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Staples' limits severance benefits for senior executives

Published 10/13/2015, 04:56 PM
Updated 10/13/2015, 04:59 PM
© Reuters. A shopping cart is seen outside a Staples office supplies store in the Chicago suburb of Glenview, Illinois

© Reuters. A shopping cart is seen outside a Staples office supplies store in the Chicago suburb of Glenview, Illinois

(Reuters) - Office supplies retailer Staples Inc (O:SPLS) said on Tuesday that it would limit severance benefits payments for senior its executives.

The company said it would without seek shareholder approval to pay an executive severance benefits that amounts to more than 2.99 times the sum of their base salary plus target annual cash incentive award.

© Reuters. A shopping cart is seen outside a Staples office supplies store in the Chicago suburb of Glenview, Illinois

Chief Executive Ron Sargent has elected to amend his severance agreement to align with the terms of the new policy, the company said.

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