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A Lawsuit Alleged Office Depot CEO’s Stock Award Violated Cap on Shares. The lawsuit, filed in Delaware Chancery Court, accuses ODP’s board of defying the company’s 2019 “long-term incentive plan” by handing CEO Gerry P. Smith more than 4.7 million shares in March 2020, despite a cap of 3.5 million. Extra shares awarded in 2020 to the chief executive of ODP Corp., which owns retail chains including OfficeMax and Office Depot, will be rescinded, under a settlement approved Wednesday by a Delaware judge. Because of a 10-to-1 “reverse stock split” last June, Smith actually got about 470,000 shares, Settlement negotiations began after Vice Chancellor J. Travis Laster denied the board’s motion to dismiss in May 2022.
TRACK DOCKET: No. 2021-0420
https://news.bloomberglaw.com/us-law-week/settlement-ends-claims-that-office-depot-parent-overpaid-ceo
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