SEC Contract Filing

Filing Date: 2016-03-24

Document Content:
<DOCUMENT>
<TYPE>EX-10.34
<SEQUENCE>2
<FILENAME>hd-1312016xexx1034.htm
<DESCRIPTION>EMPLOYMENT ARRANGEMENT BETWEEN MARC D. POWERS AND THE HOME DEPOT, INC.
<TEXT>
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 <title>Exhibit</title>
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<a name="s1C73275E12445A4AB8EC9369859C5837"></a><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.34</font></div></div><br><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[Home Depot Letterhead]</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">October 16, 2014</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Marc Powers</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dear Marc:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">II am pleased to confirm The Home Depot, Inc.&#8217;s (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Company</font><font style="font-family:inherit;font-size:10pt;">&#8221;) offer and your acceptance in the position of Executive Vice President &#8211; U.S. Stores, effective November 1, 2014, reporting directly to me. Your new annual base salary will be $650,000, payable in equal bi-weekly installments. Your next salary review will be held in April of 2015, with salary reviews held annually thereafter.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In addition to your base salary, you will continue to be eligible to participate in the Management Incentive Plan (&#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">MIP</font><font style="font-family:inherit;font-size:10pt;">&#8221;) for officers, which provides an annual incentive target of up to 100% of your base salary. MIP will be paid annually based on achievement of the established financial goals. The incentive, if any, will be prorated based on the number of full months in your previous and new positions as well as the respective bonus targets for each position. To be eligible for payment of any incentive, you must be employed on the day on which the incentive is paid.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Home Depot has typically awarded an annual equity grant to Officers in March of each year under the Amended and Restated 2005 Omnibus Stock Incentive Plan.&#160; Currently, equity awards for Officers in March 2015 are expected to consist of Restricted Stock, Stock Options, and Performance Shares.&#160; Vesting and performance goals for these awards are established annually for each grant.&#160; You will be eligible to receive the same types of equity awards as other Officers in the Company.&#160; </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">At the next regularly scheduled quarterly meeting of the Leadership Development and Compensation Committee of The Home Depot, Inc. Board of Directors following the effective date of your new role and acceptance of this agreement, you will receive a grant under the Amended and Restated 2005 Omnibus Stock Incentive Plan (the &#8220;Omnibus Plan&#8221;) of the