Staples 2005 Annual Report Download - page 48

Download and view the complete annual report

Please find page 48 of the 2005 Staples annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 124

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124

32
Cash bonuses paid under the Executive Officer Incentive Plan, which was approved by stockholders at the 2003
Annual Stockholders Meeting, and stock options awarded under the Company’s stock option plans, which were also
approved by stockholders, are performance based and, accordingly, comply with Section 162(m) and are potentially
deductible for the Company. While the Company’s PARS program has a significant performance component, it
cannot be qualified under Section 162(m) without compromising valuable executive incentives which the Committee
believes outweigh any tax benefit to the Company. For fiscal 2006, the performance share component of long-term
incentives for our Senior Executives will be potentially deductible under Section 162(m).
Compensation Committee:
Richard J. Currie, Chairman
Brenda C. Barnes
Arthur M. Blank
Compensation Committee Interlocks and Insider Participation
Messrs. Currie and Blank and Ms. Barnes, each an independent director, served on the Compensation
Committee during the 2005 fiscal year. None of our executive officers has served as a director or member of the
compensation committee (or other committee serving an equivalent function) of any other entity whose executive
officers served as a member of our Board of Directors or Compensation Committee.
Section 16(a) Beneficial Ownership Reporting Compliance
Based solely on our review of copies of reports filed by the directors and the executive officers required to file
such reports pursuant to Section 16(a) under the Securities Exchange Act of 1934, we believe that all of our directors
and executive officers complied with the reporting requirements of Section 16(a) of the Securities Exchange Act of
1934.