Staples 2007 Annual Report Download - page 61

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Accelerated Vesting of Awards
Under certain circumstances the vesting or payout of stock option, restricted stock and performance share awards
may be accelerated as follows.
•Rule of 65. If the named executive officer retires or resigns and the sum of his age (minimum age of 55) and
years of service equals or exceeds 65, then all restricted stock and stock option awards granted after June 30,
2004 vest in full. Any payouts under any outstanding performance share awards will be based on actual results
at the end of the applicable performance period as if the named executive officer were employed throughout
such period. Once the named executive officer meets the requirements of our rule of 65, a number of unvested
shares of restricted stock that is sufficient to satisfy any tax obligations triggered by such event will vest.
•Death or Disability. All restricted stock and stock options vest in full upon the named executive officer’s death
or disability. Any payouts under any outstanding performance share awards will be based on actual results at
the end of the applicable performance period as if the named executive officer were employed throughout such
period.
•Change-in-Control. Under our non-qualified stock option agreement, a change-in-control would result in a
partial vesting acceleration of outstanding options, and a termination without cause (or resignation for good
reason) within one year after a change-in-control would result in acceleration of vesting of all outstanding
options. Under our restricted stock award agreement, a change-in-control would result in acceleration of
vesting of all outstanding restricted shares if (1) the change-in-control results in the named executive officer
not being offered employment by the surviving corporation under certain conditions or (2) within one year
following the change-in-control, the named executive officer is terminated without cause (or resigns for good
reason). Under our performance share award agreement, a change-in-control would result in the number of
shares associated with target performance objectives being issued before the end of the performance period if
(a) the named executive officer does not accept employment with the surviving corporation upon the
change-in-control or (b) within one year after the change-in-control, the named executive officer is terminated
without cause (or resigns for good reason).
OUTSTANDING EQUITY AWARDS AT 2007 FISCAL YEAR END
The following table sets forth summary information regarding the outstanding equity awards granted to each of
the named executive officers as of the end of our 2007 fiscal year.
Option Awards Stock Awards
Equity
Equity Incentive Plan
Incentive Plan Awards:
Market Awards: Market or
Value of Number of Payout Value
Number of Number of Shares Unearned of Unearned
Securities Securities Number of or Units Shares, Shares,
Underlying Underlying Shares or of Stock Units or Units or
Unexercised Unexercised Option Option Units of Stock That Have Other Rights Other Rights
Options (#) Options (#) Exercise Expiration That Have Not Not Vested That Have Not That Have Not
Name Exercisable Unexercisable (1) Price ($) Date (2) Vested (#) (3) ($) (4) Vested (#) Vested ($) (4)
Ronald L. Sargent ....... 0 557,653 24.42 7/2/2017 69,640 1,666,485 87,426 (5) 2,324,560
107,812 323,438 24.50 7/3/2016 375,000 (6) 8,973,750 187,500 (7) 6,730,313
262,500 262,500 21.29 6/30/2015 76,700 1,835,431 124,200 (8) 2,972,106
393,750 131,250 19.12 7/1/2014
525,000 0 12.88 7/31/2013
525,000 0 10.6266 8/31/2012
37,500 0 13.46 3/31/2012
1,125,000 0 11.60 1/3/2012
412,500 0 9.7466 8/5/2011
281,250 0 9.9583 10/18/2010
337,500 0 10.25 7/31/2010
281,250 0 9.375 7/6/2010
337,500 0 20.625 7/31/2009
151,875 0 19.4166 1/31/2009
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