Family and Medical Leave Act of 1993, each as amended, or
any other federal, state or local law, regulation, ordinance or common
law, or under any policy, agreement, understanding or promise, written
or oral, formal or informal, between any Company Releasee and Releasor.
Releasor shall not seek or be entitled to any recovery, in any action
or proceeding that may be commenced on Releasor's behalf in any
way arising out of or relating to the matters released under this
Release. Notwithstanding the foregoing, nothing herein shall release
any Company Releasee from any claim or damages based on (i) the
Executive's rights under the Retirement Agreement, (ii) any right
or claim that arises after the date the Executive executes this
release, (iii) the Executive's eligibility for indemnification in
accordance with applicable laws or the certificate of incorporation or
by-laws of the Company (or any affiliate or subsidiary) or any
applicable insurance policy, with respect to any liability the
Executive incurs or incurred as a director, officer or employee of the
Company or any affiliate or subsidiary (including as a trustee,
director or officer of any employee benefit plan) or (iv) any right the
Executive may have to obtain contribution as permitted by law in the
event of entry of judgment against the Executive as a result of any act
or failure to act for which the Executive and the Company or any
affiliate or subsidiary are held jointly liable.

(b)
Releasor has been advised to consult with an attorney of
Releasor's choice prior to signing this release, has done so and
enters into this release freely and voluntarily.

(c) Releasor
has had in excess of twenty-one (21) calendar days to consider the
terms of this release. Once Releasor has signed this release, Releasor
has seven (7) additional days to revoke Releasor's consent and
may do so by writing to the Company as provided in Section 12 of the
Retirement Agreement. Releasor's release shall not be effective,
and no payments or benefits shall be due under Section 3 of the
Retirement Agreement, until the eighth day after Releasor shall have
executed this release (the "Revocation Date")
and returned it to the Company, assuming that Releasor has not revoked
Releasor's consent to this release prior to such date.

(d)
The Company, for and in consideration of the Executive's
covenants under the Retirement Agreement, on behalf of itself and the
other members of the Company Group and any other Company Releasee,
their respective successors and assigns, and any and all other persons
claiming through any member of the Company Group or such other Company
Releasee, and each of them, does hereby now and forever, voluntarily,
knowingly and willingly release and discharge, the Releasor

and dependents, administrators, agents,
executors, successors, assigns, and heirs, from any and all charges,
complaints, claims, promises, agreements, controversies, causes of
action and demands of any nature whatsoever, known or unknown,
suspected or unsuspected, which against the Releasor, jointly or
severally, the Company and each other member of the Company Group or
any other Company Releasee, their respective successors and assigns,
and any and all other persons claiming through any member of the
Company Group or such other Company Releasee ever had, now have or
hereafter can, shall or may have by reason of any matter, cause or
thing whatsoever arising from the beginning of time to the time the
Company executes this release arising out of or relating to the
Executive's employment or director relationship with the Company
or the termination thereof, including, but not limited to, any claim,
demand, obligation, liability or cause of action arising under any
federal, state or local employment law or ordinance, tort, contract or
breach of public policy theory or alleged violation of any other legal
obligation. Notwithstanding the foregoing, nothing herein shall
release the Releasor and his dependents, administrators, agents,
executors, successors, assigns, and heirs, (i) in respect of the
Company's rights under the Retirement Agreement for any breach by
the Executive of such agreement on or after the Execution Date of the
Retirement Agreement, (ii) from any claims or damages based on any
right or claim that arises after the date the Company executes this
release or (iii) any right the Company or any affiliate or subsidiary
may have to obtain contribution as permitted by law in the event of
entry of judgment against it as a result of any act or failure to act
for which the Company or any affiliate or subsidiary and the Executive
are jointly liable.

(e) The Company's release shall
become effective on the Revocation Date, assuming that Releasor shall
have executed this release and returned it to the Company and has not
revoked Releasor's consent to this release prior to the
Revocation Date.

(f) In the event that any one or more of the
provisions of this release shall be held to be invalid, illegal or
unenforceable, the validity, legality and enforceability of the
remainder of this release shall not in any way be affected or impaired
thereby.

This release shall be governed by the law of the State
of Connecticut without reference to its choice of law rules.

THE STANLEY WORKS

		By:
______________________________

Name: Derek V. Smith
 Title: Director

Signed as of
this      day of December, 2003.

		__________________________________

John M. Trani

Signed as of this     
day of December, 2003.

2EXHIBIT
10(xxiii)

The Stanley Works

		John Trani
 Chairman & CEO

	1000 Stanley Drive	860-827-3990
	 New
Britain, CT 06053

		March 5, 2003

Mr. Joseph J. DeAngelo
 175 Matsonford Road

Radnor, PA 19087

Dear Joe:

I am pleased
to confirm our offer, subject to Board approval, for the position of
Executive Vice President – The Tools Group, reporting to me.
Employment will continue as long as mutually acceptable. The position
will be based in New Britain, Connecticut.

Your base salary will
be $425,000 per year, paid monthly. You will also participate in the
Corporate Management Incentive Compensation Program with an incentive
payout of $300,000 guaranteed for 2003, which is payable in February
2004. You will also receive four weeks of vacation per year.

On
joining the Company, you will receive a grant of a 400,000 share stock
option under the terms of the 2001 Long Term Incentive Plan. The option
purchase price will be the price of the stock on the date of the Board
of Directors Meeting following your start date. 50% of this
option grant becomes exercisable 36 months following the grant date,
and 50% becomes exercisable 60 months following the grant date.
Starting in 2003, your stock options will be targeted at the 50,000
level annually. On joining the Company, you will also receive a grant
equivalent to the value of the 56,250 RSUs you currently have,
including dividend equivalent rights on these units. The current
dividend payment rate per share is $1.02. The shares underlying these
units will be issued to you per the attached schedule so long as you
are still in Stanley's employ. In addition, your will participate
in our three year Long-Term Performance Award Plan. Bonus values for
you under this Plan will be $600,000 @ threshold; $720,000
@ target and $900,000 @ maximum. The specific performance
metrics are currently pending Board approval.

As a senior
Officer of The Stanley Works, you will participate in current and
future executive benefit programs including our Financial Planning
Service, Executive Life Insurance Program, Change of Control, Executive
Car Program and the Executive Physical Program. Details of the
executive benefit programs are attached.

In addition, the
Company's Employee Stock Purchase Program (ESPP) allows you to
purchase company stock up to 15% of your base pay annually
(capped at $25,000), at 15% below the market price. The
Company's 401k Plan will match 50% of employee
contributions up to 7% of your pay. If you are terminated
without cause for reasons other than for violations of company rules,
misconduct or gross negligence, you will be eligible for separation pay
equal to 12 months at your then current annual base salary. Eligibility
to receive any separation benefits will be contingent upon signing a
release and waiver agreement provided by the Company.

The
Company will cover the Enhanced relocation costs associated with the
sale of your current home and the purchase your new home in
Connecticut. In addition, the Company will provide you temporary living
accommodations until you are situated in your new home.

The
commencement of employment is contingent upon our Medical Department
determining that you are physically suited for the duties of the
position. This includes a drug-screening test. Please contact Lisa
Gonzalez at 860-827-3881 if you have any questions. Medical forms
attached.

The Stanley Works Health Plans become effective on the
first of the month following your date of employment. They will be
explained to you in detail on your first day of employment. You can
usually extend your existing medical coverage for a limited period of
time to cover any lapse between the plans.

Joe, this is the key role in driving
excellence throughout the Company. You will lead a major effort that
will help make it happen. I am delighted that you are considering
joining our team. If you have any questions, please give me a call at
860-827-3990 or Mark Mathieu at 860-827-3818.

Please indicate
your acceptance by signing below.

Sincerely,

	
		
	

John Trani
 Chairman &
CEO

I,
                                                                                    
hereby accept the offer of employment as presented above on this
             day of
                            
2002. I expect my first day of employment to be
      /      /      .

Signature:
                                                        

		
	cc: 	Carol L'Heureux, Executive
Compensation & Relocation
 Mark Mathieu, Vice President, Human
Resources

		
	Enclosures:    
 	

2001
Long Term Incentive Plan
 Deferred Compensation Plan (December 19,
1995)
 Executive Life Insurance Program
 Financial Planning
Service
 Executive Physical Program
 Employee Benefits
Booklet
 FTC Consent Order
 Quest Program
 Executive Auto
Program
 Change of Control
 Relocation (Enhanced)
 Account
Value Plan

Stanley Restricted Stock

							
	Issue
Date		# GE
Shares
	7/03		 	6,250	 
	4/04		 	16,250	 
	6/05		 	7,500	 
	7/06		 	3,750	 
	7/07		 	6,250	 
	7/08		 	16,250	 
	Total		 	56,250

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