Amendment Number Two to Lowe’s Companies, Inc. Deferred Compensation Program

Contract Categories: Human Resources › Compensation Agreements
Summary

Lowe’s Companies, Inc. has amended its Deferred Compensation Program, effective December 31, 2008. This amendment eliminates the requirement for employees to defer stock awards that were granted before January 1, 2009 but vest on or after that date. The change means that, starting in 2009, eligible employees will no longer be required to defer these stock awards under the program. The amendment was made in accordance with the company’s right to modify the program at any time.

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EX-10.22 3 exhibit1022.htm EXHIBIT 10.22 - AMENDMENT NUMBER TWO TO THE LOWE'S COMPANIES, INC. DEFERRED COMPENSATION PROGRAM exhibit1022.htm
Exhibit 10.22

AMENDMENT NUMBER TWO
TO THE
LOWE’S COMPANIES, INC. DEFERRED COMPENSATION PROGRAM

This Amendment Number Two to the Lowe’s Companies, Inc. Deferred Compensation Program (the “Program”) is adopted by Lowe’s Companies, Inc. (the “Company”) effective as of December 31, 2008.
 
W I T N E S S E T H:
 
WHEREAS, the Company currently maintains the Program as Exhibit 1 to the Lowe’s Companies, Inc. 2001 Incentive Plan; and
 
WHEREAS, the Company desire to amend the Program to eliminate the mandatory deferral of any stock awards made prior to January 1, 2009 that become vested on or after January 1, 2009; and
 
WHEREAS, under Section 13 of the Program, the Company may amend the Program at any time;
 
NOW, THEREFORE, effective as of December 31, 2008, the Company hereby amends Section 2(n) of the Program (the definition of “Mandatory Deferred Benefit”) by adding the following to the end thereof:
 
Notwithstanding any contrary provision of the Program, no Eligible Employee shall earn a Mandatory Deferred Benefit under the Program in any Deferral Year beginning on and after January 1, 2009.
 
IN WITNESS WHEREOF, the Company has adopted this Amendment Number Two to the Program effective as of the day and year first above written.
 
LOWE’S COMPANIES, INC.


By: _____________________________
Name: ___________________                                                               
Title: ____________________