Document:

Amendment to the Toys R Us, Inc Non-Employee Directors' Stock Option Plan

 Exhibit 10.1 
  
 Amendment to the 
 Toys “R” Us, Inc. Non-Employee Directors’ Stock Option Plan 
  
 The Toys “R” Us, Inc. Non-Employee Directors’ Stock Option Plan, which first became effective in 1999 (the “Plan”), is hereby amended, effective as of March 16, 2005, as follows. 

 
 1. A new paragraph is added to the end of Section 8 of the Plan, which reads as follows:

  
 “Notwithstanding the foregoing, all unvested Options
shall vest immediately on the date of a Change of Control (as defined below). A “Change of Control” shall mean: (a) the consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of
the assets of the Corporation (a “Business Combination”), in each case, unless, immediately following such Business Combination each of the following would be correct: (i) all or substantially all of the individuals and entities who were
the beneficial owners, respectively, of the outstanding Company common stock and outstanding Company voting securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of, respectively, the then
outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the person resulting from such Business Combination
(including, without limitation, a person which as a result of such transaction owns the Corporation or all or substantially all of the Corporation’s assets either directly or through one or more subsidiaries) in substantially the same
proportions as their ownership, immediately prior to such Business Combination of the outstanding Company common stock and outstanding Company voting securities, as the case may be, and (ii) no person (excluding (A) any employee benefit plan (or
related trust) sponsored or maintained by the Corporation or any subsidiary of the Corporation, or such corporation resulting from such Business Combination or any Affiliate of such corporation, or (B) any entity in which such person has a material
equity interest, or any “Affiliate” (as defined in Rule 405 under the Securities Act of 1933, as amended, of such entity) beneficially owns, directly or indirectly, 25% or more of, respectively, the then outstanding shares of common stock
of the corporation resulting from such Business Combination, or the combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination, and (iii) at
least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such
Business Combination; or (b) approval by the stockholders of the Corporation of a complete liquidation or dissolution of the Corporation.” 

 2. Except as specifically amended hereby, the Plan shall remain in full force and effect as prior to this Amendment.

  
 The Corporation has caused this Amendment to be executed as of the day and
year first above written. 
  

			
	 TOYS “R” US, INC.

		
	 By:
	 	 /s/ Deborah M. Derby

	 	 	 Deborah M. Derby

	 Its:
	 	 Executive Vice President - Human Resources

  

 - 2 -Second Amendment to Rights Agreement

 Exhibit 10.2 
  
 SECOND AMENDMENT TO RIGHTS AGREEMENT, dated as of March 17, 2005, (this “Amendment”), to the Amended and
Restated Rights Agreement, dated as of April 16, 1999, as amended by the Amendment, dated as of June 3, 2002 (as so amended, the “Rights Agreement”), by and between Toys “R” Us, Inc. (the “Company”) and
American Stock Transfer & Trust Company, as Rights Agent (the “Rights Agent”). Terms used herein but not defined shall have the meaning assigned to them in the Rights Agreement. 
  
 WHEREAS, the Company and the Rights Agent have heretofore executed and
entered into the Rights Agreement; 
  
 WHEREAS, pursuant to
Section 27 of the Rights Agreement, the Company may from time to time supplement or amend the Rights Agreement in accordance with the provisions of Section 27 thereof; 
  
 WHEREAS, the Company proposes to enter into the Agreement and Plan of Merger, dated as of the date hereof (the
“Merger Agreement”), among Global Toys Acquisition, LLC, a Delaware limited liability company (“Parent”), and Global Toys Acquisition Merger Sub, Inc., a Delaware corporation (“Acquisition Sub”),
and the Company; 
  
 WHEREAS, the Board of Directors of the
Company has determined that the Merger Agreement and the terms and conditions set forth therein and the transactions contemplated thereby are fair to and in the best interests of the Company and its stockholders; 
  
 WHEREAS, the Board of Directors of the Company has determined, in connection
with its contemplation of the Merger Agreement and the transactions contemplated thereby, that it is necessary and desirable to amend the Rights Agreement to exempt the Merger Agreement and the transactions contemplated thereby from the application
of the Rights Agreement as set forth in this Amendment; and 
  
 WHEREAS, this Amendment will not adversely affect the interests of the Holders of the Rights Certificates. 
  
 NOW, THEREFORE, the Company hereby amends the Rights Agreement as follows: 
  
 1. Section 1(a) of the Rights Agreement is hereby amended and supplemented by adding the following sentence to the end
thereof: 
  
 “Notwithstanding anything in this Rights
Agreement to the contrary, none of Global Toys Acquisition, LLC, a Delaware limited liability company (“Parent”), Global Toys Acquisition Merger Sub, Inc., a Delaware corporation (“Acquisition Sub”), nor any of their respective
Affiliates or Associates shall become an Acquiring Person as a result of the approval, execution, delivery, adoption or performance of the Agreement and Plan of Merger, dated as of March 17, 2005, among Parent, Acquisition Sub and the Company (as it
may be amended or supplemented from time to time, the “Merger Agreement”) or the consummation 

 of the Merger (as defined in the Merger Agreement) or any other transactions contemplated thereby (such
approval, execution, delivery, adoption, performance and consummation being referred to herein as the “Permitted Purchase Events”).” 
  
 2. Section 1(k) of the Rights Agreement is hereby amended and supplemented by adding the following sentence to the end thereof: 
  
 “Notwithstanding anything in this Rights Agreement to the contrary, a
Distribution Date shall not occur or be deemed to occur as a result of any Permitted Purchase Event.” 
  
 3. Section 1(l) of the Rights Agreement is hereby amended by deleting the existing definition of “Expiration Date” and inserting the following
new definition: 
  
 “(l) “Expiration Date” shall
mean the earliest of (i) the close of business on the date of the 2006 annual meeting of the stockholders of the Company (the “Final Expiration Date”), (ii) the time at which the Rights are redeemed as provided in Section 23 hereof, (iii)
the time at which the Rights are exchanged pursuant to Section 24 hereof and (iv) immediately prior to the Effective Time (as defined in the Merger Agreement).” 
  
 4. Section 1(w) of the Rights Agreement is hereby amended and supplemented by adding the following sentence to the end
thereof: 
  
 “Notwithstanding anything in this Rights
Agreement to the contrary, a Stock Acquisition Date shall not occur or be deemed to occur as a result of any Permitted Purchase Event.” 
  
 5. Section 1(bb) of the Rights Agreement is hereby amended and supplemented by adding the following sentence at the end thereof: 
  
 “Notwithstanding anything in this Rights Agreement to the contrary, a
Triggering Event shall not occur or be deemed to occur as a result of any Permitted Purchase Event.” 
  
 6. This Amendment shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in
accordance with the laws of such State applicable to contracts to be made and performed entirely within such State. 
  
 7. This Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all
such counterparts shall together constitute but one and the same instrument. 
  
 8. In all respects not inconsistent with the terms and provisions of this Amendment, the Rights Agreement is hereby ratified, adopted, approved and confirmed. In executing and delivering this Amendment, the Rights
Agent shall be entitled to all the privileges and immunities afforded to the Rights Agent under the terms and conditions of the Rights Agreement. 

 9. If any term, provision, covenant or restriction of this Amendment is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment, and of the Rights Agreement, shall remain in full force and effect and shall in no way be
affected, impaired or invalidated. 
  
 10. The Rights Agent and
the Company hereby waive any notice requirement under the Rights Agreement pertaining to the matters covered by this Amendment. 
  
 [Signature page follows.] 

 IN WITNESS WHEREOF, this Amendment has been duly executed by the Company and the Rights Agent as of the
day and year first written above. 
  

							
	 Attest:
	 	 TOYS “R” US, INC.

				
	 By:
	 	 /s/ Diane Martin

	 	 By:
	 	 /s/ David M. Kastin

	 Name:
	 	 Diane Martin
	 	 Name:
	 	 David M. Kastin

	 Title:
	 	 	 	 Title:
	 	 Vice President and Deputy General Counsel

		
	 Attest:
	 	 AMERICAN STOCK TRANSFER & TRUST
 COMPANY, as Rights Agent

				
	 By:
	 	 /s/ Joseph Allan

	 	 By:
	 	 /s/ Herbert Lemmer

	 Name:
	 	 Joseph Allan
	 	 Name:
	 	 Herbert Lemmer

	 Title:
	 	 Vice President
	 	 Title:
	 	 Vice President

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