Document:

exv10w1

 

EXHIBIT 10.1

November 14, 2005

Mr. Bernard Cammarata

Chairman and Interim Chief Executive Officer

The TJX Companies, Inc.

770 Cochituate Road

Framingham, MA 01701

			
	Re:	 	Amendment of Employment Agreement

Dear Ben:

I refer to the Employment Agreement between you and The TJX Companies, Inc. (the “Company”) dated
as of June 3, 2003 (the “Employment Agreement”), under which you are currently serving as Chairman
of the Board. Since September 13, 2005 you have also agreed to serve as interim Chief Executive
Officer of the Company. The purpose of this letter is to formalize certain changes to the
Employment Agreement, as specified below, to reflect the additional duties that you have assumed.

Notwithstanding Section 2(a) of the Employment Agreement, you and the Company have agreed that in
addition to your duties as Chairman under the Employment Agreement you will serve as interim Chief
Executive Officer until such time as you are replaced or resign from that position, and as Chief
Executive Officer will perform such duties as are from time to time specified by the Board of
Directors of the Company. To reflect your additional duties, during the period you serve both as
interim Chief Executive Officer and Chairman you will be paid base salary at an annual rate equal
to $1 million. This increase salary will be paid as follows: (i) your base salary payment for the
first pay period beginning after the date of this letter agreement shall include a payment of
$92,308, representing an adjustment for the period from September 13, 2005 through the date of
employment covered by such pay period to bring the total annual rate of base salary for such period
to an annual rate of $1 million, and (ii) your base salary for subsequent pay periods during the
period you are serving as both Chairman and interim Chief Executive Officer shall be paid at a rate
that reflects the $1 million annual rate. If your employment with the Company as Chairman
terminates under circumstances entitling you to a payment under Section 5(a)(i) or Section 5(b) of
the Employment Agreement or under Section C.1(a) of Exhibit C of the Employment Agreement, and if
immediately prior thereto you were also serving as interim Chief Executive Officer of the Company,
any such payment determined by reference to your base salary shall be determined by reference to
your adjusted annual rate of Base Salary as described in this paragraph.

Notwithstanding Section 3(c)(ii) of the Employment Agreement, and in recognition of your additional
duties as interim Chief Executive Officer, the Executive Compensation Committee of the Board of
Directors of the Company has awarded you, effective as of today’s date, two performance awards
under the Company’s Stock Incentive Plan: one of performance-based restricted stock for a total of
47,000 shares, the other of performance-based deferred stock for up to 94,000 shares. The terms of
each of those awards have been set forth in the applicable award documentation provided to you,
subject to the terms of the Stock Incentive Plan.

 

 

Except as otherwise provided in this letter agreement, the terms and conditions of the Employment
Agreement remain unchanged and in full force and effect.

If these changes are acceptable to you, please so indicate by signing the enclosed copy of this
letter agreement in the space indicated below, whereupon this letter agreement shall take effect
immediately in accordance with its terms.

	 	 	 	 	 
	 

	 	 	 	THE TJX COMPANIES, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert F. Shapiro
	 

	 	 	 	 
	 

	 	 	 	Robert F. Shapiro
	 

	 	 	 	Director and Member of the Executive 

Compensation Committee
	Accepted and agreed as of the

date first above written:
	 	 	 	 
	 
	 	 	 	 
	/s/ Bernard Cammarata

 

	 	 	 	 
	Bernard Cammarataexv10w2

 

EXHIBIT 10.2

THE TJX COMPANIES, INC.

PERFORMANCE-BASED DEFERRED STOCK AWARD

GRANTED UNDER STOCK INCENTIVE PLAN

This certificate evidences an award (the “Award”) of performance-based deferred stock granted to
the Grantee named below (“Grantee”) under the Stock Incentive Plan (the “Plan”) of The TJX
Companies, Inc. (the “Company”). The Award represented by this certificate is intended to qualify
under Sections 7 and 8 of the Plan. The Award is subject to the terms and conditions of the Plan,
as from time to time amended, the provisions of which are incorporated by reference in this
certificate. Terms defined in the Plan are used in this certificate as so defined.

     1. GRANTEE:

     2. NATURE OF AWARD: The Company agrees to transfer the number of shares of Stock provided in
Section 3 to Grantee (or, in the event of Grantee’s death, to Grantee’s beneficiary designated
prior to death in a manner acceptable to the Company, or, if no such beneficiary has been so
designated, to Grantee’s estate) (such designated beneficiary or the estate, as the case may be,
being herein referred to as Grantee’s “Beneficiary”) at the times and upon achievement of the
conditions specified in Section 5, subject to the terms and conditions of the Plan and the Award.
The Award is unfunded and unsecured, and Grantee’s rights to any Stock hereunder shall be no
greater than those of an unsecured general creditor of the Company. The Award may not be assigned,
transferred, pledged, hypothecated or otherwise disposed of, except for disposition at death as
provided above. The Award does not entitle Grantee to any rights as a shareholder with respect to
any shares of Stock subject to the Award, unless and until such shares of Stock have been
transferred to Grantee. The Award is intended to constitute an arrangement that qualifies as a
“short term deferral” exempt from the requirements of Section 409A of the Code, and shall be
construed accordingly. The Award [is/is not] intended to constitute a Qualifying Award.

     3. NUMBER OF SHARES OF DEFERRED STOCK:

     4. DATE OF GRANT OF AWARD:

     5. PERFORMANCE VESTING CRITERIA: Grantee shall be entitled to have transferred to Grantee
the following number of shares of Stock subject to the Award upon the satisfaction of the following
performance condition(s) or in connection with a Change of Control as provided in Section 6:

     [specify]

 

 

[Add following sentence if the Award is a Qualifying Award:] None of the foregoing performance
conditions shall be deemed to have been satisfied unless the Committee shall have so certified in
accordance with Section 162(m) of the Code.

If a performance condition required for the vesting of any portion of the Award is not satisfied at
the time or within the time frame specified above, such portion of the Award shall thereupon be
immediately forfeited.

     6. CHANGE OF CONTROL. Upon the occurrence of a Change of Control. Grantee shall immediately
and automatically be entitled to have transferred to Grantee any shares of Stock to which Grantee
has not yet become entitled pursuant to Section 5 and which prior to the Change of Control had not
been forfeited (whether or not the performance condition(s) specified under Section 5 above
has/have been satisfied).

     7. TRANSFER OF STOCK: As soon as practicable after Grantee’s right to have transferred to
Grantee any share of Stock subject to the Award has vested under Section 5 or Section 6 above, but
in no event later than the 15th day of the 3rd month following the close of
the calendar year in which such vesting occurs or, if later, the close of the fiscal year of the
Company in which such vesting occurs, the Company shall transfer to Grantee (or, if Grantee has
died, to Grantee’s Beneficiary) such share of Stock evidenced either by a stock certificate or by
such other evidence of record ownership as the Company deems appropriate. Notwithstanding the
foregoing, if Grantee’s right to any share of Stock subject to the Award vests in connection with a
Change of Control, or has previously vested but such share of Stock has not yet been transferred
prior to the Change of Control, the Company in its discretion, to the extent consistent with
Section 409A of the Code and subject to such conditions as the Company may prescribe (including,
where vesting has not yet occurred, a condition that the Stock be relinquished if the Change of
Control does not occur), may transfer such Share of Stock to Grantee sufficiently in advance of the
Change of Control to permit Grantee to participate in the Change of Control as a shareholder with
respect to such share of Stock.

     8. TERMINATION OF EMPLOYMENT: In the event of the termination of employment of Grantee with
the Company or any of its subsidiaries for any reason, Grantee shall immediately and automatically
forfeit all rights to the Award, including to the receipt of any shares of Stock under the Award,
except as follows. If termination of employment occurs by reason of one of the following events,
Grantee shall retain (and shall not automatically forfeit) the Award to the extent specified below
and shall immediately and automatically forfeit the balance (if any) of the Award:

	 	 	 
	Event

	 	Portion of Award Retained
	 
	 	 

Any portion of the Award retained upon a termination of employment shall vest only to the extent,
if any, provided under Sections 5 and 6 above.

-2-

 

     9. DIVIDENDS: Unless specified below in this Section 9, Grantee shall not be entitled to any
dividends or other distributions, including amounts in lieu of dividends, with respect to shares of
Stock subject to the Award except as to shares of Stock actually transferred to Grantee under
Section 7 above as to which Grantee is the record owner on the record date for the dividend or
other distribution. [Specify exceptions if any.]

     10. ADJUSTMENTS: The Award and the shares of Stock subject to the Award are subject to
adjustment as provided in Section 3(a) of the Plan.

     11. WITHHOLDING: Grantee or Beneficiary shall, no later than the date on which any share of
Stock is transferred to Grantee or Beneficiary and as a condition to such transfer, pay to the
Company in cash, or make arrangements satisfactory to the Committee regarding payment of, any
Federal, state, or local taxes of any kind required by law to be withheld with respect to such
income. If any taxes are required to be withheld prior to such transfer of such share of Stock
(for example, upon the vesting of the right to receive such share), the Company may require Grantee
or Beneficiary to pay such taxes timely in cash by separate payment, may withhold the required
taxes from other amounts payable to Grantee or Beneficiary, or may agree with Grantee or
Beneficiary on other arrangements for the payment of such taxes, all as the Company determines in
its discretion.

     12. SECTION 83(b) NOT APPLICABLE: Because the Award does not give to Grantee a present
ownership right in any Stock, but only a conditional right to acquire shares of Stock in the
future, Grantee shall not be entitled to make a so-called “83(b) election” with respect to the
shares of Stock subject to the Award.

	 	 	 	 	 
	 	 	THE TJX COMPANIES, INC.

 
	 	BY:  	 	 
	 	 	 	 
	 	 	 	 
	 

Date:      
           
            
            
         

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