April 11 Office Depot Inc said it has changed its employment agreement with Chief Executive Neil Austrian to reflect the office supply firm's recent merger with OfficeMax Inc and search for a new CEO of the combined company.
Austrian will receive his regular salary through June 2014 if his employment is terminated before that date. He will also be eligible for a bonus for as long as he remains employed with the company, Office Depot said in a regulatory filing on Thursday.
Office Depot and OfficeMax said on Tuesday that apart from Austrian and OfficeMax CEO Ravi Saligram, the companies would also look at external candidates to lead the company.
Austrian will also get 325,000 Office Depot shares on Dec. 31 if he remains in his current position.
He will also be eligible to get up to 325,000 shares based on the company's performance this year.
Office Depot also said Austrian's severance package would continue until the second anniversary if he remains employed through the merger's closing.
The company's shares closed at $4.02 on the New York Stock Exchange on Thursday.