Document:

EX-10.2

 Exhibit 10.2 

ZOGENIX, INC. 
 ANNUAL
INCENTIVE PLAN 
 (As Amended and Restated Effective December 4, 2013) 

 

	1.	PURPOSE 

 This Zogenix, Inc. Annual Incentive Plan (the “Plan”)
is intended to provide an incentive for eligible employees of Zogenix, Inc. (the “Company”) to perform to the best of their abilities, to further the growth, development and financial success of the Company, and to enable the
Company to attract and retain highly qualified employees. 
  

	2.	PARTICIPANTS 

 All employees of the Company and its subsidiaries meeting the eligibility
requirements set forth in this Section 2 shall be eligible to receive a bonus award (an “Award”) hereunder (each such eligible employee, a “Participant”). To receive an Award under the Plan with
respect to any Incentive Plan Year (as defined below), a Participant must: 
 (a) Be an “Active” employee as of the
date of payment of his or her Award. For purposes of this Plan, “Active” shall mean an employee who is actively employed by the Company, including an employee on an approved leave of absence, such as medical, personal or
military leave, but not an employee who has been moved to “inactive” status pursuant to the Company’s employee handbook. 

(b) Be a “Regular Full-Time Employee” at the end of the relevant Incentive Plan Year. For purposes of this Plan,
“Regular Full-Time Employee” shall mean an employee who actually worked at least 1,560 regular hours during the relevant Incentive Plan Year (or the equivalent of 30 hours per week). The preceding hours requirement will be
prorated for employees out on a medical leave of absence covered by the federal Family and Medical Leave Act or similar state law. Temporary or seasonal employees, interns, independent contractors and consultants are ineligible to participate in the
Plan. 
 (c) Have been an eligible employee for at least three (3) consecutive months prior to the end of the relevant Incentive
Plan Year. 
 (d) Be performing at a minimum level of “Needs Improvement” or higher at the time his or her Award is paid.

 (e) Not engage in and/or be involuntarily terminated as a result of serious misconduct (e.g., theft, dishonesty, workplace
violence) or a violation of Company policy during the Incentive Plan Year or prior to the payment of his or her Award, as determined by the Company. 
  

	3.	THE COMMITTEE 

 The Plan shall be administered by a committee (the
“Committee”) of the Board of Directors of the Company (the “Board”), which shall be appointed by the Board. Initially, the Compensation Committee of the Board shall constitute the Committee. The
Committee shall have the discretion and authority to administer and interpret the Plan, including the authority to establish one or more bonus programs under the Plan from time to time containing such terms and conditions as the Committee may
determine or deem appropriate in its discretion. 

  
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	4.	PERFORMANCE GOALS 

 The Plan is intended to provide incentive for the achievement of
approved annual corporate and individual objectives (the “Performance Goals”) with respect to each calendar year during the term of the Plan (each an “Incentive Plan Year”). 

(a) Corporate Performance Goals. Prior to or at the beginning of each Incentive Plan Year, the Committee shall select such
objective corporate Performance Goals for such Incentive Plan Year as the Committee may determine in its sole discretion. It is intended that the corporate Performance Goals be objectively determinable and based upon financial metrics set forth in
the Company’s annual business plan or strategic objectives consistent with the Company’s annual business plan, with the weighting of the various objectives to be approved by the Committee. 

(b) Individual Performance Goals. All Participants in the Plan will work with their managers to develop a list of key individual
Performance Goals, which individual Performance Goals will be subject to the approval of each Participant’s manager. The individual Performance Goals for the executive officers of the Company, if applicable, will be approved by the Chief
Executive Officer of the Company. 
  

	5.	TARGET AWARD PERCENTAGES  

 Each Participant will be assigned a “Target Award
Percentage” based on his or her job classification and responsibilities. A Participant’s Target Award Percentage for any given Incentive Plan Year will be based on his or her job classification as of December 31 of such
Incentive Plan Year. The Target Award Percentages will be reviewed annually by the Committee and adjusted as necessary or appropriate. The initial Target Award Percentages for purposes of the Plan will be as follows: 

 

					
	 Position
	  	Target Award Percentage (% of base salary)	 
	Chief Executive Officer	  	 	50	%
	President/COO/CFO/CCO/CMO	  	 	45	%
	CDO/SVP/GM	  	 	35	%
	Vice Presidents	  	 	30	%
	Executive Directors	  	 	25	% 
	Senior Directors/Controller	  	 	22.5	%
	Directors	  	 	20	%
	Associate Directors	  	 	17.5	% 
	Managers	  	 	15	% 
	Administrative Staff	  	 	10	% 

 A “Target Award” for each Participant for each Incentive Plan Year will be determined
by multiplying his or her “Target Award Percentage” by his or her base salary as of December 31 of such Incentive Plan Year. 
  

	6.	WEIGHTINGS

 Other than the Chief Executive Officer of the Company, whose Award will be
determined solely by reference to corporate Performance Goal achievement as set forth below, a portion of each Participant’s Award will be based on corporate Performance Goal achievement and a portion will be

 
based on individual Performance Goal achievement. The relative weight between these goals will vary based on levels within the organization. The weighting will be reviewed annually by the
Committee and be adjusted, as necessary or appropriate. 
 The initial weightings for purposes of the Plan will be as follows: 

 

									
	 	  	Corporate	 	 	Individual	 
	Chief Executive Officer	  	 	100	% 	 	 	0	%
	President/COO/CFO/CCO/CMO	  	 	90	% 	 	 	10	% 
	CDO/ SVP/GM	  	 	80	% 	 	 	20	% 
	Vice Presidents	  	 	70	% 	 	 	30	% 
	Executive Directors	  	 	60	% 	 	 	40	% 
	Senior Directors/Directors	  	 	50	% 	 	 	50	% 
	All other employees	  	 	30	% 	 	 	70	% 

  

	7.	PERFORMANCE MEASUREMENT 

 Separate “Performance Factors” will be
established for each of the corporate and individual Performance Goals applicable to each Award for each Incentive Plan Year. 

(a) Corporate Performance Factor. The Chief Executive Officer of the Company will present to the Committee for its approval his
assessment of the level of the Company’s achievement of its corporate Performance Goals, in the Committee’s sole discretion. The corporate “Performance Factor” shall be expressed as a percentage within the range specified by the
Committee with respect to each Incentive Plan Year, which percentage may exceed 100%. The same corporate “Performance Factor,” as approved by the Committee, shall be used for the corporate component of each Participant’s Award. Unless
otherwise determined by the Committee, if the corporate Performance Factor for an Incentive Plan Year is below 50%, Participants will not be entitled to any Awards under the Plan for such Incentive Plan Year, regardless of a Participant’s
individual Performance Factor. Unless otherwise determined by the Committee, the corporate Performance Factor will be within the range of 50% to 125%. 

(b) Individual Performance Factor. A Participant’s achievement level relative to his or her individual Performance Goals will
be used to calculate a Performance Factor for such Participant, which shall be expressed as a percentage within the range specified by the Committee or its designee with respect to each Incentive Plan Year, which percentage may exceed 100%. Unless
otherwise determined by the Committee, a Participant’s individual Performance Factor will be within the range of 0% to 110%. While a Participant’s direct manager shall take a Participant’s achievement with respect to his or her
individual Performance Goals for the Incentive Plan Year into account in determining the individual Performance Factor, any such determination remains in the sole discretion of the direct manager based on their subjective assessment of a
Participant’s overall performance. The proposed individual Performance Factors for the executive officers of the Company will be presented by the Chief Executive Officer of the Company to the Committee for its approval, which shall retain the
sole discretion to determine such executives’ individual Performance Factors based on its subjective assessment of each executive’s overall performance. 
  

	8.	AWARD CALCULATIONS 

 The actual Award for a Participant will be calculated by allocating
the Target Award for such Participant between the corporate and individual weightings for the relevant Incentive Plan Year, and then applying the corresponding corporate and individual Performance Factors to each such amount, respectively. 

 The example below shows a sample Award calculation under the Plan. First, a total Target Award is
calculated by multiplying the Plan Participant’s base salary by the Target Award Percentage. The resulting amount is then divided into its corporate component and its individual component, if any, based on the relative weightings for that
Participant’s specific position. This calculation establishes specific dollar Target Award for the Plan year for each component of the Award. 
  

									
		 	Example:        	  	Position:	 	Vice President	  	
		 		  	Base Salary:	 	$200,000	  	
		 		  	Target Award Percentage:	 	30%	  	
		 		  	Target Award (in dollars):	 	$60,000	  	

 Assumed Performance Factors based on the following assessment of corporate and individual performance: 

 

									
		 		  	Corporate Performance Factor	  	90%	  	
		 		  	Individual Performance Factor	  	100%	  	
					
		 		  	Award Calculation:	  		  	
				
		 		  	Target Award components (based on weightings):	  	
					
		 		  	 Corporate performance (70%):
	  	$42,000	  	
		 		  	 Individual performance (30%):
	  	$18,000	  	
					
		 		  	Corporate component	  	$37,800 ($42,000 x 90%)	  	
		 		  	Individual component	  	$18,000 ($18,000 x 100%)	  	
				
	Total Award:	  		  	$55,800 (93% of Target Award)	  	

 Award calculations will be based on a Participant’s base salary as of the last day of the applicable
Incentive Plan Year. 
 A Participant who has been an eligible employee for less than a year, but who is an eligible employee for at least
three months prior to the end of an Incentive Plan Year and remains continuously employed through the end of such Incentive Plan Year, will receive a pro-rata Award based on the portion of the Incentive Plan Year he or she was an eligible employee.
Award payments may also be prorated for any time during an Incentive Plan Year an otherwise eligible employee was not classified as an Active employee or Regular Full-Time Employee during such Incentive Plan Year, in the discretion of the Committee.
Other than as stated above, Awards will not be prorated for partial year service. 
 The Committee may, in its discretion, reduce or
eliminate an Award otherwise payable to any Participant. Any such reduction or elimination may be made based on such objective or subjective determinations as the Committee determines appropriate. 

	9.	PAYMENT OF AWARDS 

 The payment of Awards under the Plan shall be made on any date or
dates determined by the Committee during the calendar year following the Incentive Plan Year to which such Awards relate and shall be subject to such terms and conditions as may be determined by the Committee in its sole discretion. As provided in
Section 2, a Participant must be an Active employee of the Company or its subsidiaries and in good standing as of the date on which the Award is paid in order to be entitled to receive such Award. If a Participant dies or a Participant’s
employment is terminated for any reason prior to the payment of his or her Award, the payment of any Award (and in the case of death, the person or persons to whom such payment shall be made) shall be determined at the sole discretion of the
Committee. 
 Any Award that becomes payable under the Plan may be paid in the form of cash, shares of the Company’s common stock or a
combination of both, as determined by the Committee in its sole discretion. To the extent that the Committee determines to pay an Award in the form of shares of the Company’s common stock, such shares shall be awarded under the Company’s
2010 Equity Incentive Award Plan, as amended from time to time, and shall be subject to the terms and conditions thereof. 
  

	10.	AMENDMENT, SUSPENSION AND TERMINATION 

 The Company may amend, suspend or terminate the
Plan at any time in its sole discretion. Such discretion may be exercised any time before, during, and after the Plan year is completed. No Participant shall have any vested right to receive any payment until actual delivery of such compensation.

  

	11.	MISCELLANEOUS 

 (a) The Company shall deduct all federal, state, and local taxes
required by law or Company policy from any Award paid hereunder. 
 (b) In no event shall the Company be obligated to pay to any
Participant an Award for any period by reason of the Company’s payment of an Award to such Participant in any other period, or by reason of the Company’s payment of an Award to any other Participant or Participants in such period or in any
other period. 
 (c) This Plan does not, and Company policies and practices in administering this Plan do not, constitute an express or
implied contract or other agreement concerning the payment of any Award or the duration of any Participant’s employment with the Company. The employment relationship of each Participant is “at will” and may be terminated at any time
by the Company or by the Participant, with or without cause. 
 (d) The Plan shall be unfunded. Amounts payable under the Plan are not
and will not be transferred into a trust or otherwise set aside. The Company shall not be required to establish any special or separate fund or to make any other segregation of assets to assure the payment of any Award under the Plan. Any accounts
under the Plan are for bookkeeping purposes only and do not represent a claim against the specific assets of the Company. 
 (e) No
rights of any Participant to payments of any amounts under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated. All rights with respect to an Award granted to a Participant under the Plan shall be available
during his or her lifetime only to the Participant. 

 (f) Any provision of the Plan that is prohibited or unenforceable shall be ineffective to
the extent of such prohibition or unenforceability without invalidating the remaining provisions of the Plan. 
 (g) The Plan shall be
construed, interpreted and the rights of the parties determined in accordance with the laws of the State of California (without regard to principles of conflicts of law). 

* * * * * 

 I hereby certify that the foregoing Plan was duly adopted by the Board on December 4, 2013.

  

			
	 /s/ Ann D. Rhoads

	Name:	 	Ann D. Rhoads
	Title:	 	 Executive Vice President, Chief
 Financial
Officer, Treasurer and SecretaryEX-10.1

 Exhibit 10.1 
  

 
 CONFIDENTIAL 

December 2, 2013 
  

Dear Stephen: 
 It is with great pleasure that I confirm our
offer of employment with Office Depot. We are looking forward to having you as part of our team. 
 This letter confirms the details of the offer, which are
set forth below. Please note that this offer is contingent upon the satisfactory outcome of both a drug screen and background investigation, including accurate representation of academic degrees and prior work experience. This conditional offer is
also contingent upon the signing of a non-compete agreement, which is enclosed, and verification of all data contained in your submitted resume. This offer will be considered rescinded if not accepted within ten (10) days hereof. 

Position: EVP, Chief Financial Officer, reporting directly to the Chairman and Chief Executive Officer. In this role, you will have such duties,
authority and responsibilities as determined from time to time by the Chief Executive Officer (“CEO”), which duties, authority and responsibilities shall be customary for persons occupying such positions in companies of like size and type.

 Office Depot acknowledges and agrees that, pursuant to your existing consulting agreement with The Wendy’s Company and subject to approval by the
CEO, you may provide consulting activities to The Wendy’s Company through January 1, 2014. Office Depot further acknowledges and agrees that you may continue your role as a member of the board of directors of Hanger, Inc. 

Base Salary: Annual base salary of $750,000, payable in substantially equal installments in accordance with Office Depot’s standard payroll
practices for base salary for executives (such base salary as it may be increased from time to time, “Base Salary”). 
 Initial Performance
Bonus: You will be eligible to receive a lump sum cash initial performance bonus of up to $500,000 with the actual amount of the Initial Performance Bonus to be determined by the Compensation Committee of the Board (the “Compensation
Committee”), taking into consideration the recommendation of the CEO, based upon your achievement, prior to December 31, 2013, of the performance objectives that follow: (i) progress on the selection of the Finance team; and;
(ii) progress on the development of a company budget for 2014. The Compensation Committee, taking into consideration the recommendation of the CEO, shall make 

 
a good faith determination of the achievement of the foregoing objectives on or before March 15, 2014, and shall cause such Initial Performance Bonus, if any, to be paid to you not later
than March 15, 2014. You must be employed by Company on March 15, 2014 in order to be eligible for the Initial Performance Bonus. 
 Location:
Corporate Headquarters, TBD (the “Post-Business Combination Headquarters”). 
 Start Date: December 2, 2013. 

Next Performance Review: Performance reviews for the previous calendar year are conducted annually in or around March. You will be eligible for an
annual performance review and a merit-performance-based Base Salary increase in April 2015. 
 Bonus Eligibility: For each calendar year commencing
on or after January 1, 2014, you shall have the opportunity to earn an annual bonus (the “Annual Bonus”) equal to 85% of your Base Salary (the “Target Bonus”), as in effect at the beginning of the applicable calendar year,
based on achievement of annual target performance goals established by the Board or the Compensation Committee; provided that, if you achieve superior performance goals established by the Board or the Compensation Committee, then you shall be
eligible to receive a bonus award up to 200% of Target Bonus (i.e., 170% of Base Salary). No Annual Bonus shall be payable with respect to calendar year 2013. The Annual Bonus for any particular calendar year, if any, will be paid by March 15
of the following calendar year. Any bonus payable under the Plan for 2014 will be paid in 2015, no later than March 15, 2015, in accordance with the Plan’s terms, as may be amended from time to time. 

Car Allowance: You will be eligible to participate in Office Depot’s Executive Car Allowance Program in accordance with its terms, as the terms
may be amended from time to time (currently, a bi-weekly car allowance of $600.00). 
 Vacation: You will be eligible for vacation in accordance with
the terms of Office Depot’s vacation policy, as the terms may be amended from time to time (currently, 4 weeks of vacation per year). 

Relocation/Legal Fees: You will be eligible to participate in the corporate relocation program. Please refer to the enclosed brochure for information
on the benefits available. The Company shall pay or you shall be reimbursed for your legal fees incurred in negotiating and entering into this offer letter and related agreements and amendments up to a maximum of $20,000. 

Benefits: You will be eligible to participate in the Company’s benefits programs in accordance with their terms, as the terms may be amended from
time to time. Participation in the Company’s benefits programs will be on a basis no less favorable than is provided to other similarly situated executive officers of the Company, including with respect to business/travel expense reimbursement
and indemnification pursuant to the Company’s bylaws. Information regarding the Company’s benefits programs is enclosed. Assuming you commence employment on December 2, 2013, your 30-day benefits eligibility waiting period (to the
extent applicable for certain benefits) will end January 1, 2014. 

  
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 Long-Term Incentive Plan/Equity Compensation: You will be eligible to participate in the equity plan(s) of
Office Depot, Inc. and/or OfficeMax, Inc. (the “Plans”), as applicable (or any successor plan or program) in accordance with each Plans’ terms, as the terms may be amended from time to time, at a level commensurate with your
position at the time of grant. The specific number, type and value of stock-based awards are determined by the Compensation Committee. 

(a) In consideration of your entering into this letter and as an inducement to join the Company, effective as of your date of hire (the
“Grant Date”), the Company will award you, pursuant to the Plans, as applicable, five hundred thousand (500,000) non-qualified stock options and 80,000 restricted stock units. The 500,000 non-qualified stock
options will vest and expire as set forth in the attached award agreement and will have an exercise price equal to the closing sale price of the stock on the Grant Date of such award, as reported on the New York Stock Exchange Composite Tape or
such other source as the Board of Directors or the Compensation Committee deems reliable, or if no such reported sale of the stock shall have occurred on that date, on the last day prior to that date on which there was such a reported sale. The
80,000 restricted stock units will vest and expire as set forth in the attached award agreement. The terms and conditions of such award of stock options and restricted stock units shall be governed by the terms and conditions of the applicable
Plan and the applicable award agreements. 
 (b) With respect to calendar year 2014, and pursuant to the Plan, the Company shall make
an award to you of restricted stock units having an aggregate grant date value of $800,000. Such award shall be made by the Company on the Grant Date. The number of restricted stock units to be awarded pursuant to such award shall be
based on the closing sale price of the Company stock as reported on the New York Stock Exchange Composite Tape or such other source as the Board of Directors or the Compensation Committee deems reliable on the Grant Date, or if no such reported
sale of the stock shall have occurred on that date, on the last day prior to that date on which there was a reported sale. The terms and conditions, including vesting, of such award of restricted stock units shall be governed by the terms and
conditions of the applicable Plan and the applicable award agreement, which will be provided to you following the Grant Date. 

(c) With respect to calendar year 2014, and pursuant to the applicable Plan, the Company shall make an award to you of target performance
share units having an aggregate Grant Date “fair value” of $800,000. Such award shall be made by the Company on the Grant Date. The number of target performance share units to be awarded pursuant to such award shall be based on
the “fair value” of Company’s stock on the date of such award with such “fair value” to be determined in accordance with the terms of such Plan and generally accepted accounting principles. Your receipt of such
performance share units shall be subject to the achievement, during the performance period, of the performance objectives and other objectives specified by the Compensation Committee in the award at the time the award is made or other such date not
later than 90 days after the Grant Date. The terms and conditions, including vesting, of such award of performance share units shall be governed by the terms and conditions of the applicable Plan and applicable award agreement, which will be
provided to you following the Grant Date. 

  
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 (d) Beginning in calendar year 2015, you will be eligible to receive equity awards on a
basis no less favorable than is provided to other similarly situated executive officers of the Company, to the extent consistent with applicable law and the terms of the applicable employee benefit plans. The value of such awards shall be determined
by the Compensation Committee in its sole discretion. 
 Non-Compete Agreement: For and in consideration of the above compensation terms, the
sufficiency of which you acknowledge by your acceptance of employment, enclosed is an important document, which requires your execution – the Associate Non-Competition, Confidentiality and Non-Solicitation Agreement. Please return this document
within ten (10) days hereof (a return envelope has been provided for your convenience). Your offer for employment is also conditioned upon your representation that you do not have any post-employment obligations (contractual or otherwise) that
would limit in any respect your employment with Office Depot and your contemplated duties or otherwise subject Office Depot to liability for breach of any such obligations. Your acceptance of employment shall constitute your affirmation of the
foregoing representation. 
 Employment at Will/Severance: All employment with Office Depot is at will, and nothing herein shall be construed to
constitute an employment agreement or deemed a guarantee of continued employment. In the event that you are involuntarily terminated by the Company without “Cause” or voluntarily terminate with “Good Reason”, as those terms are
defined below, Office Depot will pay to you, less applicable taxes and other deductions required by law, the sum of (i) 18 months of your Base Salary at the rate in effect on the date of your employment termination, (ii) 18 times the
difference between Office Depot’s monthly COBRA charge on your date of employment termination for the type of Company-provided group health plan coverage in effect for you on that date and the applicable active employee charge for such
coverage, and (iii) a pro-rata bonus calculated based on actual performance under Office Depot’s annual bonus plan for Office Depot’s fiscal year in which the employment termination occurs, with proration based on the number of days
of employment you complete in Office Depot’s fiscal year in which the employment termination occurs relative to the total number of days in such fiscal year. Payment due under (iii), if any, will be made at the same time as payments are made to
other active participants in the annual bonus plan following determination of actual performance by the Compensation Committee. Office Depot must deliver to you a customary release agreement (the “Release”) within seven days
following the date of your employment termination. As a condition to receipt of the severance benefits specified in this section, you must (A) sign the Release and return the signed Release to Office Depot within the time period prescribed in
the Release (which will not be more than 45 days after Office Depot delivers the Release to you), and (B) not revoke the Release within any seven-day revocation period that applies to you under the Age Discrimination in Employment Act of 1967,
as amended; the total period of time described in (A) and (B) above is the “Release Period.” Office Depot will pay the severance benefits specified in this section to you in a lump sum on the 60th day following the date of your
employment termination. In the event you decline or fail for any reason to timely execute and deliver the Release or you revoke the Release, then you will not be entitled to the severance benefits specified in this section. Unless otherwise agreed
to in writing by Office Depot, the severance benefits specified in this section shall be in lieu of any severance payment or benefit under any Office Depot severance plan, policy, program or practice (whether written or unwritten) and, therefore,
such severance benefits shall be the exclusive source of any severance benefits. The severance benefits specified in this section are not subject to mitigation 

  
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or offset of future or potential earnings. Following termination, earned but unpaid compensation (i.e., salary and any earned but unpaid bonus for the prior year if such termination occurs after
the applicable service period ends and prior to the payment date) and unreimbursed business expenses will be paid in the normal course and payment is not contingent upon the execution and non-revocation of a Release. 

For purposes of this section, “Cause” shall mean: 
  

	 	(a)	your willful failure to perform your material duties (other than any such failure resulting from incapacity due to physical or mental illness); 

 

	 	(b)	your willful failure to comply with any valid and legal directive of the CEO; 

  

	 	(c)	your engagement in dishonesty, illegal conduct or misconduct, which is, in each case, materially injurious to the Company or its affiliates; 

 

	 	(d)	your embezzlement, misappropriation or fraud, whether or not related to your employment with the Company; 

  

	 	(e)	your conviction of or plea guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent) or a crime that constitutes a misdemeanor involving moral turpitude; 

 

	 	(f)	your willful violation of a material policy of the Company; 

  

	 	(g)	your willful unauthorized disclosure of confidential information (within the meaning of the confidentiality covenant that you were required to sign as a condition of your employment with the Company); or

  

	 	(h)	your material breach of any material obligation under any written agreement between you and the Company. 

Termination of your employment shall not be deemed to be for Cause unless and until the Company delivers to you a copy of a resolution duly adopted by the
affirmative vote of not less than two-thirds of the Board of Directors of the Company, finding that you are guilty of the conduct described in (a) – (h) above, after having afforded you a reasonable opportunity to appear (with
counsel) before the Board of Directors. Except for a failure, breach or refusal which, by its nature, cannot reasonably be expected to be cured, you shall have thirty (30) business days from the delivery of written notice by the Company within
which to cure any acts constituting Cause; provided, however, that if the Company reasonably expects irreparable injury from a delay of thirty (30) business days, the Company may give you notice of such shorter period within which to cure as is
reasonable under the circumstances, which may include the termination of your employment without notice and with immediate effect. For purposes of this section, no act or failure by you shall be considered “willful” if such act is done by
you in the good-faith belief that such act is or was in the best interests of the Company or one or more of its businesses. 

  
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 For purposes of this section, “Good Reason” shall mean the occurrence of any of the following, in each
case during your employment without your written consent: 
  

	 	(a)	a material reduction in your Base Salary; 

  

	 	(b)	a material reduction in your Target Bonus opportunity; 

  

	 	(c)	a relocation of your principal place of employment (which for purposes of this section (c) shall be the Post-Business Combination Headquarters) by more than 50 miles; 

 

	 	(d)	any material breach by the Company of any material provision of this offer letter; 

  

	 	(e)	the Company’s failure to obtain an agreement from any successor to the Company to assume and agree to perform this offer letter in the same manner and to the same extent that the Company would be required to
perform if no succession had taken place, except where such assumption occurs by operation of law; or 

  

	 	(f)	a material diminution in your title, authority, duties or responsibilities (other than temporarily while you are physically or mentally incapacitated). 

You cannot terminate your employment for Good Reason unless you have provided written notice to the Company of the existence of the circumstances providing
grounds for termination for Good Reason within ninety (90) days of the initial existence of such grounds and Company has had at least thirty (30) days from the date on which such notice is provided to cure such circumstances. If you do not
terminate your employment for Good Reason within one hundred and eighty (180) days after the first occurrence of the applicable grounds, then you will be deemed to have waived your right to terminate for Good Reason with respect to such
grounds. 
 Change in Control Agreement: In addition, following your start date, you will be provided a Change in Control Agreement which provides
for severance in the event that you are involuntarily terminated without “Cause” or voluntarily terminate with “Good Reason” following a Change in Control, as defined therein. 

Tax Treatment: This letter will be construed and administered to preserve the exemption from Section 409A of the Internal Revenue Code of 1986, as
amended, and the guidance thereunder (“Section 409A”) of payments that qualify as short-term deferrals pursuant to Treas. Reg. §1.409A-1(b)(4) or that qualify for the two-times compensation exemption of Treas. Reg.
§1.409A-1(b)(9)(iii). For purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. With respect to other amounts that are subject to Section 409A, it is intended, and
this letter will be so construed, that any such amounts payable under this letter and Office Depot’s and your exercise of authority or discretion hereunder shall comply with the provisions of Section 409A so as not to subject you to the
payment of interest and additional tax that may be imposed under Section 409A. As a result, with respect to any amount that is subject to Section 409A (i) references to your termination of employment shall be deemed references to your
“separation from service” within the meaning of Treas. Reg. §1.409A-1(h), and (ii) in the event you are a “specified employee” within the 

  
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meaning of Treas. Reg. §1.409A-1(i) on the date of your separation from service (with such status determined by Office Depot in accordance with rules established by Office Depot in writing
in advance of the “specified employee identification date” that relates to the date of your separation from service or in the absence of such rules established by Office Depot, under the default rules for identifying specified employees
under Treas. Reg. §1.409A-1(i)), any amount that is payable to you in connection with your separation from service shall be paid six months after such separation from service (if you die after the date of your separation from service but before
a payment has been made, such payment will be paid to your estate without regard to such six-month delay). You acknowledge and agree that Office Depot has made no representation to you as to the tax treatment of the compensation and benefits
provided pursuant to this letter and that you are solely responsible for all taxes due with respect to such compensation and benefits. 
 Clawback
Provisions: Any incentive-based compensation or other amounts paid to you pursuant to any and all agreements or arrangements with the Company will be subject to clawback under any Company clawback policy that is uniformly applicable to similarly
situated executive officers of the Company (including any such policy adopted by the Company pursuant to applicable law, government regulation or stock exchange listing requirement). 

Miscellaneous: The Company agrees to maintain D&O insurance for your benefit during your employment and for a period of at least six years
thereafter. The coverage and policy limits applicable to you will be no less favorable than those in effect for other similarly situated executive officers of the Company. In addition, the Company will provide indemnification and advance legal fees
in accordance with its bylaws. A copy of the relevant bylaw provision is attached. 
 Office Depot is required to verify your eligibility to work in the
United States. Accordingly, on your first day of work at Office Depot, you must complete an Employment Eligibility Verification Form and provide original documentation establishing your identity and employment eligibility. The List of Acceptable
Documents for this purpose is enclosed for your reference. 
 If you fail to provide the necessary documentation to establish your identity and eligibility
to work in the United States by the close of business of your second day of work, you will not be permitted to work at Office Depot. 
 Enclosed is the Drug
Test Chain of Custody form you must take to the lab. This lab will fill out the form for you. Be sure to take a photo ID with you. 
 Call LexisNexis at
800-9394782 and provide your zip code in order to ascertain the collection site that is most convenient for you. Please let LexisNexis know that you have a Quest Diagnostics lab sheet in order to be directed to the correct lab. 

  
 7 

 Stephen, we are excited to have you join management as EVP, Chief Financial Officer. I look forward to your
response as soon as practicable. 
  

					
	 Sincerely,
	 		  	
			
	/s/ Roland C. Smith	 		  	
	Roland C. Smith	 		  	
	Chairman and Chief Executive Officer	 		  	
			
	Agreed and Accepted by:	 		  	
			
	/s/ Stephen E. Hare	 		  	 December 2, 2013

	Stephen E. Hare	 		  	Date

  
 8

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