Staples 2015 Annual Report Download - page 68

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SHAREHOLDER PROPOSALS
64 STAPLES Notice of Annual Meeting of Stockholders
The Board believes that the Compensation Committee,
which is comprised solely of independent, non-management
directors and whose chair regularly engages with numerous
shareholders on compensation practices, is in the best position
to develop our executive compensation principles and practices
in line with market conditions and our strategic objectives. In
June 2014, approximately 94% of our shareholders casting
votes approved our 2014 Stock Incentive Plan, which provides
the Board with discretion to accelerate equity awards in
connection with a change in control. The Compensation
Committee should retain the discretion embedded in our 2014
Stock Incentive Plan, free from the proposal’s restrictions, to
design effective acceleration provisions that are in the long-
term interests of our shareholders.
In light of our current approach to the vesting of equity
awards and the limitations on severance benefits we recently
added, the Board believes that adoption of the proposal is
unnecessarily restrictive and unwarranted, and is not in the
best interest of shareholders.
OUR BOARD RECOMMENDS THAT YOU VOTE
AGAINST THIS PROPOSAL.