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                                                                   EXHIBIT 10.25

[STAPLES THAT WAS EASY(TM). LOGO]

                                  STAPLES, INC.
                          EXECUTIVE LIFE INSURANCE PLAN

                              SUMMARY OF PROVISIONS

PROGRAM FOR EXECUTIVE OFFICERS

   1. The death benefit is equivalent to 3x salary.

   2. No further premiums will be paid in connection with the split-dollar
      arrangement.

   3. Premiums paid by Staples to the split-dollar arrangement prior to July
      2002 will be recovered at termination.

   4. After the recovery of premiums, Staples will release its security interest
      in the split-dollar policy and the individual will own the remainder of
      the policy without limitation.

   5. Future premiums will be "bonused" to individuals and taxed as additional
      compensation.

   6. Individual will receive an additional "gross-up" payment to cover the
      income taxes on the "bonus" premium payment.

   7. Staples will not recover premium payments made under the "bonus"
      arrangement.

   8. Premiums will be paid until the earlier of termination or age 65.<Page>

                                                                   EXHIBIT 10.26

                                  STAPLES, INC.
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

WHEREAS, Staples, Inc. (the "Company") heretofore adopted the Staples, Inc.
Supplemental Executive Retirement Plan (the "Plan"); and

WHEREAS, the Company reserved the right to amend the Plan; and

WHEREAS, the Company heretofore amended the Plan from time to time and desires
to further amend the Plan;

NOW, THEREFORE, the Plan is amended and restated to read in its entirety as
follows, effective, except as otherwise provided, as of October 1, 2004:

SECTION 1. PURPOSE OF PLAN

The purpose of the Plan is to permit certain executives of the Company to elect
to defer receipt of a portion of their annual compensation in supplement to
their pre-tax contributions made to the Staples, Inc. Employees' 401(k) Savings
Plan (the "401(k) Plan").

The Plan is intended to qualify as an unfunded, deferred compensation plan for a
select group of management or highly compensated employees under the Employee
Retirement Income Security Act of 1974, as amended ("ERISA").

The obligation of the Company to make payments under the Plan constitutes solely
an unsecured (but legally enforceable) promise of the Company to make such
payments, and no person, including any employee, shall have any lien, prior
claim or other security interest in any property of the Company as a result of
this Plan. Rather, any employee participating in the Plan shall have the status
of a general unsecured creditor of the Company. It is the intention of the
parties hereunder that the Plan be unfunded for tax purposes and for purposes of
Title I of ERISA. The Company shall be the sole owner and beneficiary of any
account provided for hereinbelow and any property used to measure such account
shall remain the sole and exclusive property of the Company.

SECTION 2. ELIGIBLE EMPLOYEES

The employees eligible to participate in the Plan shall be those individuals who
qualify under the criteria set forth on Schedule A and who have both reached age
twenty-one (21) and completed "six (6) Months of Service" (as defined, for
purposes of eligibility to participate, under the 401(k) Plan, the terms of
which are incorporated herein by this reference).

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SECTION 3. ACCOUNTS

The Company shall establish and maintain on its books with respect to each
employee participating in the Plan (a "Participant") a separate account which
shall record (a) amounts of income deferred by the Participant under the Plan
pursuant to the Participant's election, (b) any Company contributions made on
his behalf pursuant to Section 7, and (c) the allocation of investment
experience. In addition, each Participant may elect to establish separate
"in-service" withdrawal accounts to which shall be credited such portion of his
deferrals (plus the allocation of such investment experience) as the Participant
may designate. A separate in-service withdrawal account may be established for
each calendar year of participation under the Plan.

SECTION 4. ELECTION TO DEFER COMPENSATION

An eligible employee may begin participating in the Plan, as of the first day of
the calendar quarter (October 1, January 1, April 1 or July 1, the "entry date")
coinciding with or next following the date on which the eligibility requirements
(set forth under Section 2) are first satisfied, by making a deferral election
during the thirty day period immediately preceding such entry date. In this
regard, an eligible employee may elect to defer one percent (1%) to one hundred
percent (100%) of his "Compensation" (as hereinafter defined), less any required
payroll deductions, for the balance of the calendar year ("Plan Year"). Any
election so made shall be binding for each following Plan Year, provided that it
may be revised or revoked on or before December 31 for any subsequent Plan Year,
or such earlier date as the Committee shall elect. However, subject to the
consent of the "Committee" (as defined in Section 14), during a Plan Year, a
Participant may elect to cease his deferral election for the balance of the Plan
Year in the event of a "qualified change" in the Participant's status. Any such
cessation shall also apply for any following Plan Year, unless revised on or
before December 31 of the immediately preceding Plan Year (or such other date as
specified by the "Committee" (as defined under Section 14)). For this purpose, a
"qualified change" shall include, without limitation, the following:

     (i)    the death of the Participant's spouse;

     (ii)   the Participant's spouse losing employment;

     (iii)  the Participant's divorce, legal separation or remarriage;

     (iv)   an unexpected hardship due to financial circumstances beyond the
            Participant's control;

     (v)    a change in the Participant's employment status or position as a
            result of the change of equity or voting control of the Company, a
            merger, consolidation, reorganization, acquisition of or divestiture
            by the Company or its shareholders, or such other capital or
            structural change of the Company resulting in the promotion,
            demotion, material change in duties of or position of the
            Participant; or

     (vi)   birth or adoption of the Participant's child.

An otherwise eligible employee who fails to begin participating in the Plan as
of the first possible entry date may not begin participating until the first day
of any following calendar year.

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Notwithstanding anything to the contrary herein contained, employees eligible to
participate in the Plan as of August 31, 2004 may elect to revise or revoke
their current deferral elections prior to October 1, 2004, to be effective for
the period October 1, 2004 to December 31, 2004, and thereafter unless revised
or revoked in accordance with the preceding provisions of this Section 4.

SECTION 5. COMPENSATION

Compensation shall mean the annual compensation paid to a Participant in cash by
the Company for the calendar year, including base pay, other regular earnings,
overtime, shift differentials, commissions any amounts deferred under a salary
reduction agreement pursuant to the 401(k) Plan or under a "cafeteria plan"
(within the meaning of Section 125 of the Internal Revenue Code of 1986, as
amended (the "Code")) maintained by the Company, and, beginning October 1, 2004,
cash bonuses, but exclusive of expense reimbursements, awards, any moving
expenses paid by the Company, car allowance, taxable fringe benefits, group term
life insurance over $50,000, expatriate compensation, exercised stock options
and short and long-term disability paid by a third party.

SECTION 6. MANNER OF ELECTION

Any election made by a Participant pursuant to this Plan shall be made in the
manner as the Committee shall from time to time prescribe.

SECTION 7.  COMPANY CONTRIBUTIONS

Each year, the Company shall contribute to the Plan on behalf of each
Participant, a matching contribution equal to a percentage of the Participant's
Compensation deferred under the Plan.

For the period January 1, 2004 to June 30, 2004, the matching contribution made
on behalf of an eligible Participant shall be an amount equal to the difference
between (a) twenty-five percent (25%) of the first six percent (6%) of the
Participant's Compensation deferred under both this Plan and the 401(k) Plan for
such period and (b) the Company matching contribution made on his behalf under
the 401(k) Plan for such period. In addition, for the period January 1, 2004 to
June 30, 2004, an additional matching contribution may be made on behalf of any
Participant who is employed by the Company on December 31, 2004 and who
completed at least 1,000 hours of service during the 2004 Plan Year. These
requirements will be waived, however, if a Participant separated from service
during the Plan Year due to death, "disability" (as defined under the 401(k)
Plan) or "retirement" (as defined under the 401(k) Plan). The rate for this
additional matching contribution will be determined by the Board of Directors.

For the period July 1, 2004 to September 30, 2004, the matching contribution
made on behalf of an eligible Participant shall be an amount equal to the
difference between (a) fifty percent (50%) of the first six percent (6%) of the
Participant's Compensation deferred under both this Plan and the 401(k) Plan for
such period and (b) the Company matching contribution made on his behalf under
the 401(k) Plan.

For the period October 1, 2004 to December 31, 2004, and for any following Plan
Year, the matching contribution made on behalf of an eligible Participant shall
be an amount equal to one hundred percent

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(100%) of the first four percent (4%) of the Participant's Compensation
(excluding any bonuses) deferred under the Plan for the applicable period, and
with respect to any bonuses deferred under the Plan for the applicable period, a
matching contribution in an amount equal to one hundred percent (100%) of the
first four percent (4%) of any such bonus so deferred.

The Company reserves the right to make a supplemental matching contribution for
any Participant at the end of the year to ensure the full matching contribution
is received.

In addition to the matching contributions described above, for any Plan Year,
the Company may elect to allocate an additional discretionary contribution to
the account of each Participant, or any group of Participants, as selected by
the Company's Board of Directors, in any amount and manner as determined by the
Company's Board of Directors.

SECTION 8. INVESTMENT OF ACCOUNTS

The Committee, in its discretion, may from time to time designate one or more
investment media in which the portion of a Participant's account representing
his deferrals shall be hypothetically invested. The Committee will provide the
Participant the opportunity to determine how such portion of the Participant's
account will be deemed to be hypothetically invested from among the available
investment options, and may permit changes in those investment directions at
whatever frequency it deems appropriate and within whatever limitations are
applicable to any investment option. If a Participant makes an investment
selection, the Committee may follow such investment selection but shall not be
legally bound to do so.

If the Company has invested in insurance contracts, the rate of interest
credited on Company contributions will be 5.7% for the period October 1 through
December 31, 2004. Beginning January 1, 2005, such rate of interest for each
calendar year will be the insurer's declared crediting rate on such insurance
policies, as of December 1 of the preceding year, plus 125 basis points, with
the rate being rounded to the nearest one tenth of a percent; or if the Company
has not invested in such insurance contracts, then the interest rate credited to
Participants' accounts shall be the interest rate earned by the Company on
invested funds.

The portion of Participant's account representing the Company matching
contribution made prior to October 1, 2004, shall continue to be credited with
gains and losses as if it had been invested in Company stock and a Participant
shall continue to have such deemed investment diversification rights as existed
prior to such date.

SECTION 9. VESTED STATUS OF A PARTICIPANT'S ACCOUNT

If a Participant terminates employment with the Company for any reason on or
after his Normal Retirement Age (within the meaning of Section 1.17 of the
401(k) Plan) or prior to that date as a result of the Participant's "permanent
and total disability", or as a result of the Participant's death, such
Participant shall have a nonforfeitable (vested) right to the fair market value
of the Participant's account. For this purpose, "permanent and total disability"
shall mean a physical or mental condition which has existed for a period of at
least six (6) months and which entitles one to benefits under the Company's
Long-Term Disability Plan or under the Social Security Act.

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If a Participant terminates employment for any other reason other than Normal
Retirement, death, or disability, such Participant shall be entitled to receive
the vested value of his account. For this purpose, each Participant shall at all
times have a nonforfeitable (vested) right to his account derived from any
Compensation deferred pursuant to Section 4. However, with respect to any
Company matching contributions made on the Participant's behalf pursuant to
Section 7, the Participant shall have a nonforfeitable (vested) right to a
percentage of the fair market value of such portion of his account as follows:

<Table>
<Caption>
                       YEARS OF SERVICE              VESTED PERCENTAGE
                -------------------------------     --------------------
                <S>                                         <C>
                LESS THAN 1 YEAR                              0%

                1 YEAR BUT LESS THAN 2 YEARS                 20%

                2 YEARS BUT LESS THAN 3 YEARS                40%

                3 YEARS BUT LESS THAN 4 YEARS                60%

                4 YEARS BUT LESS THAN 5 YEARS                80%

                5 YEARS OR MORE                             100%
</Table>

For this purpose, an employee shall be credited with Year(s) of Service in
accordance with the terms of the 401(k) Plan as then in effect (as it pertains
to vesting purposes).

With respect to any additional discretionary contributions made on the
Participant's behalf pursuant to Section 7, the Participant shall have a
nonforfeitable (vested) right to a percentage of the fair market value of such
portion of his account in accordance with the vesting schedule established by
the Committee at the time such additional discretionary contribution is made by
the Company.

The nonvested portion of a Participant's account, as determined above, shall be
forfeited as of the Participant's termination of employment. If any
contributions have been made to a trust with respect to such account, the
undistributed portion shall remain in such trust and be used to fund future
contributions by the Company.

SECTION 10. PAYMENT OF A PARTICIPANT'S ACCOUNT

Upon termination of employment, the fair market value of a Participant's account
(or the vested portion thereof, as the case may be) shall be distributed to the
Participant in a lump-sum cash payment, with distribution being made within
thirty (30) days following the Participant's retirement, or other termination of
employment with the Company and any "affiliate" thereof (within the meaning of
Sections 414(b), (c) and (m) of the Code), or as soon as administratively
possible thereafter.

In addition, any Participant who on or before December 31, 2003 elected annual
cash installments over a period not exceeding five (5) years, shall retain the
right to have his account distributed in the manner so elected.

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However, at any time prior to twelve (12) months before distribution of the
Participant's vested account (excluding any in-service withdrawal account) is to
be made hereunder, the Participant may elect to extend the method of payment
through the retirement installment option. Such option, which shall apply only
if the Participant terminates employment after having both attained age
fifty-five and completed five (5) Years of Service (as measured from date of
hire and each anniversary date, without regard to hours), shall provide for the
distribution of the Participant's vested account in annual cash installments
over a period not exceeding fifteen (15) years. If the Participant has elected
to receive a distribution under the retirement installment option and upon
separation from service has not met the requirements under this option, then the
Participant's account will be paid in a lump sum payment.

Where distribution is to be made in annual installments, the first annual
installment shall be made within thirty (30) days following the Participant's
retirement or other termination of employment with the Company and any
"affiliate" thereof, or as soon as administratively possible thereafter. Each
subsequent annual installment shall be made on the twelve (12)-month anniversary
of that date. Each installment shall be made proportionately from the mutual
funds in which the Participant's vested account is invested as of the date of
distribution.

Notwithstanding the foregoing, any "in-service" withdrawal account(s)
established for a Participant under Section 3 shall be distributed (subject to
ordinary income tax withholding), in a lump-sum cash payment as previously
determined, as of the earlier of (i) the date designated by the Participant as
part of his annual deferral election with respect to which the in-service
withdrawal account was created in the Plan, which date may not be earlier than
five years following the year of the deferral election or (ii) the date of the
Participant's retirement or other termination of employment with the Company and
any "affiliate" thereof. In addition, a Participant may elect to extend the
in-service withdrawal date for a period which is at least an additional 5 years.
Such election must be made at least 12 months prior to the original date of
distribution.

SECTION 11. DEATH BENEFIT

In the event of the death of a Participant while in the employ of the Company or
any "affiliate" thereof, vesting in the Participant's account shall be one
hundred percent (100%), if not otherwise one hundred percent (100%) vested under
Section 9, with the fair market value of the Participant's account being
distributed to the Participant's beneficiary in a lump-sum cash payment within
thirty (30) days following the death of the Participant, subject to ordinary
income tax withholding, or as soon as administratively possible thereafter.

In the event of the death of a Participant after termination of employment, but
prior to the complete distribution of his vested account under the Plan, the
undistributed vested balance of the Participant's account shall be distributed
to the Participant's beneficiary in a lump-sum payment within thirty (30) days
following the death of the Participant, or as soon as administratively possible
thereafter.

SECTION 12. BENEFICIARY DESIGNATION

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A Participant's beneficiary hereunder shall be the same person or persons
designated by the Participant under the 401(k) Plan unless a separate
beneficiary designation has been established under the Plan. If a Participant
desires to make a separate beneficiary designation election hereunder, and if
the Participant is married, such Participant shall generally not be entitled to
designate a beneficiary other than his spouse, unless the Participant's spouse
has signed a written consent witnessed by a Plan representative or a notary
public; provided, however, that such spousal consent requirement shall not apply
if the Participant is able to establish to the satisfaction of the "Committee"
(as defined under Section 14) that the Participant does not reside in a
community property state.

In the absence of any such designation, or if no designated beneficiary survives
the Participant, any amounts payable following the Participant's death shall be
paid to the Participant's surviving spouse, or if none, to the Participant's
surviving issue, or if none, to the Participant's estate.

SECTION 13. DISTRIBUTION IN THE EVENT OF UNFORESEEABLE EMERGENCY

In the event of an "unforeseeable emergency", a Participant may, by filing a
written election with the Committee, elect to receive a distribution from the
Plan in an amount not to exceed the lesser of (i) the fair market value of the
Participant's vested account or (ii) the amount necessary to satisfy the
unforeseeable emergency, subject to ordinary income tax withholding. For
purposes hereof, an "unforeseeable emergency" shall mean a severe financial
hardship to the Participant resulting from a sudden and unexpected illness or
accident of the Participant or of a dependent (as defined in Section 152(a) of
the Code) of the Participant, or loss of the Participant's property due to
casualty. The circumstances that will constitute an unforeseeable emergency
shall depend upon the facts of each case, but, in any case, cash payment may not
be made to the extent that such emergency is or may be relieved:

     (i)    through reimbursement or compensation by insurance or otherwise;

     (ii)   by liquidation of the Participant's assets, to the extent the
            liquidation of such assets would not itself cause severe financial
            hardship; or

     (iii)  by cessation of deferrals under the Plan.

SECTION 14.  ADMINISTRATION

The Committee on Employee Benefit Plans, as constituted pursuant to the terms of
the 401(k) Plan (the "Committee") shall have the general authority to control
and manage the operation and administration of the Plan. In connection herewith,
the Committee shall also have the following powers and duties: (1) to adopt
rules and regulations necessary for the performance of its duties under the
Plan; (2) to construe the Plan and to decide all questions arising under the
Plan; (3) to act for the Company in connection with any administrative or
judicial proceeding affecting the Plan; (4) to employ, subject to the
requirements of the financial officers of the Company, persons to render
accounting, actuarial, legal, investment or insurance advice and to rely on such
advice; (5) to determine the eligibility of Participants to receive benefits and
the amount of benefits to which any Participant or beneficiary may be entitled
under the Plan and to enforce the claims procedure set forth in Section 15; and
(6) such other responsibilities as are provided for under the terms of this
Plan.

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In connection with the administration of the Plan, any two of the Chief
Executive Officer, President, Chief Financial Officer, Treasurer, Secretary or
Executive Vice President - Human Resources of Staples, Inc., acting jointly, by
and on behalf of the Company, are hereby authorized:

(1)   to negotiate, fix and vary the terms of, and to execute and deliver,
      contracts, agreements, indentures, trusts, assignments, concessions,
      licenses, options, and all other similar instruments;

(2)   to appoint trustees and to engage any agents or contractors, including
      banks, insurance brokers, and attorneys;

(3)   to amend or terminate the Plan;

(4)   to otherwise do all acts and things necessary or suitable in connection
      with the exercise of any of the aforementioned powers;

provided, however, that no such authorization shall extend to any
implementation, amendment, approval, or modification of the Plan which is
reserved to the Board of Directors or stockholders of Staples, Inc. by the Plan,
statute, rule or regulation, including without limitation, rules promulgated
under Section 16 of the Securities and Exchange Act of 1934.

SECTION 15. CLAIMS PROCEDURE

(a)   APPLICATION FOR BENEFITS. The Committee shall furnish to each Participant
      information about the benefits to which he or she is entitled under the
      Plan. The Committee may require any person claiming benefits under the
      Plan to submit a written application, together with such documents,
      evidence, and information as it considers necessary to process the claim.

(b)   ACTION ON APPLICATION. Within 90 days after receipt of an application and
      all necessary documents and information, the Committee shall furnish the
      claimant with a written notice of its decision. If the Committee denies
      the claim in whole or in part, the notice will set forth (1) specific
      reasons for the denial, with specific reference to Plan provisions upon
      which the denial is based; (2) a description of any additional information
      or material necessary to process the application with an explanation why
      such material or information is necessary; and (3) an explanation of the
      Plan's claim review procedure.

      If special circumstances require an extension of time for processing the
      claim, the Committee shall furnish the claimant written notice of the
      extension before the end of the initial 90-day period. In no event shall
      the extension exceed a period of 90 days from the end of the initial
      period. The notice shall explain the circumstances requiring an extension
      of time and the date by which the Committee expects to render a decision.

(c)   CLAIM REVIEW. The claimant who does not agree with the decision rendered
      on his application may request that the Committee review the decision. The
      request must be made within 60 days after the claimant receives the
      decision, or if the application has neither been approved nor denied
      within the 90-day period specified in subsection (b), then the request
      must be made within 60 days after expiration of the 90-day period.

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      Each request for review must be in writing and addressed to the Committee.
      Concurrently with filing the request for review, or within the 60 days
      request period, the claimant may submit in writing to the Committee a
      statement of the issues raised by his appeal and supporting arguments and
      comments.

      During the pendency of his appeal, the claimant may inspect all documents
      which are reasonably pertinent to his case, upon reasonable notice to the
      Committee. However, under no circumstance shall the Company be required to
      disclose to any claimant information concerning any person other than the
      Participant whose benefit is being claimed, to the extent such information
      is normally treated as confidential.

      Where the Committee believes that the issues raised by the claimant's
      appeal may be more efficiently or fairly processed by taking testimony of
      the claimant or others, it shall set the matter for oral hearing and give
      the claimant reasonable notice of the time and place. Whether or not an
      oral hearing is scheduled, the Committee shall proceed promptly to resolve
      all issues raised by the claimant's appeal and shall render a written
      decision on the merits, with a statement of the reasons and references to
      the pertinent supporting provisions of the Plan, within 60 days following
      receipt of the claimant's request for review.

      If special circumstances require an extension of time, the Committee shall
      render a decision as soon as possible, but not later than 120 days after
      receipt of the request for review. If an extension is required, the
      Committee shall furnish to the claimant written notice of the extension,
      including an explanation of the circumstances requiring the extension,
      before the extension period begins.

SECTION 16. SECURING PAYMENT OF PLAN BENEFITS

The Plan shall be operated at all times as an unfunded plan as required under
ERISA. However, the Company reserves the right to take reasonable steps to
secure the payment of Plan benefits to the greatest extent possible without
compromising the unfunded status of the Plan. Those steps may include, but is
not limited to, the establishment of an irrevocable nonqualified grantor trust
(within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of
the Code).

SECTION 17. AMENDMENT

The Company, by resolution of the board of directors, shall have the right to
amend, suspend or terminate the Plan at any time; provided, however, that,
subject to the provisions of Section 14, any two of the Chief Executive Officer,
President, Chief Financial Officer, Treasurer, Secretary or Executive Vice
President - Human Resources of Staples, Inc., acting jointly, by and on behalf
of the Company shall have such right.

SECTION 18. NO LIABILITY

No member of the Board of Directors of the Company or of the Committee, and no
officer or employee

                                        9
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of the Company shall be liable to any person for any action taken or omitted in
connection with the administration of the Plan unless attributable to his own
fraud or willful misconduct; nor shall the Company be liable to any person for
any such action unless attributable to fraud or willful misconduct on the part
of a director, member of the Committee, officer or employee of the Company.

SECTION 19. NO ASSIGNMENT

A Participant's right to the amount credited to his account under the Plan shall
not be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, attachment or garnishment by creditors of the
Participant or the Participant's beneficiary.

SECTION 20. SUCCESSORS AND ASSIGNS

The provisions of this Plan shall be binding upon and inure to the benefit of
the Company, its successors and assigns, and the Participant, his beneficiaries,
heirs, legal representatives and assigns.

SECTION 21. NO CONTRACT OF EMPLOYMENT

Nothing contained herein shall be construed as a contract of employment between
a Participant and the Company, or as a right of the Participant to continue in
employment with the Company, or as a limitation of the right of the Company to
discharge the Participant at any time, with or without cause.

SECTION 22. GOVERNING LAW

This Plan shall be subject to and construed in accordance with the provisions of
ERISA, where applicable, and otherwise by the laws of the Commonwealth of
Massachusetts.

                                   ----------

IN WITNESS WHEREOF, the Company, by its duly authorized officer, has caused this
Plan to be executed as of the first day of October, 2004.

                                  STAPLES, INC.

                                  By:/s/ Susan Hoyt
                                  ------------------
                                  EVP of Human Resources

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