Document:

bbby2021ex-1051

AMENDMENT TO EMPLOYMENT AGREEMENT  THIS AMENDMENT (this “Amendment”), effective as of November 2, 2021, to the  Employment Agreement, dated as of April 22, 2020, by and between Bed Bath & Beyond Inc., a  New York corporation (the “Company”), and Rafeh Masood (“Executive”) (the “Employment  Agreement”) is made and entered into by and between the Company and Executive. Capitalized  terms not otherwise defined herein have the meaning ascribed to them in the Employment  Agreement. This Amendment shall supersede any contrary provisions set forth in the Employment  Agreement.   WHEREAS, the Company and Executive are parties to the Employment Agreement; and  WHEREAS, the Company and Executive mutually desire to amend the terms and  conditions of the Employment Agreement as set forth in this Amendment.  NOW, THEREFORE, in consideration of the above recitals incorporated herein and the  mutual covenants and promises contained herein and other good and valuable consideration, the  receipt and sufficiency of which are hereby expressly acknowledged, the parties agree as follows:  1. The first sentence of Section 1(b) of the Employment Agreement is hereby amended and restated in its entirety as follows, effective November 2, 2021: “During the Term, Executive shall serve as Executive Vice President and Chief Customer Officer of the Company, and shall perform such duties, responsibilities, and have those authorities consistent with such position and as may from time to time be assigned to Executive by the Company’s Chief Executive Officer (“CEO”), including, without limitation, management of the PnL of the Company’s digital business.” In addition, the Employment Agreement is hereby amended by replacing all references to “Executive Vice President and Chief Digital Officer” with “Executive Vice President and Chief Customer Officer”. 2. The first sentence of Section 3(a) of the Employment Agreement is hereby amended to reflect the Executive’s current Base Salary by replacing “$550,000.00” with “650,000.00”. 3. The first sentence of Section 3(b) of the Employment Agreement is hereby amended and restated in its entirety as follows, effective November 2, 2021: “Beginning with respect to fiscal year 2021 and for each completed fiscal year thereafter during the Term, Executive shall be eligible to receive an annual cash performance bonus (the “Annual Bonus”), with a target Annual Bonus opportunity equal to eighty percent (80%) of his Base Salary; provided, that the Annual Bonus with respect to fiscal year 2021 shall be prorated for the portion of fiscal year 2021 during which Executive was employed by the Company as the Chief Customer Officer (it being understood that Executive will Exhibit 10.51 

 

  2    also be eligible to receive an annual cash bonus payment with respect to the applicable  bonus plan, and terms and conditions related thereto, in which he participated in fiscal year  2021 prior to November 2, 2021, prorated for the portion of fiscal year 2021 prior to  November 2, 2021 during which he served as Chief Digital Officer.”    4. Section 3(e) of the Employment Agreement is hereby amended by adding the following as  a new third fourth sentences thereof:    “In fiscal year 2022, at the same time as such awards are granted to other members of the  Company’s senior management team, the Company shall grant Executive a long-term  equity incentive award(s) under the 2012 Plan or the 2018 Plan, as determined by the  Compensation Committee in its sole discretion (the “2022 Equity Award”). The 2022  Equity Award will have a target value at grant equal to $1,625,000.00.”    5. Section 3 of the Employment Agreement is hereby amended by adding the following as a  new paragraph (i):    “(i)   One-Time Long-Term Equity Incentive Award.  As soon as reasonably  practicable after the effective date of his promotion to Executive Vice President and Chief  Customer Officer and subject to all necessary approvals by the Compensation Committee,  the Company shall grant to you a one-time award comprised 60% of performance stock  units (the “One-Time PSU Award) and 40% of time-vesting restricted stock units (the  “One-Time RSU Award”), subject to and in accordance with the terms of the 2012 Plan or  the 2018 Plan, as determined by the Compensation Committee in its sole discretion and the  applicable award agreements thereunder.  The total value of the One-Time RSU Award  and One-Time PSU Award at the date of grant will be $350,000.00, as determined by the  Compensation Committee in its sole discretion.  The One-Time RSU Award will vest in  substantially equal installments on each of the first, second and third anniversaries of the  grant date, subject to your continued employment with the Company from the Effective  Date through the applicable vesting date, and the One-Time PSU Award will vest following  completion of the applicable three-year performance period and based on achievement of  the applicable goals, in each case, and subject to the terms of the 2012 Plan or the 2018  Plan, as applicable, and the applicable award agreements.  The Company expects that the  One-Time RSU Award and the One-Time PSU Award will be substantially consistent with  the terms and conditions of such awards made to similarly situated executives in 2021.”     6. Effect of Amendment. Except as set forth herein, all provisions of the Employment  Agreement shall remain in full force and effect.    7. Modifications. This Amendment may not be amended, modified, or changed (in whole or  in part) except by a formal, definitive written agreement expressly referring to this  Amendment, which agreement is executed by both of the Company and Executive.    

 

  3    8. Miscellaneous. The references to the “Agreement” throughout the Employment  Agreement are hereby understood to incorporate by reference this Amendment.  [Signature page follows]   

 

  4    IN WITNESS WHEREOF, the Company and Executive have executed this Amendment  as of the day and year first written above.          COMPANY       BED BATH & BEYOND INC.         By: /s/ Mark J. Tritton                                                          _       Name: Mark J. Tritton       Title: President and Chief Executive Officer         EXECUTIVE         /s/ Rafeh Masood                                                                  _                               Rafeh Masoodbbby2021ex-1053

1      Exhibit 10.53    BED BATH & BEYOND INC.   SHORT-TERM INCENTIVE PLAN  Amended and Restated as   of April 13, 2022  Section 1. Purpose.  The compensation policies of Bed Bath & Beyond Inc., a New York corporation (the  “Company”), are intended to support the Company’s overall objective of enhancing shareholder  value. In furtherance of this philosophy, the Bed Bath & Beyond Inc. Short-Term Incentive Plan (the  “Plan”) is designed to provide incentives for business performance, reward contributions towards  goals consistent with the Company’s business strategy and enable the Company to attract and retain  highly qualified Corporate Officers and other Eligible Employees.   Section 2. Definitions.  The terms used in the Plan include the feminine as well as the masculine gender and the plural  as well as the singular, as the context in which they are used requires. The following terms, unless  the context requires otherwise, are defined as follows:  “409A Covered Bonus” has the meaning set forth in Section 7(k)(ii) of the Plan.   “Affiliate” means each of the following: (a) any Subsidiary; (b) any Parent; (c) any  corporation, trade or business (including, without limitation, a partnership or limited liability  company) that is directly or indirectly controlled fifty percent (50%) or more (whether by ownership  of stock, assets or an equivalent ownership interest or voting interest) by the Company or one of its  Affiliates; (d) any corporation, trade or business (including, without limitation, a partnership or  limited liability company) that directly or indirectly controls fifty percent (50%) or more (whether  by ownership of stock, assets or an equivalent ownership interest or voting interest) of the Company;  and (e) any other entity in which the Company or any of its Affiliates has a material equity interest  and that is designated as an “Affiliate” by resolution of the Committee.   “Board” means the Board of Directors of the Company.   “Bonus” means the incentive compensation payable in cash, as determined by the Committee  under Section 4 of the Plan.   “Cause” means, with respect to a Participant’s Termination of Employment, the following:  (a) in the case where there is an employment agreement, severance agreement, change in control  agreement or similar agreement in effect between the Company or an Affiliate and the Participant  that defines “cause” (or words or a concept of like import), “cause” as defined under such agreement;  provided, however, that with regard to any agreement under which the definition of “cause” applies  only on occurrence of a change in control, such definition of “cause” shall not apply until a change  in control actually takes place and then only with regard to a termination in connection therewith; or  

 

2      (b) in the case where there is no employment agreement, severance agreement, change in control  agreement or similar agreement in effect between the Company or an Affiliate and the Participant  (or where there is such an agreement but it does not define “cause” (or words or a concept of like  import)), termination due to a Participant’s insubordination, dishonesty, fraud, incompetence, moral  turpitude, willful misconduct, breach of any policy, agreement or arrangement of the Company  (including as pertains to restrictive covenants or sexual or discriminatory conduct or related matters),  refusal to perform his or her duties or responsibilities for any reason other than illness or incapacity  or materially unsatisfactory performance of his or her duties for the Company or an Affiliate, as  determined by the Committee in its sole discretion.  In addition, the Committee may deem any  Termination of Employment to have been for Cause, including after such Termination of  Employment occurs, if it discovers facts or circumstances that would constitute Cause if known or  existing at the time of such Termination of Employment.   “Change in Control” means the occurrence of one or more of the following events:  (a) any “person” as such term is used in Sections 13(d) and 14(d) of the Exchange Act  (other than the Company, any trustee or other fiduciary holding securities under any employee  benefit plan of the Company, or any company owned, directly or indirectly, by the shareholders of  the Company in substantially the same proportions as their ownership of common stock of the  Company), becoming the beneficial owner (as defined in Rule 13d-3 under the Exchange Act),  directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the  combined voting power of the Company’s then outstanding securities, excluding a person that is an  “affiliate” (as such term is used in the Exchange Act) of the Company on the Effective Date, or any  affiliate of any such person;  (b) during any period of twelve (12) months, the majority of the Board consists of  individuals other than “Incumbent Directors,” which term means the members of the Board at the  beginning of such period, and any new director (other than a director designated by a person who  has entered into an agreement with the Company to effect a transaction described in subsections (a),  (c), or (d) or a director whose initial assumption of office occurs as a result of either an actual or  threatened election contest (as such term is used in Rule 14a-11 of Regulation 14A promulgated  under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on  behalf of a person other than the Board) whose election by the Board or nomination for election by  the Company’s shareholders was approved by a vote of a majority of the directors who comprised  the Incumbent Directors or whose election or nomination for election was previously so approved;  (c) upon the consummation of a merger or consolidation of the Company with any other  corporation, other than a merger or consolidation which would result in the voting securities of the  Company outstanding immediately prior thereto continuing to represent (either by remaining  outstanding or by being converted into voting securities of the surviving entity) fifty percent (50%)  or more of the combined voting power of the voting securities of the Company or such surviving  entity outstanding immediately after such merger or consolidation; provided, however, that a merger  or consolidation effected to implement a recapitalization of the Company (or similar transaction) in  which no person (other than those covered by the exceptions in (a) above) acquires more than fifty  percent (50%) of the combined voting power of the Company’s then outstanding securities shall not  constitute a Change in Control of the Company;  

 

3      (d) upon approval by the shareholders of the Company, the Company adopts any plan of  liquidation providing for the distribution of all or substantially all its assets, provided that this  paragraph (d) shall not constitute a Change in Control with respect to a 409A Covered Bonus; or  (e) upon the consummation of a sale or disposition by the Company of all or substantially  all of the Company’s assets other than the sale or disposition of all or substantially all of the assets  of the Company to a person or persons who beneficially own, directly or indirectly, at least fifty  percent (50%) or more of the combined voting power of the then outstanding voting securities of the  Company at the time of the sale.  Notwithstanding the foregoing, with respect to a Bonus that provides for payment or  settlement upon a Change in Control and that constitutes a 409A Covered Bonus, a transaction will  not be deemed a Change in Control unless the transaction qualifies as a change in control event  within the meaning of Code Section 409A.  Further and for the avoidance of doubt, a transaction will not constitute a Change in Control  if: (i) its sole purpose is to change the state of the Company’s incorporation, or (ii) its sole purpose  is to create a holding company that will be owned in substantially the same proportions by the persons  who held the Company’s securities immediately before such transaction.  A determination of whether  a Change in Control has occurred will be made in the discretion of the Committee.  “Code” means the Internal Revenue Code of 1986, as amended. Any reference to any section  of the Code shall also be a reference to any successor provision and any Treasury Regulation  promulgated thereunder.  “Committee” means the Compensation Committee of the Board appointed from time to time  by the Board (or another committee or committees of the Board appointed for purposes of  administering the Plan). Each Committee shall be comprised of two or more non-employee directors,  each of whom is an “independent director” as defined and to the extent required under the rules and  regulations of the Nasdaq Stock Market or such other applicable securities exchange on which the  Company’s common stock is then listed, listed or any national securities exchange system upon  whose system the Company’s common stock is then quoted, and, as may be applicable,  “independent” as provided pursuant to rules promulgated by the Securities and Exchange  Commission under the Dodd-Frank Wall Street Reform and Consumer Protection Act; provided,  however, that any delegation to an individual will be respected to the full extent of such delegation  provided that such delegation is consistent with the terms and conditions of this Plan and applicable  law.  “Company” has the meaning set forth in Section 1 hereof, including any successors to the  Company by operation of law.  “Corporate Officer” means any Company employee who is subject to Section 16(b) of the  Exchange Act.  “Disability” (a) shall have the meaning given to such term in an employment agreement,  severance agreement, change in control agreement, or other similar agreement in effect between the  Company or an Affiliate and the Participant to the extent that “disability” (or words or a concept of  

 

4      like import) is defined therein, or (b) if such an agreement does not exist or if “disability” is not  defined in any such agreement, shall mean, unless otherwise determined by the Committee at the  time that a Bonus opportunity is granted, a Participant’s “disability” or term of like import) as such  term is defined in the long-term disability plan of the Company applicable to such Participant or, in  the absence of such a definition, the inability of a Participant to perform the major duties of his or  her occupation for at least ninety (90) days in any one-hundred eighty (180)-day period because of  sickness or injury. Notwithstanding the foregoing, for Bonuses under the Plan that provide for  payments that are triggered upon a Disability and that constitute “non-qualified deferred  compensation” pursuant to Code Section 409A, Disability shall mean that a Participant is disabled  under Code Section 409A(a)(2)(C)(i).  “Effective Date” means July 16, 2020; provided, however, that the effective date of the plan  as amended and restated is as of May 10, 2021.  “Eligible Employee” means each employee of the Company or an Affiliate, including each  Corporate Officer, in each case as determined by the Committee in its sole discretion.  “Exchange Act” means the Securities Exchange Act of 1934, as amended.   “Parent” means any parent corporation of the Company within the meaning of Code Section  424(e).  “Participant” means a Corporate Officer or other Eligible Employee described in Section 3  of the Plan.  “Performance Period” means the period for which a Bonus may be made. Unless otherwise  specified by the Committee, the Performance Period shall be the Company’s fiscal year.  “Plan” has the meaning set forth in Section 1 hereof.  “Subsidiary” means any subsidiary corporation of the Company within the meaning of Code  Section 424(f).  “Termination of Employment” means (a) a termination of employment (not including a  military or personal leave of absence granted by the Company, except as otherwise determined by  the Committee) of a Participant from the Company and its Affiliates, or (b) when an entity employing  a Participant ceases to be an Affiliate, unless the Participant otherwise is, or thereupon becomes,  employed by the Company or another Affiliate at the time the entity ceases to be an Affiliate.  Section 3. Participation.  A Corporate Officer or other Eligible Employee designated by the Committee shall be a  Participant in the Plan and shall continue to be a Participant until advised or determined otherwise.  Section 4. Bonuses.  (a) Performance Measures and Goals. The Committee shall establish the performance  measures and goals for the earning of Bonuses based on a Performance Period applicable to each  

 

5      Participant or class of Participants in writing prior to the beginning of the applicable Performance  Period or, at such later date as determined by the Committee in its sole discretion, provided that the  outcome of such performance goals is substantially uncertain at the time they are established. The  performance goals may be based upon the attainment of specified levels of Company (or subsidiary,  division or other operational unit of the Company) performance either on an absolute basis or relative  to the performance of other corporations and/or on an individual Participant’s performance, in any  event, as determined by the Committee in its sole discretion.  (b) Adjustments. In evaluating whether and to what extent a performance goal has been  satisfied with respect to a Performance Period, the Committee may, in its sole discretion, adjust the  performance goals to reflect, or disregard and exclude the impact of, unanticipated, external or other  items, events, occurrences or circumstances determined by the Committee, including, but not limited  to: (i) restructurings, discontinued operations, disposal of a business, extraordinary items, and other  unusual or non-recurring charges, events or circumstances, (ii) an event either not directly related to  the operations of the Company (or a subsidiary, division or other operational unit of the Company)  or not within the reasonable control of the Company’s management, (iii) the operations of any  business acquired by the Company (or a subsidiary, division or other operational unit of the  Company), (iv) a change in accounting standards required by generally accepted accounting  principles, or (v) the effect of changes in laws or provisions affecting reported results.  (c) Performance Evaluation. Within a reasonable time after the close of a Performance  Period, the Committee shall determine whether the performance goals established for that  Performance Period have been met.   (d) Bonuses. The amount of the Bonus paid to each Participant shall be determined by  the Committee. For the avoidance of doubt, for any Performance Period, and despite the established  performance goals, the Committee shall retain the discretion to increase or decrease the amount of,  or eliminate entirely, the Bonus to any Participant based on its review of the performance goals for  each Participant pursuant to Section 4(c) and the individual performance of such Participant or such  other factors as it deems necessary or appropriate.  (e) Payment or Deferral of the Bonus.  (i) Payment; Withholding. Subject to Section 4(e)(ii), the Company shall  pay the Bonus to the Participant following the Committee’s determination under  Section 4(d) of the amount of the Bonus, but in any event, within the two and one- half month period following the end of the Performance Period. The Company shall  have the right to deduct from any Bonus any applicable income and employment taxes  and any other amounts that the Company is otherwise required or permitted to deduct.  (ii) Deferral. Subject to Section 7(k) (regarding Code Section 409A) and  subject to the Committee’s approval and applicable law, a Participant may request  that payment of a Bonus be deferred under a deferred compensation arrangement  maintained by the Company by making a deferral election prior to, or as permitted,  during the Performance Period, pursuant to such rules and procedures as the  Committee may establish from time to time with respect to such arrangement.  

 

6      (f) Eligibility for Payments; Effect of Termination of Employment; Effect of Change in  Control.   (i) Except as otherwise determined by the Committee or provided in  Section 4(f)(ii), (iii) or (iv) below, a Participant shall be eligible to receive a Bonus  for a Performance Period only if such Participant is employed in good standing by  the Company continuously from the beginning of the Performance Period through  the payment of the Bonus.  Accordingly, except as expressly provided otherwise in  an employment agreement, severance agreement, change in control agreement, or  other similar agreement in effect between the Company or an Affiliate and a  Participant, in the event of a Termination of Employment, a Participant’s Bonus will  be  immediately and automatically forfeited and canceled for no consideration to the  Participant.  Notwithstanding the foregoing, the Committee retains the discretion to  accelerate or provide for payment in whole or part of any Bonus. For the avoidance  of doubt, if a Participant has an employment agreement, severance agreement,  change in control agreement, or other similar agreement in effect with the Company  or an Affiliate that addresses the treatment of the Participant’s Bonuses in the event  of a particular Termination of Employment, and either such agreement or the Plan  provides for more favorable treatment with respect to a specific type of Termination  of Employment, the more favorable treatment (in such agreement or in the Plan)  shall control as to the Participant and such Bonus with respect to such Termination  of Employment; provided, however, that there will be no duplication of benefits  (i.e., the Participant will not receive a Bonus payout for a Performance Period under  both the Plan and such other employment, severance, or change in control  agreement).  (ii) Termination of Employment due to death or Disability. In the event  of a Participant’s Termination of Employment due to death or Disability, the  Participant will receive payment of (I) any Bonus for a Performance Period that  ended prior to the Termination of Employment, based on actual performance and  payable at the time set forth in Section 4(e)(i), and (II) if the date of the Termination  of Employment occurs within the last six (6) months of a Performance Period, any  Bonus for the Performance Period in which the termination date occurs, based on  actual performance and payable at the time set forth in Section 4(e)(i), prorated for  the number of full calendar months the Participant was employed by the Company  during the Performance Period.   (iii) Termination of Employment by the Company without Cause. In the  event of a Participant’s Termination of Employment by the Company without Cause  that occurs following the end of any applicable Performance Period but prior to the  date of payment for the Bonus in respect of such Performance Period, to the extent  that the Participant timely executes, delivers, and does not revoke a general waiver  and release of claims in a form provided by the Company (the “Release”), the  Participant will receive payment of such Bonus for such Performance Period that  ended prior to the date on which the Termination of Employment occurs, based on  actual performance and payable at the time set forth in Section 4(e)(i). For the  avoidance of doubt, if the date of the Termination of Employment without Cause by  

 

7      the Company occurs within a Performance Period, the Participant shall forfeit any  Bonus for the Performance Period in which the termination date occurs.  (iv) Termination of Employment in Connection with a Change in Control.  Unless an employment agreement, severance agreement, change in control  agreement, or other similar agreement in effect between the Company or an Affiliate  and a Participant provides for more favorable treatment, in the event of a Participant’s  Termination of Employment by the Company without Cause, within the ninety (90)  days prior to or the two (2) years following a Change in Control and to the extent that  the Participant timely executes, delivers, and does not revoke a Release, then  notwithstanding anything herein to the contrary, the Participant will receive payment  of (i) any Bonus for a Performance Period that ended prior to the Termination of  Employment, based on actual performance and payable within thirty (30) days  following the later of the effective date of the Change in Control or the expiration of  the applicable revocation period for the Release, and (ii) any Bonus for the  Performance Period in which the termination date occurs, at the target level of  performance and payable within thirty (30) days following the later of the effective  date of the Change in Control or the expiration of the applicable revocation period for  the Release, prorated for the number of full calendar months the Participant was  employed by the Company during the Performance Period.  (g) Breach of Restrictive Covenants. Notwithstanding anything herein to the contrary, in  the event that a Participant breaches any written confidentiality, intellectual property rights  assignment, non-competition, non-solicitation, non-disparagement or other written restrictive  covenant agreement between the Participant and the Company or an Affiliate thereof prior to the date  of payment of any Bonus, the Participant shall forfeit such Bonus.  Section 5. Administration.  (a) General Administration. The Plan shall be administered by the Committee. Subject to  the terms and conditions of the Plan, the Committee is authorized and empowered in its sole  discretion to select or approve Participants and to award potential Bonuses in such amounts and upon  such terms and conditions as it shall determine.  (b) Delegation. The Chief Executive Officer (or his or her designee) shall possess all of  the Committee’s duties and authority under the Plan with respect to Bonuses that may be payable to  Participants who are not Corporate Officers, including but not limited to such duties and authority as  are set forth in Sections 3 and 4, provided that the Committee shall have the power and authority to  remove from the Chief Executive Officer any and all duties and authority provided for under this  Section 5(b).  For purposes of this Plan, references to the Committee shall be deemed to refer to the  applicable duly authorized delegate or designee with respect to matters delegated to such person.  (c) Administrative Rules. The Committee shall have full power and authority to adopt,  amend and rescind administrative guidelines, rules and regulations pertaining to the Plan and to  interpret the Plan and rule on any questions respecting any of its provisions, terms and conditions.  

 

8      (d) Committee Members Not Liable. The Committee and each of its members shall be  entitled to rely upon certificates of appropriate officers of the Company with respect to financial and  statistical data in order to determine if the performance goals for a Performance Period have been  met. Neither the Committee nor any member thereof shall be liable for any action or determination  made in good faith with respect to the Plan or any Bonus made hereunder.  (e) Decisions Binding. All decisions, actions and interpretations of the Committee  concerning the Plan shall be final and binding on the Company and its Affiliates and their respective  boards of directors, and on all Participants and other persons claiming rights under the Plan, and all  such decisions, actions and interpretations of the Committee concerning the Plan shall be afforded  the maximum deference under applicable law.  Section 6. Amendment; Termination.  The Plan may be amended or terminated by the Board or the Committee, and any such  amendment shall require shareholder approval only to the extent required by applicable law,  including for these  purposes Department of the Treasury or Securities and Exchange Commission  regulations, the rules of the Nasdaq Stock Market or any other applicable exchange or any other  applicable law or regulations. All amendments to the Plan, including an amendment to terminate  the Plan, shall be in writing. Unless otherwise expressly provided by the Board or the Committee,  no amendment to the Plan shall apply to potential Bonuses with respect to a Performance Period  that began before the effective date of such amendment.  Section 7. Other Provisions.  (a) Duration of the Plan. The Plan is effective as of the Effective Date. The Plan shall  remain in effect until all Bonuses made under the Plan have been paid or forfeited under the terms  of the Plan and all Performance Periods related to Bonuses made under the Plan have expired.  (b) Bonuses Not Assignable. No Bonus or any right thereto shall be assignable or  transferable by a Participant except by will or by the laws of descent and distribution. Any other  attempted assignment or alienation shall be void and of no force or effect.  (c) Rights of Participants. The right of any Participant to receive any payments under a  Bonus granted to such Participant and approved by the Committee pursuant to the provisions of the  Plan shall be an unsecured claim against the general assets of the Company. The Plan shall not create,  nor be construed in any manner as having created, any right by a Participant to any Bonus for a  Performance Period because of a Participant’s participation in the Plan for any prior Performance  Period or otherwise. The application of the Plan to one Participant shall not create, nor be construed  in any manner as having created, any right by another Participant to similar or uniform treatment  under the Plan. Solely with respect to a Participant who is party to an employment agreement,  severance agreement, change in control agreement, or other similar agreement in effect between the  Company or an Affiliate and such Participant, the provisions of the Plan are in all respects subject to  the terms and conditions of such agreement as if they were set forth fully herein.  

 

9      (d) Termination of Employment. The Company retains the right to terminate the  employment of any Participant or other employee at any time for any reason or no reason, and a  Bonus is not, and shall not be construed in any manner to be, a waiver of such right.  (e) Exclusion from Benefits. Bonuses under the Plan shall not constitute compensation  for the purpose of determining participation or benefits under any other plan of the Company unless  specifically included as compensation in such plan.  (f) Successors. Any successor (whether direct or indirect, by purchase, merger,  consolidation or otherwise) to all or substantially all of the Company’s business or assets, shall  assume the Company’s liabilities under the Plan and perform any duties and responsibilities in the  same manner and to the same extent that the Company would be required to perform if no such  succession had taken place.  (g) Governing Law. The Plan and actions taken in connection herewith shall be governed  and construed in accordance with the laws of the State of New York (regardless of the law that might  otherwise govern under applicable New York principles of conflict of laws).  (h) Headings. Any headings preceding the text of the several sections, subsections, or  paragraphs hereof are inserted solely for convenience of reference and shall not constitute a part of  the Plan, nor shall they affect its meaning, construction or effect.  (i) Severability. If any provision of the Plan is determined to be void by any court of  competent jurisdiction, the Plan shall continue to operate and, for the purposes of the jurisdiction of  the court only, shall be deemed not to include the provision determined to be void.  (j) Offsets. To the extent permitted by law, the Company shall have the right to offset  from any Bonus payable hereunder any amount that the Participant owes to the Company or any  Affiliate without the consent of the Participant (or the Participant’s beneficiary, in the event of the  Participant’s death).  (k) Code Section 409A.  (i) Although the Company does not guarantee the particular tax treatment  of any Bonus awarded under the Plan, amounts paid under the Plan are intended to  comply with, or be exempt from, the applicable requirements of Code Section 409A  and the Plan and any Bonus shall be limited, construed and interpreted in accordance  with such intent. In no event whatsoever shall the Company or any of its Affiliates be  liable for any additional tax, interest or penalties that may be imposed on a Participant  by Code Section 409A or any damages for failing to comply with Code Section 409A.  (ii) Notwithstanding anything herein to the contrary, the following  provisions shall apply to any Bonus under the Plan that constitutes nonqualified  deferred compensation pursuant to Section 409A (a “409A Covered Bonus”):  (A) A termination of employment shall not be deemed to have  occurred for purposes of any provision of a 409A Covered Bonus providing  for payment upon or following a termination of the Participant’s employment  

 

10      unless such termination is also a “Separation from Service” within the  meaning of Code Section 409A and, for purposes of any such provision of the  409A Covered Bonus, references to a “termination,” “termination of  employment” or like terms shall mean Separation from Service.  Notwithstanding any provision herein to the contrary, if the Participant is  deemed on the date of the Participant’s Termination of Employment to be a  “specified employee” within the meaning of that term under Code Section  409A(a)(2)(B) and using the identification methodology selected by the  Company from time to time, or if none, the default methodology set forth in  Code Section 409A, then with regard to any such payment under a 409A  Covered Bonus, to the extent required to be delayed in compliance with Code  Section 409A(a)(2)(B), such payment shall not be made prior to the earlier of  (i) the expiration of the six (6)-month period measured from the date of the  Participant’s Separation from Service, and (ii) the date of the Participant’s  death. All payments delayed pursuant to this Section 7(k)(ii)(A) shall be paid  to the Participant on the first day of the seventh month following the date of  the Participant’s Separation from Service or, if earlier, on the date of the  Participant’s death.  (B) Whenever a payment under a 409A Covered Bonus specifies a  payment period with reference to a number of days, the actual date of payment  within the specified period shall be within the sole discretion of the Company.  In no event shall the timing of a Participant’s execution of the Release, directly  or indirectly, result in the Participant’s designating the calendar year of  payment, and if a payment that is subject to execution of the Release could be  made in more than one taxable year, payment shall be made in the later taxable  year. Each amount or benefit payable pursuant to this Plan shall be treated as  a separate and distinct payment for purposes of Code Section 409A.  (l) Incentive Compensation Recoupment Policy. Notwithstanding anything herein to the  contrary, all Bonuses are subject to any incentive compensation recoupment or clawback policy  maintained by the Company from time to time, including the Bed Bath & Beyond Inc. Compensation  Recoupment Policy, as amended from time to time.

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