Document:

Annual Incentive Award Agreement

 Exhibit 10.2 
 Form of 
 OFFICEMAX INCORPORATED 

2010 Annual Incentive Award Agreement 
 This potential Annual Incentive Award (the “Award”) is granted on November 8, 2010 (the “Award Date”), by OfficeMax Incorporated (the “Company”) to
Ravichandra Saligram (“Awardee” or “you”) pursuant to the 2003 OfficeMax Incentive and Performance Plan, as may be amended from time to time (the “Plan”), and the following terms and conditions of this agreement (the
“Agreement”): 
  

	1.	Terms and Conditions. The Award is subject to all the terms and conditions of the Plan. All capitalized terms not defined in this Agreement shall have the
meaning stated in the Plan. If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control unless this Agreement expressly states that an exception to the Plan is being made.

  

	2.	Definitions. For purposes of this Award, the following terms shall have the meanings stated below. 

 

	 	2.1.	“Award Period” means the Company’s fiscal year ending in 2010. 

 

	 	2.2.	“Base Salary” means your annual pay rate in effect at the end of the Award Period, (a) including any amounts deferred pursuant to an election under any
401(k) plan, pre-tax premium plan, deferred compensation plan, or flexible spending account sponsored by the Company or any Subsidiary, (b) but excluding any incentive compensation, employee benefit, or other cash benefit paid or provided under
any incentive, bonus or employee benefit plan sponsored by the Company or any Subsidiary, and/or any excellence award, gains upon stock option exercises, restricted stock grants or vesting, moving or travel expense reimbursement, imputed income, or
tax gross-ups, without regard to whether the payment or gain is taxable income to you. 

  

	 	2.3.	“EBIT” means the Company’s earnings from continuing operations before interest and taxes for the Award Period, as calculated by the Company in its sole
and complete discretion. 

  

	 	2.4.	“Net Sales” means the Company’s gross sales or revenues less returns, allowances, rebates, and coupons for the Award Period, as calculated by the Company
in its sole and complete discretion. 

  

	 	2.5.	“Return on Sales” means the ratio of the Company’s operating profit to Net Sales, expressed as a percentage, for the Award Period, as calculated by the
Company in its sole and complete discretion. 

  

	 	2.6.	“Same Location Sales Growth” means the percentage change in overall Net Sales for the Company during the Award Period, adjusted for store closures, store
openings, business acquisitions, business divestitures, changes in fiscal periods, and excluding the impact of foreign exchange rates, all as calculated by the Company in its sole and complete discretion. 

 

	3.	Target Award. You are hereby awarded a target Award of 100% of your Base Salary, pro rated based on the number of days during the Award Period that you were
employed with the Company and were eligible to participate in the Plan divided by the total number of days in the Award Period (referred to herein as your “Target Award”), subject to the terms and conditions set forth in the Plan and this
Agreement. 

  

	4.	 Minimum Performance Measurement. As a condition of payment of the Award, both the Company’s net income from continuing operations available
to common shareholders excluding special items for the Award Period, as disclosed and discussed in the earnings release, must be 

	 	 
positive and the Company must achieve a minimum EBIT threshold of $        . If both of the above minimum performance measurements are achieved, you
may be eligible to receive up to 225% of your Target Award. The actual amount of your Award will be determined pursuant to and in accordance with paragraph 5. 

 

	5.	Award Calculation. Your Award will be calculated as follows: 

  

	 	5.1.	Based on the Company’s EBIT, Return on Sales, and Same Location Sales Growth, as weighted below, a payout amount will be determined using the chart below:

  

							
	 EBIT

(in Millions)

Weight: 33.34% of
 Target Award
	  	 Return on Sales

(percentage)

Weight: 33.33% of
Target Award
	  	 Same Location

Sales Growth
 (percentage)
 Weight: 33.33% of
Target Award
	  	 Percentage of

Target Award Paid
 to You*

		  		  		  	225%
		  		  		  	150%
		  		  		  	100%
		  		  		  	50%
		  		  		  	13%
		  		  		  	0%

	*	The applicable percentage is separately applied to each weighted performance measurement. 

 

	 	5.2.	General Terms. 

  

	 	5.2.1	Payout multiples between the percentages and numbers indicated on the chart above will be calculated using straight-line interpolation, except that no straight-line
interpolation shall apply within the EBIT and Return on Sales ranges associated with a 100% of your Target Award payout. 

  

	 	5.2.2	Any Award that is earned will be paid in cash as soon as practicable after the Award Period, but in no event later than March 15 of the year following the year in
which the Award Period ended. 

  

	6.	Effect of Termination of Employment. If you terminate employment at any time on or after the Award Date and before the Award is paid, your Award will be treated
as follows: 

  

	 	6.1.	If your termination of employment is a direct result of the sale or permanent closure of any facility or operating unit of the Company or any Subsidiary, or a bona fide
curtailment, or a reduction in workforce, as determined by the Company in its sole and complete discretion, and you execute a waiver/release in the form required by the Company, you will receive a pro rata Award, if an Award is paid, based on the
number of days during the Award Period that you were employed with the Company and were eligible to participate in the Plan divided by the total number of days in the Award Period that you were eligible to participate in the Plan.

  

	 	6.2.	If your termination of employment is a result of your death or Disability (as defined in your Employment Agreement with the Company, dated October
    , 2010 (the “Employment Agreement”), or your employment is terminated by the Company without Cause or by you for Good Reason (as such terms are defined in the Employment Agreement), you will receive a pro
rata Award, if an Award is paid, calculated as provided in paragraph 6.1. 

  
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	 	6.3.	If, at the time of your termination, you are at least age 55 and have completed at least 10 years of employment with the Company, as determined by the Company in
its sole and complete discretion, you will receive a pro rata Award, if an Award is paid, calculated as provided in paragraph 6.1. 

  

	 	6.4.	Except to the extent expressly specified in the Employment Agreement or in this paragraph 6, you must be actively employed by the Company or its Subsidiary on the date
Awards are paid in order to be eligible to receive payment of an Award. You have no vested interest to the Award prior to the Award actually being paid to you by the Company. If you terminate employment with the Company for any reason before the
Award is paid, whether your termination is voluntary or involuntary, with or without cause, you will not be eligible to receive payment of any Award for the Award Period except to the extent expressly specified in the Employment Agreement or in this
paragraph 6. 

  

	7.	Right of the Committee. The Committee reserves the right to reduce or eliminate the Award for any reason, regardless of the amount or level of EBIT, Net Sales,
Return on Sales, Same Location Sales Growth, and/or net income from continuing operations available to common shareholders excluding special items, as disclosed and discussed in the earnings release, that is achieved. 

 

	8.	Change in Control. In the event of a Change in Control prior to the end of the Award Period, the continuing entity may continue this Award. Notwithstanding
any provisions of this Agreement or the Plan to the contrary, if the continuing entity does not so continue this Award, this Award shall become immediately fully vested and 100% of your Target Award shall be payable as of the date of such Change in
Control. “Change in Control” shall mean a “change in control of the Company” as defined in the change in control letter agreement between you and the Company dated November 8, 2010. 

You must sign this Agreement and return it to OfficeMax’s Compensation Department on or before
            , 2010, or the Award will be forfeited. Return your executed Agreement to: Pam Delaney, OfficeMax, Compensation Department, 263 Shuman Boulevard, Naperville, Illinois
60563. 
  

									
	OfficeMax Incorporated	 		 	Awardee:	 	Ravichandra Saligram (Pers ID)
				
	 Bruce Besanko
 Executive Vice
President
	 		 	  
	 	
	 Chief Financial Officer and

Chief Administrative Officer
	 		 	Signature	 	
				
		 		 	  
	 	
		 		 	Printed Name	 	

  
 3Nonqualified Stock Option Award Agreement

 Exhibit 10.3 
 Form of 
 OfficeMax Incorporated 

2010 Nonqualified Stock Option Award Agreement 
 Chief Executive Officer (U.S.) 
 This Nonqualified Stock Option
Award (the “Award”) is granted on November 8, 2010 (the “Award Date”), by OfficeMax Incorporated (“OfficeMax”) to Ravichandra Saligram (“Awardee” or “you”) pursuant to the 2003 OfficeMax
Incentive and Performance Plan, as may be amended from time to time (the “Plan”), and the following terms and conditions of this agreement (the “Agreement”): 

 

	1.	Terms and Conditions. Your Award is subject to all the terms and conditions of the Plan. All capitalized terms not defined in this Agreement shall have the
meaning stated in the Plan. If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control unless this Agreement expressly states that an exception to the Plan is being made.

  

	2.	Award. You are hereby awarded a Nonqualified Stock Option (the “Option”) to purchase up to 375,000 shares of Stock at a price of $ XXXX per
share (the “Grant Price”), subject to the terms and conditions of the Plan and this Agreement. 

  

	3.	Vesting and Exercisability. Subject to paragraphs 4 and 5, the Option shall become vested and exercisable as follows: 

 

	 	(a)	On each of the first three anniversaries of the Award Date, if you are then employed with OfficeMax, the Option shall become vested and exercisable with respect to
one-third of the shares of Stock subject to the Option. If your employment with OfficeMax is terminated before the third anniversary of the Award Date because of your death or Disability, by OfficeMax without Cause, or by you for Good Reason, the
Option shall become fully vested and exercisable immediately upon your termination of employment. If your employment with OfficeMax terminates for any other reason before the third anniversary of the Award Date, any portion of the Option that is not
then vested and exercisable pursuant to the preceding sentences will be forfeited upon your termination of employment. For purposes of this Agreement, “Cause,” “Good Reason” and “Disability” shall be defined in your
Employment Agreement with OfficeMax, dated October __, 2010. 

  

	 	(b)	The Option, to the extent vested, must be exercised on or before the earliest of the following: 

 

	 	(i)	the seventh anniversary of the Award Date; 

  

	 	(ii)	one year after your employment with OfficeMax is terminated because of your death or Disability, provided that you have not, as of the date of the exercise of the
Option, violated the provisions of paragraph 8 below; 

  

	 	(iii)	three months after your termination of employment for any other reason. 

 Notwithstanding the foregoing, if the Option may not be exercised due to a Black-Out Period within the three business days prior to the normal expiration date of the Option, then the expiration date of
the Option shall be extended for a period of 30 days following the end of the Black-Out Period or such longer period as permitted by the Committee. 
  

	4.	Termination for Cause. The Option shall be canceled immediately (even if the Option had previously vested fully or partially) if you are terminated for Cause.

  

	5.	 Change in Control. In the event of a Change in Control prior to the third anniversary of the Award Date, the continuing entity may either
continue this Award or replace this Award with an award of at least equal value with terms and conditions not less favorable than the terms and conditions provided in this Agreement, in which case the new award will vest according to the terms of
the applicable award agreement. Notwithstanding any provisions of this Agreement or the Plan to the 

	 	 
contrary, if the continuing entity does not so continue or replace this Award, or if you experience a “qualifying termination”, the Option shall become fully vested and exercisable
immediately upon the Change in Control, or, in the case of your qualifying termination, upon the date of your qualifying termination for a period of one year from your termination date; provided, that paragraph 3(a) shall still apply with respect to
death and Disability. “Change in Control” shall mean a “change in control of the Company” as defined in the change in control letter agreement between you and OfficeMax dated November 8, 2010, and “qualifying
termination” shall have the meaning given to such term in such agreement. 

  

	6.	Exercise. You may exercise the Option upon notice and payment of the Grant Price by any of the following methods, unless disallowed by law:

  

	 	(a)	broker assisted exercise; 

  

	 	(b)	Stock already owned by you; 

  

	 	(c)	cash; or 

  

	 	(d)	such other methods as may be approved from time to time by the Plan administrator. 

You may elect to receive the proceeds of the exercise in either cash or Stock (whole shares only). If the Fair Market Value of a share of
Stock on the expiration date of the Option exceeds the exercise price of the Option, the Option will be automatically exercised upon such expiration date. 
  

	7.	Tax Withholding. The amount of shares of Stock to be paid to you will be reduced by that number of shares of Stock having a Fair Market Value equal to the
required minimum federal and state withholding amounts triggered by the exercise of your Option, provided that you do not satisfy such withholding requirements in cash or through Stock already owned by you. To the extent a fractional share of Stock
is needed to satisfy such tax withholding, the number of shares of Stock withheld will be rounded up to the next whole number. 

  

	8.	Non-Solicitation and Non-Compete. To the maximum extent allowable under applicable state law, for the period beginning on the Award Date and ending 12 months
following your termination of employment with OfficeMax, whether such termination is voluntary or involuntary (or for a period of 12 months after a final judgment or injunction enforcing this covenant), you agree not to, directly as an employee or
indirectly as a consultant or contractor, without the prior written consent of OfficeMax, be employed in North America in the same or similar capacity as you were employed by OfficeMax immediately prior to termination of employment, by another
business entity or person for whom greater than 35% of its North American revenues are comprised of the direct sale or distribution of office supplies, office furniture, technology-related office products or computer consumables actually sold by
OfficeMax, print and document services, or related office products or services (a “Competitor”). The parties agree that the term Competitor shall not include any business entity or person principally engaged in the manufacture and
distribution of computer hardware, software or peripherals. In agreeing to this restriction, you specifically acknowledge the substantial value to OfficeMax of its confidential information and your intimate knowledge of OfficeMax’s business and
agree that such constitutes goodwill and a protectable interest of OfficeMax. 

 In addition to the foregoing and
not in limitation thereof, for all periods beginning upon the Award Date and ending 12 months after your termination of employment with OfficeMax for whatever reason, you agree that you shall not directly or indirectly, for your benefit or on behalf
of any other party (other than OfficeMax): 
  

	 	(a)	solicit or attempt to solicit any customer of OfficeMax for the purpose of selling, distributing, purchasing or obtaining office supplies, office furniture,
technology-related office products or computer consumables actually sold by OfficeMax, print and document services, or related office products or services. For purposes hereof, a customer of OfficeMax shall mean any person or business to whom
OfficeMax sold or distributed greater than $50,000 of office supplies, office furniture, technology-related office products or computer consumables, print and document services, or related office products and services during the last 12 months you
were employed by OfficeMax, 

  
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	 	(b)	solicit or discuss potential employment opportunities with any employee of OfficeMax (other than for opportunities with OfficeMax) or induce or attempt to induce any
employee of OfficeMax to leave the employ of OfficeMax, or in any way interfere with the relationship between OfficeMax and any employee thereof without the prior express written consent of OfficeMax, 

 

	 	(c)	offer, hire or cause to be offered or hired any person who was employed by OfficeMax at any time during the 12 months prior to the termination of your employment with
OfficeMax, or 

  

	 	(d)	induce or attempt to induce any supplier, or other business relation of OfficeMax to cease doing business with OfficeMax or in any way interfere with the relationship
between any such supplier or business relation and OfficeMax (including without limitation making any negative statements or communications about OfficeMax). 

 

	9.	Severability. In case any one or more of the terms contained in paragraph 8 shall for any reason become invalid, illegal, or unenforceable, such invalidity,
illegality, or unenforceability shall not affect any other terms herein, but such terms shall be deemed deleted and such deletion shall not affect the validity of the other terms of this Agreement. In addition, if any one or more of the terms
contained in paragraph 8 shall for any reason be held by a court of competent jurisdiction to be excessively broad or unreasonable with regard to duration, scope, or area, the terms shall be construed in a manner to enable it to be enforced to the
maximum extent permitted by applicable law, and any such court shall have the power to modify such term. 

  

	10.	Enforcement. You understand that the breach of this Agreement will cause immediate, irreparable, and immeasurable injury to OfficeMax, and therefore agree that
in addition to any other rights OfficeMax has in order to enforce this Agreement, OfficeMax shall be entitled to injunctive relief without bond or other security by any competent court to enjoin and restrain the breach of this Agreement.

  

	11.	Use of Personal Data. By executing this Agreement, you hereby agree freely, and with your full knowledge and consent, to the collection, use, processing and
transfer (collectively, the “Use”) of certain personal data such as your name, salary, nationality, job title, position evaluation rating along with details of all past awards and current awards outstanding under the Plan (collectively,
the “Data”), for the purpose of managing and administering the Plan. You further acknowledge and agree that OfficeMax and/or any of its Affiliates may make Use of the Data amongst themselves and/or any other third parties assisting
OfficeMax in the administration and management of the Plan (collectively, the “Data Recipients”). In keeping therewith, you hereby further authorize any Data Recipient, including Data Recipients located in foreign jurisdictions, to
continue to make Use of the Data, in electronic or other form, for the purposes of administering and managing the Plan, including without limitation, any necessary Use of such Data as may be required for the subsequent holding of shares on your
behalf by a broker or other third party with whom you may elect to deposit any shares acquired through the Plan. 

OfficeMax shall, at all times, take all commercially reasonable efforts to ensure that appropriate safety measures shall be in place to
ensure the confidentiality of the Data, and that no Use will be made of the Data for any purpose other than the administration and management of the Plan. You may, at any time, review your Data and request necessary amendments to such Data. You may
withdraw your consent to Use of the Data herein by notifying OfficeMax in writing at the address specified in paragraph 12; however by withdrawing your consent to use Data, you may affect your eligibility to participate in the Plan. 

By executing this Agreement you hereby release and forever discharge OfficeMax from any and all claims, demands, actions, causes of
action, damages, liabilities, costs, losses and expenses arising out of, or in connection with, the Use of the Data including, without limitation, any and all claims for invasion of privacy, defamation and any other personal, moral and/or property
rights. 

  
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	12.	Acceptance of Terms and Conditions. You must sign this Agreement and return it to OfficeMax’s Compensation Department on or before
                     or the Award will be forfeited. Return your executed Agreement to: Latrice Greyer by mail at OfficeMax, 263 Shuman
Boulevard (5E217), Naperville, Illinois 60563 or by fax at 1-630-647-3722. 

  

					
	OfficeMax Incorporated	  	Awardee:	 	Ravichandra Saligram (Pers ID)
			
		  	Signature:	 	  

 

					
	 Bruce Besanko
 Executive Vice
President,
 Chief Financial Officer & Chief
 Administrative Officer
	  	Date:	 	  

  
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