Staples, Inc. Executive Life Insurance Plan Summary for Executive Officers

Summary

This agreement outlines Staples, Inc.'s executive life insurance plan for its executive officers. The plan provides a death benefit equal to three times the executive's salary. Staples will recover premiums paid before July 2002 upon termination, after which the executive will fully own the policy. Future premiums will be paid as a taxable bonus, with Staples providing an additional payment to cover related taxes. Premiums are paid until the executive leaves the company or reaches age 65.

EX-10.25 7 a2152243zex-10_25.txt EX-10.25 EXHIBIT 10.25 [STAPLES THAT WAS EASY(TM). LOGO] STAPLES, INC. EXECUTIVE LIFE INSURANCE PLAN SUMMARY OF PROVISIONS PROGRAM FOR EXECUTIVE OFFICERS 1. The death benefit is equivalent to 3x salary. 2. No further premiums will be paid in connection with the split-dollar arrangement. 3. Premiums paid by Staples to the split-dollar arrangement prior to July 2002 will be recovered at termination. 4. After the recovery of premiums, Staples will release its security interest in the split-dollar policy and the individual will own the remainder of the policy without limitation. 5. Future premiums will be "bonused" to individuals and taxed as additional compensation. 6. Individual will receive an additional "gross-up" payment to cover the income taxes on the "bonus" premium payment. 7. Staples will not recover premium payments made under the "bonus" arrangement. 8. Premiums will be paid until the earlier of termination or age 65.