SEPARATION AGREEMENT

Exhibit 10.53

SEPARATION AGREEMENT

This Separation Agreement (the “Separation Agreement”) between Stephen A. Odland (hereinafter referred to as “Executive”) and Office Depot, Inc. (hereinafter referred to as “Office Depot” or “Company”), and is considered dated as of the date signed by Executive.

WHEREAS, Executive has elected to resign from his employment as Chief Executive Officer of the Company and from all other positions he holds with the Company and its affiliates effective as of November 1, 2010 (the “Termination Date”);

WHEREAS, the Company has agreed to treat Executive’s resignation as a termination of employment without Cause under the Employment Agreement between the Company and Executive as Amended and Restated Effective February 19, 2010 (the “Employment Agreement”);

WHEREAS, Executive has agreed to make himself reasonably available to advise and consult with the Company’s interim CEO on an as needed basis through December 31, 2010;

WHEREAS, Executive and the Company wish to further memorialize their respective entitlements and obligations pursuant to the terms of the Employment Agreement upon and following Executive’s termination of employment on the Termination Date; and

WHEREAS, capitalized terms used herein without definition shall have the meanings set forth under the Employment Agreement.

FOR AND IN CONSIDERATION of the forgoing, and other good and valuable consideration as set forth below, Executive and Company agree as follows:

(a) Executive’s Accrued Rights, to be paid when required pursuant to Section 8(d)(iii)(A)) of the Employment Agreement (it being understood that Executive’s $5,000,000 Retention Bonus shall be paid upon the “Delayed Payment Date”, as defined below);

(b) payment of the COBRA Premium and the Insurance Premium pursuant to Section 8(d)(iii)(B) of the Employment Agreement, in the aggregate amount of $168,229.90, payable within 5 business days following May 1, 2011, or upon such earlier date as such amount would be due pursuant to Section 8(f) of the Employment Agreement in the event of Executive’s death (such payment due date, the “Delayed Payment Date”);

(c) continued eligibility for Executive and his dependents for participation in the Company’s senior executive health and welfare plans for up to 36 months following the Termination Date at Executive’s own expense, to the extent provided under Section 6 of the Employment Agreement and with the insured contract assignment rights set forth therein (the Company will provide Executive with a schedule of such welfare benefits that continue and the insurance that is assignable, and the premium costs for such insurance);

(d) a pro rata bonus for 2010 pursuant to Section 8(d)(iii)(C) of the Employment Agreement, calculated as an amount equal to 5/6 of the full Annual Bonus that Executive otherwise would have earned in respect of 2010 based on the Company’s actual performance during 2010, such amount to be paid on the Delayed Payment Date;

(e) a lump sum cash payment equal to $5,200,000 payable on the Delayed Payment Date pursuant to Section 8(d)(iii)(D) of the Employment Agreement;

(f) on the Termination Date, immediate full vesting of all outstanding restricted stock vesting on a time-basis, but not on a performance basis, stock options and all other long-term equity or other long-term incentive awards vesting on a time-basis then held by Executive, as set forth under Section 8(d)(iii)(E) of the Employment Agreement; and

(g) continued exercisability of Executive’s outstanding Company stock options following the Termination Date, as set forth under Section 8(d)(iii)(F) of the Employment Agreement.

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