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in 2020 to the chief executive of ODP Corp., which owns retail chains including OfficeMax and Office Depot, will be rescinded, under a settlement approved Wednesday by a Delaware judge.
An investor sued the company in May 2021 in the Delaware Court of Chancery, alleging the board violated a 2019 shareholder-approved “long-term incentive plan” by awarding CEO Gerry P. Smith over 4.7 million shares in March 2020, despite a cap of 3.5 million shares.
Settlement negotiations began after Vice Chancellor J. Travis Laster denied the board’s motion to dismiss in May 2022.
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