Agreement to Extend Term of Severance Benefits Agreement between Staples, Inc. and John Mahoney

Summary

This agreement, dated October 14, 2000, is between Staples, Inc. and John Mahoney, an officer of the company. It reinstates and extends the term of a previous Severance Benefits Agreement that had expired. The agreement will remain in effect until either party provides 90 days' written notice to terminate it. The main purpose is to ensure that Mahoney continues to receive severance benefits under the terms of the original agreement, subject to this new extension.

EX-10.10 11 a2104492zex-10_10.txt EXHIBIT 10.10 Exhibit 10.10 AGREEMENT TO EXTEND TERM OF SEVERANCE BENEFITS AGREEMENT This Agreement to Extend Term of Severance Benefits Agreement ("Agreement") is entered into this 14th day of October, 2000, by and between STAPLES, INC., a Delaware corporation ("Staples"), whose principal place of business is 500 Staples Drive, Framingham, MA 01702, on the one hand, and John Mahoney, an individual currently employed as an officer of Staples ("Mahoney"), whose home address is 35 Draper Road, Dover, MA 02030, on the other. WHEREAS, Mahoney and Staples (collectively "the parties") executed a Severance Benefits Agreement dated September 9, 1996; WHEREAS, the term of the above-referenced Severance Benefits Agreement expired on May 31, 2000; and WHEREAS, the parties wish to reinstate and extend the term of such Severance Benefits Agreement; NOW, THEREFORE, in consideration of the mutual promises and statements contained herein and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereby agree to reinstate the Severance Benefits Agreement in its entirely; provided, however, that the term of such Severance Benefits Agreement shall be extended and continue in full force and effect until such time as Mahoney or Staples has delivered to the other 90-days advance written notice of his or its election to terminate this Agreement. Agreed to by the parties: /s/ John J. Mahoney /s/ Susan S. Hoyt - -------------------- -------------------- John Mahoney Staples, Inc. Dated: 10/14/00 Dated: 10/10/00 -------------- --------------