Amendment to Change in Control Agreement between Office Depot, Inc. and Charles E. Brown
This amendment, dated April 26, 2010, is between Office Depot, Inc. and Charles E. Brown. It modifies a previous Change in Control Agreement by deleting the last sentence of Section 5(c). All other terms of the original agreement remain unchanged and are reaffirmed. The amendment is signed by both parties and is effective as of the stated date.
Exhibit 10.3
AMENDMENT TO
CHANGE IN CONTROL AGREEMENT
THIS AMENDMENT TO THE CHANGE IN CONTROL AGREEMENT (the Amendment) is made as of April 26, 2010 by and between Office Depot, Inc., a Delaware corporation (the Company) and Charles E. Brown (the Executive).
WHEREAS, the Company and Executive are parties to one or more prior change in control agreements and/or amendments thereto, or extensions thereof, including without limitation a Change in Control Agreement amended and restated effective as of February 25, 2008 (herein referred to as the Change in Control Agreement); and
WHEREAS, in connection with the agreement of the parties to enter into an amendment to the Executives employment agreement, the parties desire to also amend the Change in Control Agreement by entering into this Amendment thereto.
NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
1. | Section 5(c) of the Change in Control Agreement shall be amended by deleting the last sentence of the last paragraph. |
2. | In all respects not above amended, the Change in Control Agreement is hereby ratified and confirmed. |
* * * * * * *
IN WITNESS WHEREOF, the Executive has hereunto set the Executives hand and, pursuant to the authorization from its Board of Directors, the Company has caused this Amendment to be executed in its name on its behalf by its duly authorized representative, all as of the date first written above.
OFFICE DEPOT, INC. | ||
By: | /s/ Steve Odland | |
Steve Odland | ||
Chairman and Chief Executive Officer | ||
EXECUTIVE | ||
By: | /s/ Charles E. Brown | |
Charles E. Brown | ||
Date: | 04/26/10 |