Document:

EX-10.1

 Exhibit 10.1 
  

 
  
  

			
	March 26, 2018	  	 CONFIDENTIAL 

 Dan Stone 
 11149 McClure Manor
Drive 
 Charlotte, NC 28277 
 Dear Dan: 

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. The terms of this letter supersede and replace all prior letter and agreements with
CompuCom including, but not limited to, the January 23, 2015 offer letter, the August 20, 2015 amendment to the offer letter, the June 22, 2016 second amendment to the offer letter, the July 10, 2017 letter and the
September 30, 2017 amendment to the letter. 
 Position: President, CompuCom reporting to the Chief Executive Officer.  

Base Salary: You will be paid $575,000.00 annually, which is subject to deductions for taxes and other withholdings as required by law. This annual
amount will be paid as a weekly salary which you will receive on a bi-weekly basis. As an exempt employee, your hours in this position may fluctuate, and each weekly portion of your salary will compensate you
for all hours you work during that week.  
 Start Date: April 1, 2018 

Location: CompuCom Headquarter Office, 8106 Calvin Hall Road, Fort Mill, SC 29707 

Bonus Eligibility: You will be eligible to participate in the Office Depot, Inc. 2018 Corporate Incentive Plan (the
“Plan”).    Any incentive payable under the Plan for 2018 will be paid in 2019, no later than March 15, 2019, and subject to the Plan’s terms and conditions. The Plan currently provides an incentive target
payout of 75% of your annual eligible earnings.  
 Long-Term Incentive Plan: You will receive an award equal to a value of $1,000,000.00
under the 2018 Long Term Incentive Plan at the time 2018 grants are made. The actual number of shares you will receive will be determined based on the methodology approved by the Compensation Committee of the Board of Directors for the 2018 annual
grant. The award value of the 2018 grant is not a guarantee that the same or similar award will be made in future years. 
 Retention Bonus: You are
eligible for a $1,000,000.00 retention bonus pursuant to the terms of the retention letter agreement enclosed. Please sign and return the retention letter agreement document within ten (10) days hereof (a return envelope has been provided for
your convenience). 
 Retention Equity: You will receive $500,000 in retention equity, which will be granted in the same manner as awards under the
2018 Long Term Incentive Plan. 
 Car Allowance: You are eligible for the Executive Car Allowance Program, which is intended to cover expenses
associated with owning/leasing and maintaining a vehicle. The current allowance is a flat amount of $600.00 which will be included with your bi-weekly paycheck. 

 Dan Stone 
 
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 Paid Time-Off: You will be eligible for paid time off in
accordance with the terms of Office Depot’s Paid Time Off policy, as the terms may be amended from time to time (currently, 208 hours of paid time off per year). 

Benefits: A summary of the benefits for which you will be eligible is enclosed. 

Non-Compete Agreement: For and in consideration of the above compensation terms, the sufficiency of which you
acknowledge by your acceptance of this position, 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 at any time during your employment (except
as provided in the CIC Plan (defined below)), you are terminated by Office Depot without Cause, or you resign for Good Reason, 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) 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, and your annual eligible earnings in the fiscal year in which the employment termination occurs, and (iv) any earned but unpaid annual bonus for the completed fiscal year preceding the fiscal year of
termination, which unpaid bonus will be paid when annual bonuses are paid to other active participants for 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 (i) and (ii) to you in a lump sum within 15 days following the
expiration of the Release Period. 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. 
 “Cause” means: (i) your willful failure
to perform your material duties (other than any such failure resulting from incapacity due to physical or mental illness); (ii) your willful failure to comply with any valid and legal directive of the CEO; (iii) your engagement in dishonesty,
illegal conduct or misconduct, which is, in each case, materially injurious to Office Depot or its affiliates; (iv) your embezzlement, misappropriation or fraud, whether or not related to your employment with Office Depot; (v) your
conviction of or plea of 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; (vi) your willful violation of a material policy of Office
Depot; or (vii) your material breach of any material obligation under this letter, the Associate Non-Competition, 

 Dan Stone 
 
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 Confidentiality and Non-Solicitation Agreement, or any other written
agreement between Office Depot and you. Termination of your employment shall not be deemed to be for Cause unless and until Office Depot delivers to you a copy of a resolution duly adopted by the affirmative vote of not less than two-thirds of the Board, finding that you are guilty of the conduct described in any of (i) through (vii) above, after having afforded you a reasonable opportunity to appear (with counsel) before the Board.
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 Office Depot within which to cure any acts constituting
Cause; provided, however, that if Office Depot reasonably expects irreparable injury from a delay of thirty business (30) days, Office Depot 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 “Cause” definition, 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 Office Depot or one or more of its businesses. 
 “Good Reason”
means the occurrence of any one or more of the following, in each case without your written consent: (i) a material reduction in your Base Salary (as such annual base salary may be increased from time to time), except for across-the-board annual base salary reductions affecting the executive leadership team; (ii) the relocation of Office Depot’s principal executive office to a
location more than fifty miles (or such longer distance that is the minimum permissible distance under the circumstances for purposes of the involuntary separation from service standards under the Treasury Regulations or other guidance under
Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”)) from its location on your Start Date and that results in a material increase to your normal daily commute, except for required travel on business for
Office Depot or any subsidiary; (iii) the failure of Office Depot to obtain a satisfactory agreement from any successor to assume and agree to perform this letter and the CIC Plan; or (iv) material breach by Office Depot of any material
provision of this letter, unless arising from your inability to materially perform your duties contemplated hereunder; provided, however, that you will only have Good Reason if you provide notice of termination to Office Depot of the existence of
the event or circumstance constituting Good Reason specified in any of the preceding clauses within ninety (90) days of the initial existence of such event or circumstances and if such event or circumstance is not cured within thirty
(30) days after Office Depot’s receipt of such notice of termination. If you initiate your separation from service for Good Reason, the actual separation from service must occur within sixty (60) days after the date of the notice of
termination. Your failure to timely give notice of termination of the occurrence of a specific event that would otherwise constitute Good Reason will not constitute a waiver of your right to give notice of any new subsequent event that would
constitute Good Reason that occurs after such prior event (regardless of whether the new subsequent event is of the same or different nature as the preceding event). 

Change in Control Plan: You will be eligible to participate in the Executive Change in Control Plan (“CIC Plan”) which provides for severance
in the event that you are involuntarily terminated following a Change in Control, as defined therein, at the Tier 1 level. Enclosed you will find a copy of the CIC Plan for your reference as well as a Notice of Selection for Participation in
Executive Change in Control Severance Plan (“Notice”) which requires your acceptance prior to your effective participation in the CIC Plan. Please return the signed Notice to me along with your signed offer letter. 

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). 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 meaning of Treas. Reg. §1.409A-1(i) on the date of your separation 

 Dan Stone 
 
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 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 applicable Company clawback policy (including any such policy adopted by the Company pursuant to applicable law, government regulation or stock exchange listing requirement). 

Miscellaneous: 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. 
 Dan, we are excited to have you join management as President, CompuCom. I look
forward to your response as soon as practicable. 
 Sincerely, 
  

	
	 /s/ Gerry P. Smith

	Gerry P. Smith
	Chief Executive Officer

 Enclosures 
 By signing below, I
agree to and accept the terms of this offer of employment, as set forth herein, and waive the right to assert that this offer and/or the terms of this offer constitute “Good Reason” as that term is defined in any prior letter or agreement
with CompuCom. 
  

					
	  
 Dan Stone
	 		 	  
 DateEX-10.2

 Exhibit 10.2 
  

 
  
  

			
	March 26, 2018	  	 CONFIDENTIAL

 Dan Stone 
 11149 McClure Manor
Drive 
 Charlotte, NC 28277 
 Dear Dan: 

Office Depot is excited to have CompuCom as our technology services platform. During the integration period, we need to remain focused on
delivering the best possible results for the Company and for our customers. You are a very valuable member of the Office Depot/CompuCom team and are needed to assist us in performing through the integration. 

We are pleased to offer you a retention bonus opportunity, subject to the following terms and conditions: 

1. Retention Period. Unless earlier terminated as hereinafter provided, the retention period shall commence on the date of this letter
agreement and shall end on December 31, 2019 (the “Retention Period”). 
 2. Eligibility, Vesting and Payment. You are
eligible to earn a retention payment of up to $1,000,000.00 (“Retention Payment”), if you remain actively employed by the Company or an affiliate until the last day of the Retention Period. 

The Retention Payment shall vest in two equal installments of $500,000.00 (each, an “Installment”), with the first Installment to vest on
December 31, 2018 and the second Installment to vest on December 31, 2019 (each, a “Retention Payment Date” and collectively, the “Retention Payment Dates”); provided that, you remain actively employed until the
Retention Payment Date corresponding to an Installment in order to vest in that Installment. If you vest in an Installment, the Installment shall be paid to you in a lump sum, less applicable taxes or other deductions required by law, within sixty
(60) days after the Retention Payment Date corresponding to that Installment. If prior to the Retention Payment Date corresponding to an Installment, your employment is terminated: (i) involuntarily by the Company for any reason other than
the reason set forth in Section 3 below or (ii) voluntarily by you for any reason, that Installment shall be immediately forfeited. 
 Upon your
receipt of the full Retention Payment under this letter agreement, the Company shall have no further obligation to you with respect to the subject matter under this letter agreement. This letter agreement shall terminate upon the earlier of
forfeiture of all or a portion of the Retention Payment as provided above or upon the payment of the full Retention Payment. 
 3.
Termination of Employment. If, prior to the last day of the Retention Period your employment is terminated by the Company for reasons which qualify you for payment of severance under the terms of your March 26, 2018 offer letter, such
termination shall result in an immediate vesting of the remaining portion of the Retention Payment which has not yet vested. You will not be entitled to receive the Retention Payment if your employment terminates for any reason other than by the
Company for reasons which qualify you for payment of severance under the terms of your March 26, 2018 offer letter prior to the last day of the Retention Period. 

Any payment due under Section 3 is contingent upon you executing and, if applicable, not revoking the Company’s customary release
and covenant-not-to-sue agreement. The Company will provide the release to you not later than seven (7) days after your
termination date. You must (i) execute and return the release to the Company within the period specified in the release (which will not be more than 45 days after you receive it) and (ii) not revoke the release within any applicable seven-day revocation period (the 

 “Release Period”). The Company will make payment of the amount payable under this
Section 3, less applicable taxes, other deductions required by law, within fifteen (15) days after the expiration of the Release Period. Notwithstanding the above, if the timing of your execution of the release can impact the calendar year
in which payment is made to you under this Section 3, payment will not be made until the later calendar year. 
 4.
Interpretation. The Senior Vice President, Human Resources will be empowered to make all determinations or interpretations contemplated under this letter agreement, which determinations and interpretations will be binding and conclusive on
you and the Company. 
 5. Successors: Transferability. This letter agreement shall inure to the benefit of and be binding upon the
successors and assigns of the Company. None of your rights under this letter agreement may be assigned, transferred, pledged or otherwise disposed of by you, other than by your will or under the laws of descent and distribution. 

6. Withholding. The Company will be authorized to withhold from the payment of any portion of your Retention Payment that may become
payable hereunder, the amount of any applicable federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. 

7. No Right to Employment or Other Benefits. This letter agreement will not be construed as a guarantee of continued employment. 

8. No Trust Fund. This letter agreement will not be construed to create a trust or separate fund of any kind or a fiduciary relationship
between the Company and any of its affiliates and you or any other person. To the extent that you acquire the right to receive payments from the Company or any of its affiliates under this letter agreement, such right will be no greater than the
right of any unsecured general creditor of the Company. 
 9. Other Plans. The Retention Payment that may become payable to you
hereunder will not be taken into account in computing your salary or other compensation for purposes of determining any benefits or compensation payable to you or your beneficiaries or estate under (i) any retirement, life insurance or other
benefit arrangement of the Company or any of its affiliates or (ii) any other agreement between you and the Company or any of its affiliates. 

10. Section 409A. To the extent applicable, this letter agreement shall at all times be administered and construed in accordance with
the requirements of section 409A of the Internal Revenue Code of 1986, as amended, and the Department of Treasury regulations and other guidance thereunder (“Code Section 409A”), including any applicable exceptions. Each Installment
is a separate payment for purposes of Code Section 409A. The Company shall have authority to take action, or refrain from taking any action, with respect to the payments and benefits under this letter agreement that is reasonably necessary to
comply with Code Section 409A. For the sake of clarity, payment of each Installment (as applicable), to the extent not forfeited as provided in Sections 2 and 3 above, shall be triggered by the first to occur of your termination of employment
or the Retention Payment Date applicable to such installment, as provided in Section 2 above. To the extent that any compensation payable under this letter agreement constitutes deferred compensation within the meaning of Code
Section 409A, (i) the provisions of this letter agreement that provide for payment of such compensation that is triggered by your termination of employment shall be deemed to provide for payment that is triggered only by your
“separation from service” within the meaning of Treasury Regulation Section §1.409A-1(h) (“Separation from Service”), and (ii) if, on the date of your Separation from Service, you
are a “specified employee” within the meaning of Code Section 409A and Treasury Regulation Section 1.409A-1(i) (with such status determined by the Company in accordance with rules
established by the Company in writing in advance of the “specified employee identification date” that relates to the date of such Separation from Service or in the absence of such rules established by the Company, under the default rules
for identifying specified employees under Treasury Regulation Section 1.409A-1(i)) and to the extent the Company makes a good faith determination that payment of such compensation must be delayed to
comply with Code Section 409A(a)(2)(B)(i), payment of such compensation that is triggered by your Separation from Service shall be made on the first business 

  
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 day following the six (6) month anniversary of the date of such Separation from Service (provided, however,
that if you die after the date of such Separation from Service, payment will be paid to your estate in a lump sum without regard to the six-month delay that otherwise applies to specified employees). You
acknowledge and agree that the Company has made no representation regarding the tax treatment of any payment under this letter agreement and, notwithstanding anything else in this letter agreement, that you are solely responsible for all taxes due
with respect to any payment under this letter agreement. 
 11. Governing Law. The validity, construction, and effect of this award letter
will be determined in accordance with the laws of the State of Florida, without reference to principles of conflict of laws. 
 Please return an
executed copy of this letter agreement to Matt VonDette in the enclosed envelope within ten (10) days. Any questions regarding this letter agreement should be directed to Matt VonDette at Matt.VonDette@officedepot.com or
561.438.8225.  
 Sincerely, 
  

	
	 /s/ Zoe Maloney

	Zoe Maloney
	Senior Vice President, Human Resources

 Acknowledged and Agreed: 
  

			
	  
 Dan Stone
	  	  
 Date

  
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