Company Contributions from Amended and Restated
WHEREAS, Staples, Inc. (the "Company") heretofore adopted the Staples, Inc. Supplemental Executive Retirement Plan (the "Plan"), an unfunded plan maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees within the meaning of the United States Code of Federal Regulations Section 2520.104-23 and Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974 ("ERISA"); and
Company Contributions. Each year, the Company shall contribute to the Plan on behalf of each Participant, a matching contribution equal to one hundred percent (100%) of the first four percent (4%) of the Participant's Compensation (excluding any bonuses) deferred under the Plan, and with respect to any payments from the Executive Officer Incentive Plan, the Annual Performance Award and the Retail Performance Award deferred under the Plan for the fiscal year, a matching contribution in an amount equal to one hundred percent (100%) of the first four percent (4%) of any such bonuses deferred."To be eligible to receive a matching contribution under this section for a Plan Year, a Participant must be employed by the Company on the last day of the Plan Year; provided, however, that if the Participant's failure to be employed by the Company on the last day of the Plan Year is due to the Participant's disability (as defined in Section 9), death, or retirement on or after his Normal Retirement Date (within the meaning of the 401(k) Plan) during the Plan Year, or if the Participant separates from service involuntarily during the Plan Year and the Participant receives severance, such Participant shall nevertheless be entitled to receive any matching contribution made for such Plan Year.Notwithstanding the foregoing paragraph, any employee of the subsidiary, Smilemakers, Inc., who separated from service due to the sale of the subsidiary on May 2, 2014, shall receive any matching contribution made for the 2014 Plan Year, at the time such matching contribution is made for all other eligible participants.In addition to the matching contribution described above, for any Plan Year, the Company may elect to allocate an additional discretionary contribution to the account of any Participant, or any group of participants, as selected by the Board, in any amount and manner as determined by the Board.