Staples 2013 Annual Report Download - page 51

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2011-2013 Long Term Cash Award. For the 2011-2013 long term cash awards, one third of the target award was applied
as a target amount for each of the three fiscal years within the performance cycle and goals were established annually. In March
2014, at the end of the three year period, the Committee certified results based on performance in each of the three fiscal years,
and cash awards were paid in accordance with goal achievement. The approved 2013 performance metrics, weighting and goals
were the same as those approved for the annual cash bonus plan, except that the annual cash bonus awards were only payable if
the minimum EPS threshold was achieved. The table below sets forth the achievement of goals over the 2011-2013 performance
period, target award and actual payout for each NEO, as certified in March 2014 by the Committee.
Named Executive Officer
3 Year Performance Period
Achievement
(2011 - 2013) Target Award Payout % of Target
2011
(EPS,
Sales and
RONA)
2012
(EPS,
Sales and
Operating
Income)
2013
(EPS,
Sales and
Sales
Outside the
Core)
Ronald L. Sargent 41.38% 0 14.34% $2,550,900 $473,787 18.57%
Christine T. Komola 41.38% 0 14.34% $202,300 $37,643 18.57%
Joseph G. Doody 41.38% 0 14.34% $682,100 $126,689 18.57%
Demos Parneros 41.38% 0 14.34% $682,100 $126,689 18.57%
Retirement and Other Benefits
We do not have a defined benefit pension plan in which our NEOs participate. However, our NEOs are eligible to
participate in defined contribution retirement income plans. These plans include a standard 401(k) qualified plan and a
Supplemental Executive Retirement Plan ("SERP"). Both plans are fully funded by the NEOs and supported by Staples through
limited matching contributions. Our NEOs are eligible to participate in our 401(k) qualified plan on the same basis as our other
salaried associates; however, their contributions are limited to 2% of eligible compensation. Due to the limitations on our
officers' ability to contribute to our 401(k) plan, we maintain the SERP, which is a non-qualified deferred compensation plan
intended to provide comparable benefits above the applicable limits of our 401(k) qualified plan. Under the SERP, officers of
Staples may defer a total of up to 100% of their base salary, bonus, and long term cash incentive awards and receive matching
contributions up to a maximum of 4% of base salary and bonus.
Additionally, the NEOs are eligible to participate in standard health and welfare programs on the same basis as our
other salaried associates. These programs include medical, dental, vision, disability, and supplemental life insurance. We also
have an Executive Benefits Program consisting of life insurance, long term care insurance, supplemental long term disability,
a survivor benefit plan, and an executive physical and registry program. This program was implemented to enhance our retirement
and benefit offerings for senior management consistent with competitive practices and to further support our efforts to attract
and retain top talent. All senior officers of Staples, including the NEOs, are eligible to participate in this program. For each plan
or policy described above that requires payment of periodic premiums or other contributions, we generally pay such premiums
or other contributions for the benefit of each NEO.
Expatriate Benefits
As described in the Summary Compensation Table, Mr. Wilson received certain ex-pat benefits in connection with his
assignment to the Netherlands in his role as President Europe.
Executive Perquisites
Our executive compensation program is relatively free of perquisites. The Committee views our limited executive
perquisites as reasonable and very limited compared to our peer group companies. To reinforce this position, the Committee
has in past years adopted formal policies regarding personal use of our leased aircraft and reimbursement for tax planning
services for senior officers. The Committee has adopted a policy prohibiting gross up payments to cover taxes triggered by a
change in control in any future compensation, severance, or employment-related agreement.