Office Depot 2011 Annual Report Download - page 181
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4
Confidentiality and Non-Solicitation Agreement. Please return this document within ten (10)
days hereof (a return envelope has been provided for your convenience). Your offer for
employment is also conditioned upon your representation that there are no post-employment
obligations (contractual or otherwise) that would limit in any respect your employment with
Office Depot and your contemplated duties or otherwise subject Office Depot to liability for
breach of any such obligations. Your acceptance of employment shall constitute your
affirmation of the fore
g
oin
g
re
p
resentation.
Employment at Will / Severance:
All employment with Office Depot is at will, and nothing herein shall be construed to constitute
an employment agreement or deemed a guarantee of continued employment. In the event that
you are terminated due to no fault of your own, you will be entitled to receive (a) a lump sum
amount equal to the sum of eighteen (18) months of your annual base salary determined at the
time of separation, (b) a lump sum amount equal to eighteen (18) months of the monthly
COBRA premium for the type of coverage you may have under the Office Depot group health
plan at the time of termination, (c) a pro-rata bonus calculated at “target” under the Plan for the
beginning of the calendar year of termination through the date of termination, and (d) a bonus
calculated at “target” under the Plan for the calendar year prior to the year of termination to the
extent unpaid at the date of termination (collectively, the “Severance Payment”). The Severance
Payment, less applicable taxes and other deductions required by law, will be made within thirty
(30) days of the expiration of any revocation or waiting periods required by law or within thirty
(30) days of the date of your termination if no revocation or waiting periods are required by law;
provided, however, that the Severance Payment is expressly conditioned upon your execution of
a release in favor of Office Depot, Inc., its affiliates, successors and assigns, and your
compliance with the covenants contained in said release. Unless otherwise agreed to in writing
b
y
Office De
p
ot, the Severance Pa
y
ment shall be in