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  "documentTitle": "Office Depot, Inc. (ODP)",
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  "presentationDate": "2013-08-02 00:00:00",
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      "text": "While Office Depot made some cosmetic changes to its 2012 compensation plan, from mostly solely time-vesting awards to the addition of performance based awards, the reality is that the Company did not address shareholder concerns.",
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      "kind": "list",
      "text": "Shareholder Concern #1: The desire that long-term compensation be linked to long-term performance of the Company",
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      "text": "In fact, as Glass Lewis states, \"Based on the information disclosed in the proxy statement, the performance-based RSU and performance-based cash will be subject to a simple performance hurdle (2012 corporate EBIT). If the hurdles is achieved, these awards will be subject two further years of time-vesting. We believe long-term incentives are best structured using performance metrics measured over at least three years. A period of one year does not measure performance in a sufficiently 'long term' manner, nor does it property incentive executives to focus on the long-term fiscal health of the Company.\"",
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      "text": "While Office Depot made some cosmetic changes to its 2012 compensation plan, from mostly solely time-vesting awards to the addition of performance based awards, the reality is that the Company did not address shareholder concerns.",
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      "kind": "quote",
      "text": "[the structure is]...far from ideal and leads us to question how committed the Compensation Committee truly is to linking equity pay to corporate performance.",
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      "text": "“Based on the information disclosed in the proxy statement, the performance-based RSU and performance-based cash will be subject to a simple performance hurdle (2012 corporate EBIT). If the hurdles is achieved, these awards will be subject two further years of time-vesting. We believe long-term incentives are best structured using performance metrics measured over at least three years. A period of one year does not measure performance in a sufficiently ‘long term’ manner, nor does it property incentive executives to focus on the long-term fiscal health of the Company.” — Glass Lewis. “ [the structure is]...far from ideal and leads us to question how committed the Compensation Committee truly is to linking equity pay to corporate performance.” — Glass Lewis Conclusion",
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      "text": "Source: Glass Lewis Proxy Papers, ODP SEC filings.",
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      "kind": "title",
      "text": "Office Depot's Board Continues to Also Ignore the Concerns of Its Shareholders Regarding Compensation and Board Structure",
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