Equity Awards.
Mr. Lower also holds equity awards granted under our equity plans, the material terms of which are described in the Compensation Tables herein.
Change in Control Agreement.
Mr. Lower was eligible to
participate in the CIC Plan, the terms of which are described below.
Retention Agreement
On November 21, 2019, Mr. Lower and the Company entered into a Retention Agreement in order to retain Mr. Lower to assist with the close out of the
Companys 2019 fiscal year. As required under the Retention Agreement, Mr. Lower remained employed through January 10, 2020 and became entitled to and was paid a lump sum retention payment of $292,716. Mr. Lower also executed a
customary release agreement.
AGREEMENTS WITH N. DAVID BLEISCH, EXECUTIVE VICE PRESIDENT, CHIEF LEGAL AND ADMINISTRATIVE OFFICER AND
CORPORATE SECRETARY
Letter Agreement. Our Executive Vice President, Chief Legal and Administrative Officer and Corporate Secretary,
Mr. Bleisch, is employed effective September 20, 2017, pursuant to the terms of a letter agreement dated September 15, 2017. Pursuant to the terms of the letter agreement, Mr. Bleisch is eligible to receive the following during
his employment with Office Depot:
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Base salary of $500,000 per annum;
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Annual target bonus amount equal to 75% of his base salary; and
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Certain benefits and perquisites.
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During fiscal year 2019, Mr. Bleischs base salary was increased to $600,000, on an annualized basis, for assumption of additional responsibilities, and his
bonus target payout amount was 75% of his annualized base salary.
Pursuant to the letter agreement, Mr. Bleisch, is entitled to certain additional payments
and benefits in the event his employment is terminated under certain circumstances. For a description of these payments and benefits, see Benefits Upon Termination or Change in Control Under Executive Agreements herein.
Equity Awards.
Mr. Bleisch also holds equity awards granted
under our equity plans, the material terms of which are described in the Compensation Tables herein.
Change in Control Agreement.
Mr. Bleisch is eligible to participate in the CIC Plan, the terms of which are described below.
AGREEMENTS WITH JERRI L. DEVARD, FORMER EXECUTIVE VICE PRESIDENT AND CHIEF CUSTOMER OFFICER
Letter Agreement. Our former Executive Vice President and Chief Customer Officer, Ms. DeVard, was employed effective September 12, 2017, pursuant
to the terms of a letter agreement dated September 14, 2017. Pursuant to the terms of the letter agreement, Ms. DeVard was eligible to receive the following during her employment with Office Depot:
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Base salary of $575,000 per annum;
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Annual target bonus dollar equal to 75% of her base salary; and
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Certain benefits and perquisites.
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