Meyrowitz signs new TJX contract

Framingham discounter TJX Cos. has signed a new contract with chief executive Carol Meyrowitz through Jan. 29, 2011, with an annual base salary of at least $1.47 million, the current level of her base salary. That is consistent with TJX's freeze of merit increases for employees, according to the company, which runs T.J. Maxx and Marshalls.

Under the agreement, Meyrowitz is eligible to participate in TJX's two cash incentive plans, each with a target for award opportunities of 100 percent of her base salary.

As part of the company's stock incentive plan, Meyrowitz also received an award of 300,000 shares of performance-based restricted stock scheduled to vest in 2010 and 2011. Meyrowitz took over as chief executive of the off-price merchant in 2007.

In February, TJX unveiled plans to cut $150 million in costs from its budget, including eliminating merit pay raises, after reporting that fiscal fourth-quarter net income dropped 17 percent to $250.7 million.
(By Jenn Abelson, Globe staff)