What is the main purpose of the amendment to the Executive Savings Plan?

The amendment modifies the matching credit structure for certain named executive officers to incentivize deferrals of base salary and bonuses, with a performance-based component tied to corporate results. This aims to align executive interests with company performance and aid in retention.

How does the performance-based match work?

The additional match ranges from 50% to 150% of deferrals (up to 10% of base salary) depending on whether TJX's corporate performance under the Management Incentive Plan yields between 90% and 125% of the target award opportunities.

Are there any conditions for receiving these enhanced benefits?

Yes, participants must adhere to any applicable confidentiality, noncompetition, nonsolicitation, or related agreements to be eligible for and retain the additional employer credits provided by this amendment.

TJX 8-K: Leadership Changes

Q: Which executives are most impacted by these changes?

The amendment specifically impacts Senior Executive Vice Presidents Ernie Herrman and Jeffrey G. Naylor, who are not eligible for the primary benefit of TJX's Supplemental Executive Retirement Plan.

Summary

This 8-K filing from The TJX Companies, Inc. (TJX) on April 8, 2010, details an amendment to its Executive Savings Plan (ESP) made on April 5, 2010. The primary focus is on changes to the matching credit structure for named executive officers Ernie Herrman and Jeffrey G. Naylor, who are not eligible for the primary benefit under the Supplemental Executive Retirement Plan. These changes aim to incentivize executive participation and retention by adjusting matching contributions tied to base salary deferrals and corporate performance metrics.

Key Highlights

1Amendment to the Executive Savings Plan (ESP) effective April 5, 2010.
2Changes primarily affect named executive officers Ernie Herrman and Jeffrey G. Naylor.
3New matching credit structure for base salary deferrals up to 10% for eligible officers.
4An additional performance-based match is introduced, ranging from 50% to 150% of deferrals based on corporate performance (90%-125% of target).
5This performance match is contingent on the payout under TJX's Management Incentive Plan.
6The plan amendment is for a period of up to 15 years.
7Participants must comply with confidentiality, noncompetition, and nonsolicitation agreements to receive/retain additional employer credits.

TJX COMPANIES INC /DE/ 8-K Report, Executive Changes (Apr 9, 2010)

Summary

Key Highlights

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