Staples 2013 Annual Report Download - page 59

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GRANTS OF PLAN-BASED AWARDS FOR 2013 FISCAL YEAR
The following table sets forth summary information regarding grants of plan-based awards made to the named executive
officers for our 2013 fiscal year.
Estimated Possible
Payouts Under Non-Equity
Incentive Plan Awards*
Estimated Future
Payouts Under Equity
Incentive Plan Awards (1)*
Name
Grant
Date
Committee
Approval
Date
Threshold
($)
Target
($)
Maximum
($)
Threshold Target Maximum
Grant Date
Fair Value
of Stock
Awards
($)(2)
Ronald L. Sargent (3) 234,227 1,873,812 3,747,624
(4) 548,334 2,193,334 4,386,668
4/1/2013 3/28/2013 156,132 624,526 1,249,052 8,225,007
Christine T. Komola (3) 38,482 307,857 615,714
(4) 40,284 161,134 322,268
4/1/2013 3/28/2013 29,419 117,677 235,354 1,549,806
Joseph G. Doody (3) 69,419 555,348 1,110,697
(4) 144,617 578,467 1,156,934
4/1/2013 3/28/2013 41,175 164,701 329,402 2,169,112
Demos Parneros (3) 69,419 555,348 1,110,697
(4) 144,617 578,467 1,156,934
4/1/2013 3/28/2013 41,175 164,701 329,402 2,169,112
John Wilson (3) 69,419 555,348 1,110,697
4/1/2013 3/28/2013 28,825 115,299 230,598 1,518,488
* Equity awards were granted pursuant to our Amended and Restated 2004 Stock Incentive Plan. Non-equity awards were granted pursuant to our
Executive Officer Incentive Plan and our Long Term Cash Incentive Plan.
(1) The only equity awards granted in 2013 were in the form of performance shares, which are earned based on achievement over the
performance period covering fiscal years 2013 through 2015. In March 2013, the Compensation Committee established the threshold,
target and maximum payout level, as well as the performance objectives for year one of the award. One-third of the target award is
applied as a target amount for each of the fiscal years within the performance period. In addition, performance shares earned may be
increased or decreased by 25% based on the company's TSR over the three year performance period relative to the S&P 500. In March
2014, the Compensation Committee reviewed the results for 2013 and determined that the year one performance objectives had been
achieved at 49.74% of target. Actual share payout will be determined at the end of the performance period based upon certification
by the Board of achievement against the performance objectives for the three year period.
(2) The fair value of the performance shares is based on the market price of our common stock on the date of grant, $13.17, and is calculated
at the target share payout for the three year performance period as of the grant date.
(3) In March 2013, the Compensation Committee established the performance objectives for our 2013 annual cash bonus awards under
the Executive Officer Incentive Plan, as well as the threshold, target and maximum payment levels. The performance objectives were
not achieved and no amounts were earned.
(4) In March 2013, the Compensation Committee established the threshold, target and maximum payment levels for the supplemental
2013-2014 long term cash awards under our Long-Term Cash Incentive Plan, as well as the performance objectives for year one of
the award. One-half of the target award is applied as a target amount for each of the fiscal years within the performance period. In
March 2014, the Compensation Committee reviewed the results for 2013 and determined that the year one performance objectives
had been achieved at 49.74% of target. Actual cash payout will be determined at the end of the performance period based upon
certification by the Board of achievement against the performance objectives for the two year period.
Vesting Provisions of Plan-Based Awards
2013-2015 Performance Shares. The performance shares granted in 2013 vest based on achievement of performance
objectives over the performance period covering fiscal years 2013 through 2015. In addition, the following provisions apply:
• Termination of Employment by Staples, Retirement or Resignation. If a named executive officer is terminated other than
for "cause" (as defined in the award agreement) or the named executive officer retires or resigns and the age and years
of service requirements of our "Rule of 65" (attainment of age 55 plus years of service to Staples is equal to or greater
than 65) have been satisfied, then the named executive officer may be eligible to receive (i) shares earned for completed