Office Depot 2011 Annual Report Download - page 101
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under section 280G of the Code equal or exceed three times Mr. Newman’s average taxable compensation received from the company for the five
year period ending December 31, 2010, and if he would receive more on an after tax basis by reducing the payments than he would receive by getting
all the payments and paying the 20% excise tax imposed by section 4999 of the Code. The cash severance portion of his payments would be reduced
by the minimum amount necessary to bring the total of all the payments to a level where the 20% excise tax is not triggered. The amount of the
reduction in the cash severance would be $395,461, and after this reduction the total payments to Mr. Newman would be $3,735,839.
(6) Reflects a payment under Mr. Newman’s Change in Control Agreement equal to his highest annual bonus earned under the bonus plan with respect to
the 2008, 2009 and 2010 fiscal years; provided that, he was employed by the company at the end of the 2011 fiscal year. Mr. Newman’s highest bonus
was earned under the bonus plan during the 2010 fiscal year.
(7) Reflects the value of a 24-month outplacement services package under Mr. Newman’s Change in Control Agreement.
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