Staples 2015 Annual Report Download - page 55
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EXECUTIVE COMPENSATION AND COMPENSATION DISCUSSION AND ANALYSIS
www.staplesannualmeeting.com STAPLES 51
Legacy Compensation Programs:
Option Awards. Under certain circumstances, the time-based
vesting of stock options, which were granted to NEOs prior to
2013, may be accelerated or the awards may be forfeited as
described below.
• Retirement or Resignation. If a NEO retires or resigns and
(i) the age of 65 has been attained, or (ii) the age and
years of service requirements of our Rule of 65 have been
satisfied, then all stock option awards vest in full.
• Termination of Employment by Staples. All unvested stock
options are forfeited if a NEO is terminated by Staples,
regardless of whether such termination was for cause.
• Death or Disability. All stock options vest in full upon a
NEO’s death or disability.
• Change-in-Control. Under our standard form of non-
qualified stock option agreement, a change-in-control
would result in a partial vesting acceleration of outstanding
options and a termination without cause (or resignation
for good reason) within one year after a change-in-control
would result in acceleration of vesting of all remaining
options.
2010 Special Performance and Retention Awards. The number
of shares eligible to vest under our 2010 Special Performance
and Retention Awards was determined in March 2013 based
on achievement of performance objectives over the fiscal year
2010-2012 performance period. 33% of such shares vested
in March 2013, 33% vested in March 2014 and 34% vested in
March 2015 based on continued service to Staples.