Document:

Separation Agreement between Office Depot, Inc. and Steven Odland

 Exhibit 10.53 
 SEPARATION AGREEMENT 
 This Separation Agreement (the
“Separation Agreement”) between Stephen A. Odland (hereinafter referred to as “Executive”) and Office Depot, Inc. (hereinafter referred to as “Office Depot” or “Company”), and is
considered dated as of the date signed by Executive. 
 WHEREAS, Executive has elected to resign from his employment as Chief
Executive Officer of the Company and from all other positions he holds with the Company and its affiliates effective as of November 1, 2010 (the “Termination Date”); 

WHEREAS, the Company has agreed to treat Executive’s resignation as a termination of employment without Cause under the Employment
Agreement between the Company and Executive as Amended and Restated Effective February 19, 2010 (the “Employment Agreement”); 
 WHEREAS, Executive has agreed to make himself reasonably available to advise and consult with the Company’s interim CEO on an as needed basis through December 31, 2010; 

WHEREAS, Executive and the Company wish to further memorialize their respective entitlements and obligations pursuant to the terms of the
Employment Agreement upon and following Executive’s termination of employment on the Termination Date; and 
 WHEREAS,
capitalized terms used herein without definition shall have the meanings set forth under the Employment Agreement. 
 FOR AND IN
CONSIDERATION of the forgoing, and other good and valuable consideration as set forth below, Executive and Company agree as follows: 
  

	 	1.	Termination of Employment. Executive’s last day of employment with the Company shall be the Termination Date, which date shall also constitute the date of
Executive’s “separation from service” for purposes of Section 8(f) of the Employment Agreement. Executive and the Company agree that Executive’s termination of employment shall be treated as a termination of employment by
the Company without Cause for purposes of Section 8(d) of the Employment Agreement. As of the Termination Date, Executive shall resign, and shall hereby be deemed to resign, as of the Termination Date, from all boards of directors, committees
and other positions with the Company and its affiliates, as required pursuant to Section 8(h) of the Employment Agreement. 

  

	 	2.	Post-Termination Consulting Services. Executive agrees to make himself reasonably available to advise and consult with the Company on an as needed basis as
requested by the Company’s Chief Executive Officer (or his designee) from the Termination Date through December 31, 2010; provided that such services shall not unreasonably interfere with Executive’s other business and personal
obligations, shall not require services as would be inconsistent with Executive’s separation from service, and Executive shall be entitled to reimbursement for any reasonable out-of-pocket expenses incurred by Executive in connection with the
performance of such services, in a manner consistent with Section 7(a) of the Employment Agreement. 

  

	 	3.	Severance Benefits. The Company shall provide Executive with the following payments and benefits pursuant to the terms of the Employment Agreement:

 (a) Executive’s Accrued Rights, to be paid when required pursuant to
Section 8(d)(iii)(A)) of the Employment Agreement (it being understood that Executive’s $5,000,000 Retention Bonus shall be paid upon the “Delayed Payment Date”, as defined below); 

(b) payment of the COBRA Premium and the Insurance Premium pursuant to Section 8(d)(iii)(B) of the Employment Agreement, in the
aggregate amount of $168,229.90, payable within 5 business days following May 1, 2011, or upon such earlier date as such amount would be due pursuant to Section 8(f) of the Employment Agreement in the event of Executive’s death (such
payment due date, the “Delayed Payment Date”); 
 (c) continued eligibility for Executive and his dependents for
participation in the Company’s senior executive health and welfare plans for up to 36 months following the Termination Date at Executive’s own expense, to the extent provided under Section 6 of the Employment Agreement and with the
insured contract assignment rights set forth therein (the Company will provide Executive with a schedule of such welfare benefits that continue and the insurance that is assignable, and the premium costs for such insurance); 

(d) a pro rata bonus for 2010 pursuant to Section 8(d)(iii)(C) of the Employment Agreement, calculated as an amount equal to 5/6 of
the full Annual Bonus that Executive otherwise would have earned in respect of 2010 based on the Company’s actual performance during 2010, such amount to be paid on the Delayed Payment Date; 

(e) a lump sum cash payment equal to $5,200,000 payable on the Delayed Payment Date pursuant to Section 8(d)(iii)(D) of the
Employment Agreement; 
 (f) on the Termination Date, immediate full vesting of all outstanding restricted stock vesting on a
time-basis, but not on a performance basis, stock options and all other long-term equity or other long-term incentive awards vesting on a time-basis then held by Executive, as set forth under Section 8(d)(iii)(E) of the Employment Agreement;
and 
 (g) continued exercisability of Executive’s outstanding Company stock options following the Termination Date, as set
forth under Section 8(d)(iii)(F) of the Employment Agreement. 
  

	 	4.	Business Expenses. Executive agrees to provide Office Depot with receipts for any and all expenses charged to his Corporate American Express Card that are
pending or unpaid, and to submit all other reimbursable business expense claims to the Company in accordance with Section 7(a) of the Employment Agreement. 

 

	 	5.	No Admission of Liability. Executive and Office Depot acknowledge that this Separation Agreement shall not in any way be construed as an admission by Executive
or Office Depot of any unlawful or wrongful acts whatsoever against each other or any other person, and Executive and Office Depot specifically disclaims any liability to or wrongful acts against each other or any other person.

  

	 	6.	 Cooperation. Executive will provide his full and truthful testimony, cooperation and assistance in any litigation, investigations, or
administrative proceeding involving any matters with which he was involved during his employment with Office Depot. Executive does not by this Separation Agreement waive any right to claim attorney-client privilege, nor is his assertion of such
rights or his counsel’s assertion of the attorney work-product doctrine a breach of this Separation Agreement. Executive is not authorized to waive any of Office 

  
 2 

	 	 
Depot’s rights or privileges. Nothing in this Separation Agreement shall limit any disclosures or information provided by Executive to governmental authorities upon request or required by
law. Requests by Office Depot for Executive’s cooperation shall reasonably take into consideration Executive’s schedule. Office Depot will reimburse Executive for reasonable travel expenses and other reasonable expenses and costs with the
prior written approval of the Board of Directors, EVP, Human Resources or EVP, General Counsel of Office Depot, which are to be incurred in providing such assistance. 

 

	 	7.	Post-Employment Obligations. Executive understands and agrees that he shall remain subject to the provisions of the Employment Agreement regarding
noncompetition, confidential information and work product, as set forth under Sections 9, 10 and 11 of the Employment Agreement in accordance with the terms thereof. 

 

	 	8.	Indemnification. Nothing herein shall be construed to waive or disclaim any indemnification rights to which Executive may be entitled under Office Depot’s
By-Laws or pursuant to Section 13(g) of the Employment Agreement, nor is this Separation Agreement intended to release, waive or disclaim any rights that either Office Depot or Executive may have under an applicable insurance policy.

  

	 	9.	Entire Agreement. Except as provided herein, Executive understands and agrees that this Separation Agreement, together with the Employment Agreement, supersedes
all prior agreements and understandings between Executive and Office Depot in connection with the subject matter thereof. Except as provided herein, Executive understands and agrees that this Separation Agreement and the Employment Agreement
together constitute the entire agreement and understanding between Office Depot and Executive with respect to Executive’s employment and separation of employment, that no other promises have been made to Executive, and that Executive has not
relied upon any representation or statement, written or oral, not set forth in this Separation Agreement or the Employment Agreement. This Separation Agreement may not be modified, amended or revoked except in writing signed by each party. For the
avoidance of doubt, the provisions of Section 13 of the Employment Agreement shall survive the termination of Executive’s employment and the Employment Term under the Employment Agreement. 

 

	 	10.	Miscellaneous. This Separation Agreement shall be governed in all respects by the laws of the State of Florida. Venue in any action arising out of or relating to
this Separation Agreement shall be in federal court in the Southern District of Florida, if federal jurisdiction exists; otherwise, venue shall be in state court in Palm Beach County, Florida. This Separation Agreement shall not be construed against
either party by virtue of the drafting hereof by the Company. If any part of the Separation Agreement should be declared invalid, illegal or unenforceable, the rest of the Separation Agreement will still be valid and enforceable. In the event of any
dispute regarding the Separation Agreement or the Employment Agreement, Section 13(h) of the Employment Agreement shall apply. Office Depot shall pay all reasonable attorneys fees incurred by Executive through the date hereof in connection with
his termination of employment, this Separation Agreement any related agreements, not to exceed $20,000 in the aggregate. Payment of such attorneys fees will be effected in a manner consistent with that set forth in Section 13(j) of the
Employment Agreement. 

  

													
	EXECUTIVE	 		 	OFFICE DEPOT, INC.	 	
			
	 /s/    Stephen A. Odland
	 		 	 /s/    Elisa D. Garcia C.

	Stephen A. Odland	 		 	Elisa D. Garcia C., EVP, General Counsel
					
	Date:	 	 10/29/10
	 		 	Date:	 	 10/29/10

  
 3Letter Agreement

 Exhibit 10.1 
 Letter Agreement dated February 15, 2011, by and between VASCO Data Security International, Inc. and T. Kendall Hunt. 
 February 15, 2011 
 Mr. T. Kendall Hunt 

Chairman & CEO 
 VASCO Data Security
International, Inc. 
 1901 South Myers Road, Suite 210 
 Oakbrook Terrace, IL 60181 
 Dear Mr. Hunt: 

This letter confirms our mutual understanding of the terms and conditions applicable to your assignment to work in Switzerland. 

VASCO Data Security International, Inc. (the “Company”) and you ( “you” or “Executive”) have entered
into an Amended and Restated Employment Agreement dated as of December 15, 2010 (the “Employment Agreement”). 
 The
Company has requested that, during the period beginning on October 1, 2011 (or earlier, depending on the availability of housing) through the end of the Employment Period (as defined in the Employment Agreement) (the “Assignment
Term”) , Executive relocate his place of business from Oakbrook Terrace, Illinois to Zurich, Switzerland to lead certain business initiatives of the Company and its subsidiaries (the “Swiss Assignment”). 

 

	A-1.	Location. 

 During the Assignment Term,
Executive shall perform his duties (as described in Section 1.2 of the Employment Agreement) primarily at the Company’s offices in Zurich, Switzerland. Executive will travel as reasonably necessary to perform his duties, which may include
significant travel, including internationally. Notwithstanding the Swiss Assignment, Executive is expected to attend meetings of the Board of Directors of the Company in person, regardless of the location of such meetings. 

 

	A-2.	Transition Support and Allowances. 

 The
Company shall pay for the following expenses, allowances and benefits with respect to the Swiss Assignment. Such allowances and benefits shall not be considered for purpose of any calculations under the Company’s benefit plans. 

(a) Work Permits/Visas. The Company will assist in obtaining the proper work permits and/or visas necessary for the provision of
services in Switzerland and reimburse Executive for any work permit/visa, passport and immigration expenses, including expenses for Executive’s spouse. 

 Mr. T. Kendall Hunt 
  Page
 2
 
 February 15, 2011 

 

 (b) Transportation and Expenses. 

(i) Move-Related Transportation and Expenses. The Company shall reimburse Executive for actual and reasonable
expenses incurred in connection the Swiss Assignment, including temporary living expenses (e.g., hotel costs, meals, transportation, etc.) and expenses relating to the shipping of clothing, personal effects and household goods. Executive agrees to
secure independent housing in Switzerland no later than October 1, 2011. 
 (ii) Furniture and
Settling-In Allowance. The Company will pay Executive USD 100,000 immediately prior to the Assignment Term to cover furniture (whether leased or purchased) at Executive’s independent housing in Switzerland during the Assignment Term and to
assist with home finding and language training in Switzerland. 
 (iii) Personal Air Travel. The Company
shall provide reimbursement for personal air travel between Switzerland and the U.S. for Executive and his spouse four times during each of the 12-month periods beginning on October 1, 2011, October 1, 2012 and October 1, 2013.
Reimbursements will be made according to the Company’s business travel policy. Alternative travel or cash substitution is not permitted. 
 (c) Cost-of-Living Allowance. During the Assignment Term, but beginning when Executive secures independent housing and the reimbursement of move-related expenses described in Section
A-2(b)(i) ceases, the Company shall pay Executive: 
 (i) an aggregate monthly allowance of USD 11,903 to
compensate Executive for the costs of housing and utilities in Switzerland during the Assignment Term (the “Housing Allowance”); 
 (ii) an aggregate monthly allowance of USD 2,940 to compensate Executive for transportation costs (including use of a car, whether leased or owned) in Switzerland during the Assignment Term (the
“Transportation Allowance”); and 
 (iii) an aggregate monthly allowance of USD 9,721 to
compensate Executive for the higher cost of goods and services in Switzerland during the Assignment Term (the “Cost of Living Allowance”). 

 Mr. T. Kendall Hunt 
  Page
 3
 
 February 15, 2011 

 

 The Housing Allowance, Transportation Allowance and Cost of Living Allowance shall be reviewed by the
Compensation Committee of the Company’s Board of Directors and Executive annually so that changes in the cost of housing and utilities, transportation, and goods and services in Switzerland, as compared to the U.S., as well as the exchange
rate, can be reflected. 
 (d) Medical Coverage. To the extent U.S. medical coverage is not available in Switzerland, the
Company shall pay for the cost of securing substantially similar coverage in Switzerland for Executive and his spouse. 
 (e)
Seconded Arrangement; Other Benefits. Executive shall be seconded to VASCO Data Security International GmbH in Switzerland and shall continue to remain an employee of the Company. Executive shall remain eligible to participate in the
Company’s Annual Bonus Plan and Equity Incentive Plan (as such terms are defined in the Employment Agreement) and other employee benefit plans in accordance with Section 2.4 of the Employment Agreement and will continue to contribute to
U.S. social security benefits. 
 (f) Tax Equalization. Under tax equalization, Executive’s obligation for income
taxes on his compensation from the Company shall not exceed the amount of income tax calculated on such compensation as if Executive had remained at the Company’s Oakbrook Terrace office (the “Hypothetical Tax”). Executive will
be subject to applicable withholdings on his compensation from employment with the Company. After the end of each calendar year that occurs during the Assignment Term, the Hypothetical Tax will be compared with Executive’s estimated U.S.
federal and Illinois income taxes and a settlement made. In return, the Company will pay all actual U.S. federal, Illinois and Swiss income taxes payable by Executive with respect to his compensation from the Company paid during the Assignment Term.

 (g) Tax Return Preparation and Counseling Services. The Company shall retain the services of Aon Hewitt (or another
firm reasonably acceptable to the Company and Executive) to counsel Executive with respect to the tax implications of the Swiss Assignment and to prepare Executive’s and his spouse’s U.S. and Switzerland income tax returns and
reconciliation as required by law. 
 (h) Tax Gross-Up. To the extent that the provision of assignment benefits described
in Section A-2(a) through and including Section A-2(g) results in taxable income to Executive, the Company shall pay Executive an amount to satisfy Executive’s U.S. income tax obligation. Such payment shall be made as soon as
practicable after the tax liability arises but in no event later than the end of the year following the year in which the tax is due. For the avoidance of doubt, any amount paid to Executive pursuant to this Section A-2(h) shall not also be
subject to a tax gross-up. 

 Mr. T. Kendall Hunt 
  Page
 4
 
 February 15, 2011 

 

	A-3.	Repatriation. 

 At the end of the
Assignment Term, the Company will pay Executive’s and his spouse’s actual and reasonable expenses associated with repatriation to Oak Park, Illinois (location of their residence as of the date of this Assignment Letter). 

 

	A-4.	Termination of Employment During Assignment Term. 

 If Executive’s employment is terminated for any reason during the Assignment Term, the terms of Article III of the Employment Agreement shall control; provided, that Executive’s
relocation to Switzerland shall not constitute an event giving rise to a termination by Executive for Good Reason under Section 3.3(iv) of the Employment Agreement. If the termination is for any reason other than for Cause, the Company shall
pay the actual and reasonable expenses associated with repatriation of Executive and his spouse to the U.S. 
  

	A-5.	Application of Section 409A to Benefits-in-Kind, Expense Reimbursements and Allowances 

(a) Benefits-in-Kind; Expense Reimbursements. Benefits-in-kind and any provision for reimbursement of expenses during the
assignment period will be subject to the following rules, as required to comply with Code Section 409A (as such terms are defined in the Employment Agreement): 

(i) The amount of in-kind benefits provided or expenses eligible for reimbursement in one calendar year may not affect
in-kind benefits or reimbursements to be provided in any other calendar year. 
 (ii) Expenses will be reimbursed
as soon as administratively possible, but in no event shall expenses be reimbursed later than December 31st of the year following the year in which the expense was incurred. 

(iii) The right to an in-kind benefit or reimbursement may not be subject to liquidation or exchange for another benefit.

 (b) Allowances. Allowances generally shall be paid monthly. In no event shall the payment of any allowance be made
later than March 15th of the year following the year in which Executive is entitled to payment. 
  

	A-6.	Miscellaneous. 

 (a)
Except as otherwise specifically modified by this Assignment Letter, the Employment Agreement remains in full force and effect. 

 Mr. T. Kendall Hunt 
  Page
 5
 
 February 15, 2011 

 

 (b) This Assignment Letter contains the entire understanding of the parties hereto with
regard to the Swiss Assignment and supersedes all prior agreements or understandings with respect thereto. 
 (c) This
Assignment Letter shall be governed by and construed in accordance with the internal laws of the State of Illinois, without regard to its conflict of law principles. 
 (d) This Assignment Letter may be executed in one or more counterparts, each of which shall be considered an original instrument, but all of which shall be considered one and the same agreement.

 Sincerely, 
 VASCO Data Security
International, Inc. 
  

			
	By:	 	 /s/ John N. Fox, Jr.

	John N. Fox, Jr.
	Director and Chair of the Compensation Committee of the Board of Directors

 Acknowledged and Agreed to 
 as of the date first set forth above: 

 

	
	 /s/ T. Kendall Hunt

	T. Kendall Hunt

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