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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.
Because of a 10-to-1 “reverse stock split” last June, Smith actually got about 470,000 shares, but by the same ...
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