Document:

Letter Agreement

 Exhibit 10.1 
 May 23, 2011 
 Mr. Neil R. Austrian 

Office Depot, Inc. 
 6600 Military Trail

 Mail Code: C532 
 Boca Raton FL 33496

 Dear Neil: 
 This letter, when
signed by each of us shall constitute the agreement (“Agreement”) between Office Depot, Inc. (the “Company”) and yourself (“Executive”) with regard to your serving as the Chairman and Chief
Executive Officer of the Company during the period from May 23, 2011 (the “Commencement Date”) until the date of your termination of employment with the Company hereunder. This period is referred to herein as the
“Engagement.” This Agreement shall supersede and replace your prior letter agreement with the Company dated November 2, 2010 (the “Prior Agreement”), pursuant to which you previously served as the
Company’s interim Chairman and Chief Executive Officer. 
 Engagement: Executive has agreed to serve, at the unanimous
request of the Board of Directors of the Company (the “Board”), as the Chairman and Chief Executive Officer (“CEO”) of the Company during the Engagement. During the Engagement, Executive shall devote substantially
his full working time, and his best efforts to performing the duties of Chairman and CEO of the Company. 
 During the Engagement, Executive
shall have the normal duties, responsibilities and authority attendant to the position of Chairman and CEO of the Company, subject to the power of the Board to expand or limit such duties, responsibilities and authority from time to time.

 Executive shall be allowed to serve as a director of any company or entity of which he is currently a director, including any non-profit
organization (including trade, civic, educational or charitable organizations). With the prior written approval of the Board, Executive also shall be allowed to serve as a director of any corporation which is not competing with the Company or any of
its subsidiaries in the office product and office supply industry, so long as such duties do not materially interfere with the performance of Executive’s duties or responsibilities hereunder. 

Executive shall perform Executive’s duties and responsibilities under this Agreement to the best of Executive’s abilities in a diligent,
trustworthy, businesslike and efficient manner. 

 Either party may terminate the Engagement at any time for any reason upon not less than sixty
(60) days’ notice to the other; provided that the Engagement shall immediately terminate (without further notice) upon Executive’s death or upon termination of the Engagement by the Company for “good cause” (as defined
below). Additionally, the Company may terminate Executive’s employment on less than sixty days’ notice if Executive becomes eligible to commence benefits under the Company’s long-term disability program. Upon any termination of the
Engagement, the Company shall be obligated to pay Executive only his accrued base salary through the date of the termination of his Engagement hereunder together with Executive’s then vested benefits pursuant to the Company’s employee
benefit plans (including, without limitation, any bonus earned in respect of a previously completed calendar quarter or other vested benefits that Executive is entitled to receive pursuant to this Agreement). 

Good cause shall be established only by a vote of 75% or more of the members of the Board (other than Executive) and shall specify the nature of such
“good cause”, include a determination that Executive has engaged in the conduct constituting good cause and shall direct that Executive’s employment shall be terminated for good cause. As used herein, the term “good
cause” shall mean: Executive’s conviction of a felony or willful malfeasance or gross negligence in discharging Executive’s duties under this Agreement, resulting in material harm to the Company. 

Base Salary: During the Engagement, the Company shall pay to Executive a base salary at the annualized rate of $1,100,000, payable in
accordance with the Company’s general payroll practices and subject to customary withholding for income taxes, FICA and similar items. For the avoidance of doubt, Executive shall remain entitled to receive accrued compensation through the date
prior to the Commencement Date pursuant to the terms of the Prior Agreement. 
 Annual Incentive Compensation:
Commencing with calendar year 2012 and with respect to each calendar year which occurs during the Engagement, Executive shall be eligible to earn an annual target bonus (the “Target Bonus”) equal to 140% of Executive’s base
salary rate, subject to achievement of performance targets set by the Board or the Compensation Committee of the Board. With respect to the period from the Commencement Date through December 31, 2011, Executive shall be eligible to earn a
pro-rata portion of the Target Bonus based on the remaining portion of the 2011 calendar year, subject to achievement of performance targets set by the Board or the Compensation Committee of the Board. Executive’s Target Bonus opportunities
shall be comprised of separate quarterly performance targets and the bonus amounts, to the extent earned, shall be paid to Executive, subject to Executive’s continued employment with the Company through the last day of the applicable calendar
quarter, within 2 1/2 months following the calendar
quarter during which such portion of the bonus is earned. The Board or the Compensation Committee of the Board shall determine the bonus performance targets for purposes of this paragraph in good faith consultation with Executive (with the intention
that such performance targets shall generally be set before 25% of the corresponding performance period has elapsed). Unless otherwise determined by the Board or the Compensation Committee of the Board, Executive’s Target Bonus opportunity
under this Agreement shall be in lieu of Executive’s right to participate in any other annual bonus plan applicable to other Company employees, except Executive’s Target Bonus opportunity under this Agreement may be granted pursuant to the
terms of the Company’s 2008 Bonus Plan for Executive Management Employees (or any successor plan thereto). 

  
 2 

 Amendment to November 2, 2010 Option Agreement: Section 2(a) of Executive’s
November 2, 2010 stock option award agreement with the Company (the “Option Agreement”) is hereby amended to provide that (i) the “Scheduled Vesting Date” with respect to the two-thirds portion of the
“Option Shares” that remain unvested as of the date hereof shall be April 30, 2013 and (ii) Executive’s becoming the Company’s Chairman and CEO pursuant to this Agreement shall not be deemed to constitute a
“Successor CEO Event”. The terms “Scheduled Vesting Date”, “Option Shares” and “Successor CEO Event” as used in this paragraph shall have the meanings assigned to such terms under the Option Agreement.

 Restricted Stock Grants: Effective as of the Commencement Date, in lieu of a sign on cash bonus and to incentivize future
performance, Executive shall be granted (i) a time-vesting restricted stock award covering 600,000 shares of the Company’s common stock pursuant to an award agreement substantially in the form attached hereto as Exhibit A and (ii) a
performance-vesting restricted stock award covering 600,000 shares of the Company’s common stock pursuant to an award agreement substantially in the form attached hereto as Exhibit B. 
 Change in Control Agreement; Restrictive Covenant Agreement: Effective as of the Commencement Date, Executive shall enter into the Company’s standard form of Change in Control Agreement
for senior executives, a copy of which is attached hereto as Exhibit C, and the Company’s standard form of Non-Competition, Confidentiality and Non-Solicitation Agreement for Associates, a copy of which is attached hereto as Exhibit D.

 Benefits; Health & Welfare Plans: During the Engagement, except as otherwise set forth herein, Executive shall
participate in all benefit plans of the Company on the same basis as generally made available to other senior executives of the Company from time to time (except that Executive shall not be entitled to receive a car allowance) and Executive shall be
entitled to 4 weeks of paid vacation per year in accordance with the Company’s standard vacation policies. The Employee Benefit Plans Participation Waiver that Executive previously signed waiving his right to participate in the Company’s
benefit plans shall be deemed void as of the Commencement Date. 
 Business Expenses: The Company shall reimburse Executive for
all reasonable expenses incurred by Executive in the course of performing Executive’s duties under this Agreement that are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other
business expenses. Reimbursement shall be subject to the Company’s customary requirements imposed upon executive level employees, with respect to reporting and documentation of such expenses. 

  
 3 

 Confidential Information: Executive acknowledges that the information, observations and data
obtained by Executive while employed by the Company concerning the business or affairs of the Company or any subsidiary or affiliate of the Company (“Confidential Information”) is the property of the Company. Therefore, Executive
agrees that Executive shall not disclose to any unauthorized person or use for Executive’s own purposes any Confidential Information without the prior written consent of the Board, unless and to the extent that the aforementioned matters become
generally known to and available for use by the public other than as a result of Executive’s acts or omissions. Executive shall deliver to the Company at the termination of the Engagement, or at any other time the Company may request, all
memoranda, notes, plans, records, reports, computer tapes, printouts and software and other documents and data (and copies thereof) in any form or medium relating to the Confidential Information, or the business of the Company or any subsidiary or
affiliate of the Company that Executive may then possess or have under Executive’s control. 
 Continued Suspension of Committee
Memberships: During the Engagement, Executive shall continue to serve as a member of the Board, subject to the requirement that he stand for re-election at each Annual Meeting of Shareholders of the Company. During the Engagement,
Executive’s membership on all standing committees of the Board committees and any committees requiring director independence shall remain suspended. However, in his capacity as Chairman and CEO, he shall be allowed to attend any and all
meetings of Board committees ex officio. During the Engagement, Executive shall no longer be entitled to receive separate director fees or other compensation from the Company in his capacity as a member of the Board. 

Miscellaneous Provisions: 
  

	 	a)	Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if
any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other
jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

 

	 	b)	Complete Agreement. This Agreement (together with the Option Agreement and the agreements attached as Exhibits hereto) constitutes the complete agreement and
understanding among the parties and supersedes and preempts any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way. 

 

	 	c)	Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of
strict construction shall be applied against any party. 

  

	 	d)	Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive, the Company and their respective heirs,
successors and permitted assigns, except that Executive may not assign Executive’s rights or delegate Executive’s obligations hereunder without the prior written consent of the Company. 

  
 4 

	 	e)	Assignment by the Company. This Agreement shall not be assignable by the Company except to a successor of the Company (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, which successor shall be required to perform this Agreement in the same manner and to the same extent that the Company would be required to
perform it if no such succession had taken place. 

  

	 	f)	Choice of Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement hereto shall be governed by, and
construed in accordance with, the laws of the State of Florida, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Florida or any other jurisdiction) that would cause the application of the
laws of any jurisdiction other than the State of Florida. 

  

	 	g)	Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of the Company and Executive, and no course
of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect or enforceability of this Agreement. 

 

	 	h)	Withholding Taxes and Section 409A. The Company may withhold from any amounts payable under this Agreement such Federal, state and local taxes as may be
required to be withheld pursuant to any applicable law or regulation. It is intended, and this Agreement will be so construed, that any amounts payable under this Agreement and the Company’s and Executive’s exercise of authority or
discretion hereunder shall either be exempt from or comply with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), so as not to subject Executive to the payment of interest and/or any
tax penalty that may be imposed under Section 409A of the Code. If at the time of Executive’s termination of employment with the Company Executive is a “specified employee” as defined in Section 409A of the Code and the
deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the
Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Executive) until the date that is six months following Executive’s
termination of employment with the Company (or the earliest date as is permitted under Section 409A of the Code). Executive acknowledges and agrees that the Company has made no representation to Executive as to the tax treatment of the
compensation and benefits provided pursuant to this Agreement and that Executive is solely responsible for all taxes due with respect to such compensation and benefits. 

  
 5 

 Neil, if you will please countersign a copy of this Agreement, it will constitute the terms of your
Engagement as Chairman and CEO of the Company upon the terms herein. 
  

	
	 Sincerely,
  

	 /s/ W. Scott Hedrick

	 W. Scott Hedrick
 Lead
Director

 This Agreement is agreed to: 
  

	
	 /s/ Neil R. Austrian

	Neil R. Austrian

 Date: May 23, 2011 

  
 62011 Restricted Stock Award Agreement (Time Vesting)

 Exhibit 10.2 

 

 

 2011 RESTRICTED STOCK AWARD AGREEMENT (TIME VESTING) 
 We are pleased to advise you that the Compensation Committee (the “Committee”) of the Board of Directors of Office Depot, Inc. (the “Company”) has on May 23, 2011 (the “Grant
Date”) granted you a stock award pursuant to the Office Depot, Inc. 2007 Long-Term Incentive Plan (the “Plan”). This stock award (your “Award”) consists of shares of the Company’s common stock (“Common
Stock”). Capitalized terms used but not defined in this 2011 Stock Award Agreement (the “Agreement”) have the meanings given to them in the Plan. This Award is subject to federal and local law and the requirements of the New York
Stock Exchange. 
  

	1.	Award 

 You have been
granted 600,000 shares of Common Stock subject to the restrictions contained in the Plan and this award letter (the “Restricted Shares”). 
  

	2.	Vesting  

  

	 	a.	Normal Vesting – 100% of the Restricted Shares will vest on April 30, 2013; provided that you are continuously employed by the Company or any
Subsidiary from the Grant Date until April 30, 2013 (the “Vesting Period”). 

  

	 	b.	Effect on Vesting in Case of Employment Termination - Notwithstanding paragraph 2(a) above, the following special vesting rules will apply if your employment
with the Company or any Subsidiary terminates before you have vested in your Award: 

  

	 	i)	Death or Disability. If you terminate employment with the Company or any Subsidiary due to death or Disability, all restrictions on your Award will lapse as of
your date of separation. For this purpose, you will be considered “Disabled” if you have been determined to satisfy the conditions necessary to commence benefits under the Company’s long-term disability program (regardless of whether
you are eligible to participate in such program); the effective date of your Disabled status will be the later of the date on which such determination is made or the date as of which you are determined to be eligible to commence such benefits. Your
Disabled status must become effective under the preceding sentence prior to the date on which the Restricted Shares would otherwise be forfeited for failure to vest in order to be recognized under this Award Letter. This definition of
“Disability” applies in lieu of the definition set out in the Plan. 

 6600 North Military
Trail    |    Boca Raton, FL 33496–2434    |    T + 561.438.4800 

 

 

  

	 	ii)	Termination of Employment. Except as provided otherwise in paragraph 2(b)(i) above due to death or Disability or in paragraph 2(b)(iii) below, all of your Award
to which applicable restrictions have not lapsed will be forfeited upon your termination of employment. 

  

	 	iii)	Termination without Cause. In the event of your termination of employment without Cause, your continued service as a director on the Company’s Board shall
be deemed to constitute continued service (i.e., employment) for purposes of this Agreement; provided, however, that if you are subsequently not re-elected to the Board (other than following an event that would have constituted
“Cause”), despite having offered yourself as a candidate for re-election to the Board, then the Award shall immediately become fully vested and all restrictions on the Award shall lapse. 

 

	 	c.	Change in Control - All restrictions on your Award will lapse immediately prior to a Change in Control (as defined in the Plan). 

 

	3.	Treatment of Restricted Shares During Vesting Period and Registration 

 Restricted Shares will be held in escrow by the Company on your behalf until the Restricted Shares vest or are forfeited. 
  

	 	a.	During the Vesting Period, while you are employed by the Company or any Subsidiary, you will have the right to vote your Restricted Shares. If your Restricted Shares
are forfeited at any time during the Vesting Period, you will cease to have any rights with respect to such forfeited shares. 

  

	 	b.	During the Vesting Period, while you are employed by the Company or any Subsidiary, you will have the right to receive any dividends on your Restricted Shares.

  

	 	c.	Within 45 days after the vesting of an installment of your Restricted Shares, the Company will issue to you and register in your name a certificate or certificates for
(or evidence in book entry or similar account) shares of Common Stock equal to the number of Restricted Shares represented by that installment for which the restrictions lapsed. Such shares will not be subject to any restrictions under this award
letter, but may be subject to certain restrictions under applicable securities laws. 

  

	4.	Transferability of Award 

This Award may not be sold, pledged, assigned or transferred in any manner, other than in the case of your death to your beneficiary, as
determined pursuant to procedures prescribed by the Committee for this purpose, or by will or the laws of descent and distribution; and any such purported sale, pledge, assignment or transfer shall be void and of no effect. 

  
 2 

 

 

  

	5.	Conformity with Plan 

Your Award is intended to conform in all respects with, and is subject to, all applicable provisions of the Plan which is incorporated
herein by reference. Inconsistencies between this Agreement and the Plan shall be resolved in accordance with the terms of the Plan except as expressly provided otherwise in this Agreement. The Committee reserves its right to amend or terminate the
Plan at any time without your consent; provided, however, that this Award shall not, without your written consent, be adversely affected thereby (except to the extent the Committee reasonably determines that such amendment or termination is
necessary or appropriate to comply with applicable law or the rules or regulations of any stock exchange on which the Company’s stock is listed or quoted). All interpretations and determinations of the Committee or its delegate shall be final,
binding and conclusive upon you and your legal representatives with respect to any question arising hereunder or under the Plan or otherwise, including guidelines, policies or regulations which govern administration of the Plan. 

By signing this Agreement and returning it to the Company, you agree to be bound by all of the terms of the Plan and acknowledge
availability and accessibility of the Plan document, the Plan Prospectus, and either the Company’s latest annual report to shareholders or annual report on Form 10-K on the Plan and/or Company websites. You understand that you may request paper
copies of the foregoing documents by contacting the Company’s Executive Compensation Manager. 
  

	6.	Restrictions on Shares 

If the Committee determines that the listing, registration or qualification upon any securities exchange or under any law of shares
subject to the grant of the Restricted Shares is necessary or desirable as a condition of, or in connection with, the granting of same or the issue or purchase of shares thereunder, no shares may be issued unless such listing, registration or
qualification is effected free of any conditions not acceptable to the Committee. All certificates for shares of Common Stock delivered under the Plan shall be subject to such stop-transfer orders and other restrictions as the Committee may deem
advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any listing standards of any exchange or self-regulatory organization on which the Common Stock of the Company is listed, and any applicable
federal or state laws; and the Committee may cause a legend or legends to be placed on any such certificates to make appropriate reference to such restrictions. In making such determination, the Committee may rely upon an opinion of counsel for the
Company. 
 The Company shall have no liability to deliver any shares under the Plan or make any other distribution of the
benefits under the Plan unless such delivery or distribution would comply with all applicable state, federal, and foreign laws (including, without limitation and if applicable, the requirements of the Securities Act of 1933), and any applicable
requirements of any securities exchange or similar entity. 

  
 3 

 

 

  

	7.	Non-Compete, Confidentiality, and Non-Solicitation Requirements 

 Your Award is also subject to your complying with and not breaching the non-compete, confidentiality, and non-solicitation agreement that you were required to sign as a condition of your employment with
the Company. 
  

	8.	Employment and Successors 

Nothing in the Plan or your Award shall serve to modify or amend any employment agreement you may have with the Company or any Subsidiary
or to interfere with or limit in any way the right of the Company or any Subsidiary to terminate your employment at any time, or confer upon you any right to continue in the employ of the Company or any Subsidiary for any period of time or to
continue your present or any other rate of compensation subject to the terms of any employment agreement you may have with the Company. The grant of your Award shall not give you any right to any additional awards under the Plan or any other
compensation plan the Company has adopted or may adopt. The agreements contained in this Agreement shall be binding upon and inure to the benefit of any successor of the Company. 

 

	9.	Amendment 

 The Committee
may amend this Agreement by a writing that specifically states that it is amending this Agreement, so long as a copy of such amendment is delivered to you, provided that no such amendment shall adversely affect in a material way your rights
hereunder without your written consent (except to the extent the Committee reasonably determines that such amendment or termination is necessary or appropriate to comply with applicable law or the rules or regulations of any stock exchange on which
the Company’s stock is listed or quoted). Without limiting the foregoing, the Committee reserves the right to change, by written notice to you, the provisions of the Award or this Agreement in any way it may deem necessary or advisable to carry
out the purpose of the grant of the Award as a result of any change in applicable law or regulation or any future law, regulation, ruling, or judicial decisions; provided that, any such change shall be applicable only to that portion of an Award
that is then subject to restrictions as provided herein. 
  

	10.	Notices 

 Any notice to be
given under the terms of this Agreement to the Company shall be addressed to the Company as follows: 
 Office Depot, Inc.

 c/o Vice President, Global Compensation, Benefits and HRIM 

6600 North Military Trail 
 Boca Raton, FL 33496 

  
 4 

 

 

  

 Any notice to be given under the terms of this Agreement to you shall be addressed to
you at the address listed in the Company’s records. By a notice given pursuant to this section, either party may designate a different address for notices. Any notice shall be deemed to have been duly given when personally delivered (addressed
as specified above) or when enclosed in a properly sealed envelope (addressed as specified above) and deposited, postage prepaid, with the U.S. postal service or an express mail company. 

 

	11.	Severability 

 If all or
any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of this Agreement or the Plan not declared to be unlawful or
invalid. Any section of this Agreement (or part of such a section) so declared to be unlawful or invalid shall, if possible, be construed in a manner that will give effect to the terms of such section or part of a section to the fullest extent
possible while remaining lawful and valid. 
  

	12.	Entire Agreement 

 This
Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements or understandings, oral or written, with respect to the subject matter herein. By signing this Agreement and
returning it to the Company, you accept the Award in full satisfaction of any and all obligations of the Company to grant equity compensation awards to you as of the date hereof. 

 

	13.	Governing Law 

 This
Agreement will be governed by and enforced in accordance with the laws of the State of Florida, without giving effect to its conflicts of laws rules or the principles of the choice of law. 

 

	14.	Venue 

 Any action or
proceeding seeking to enforce any provision of or based on any right arising out of this Agreement may be brought against you or the Company only in the courts of the State of Florida or, if it has or can acquire jurisdiction, in the United States
District Court for the Southern District of Florida, West Palm Beach Division; and you and the Company consent to the jurisdiction of such courts in any such action or proceeding and waive any objection to venue laid therein. 

  
 5 

 

 

  

 Please execute the enclosed copy of this Agreement and return it to me to confirm your understanding
and acknowledgment of the terms contained in this Agreement. 
 Very truly yours, 
 OFFICE DEPOT, INC. 
  

			
	By:	 	 /s/ Daisy Vanderlinde

		 	Daisy Vanderlinde
		 	EVP, Human Resources

 Enclosure: Copy of 2011 Restricted
Stock Award Agreement (Time Vesting) for return to Company 
  
  

Acceptance by Participant of 2011 Restricted Stock Award Agreement (Time Vesting): 

 

			
	Signature:	 	 /s/ Neil R. Austrian

		 	Neil R. Austrian

 Date: May 23, 2011

  
 6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}]]