Staples 2004 Annual Report Download - page 40

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Fair Market Value
of the Award
Type of Equity Number of (per share)
Outside Director Award Date Award Shares as of Award Date
George Mitchell 5/6/2004 Restricted Stock 4,404 $17.03
6/23/2004 Option 13,500 $20.09
Restricted Stock 1,800 $20.09
7/1/2004 Restricted Stock 2,616 $19.12
9/10/2004 Option 4,500 $20.00
Restricted Stock 600 $20.00
12/9/2004 Option 4,500 $21.85
Restricted Stock 600 $21.85
Rowland Moriarty 6/23/2004 Option 13,500 $20.09
Restricted Stock 1,800 $20.09
9/10/2004 Option 4,500 $20.00
Restricted Stock 600 $20.00
12/9/2004 Option 4,500 $21.85
Restricted Stock 600 $21.85
Robert Nakasone 6/23/2004 Option 13,500 $20.09
Restricted Stock 2,100 $20.09
9/10/2004 Option 4,500 $20.00
Restricted Stock 900 $20.00
12/9/2004 Option 4,500 $21.85
Restricted Stock 900 $21.85
Martin Trust 6/23/2004 Option 13,500 $20.09
Restricted Stock 2,100 $20.09
9/10/2004 Option 4,500 $20.00
Restricted Stock 900 $20.00
12/9/2004 Option 4,500 $21.85
Restricted Stock 900 $21.85
Paul Walsh 6/23/2004 Option 13,500 $20.09
Restricted Stock 2,400 $20.09
9/10/2004 Option 4,500 $20.00
Restricted Stock 900 $20.00
12/9/2004 Option 4,500 $21.85
Restricted Stock 900 $21.85
Stock options awarded to Outside Directors are granted at an exercise price equal to the fair market value at the
time of grant and vest ratably over four years. Beginning with the awards made in September 2004, the restricted stock
grants cliff vest at the end of three years. The restricted stock grants made prior to September 2004 cliff vest at the
end of five years. With respect to the restricted stock awarded to the Outside Directors, if the recipient ceases to be a
Director, Staples may at its option repurchase any unvested shares at a price equal to their original purchase price (if
any). Except as otherwise determined by the Board of Directors, all shares of restricted stock issued under the 2004
Stock Incentive Plan were and will be issued without the payment of any cash purchase price by the recipient.
Report of the Audit Committee of the Board of Directors
The Audit Committee of the Company’s Board of Directors is composed of three members and acts under a
written charter as amended and restated on March 4, 2005, a copy of which is attached as Appendix A to this proxy
statement. The members of the Audit Committee are independent Directors, as defined by its charter and the rules of
the SEC and NASDAQ.
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