SEC Contract Filing

Filing Date: 2019-05-08

Document Content:
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<TYPE>EX-10.5
<SEQUENCE>5
<FILENAME>d726618dex105.htm
<DESCRIPTION>EX-10.5
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<TITLE>EX-10.5</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.5 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[YEAR] FCF PERFORMANCE SHARE AWARD AGREEMENT </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are
pleased to advise you that the Compensation Committee (the &#147;Committee&#148;) of the Board of Directors of Office Depot, Inc. (the &#147;Company&#148;) has granted you a performance share award pursuant to the Office Depot, Inc. 2019 Long-Term
Incentive Plan (the &#147;Plan&#148;). The grant date for your [YEAR] performance share grant (the &#147;Grant Date&#148;) is displayed under the Performance Plan link of the Plan website. Capitalized terms used but not defined in this [YEAR]
Performance Share Award Agreement (the &#147;Agreement&#148;) have the meanings given to them in the Plan. This award is subject to federal and local law and the requirements of the NASDAQ Stock Market LLC. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Performance Shares</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">You have been granted the right to earn shares of the common stock of the Company (&#147;Common Stock&#148;) based upon satisfaction of certain
performance conditions pursuant to the provisions and restrictions contained in the Plan and this Agreement (the &#147;Performance Shares&#148;). The target number of Performance Shares that have been awarded to you are displayed for the [YEAR] FCF
performance share grant under the Performance Plan link of the Plan website (your &#147;Target Award&#148;). </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Vesting </U> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Performance Conditions</U>. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>In General</U>. Subject to the terms and conditions set forth in this Section&nbsp;2(a) and in
Section&nbsp;2(b) below, you will be eligible to earn a number of Performance Shares relative to the number of Performance Shares specified in your Target Award, up to a maximum of 200% of the number of Performance Shares specified in your Target
Award, based on the Company&#146;s cumulative free cash flow as determined by the Committee pursuant to paragraph (ii)&nbsp;below (&#147;FCF&#148;) for the period of three fiscal years of the Company beginning [DATE], and ending [DATE] (the
&#147;Performance Period&#148;), determined as follows: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Target FCF for the Performance Period is [$X] billion. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The earned percentage for the Performance Period will be determined based on the Company&#146;s cumulative FCF
for the Performance Period, as follows (the &#147;Earned Percentage&#148;): </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">FCF PERFORMANCE SHARE
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-fami